# EDGAR Filing Document

**Accession Number:** 0001022804
**File Stem:** 0001133228-26-002542
**Filing Date:** 2026-2
**Character Count:** 1162603
**Document Hash:** 7b07568e6ce2c1a0a34dcb2a8c3e37ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002542.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001133228-26-002542

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 395

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN FUND ALLOCATOR SERIES
- **CENTRAL INDEX KEY:** 0001022804

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07851
- **FILM NUMBER:** 26696795

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-4018

**MAIL ADDRESS:**
- **STREET 1:** FRANKLIN FUND ALLOCATOR SERIES
- **STREET 2:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN TEMPLETON FUND ALLOCATOR SERIES
- **DATE OF NAME CHANGE:** 19960912

## Series and Classes Contracts Data

### FRANKLIN CONSERVATIVE ALLOCATION FUND (Series ID: S000007239)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019840 | ADVISOR CLASS | FTCZX           |
| C000019841 | CLASS A       | FTCIX           |
| C000019842 | CLASS C       | FTCCX           |
| C000019843 | CLASS R       | FTCRX           |
| C000126011 | Class R6      |  |

### FRANKLIN COREFOLIO ALLOCATION FUND (Series ID: S000007240)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019844 | CLASS A       | FTCOX           |
| C000019846 | CLASS C       | FTCLX           |
| C000019847 | CLASS R       | FFAYX           |
| C000019848 | ADVISOR CLASS | FCAZX           |
| C000194375 | Class R6      | FTLQX           |

### FRANKLIN GLOBAL ALLOCATION FUND (Series ID: S000007241)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019849 | CLASS A       | FFALX           |
| C000019851 | CLASS C       | FFACX           |
| C000019852 | CLASS R       | FFARX           |
| C000019853 | ADVISOR CLASS | FFAAX           |
| C000194376 | Class R6      | FFAQX           |

### FRANKLIN GROWTH ALLOCATION FUND (Series ID: S000007242)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019855 | ADVISOR CLASS | FGTZX           |
| C000019856 | CLASS A       | FGTIX           |
| C000019857 | CLASS C       | FTGTX           |
| C000019858 | CLASS R       | FGTRX           |
| C000126012 | Class R6      |  |

### FRANKLIN MODERATE ALLOCATION FUND (Series ID: S000007243)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019860 | ADVISOR CLASS | FMTZX           |
| C000019861 | CLASS A       | FMTIX           |
| C000019862 | CLASS C       | FTMTX           |
| C000019863 | CLASS R       | FTMRX           |
| C000126013 | Class R6      |  |

### Franklin LifeSmart Retirement Income Fund (Series ID: S000012937)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034925 | CLASS A       | FTRAX           |
| C000034926 | CLASS C       | FRTCX           |
| C000034927 | CLASS R       | FBRLX           |
| C000034928 | ADVISOR CLASS | FLRDX           |
| C000126014 | Class R6      | FLMTX           |

### Franklin LifeSmart 2025 Retirement Target Fund (Series ID: S000012938)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034929 | CLASS A       | FTRTX           |
| C000034930 | CLASS C       | FTTCX           |
| C000034931 | CLASS R       | FRELX           |
| C000034932 | ADVISOR CLASS | FLRFX           |
| C000126015 | Class R6      | FTLMX           |

### Franklin LifeSmart 2035 Retirement Target Fund (Series ID: S000012939)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034933 | CLASS C       | FTRCX           |
| C000034934 | CLASS R       | FLRGX           |
| C000034935 | ADVISOR CLASS | FLRHX           |
| C000034936 | CLASS A       | FRTAX           |
| C000126016 | Class R6      | FMTLX           |

### Franklin LifeSmart 2045 Retirement Target Fund (Series ID: S000012940)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034937 | CLASS A       | FTTAX           |
| C000034938 | CLASS C       | FLRIX           |
| C000034939 | CLASS R       | FLRJX           |
| C000034940 | ADVISOR CLASS | FLRLX           |
| C000126017 | Class R6      | FMLTX           |

### Franklin LifeSmart 2020 Retirement Target Fund (Series ID: S000041337)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128212 | Class A       | FLRMX           |
| C000128213 | Class C       | FLRQX           |
| C000128214 | Class R       | FLRVX           |
| C000128215 | Class R6      | FRTSX           |
| C000128216 | Advisor Class | FLROX           |

### Franklin LifeSmart 2030 Retirement Target Fund (Series ID: S000041338)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128217 | Advisor Class | FLRZX           |
| C000128218 | Class A       | FLRSX           |
| C000128219 | Class C       | FLRTX           |
| C000128220 | Class R       | FLRWX           |
| C000128221 | Class R6      | FLERX           |

### Franklin LifeSmart 2040 Retirement Target Fund (Series ID: S000041339)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128222 | Class A       | FLADX           |
| C000128223 | Class C       | FLOLX           |
| C000128224 | Class R       | FLSGX           |
| C000128225 | Class R6      | FLREX           |
| C000128226 | Advisor Class | FLSHX           |

### Franklin LifeSmart 2050 Retirement Target Fund (Series ID: S000041340)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128227 | Class A       | FLSJX           |
| C000128228 | Class C       | FLSKX           |
| C000128229 | Class R       | FLSNX           |
| C000128230 | Class R6      | FRLEX           |
| C000128231 | Advisor Class | FLSOX           |

### Franklin LifeSmart 2055 Retirement Target Fund (Series ID: S000049109)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000154867 | Class A       | FLTFX           |
| C000154868 | Class C       | FLTNX           |
| C000154869 | Class R       | FLSBX           |
| C000154870 | Class R6      | FLSZX           |
| C000154871 | Advisor Class | FLTKX           |

### Franklin LifeSmart 2060 Retirement Target Fund (Series ID: S000070651)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000224548 | Advisor Class | FLJSX           |
| C000224549 | Class R6      | FLFSX           |
| C000224550 | Class A       | FLASX           |
| C000224551 | Class C       | FLBSX           |
| C000224552 | Class R       | FLESX           |

?xml version='1.0' encoding='ASCII'? 2026-01-1474200033100_FranklinConservativeAllocationFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-07851**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Franklin Fund Allocator Series**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **December 31**

Date of reporting period: **December 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTCIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $64 | 0.60% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin Conservative Allocation Fund returned 12.16%. The Fund compares its performance to the Linked Franklin Conservative Allocation Fund Benchmark-NR†, the MSCI All Country World Index-NR and the Bloomberg Multiverse Index, which returned 13.93%, 22.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Fund selection in: | Fund selection in: |
| ↑ | U.S. equity |
| ↑ | Emerging market equity |
| ↑ | International fixed income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to International equity |
| ↓ | Overweight to U.S. fixed income |

---

Franklin Conservative Allocation Fund PAGE 1 484-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6077img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 12.16 | 4.36 | 5.50 |
| **Class A (with sales charge)**  | 6.00 | 3.19 | 4.91 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **Linked Franklin Conservative Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 13.93 | 3.30 | 5.67 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Conservative Allocation Fund Benchmark-NR is comprised of 28% S&P 500 Index, 12% MSCI EAFE Index-NR, 40% Bloomberg U.S. Aggregate Index and 20% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 28% S&P 500 Index, 12% MSCI EAFE Index-NR and 60% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 40% MSCI ACWI-NR and 60% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $870960541 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $2115568 |
| **Portfolio Turnover Rate** | 23.73% |

---

Franklin Conservative Allocation Fund PAGE 2 484-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6077img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Conservative Allocation Fund PAGE 3 484-ATSR-0226

94509865109091053411929130391411111963133241439816149100001026510628106301155612424122321064111229113691219910000104991196511432131211475915387128061438515235173571000010786133721211315335178282113317252210822476930302100001028411075109241170312759121841023310851107061160745.332.810.97.23.30.5 ------

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTCCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $143 | 1.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin Conservative Allocation Fund returned 11.33%. The Fund compares its performance to the Linked Franklin Conservative Allocation Fund Benchmark-NR†, the MSCI All Country World Index-NR and the Bloomberg Multiverse Index, which returned 13.93%, 22.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Fund selection in: | Fund selection in: |
| ↑ | U.S. equity |
| ↑ | Emerging market equity |
| ↑ | International fixed income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to International equity |
| ↓ | Overweight to U.S. fixed income |

---

Franklin Conservative Allocation Fund PAGE 1 584-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6078img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 11.33 | 3.60 | 4.72 |
| **Class C (with sales charge)**  | 10.33 | 3.60 | 4.72 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **Linked Franklin Conservative Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 13.93 | 3.30 | 5.67 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Conservative Allocation Fund Benchmark-NR is comprised of 28% S&P 500 Index, 12% MSCI EAFE Index-NR, 40% Bloomberg U.S. Aggregate Index and 20% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 28% S&P 500 Index, 12% MSCI EAFE Index-NR and 60% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 40% MSCI ACWI-NR and 60% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $870960541 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $2115568 |
| **Portfolio Turnover Rate** | 23.73% |

---

Franklin Conservative Allocation Fund PAGE 2 584-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6078img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Conservative Allocation Fund PAGE 3 584-ATSR-0226

1000010355113701089912244132871427012000132741424115854100001026510628106301155612424122321064111229113691219910000104991196511432131211475915387128061438515235173571000010786133721211315335178282113317252210822476930302100001028411075109241170312759121841023310851107061160745.332.810.97.23.30.5 ------

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FTCRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $90 | 0.85% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin Conservative Allocation Fund returned 11.88%. The Fund compares its performance to the Linked Franklin Conservative Allocation Fund Benchmark-NR†, the MSCI All Country World Index-NR and the Bloomberg Multiverse Index, which returned 13.93%, 22.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Fund selection in: | Fund selection in: |
| ↑ | U.S. equity |
| ↑ | Emerging market equity |
| ↑ | International fixed income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to International equity |
| ↓ | Overweight to U.S. fixed income |

---

Franklin Conservative Allocation Fund PAGE 1 884-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6080img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 11.88 | 4.11 | 5.23 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **Linked Franklin Conservative Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 13.93 | 3.30 | 5.67 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Conservative Allocation Fund Benchmark-NR is comprised of 28% S&P 500 Index, 12% MSCI EAFE Index-NR, 40% Bloomberg U.S. Aggregate Index and 20% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 28% S&P 500 Index, 12% MSCI EAFE Index-NR and 60% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 40% MSCI ACWI-NR and 60% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $870960541 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $2115568 |
| **Portfolio Turnover Rate** | 23.73% |

---

Franklin Conservative Allocation Fund PAGE 2 884-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6080img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Conservative Allocation Fund PAGE 3 884-ATSR-0226

1000010415114831106412495136171470612430138161488616655100001026510628106301155612424122321064111229113691219910000104991196511432131211475915387128061438515235173571000010786133721211315335178282113317252210822476930302100001028411075109241170312759121841023310851107061160745.332.810.97.23.30.5 ------

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTCMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $32 | 0.30% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin Conservative Allocation Fund returned 12.44%. The Fund compares its performance to the Linked Franklin Conservative Allocation Fund Benchmark-NR†, the MSCI All Country World Index-NR and the Bloomberg Multiverse Index, which returned 13.93%, 22.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Fund selection in: | Fund selection in: |
| ↑ | U.S. equity |
| ↑ | Emerging market equity |
| ↑ | International fixed income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to International equity |
| ↓ | Overweight to U.S. fixed income |

---

Franklin Conservative Allocation Fund PAGE 1 384-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6079img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 12.44 | 4.70 | 5.84 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **Linked Franklin Conservative Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 13.93 | 3.30 | 5.67 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Conservative Allocation Fund Benchmark-NR is comprised of 28% S&P 500 Index, 12% MSCI EAFE Index-NR, 40% Bloomberg U.S. Aggregate Index and 20% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 28% S&P 500 Index, 12% MSCI EAFE Index-NR and 60% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 40% MSCI ACWI-NR and 60% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $870960541 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $2115568 |
| **Portfolio Turnover Rate** | 23.73% |

---

Franklin Conservative Allocation Fund PAGE 2 384-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6079img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Conservative Allocation Fund PAGE 3 384-ATSR-0226

1000010469116191125812793140221522912943144751569117643100001026510628106301155612424122321064111229113691219910000104991196511432131211475915387128061438515235173571000010786133721211315335178282113317252210822476930302100001028411075109241170312759121841023310851107061160745.332.810.97.23.30.5 ------

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FTCZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $37 | 0.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin Conservative Allocation Fund returned 12.44%. The Fund compares its performance to the Linked Franklin Conservative Allocation Fund Benchmark-NR†, the MSCI All Country World Index-NR and the Bloomberg Multiverse Index, which returned 13.93%, 22.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Fund selection in: | Fund selection in: |
| ↑ | U.S. equity |
| ↑ | Emerging market equity |
| ↑ | International fixed income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to International equity |
| ↓ | Overweight to U.S. fixed income |

---

Franklin Conservative Allocation Fund PAGE 1 641-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6076img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 12.44 | 4.63 | 5.77 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **Linked Franklin Conservative Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 13.93 | 3.30 | 5.67 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Conservative Allocation Fund Benchmark-NR is comprised of 28% S&P 500 Index, 12% MSCI EAFE Index-NR, 40% Bloomberg U.S. Aggregate Index and 20% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 28% S&P 500 Index, 12% MSCI EAFE Index-NR and 60% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 40% MSCI ACWI-NR and 60% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $870960541 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $2115568 |
| **Portfolio Turnover Rate** | 23.73% |

---

Franklin Conservative Allocation Fund PAGE 2 641-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6076img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Conservative Allocation Fund PAGE 3 641-ATSR-0226

1000010469116081123812758139801516112876143891558717527100001026510628106301155612424122321064111229113691219910000104991196511432131211475915387128061438515235173571000010786133721211315335178282113317252210822476930302100001028411075109241170312759121841023310851107061160745.332.810.97.23.30.5 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTCOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $41 | 0.38% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin Corefolio Allocation Fund returned 14.27%. The Fund compares its performance to the S&P 500 Index and the MSCI World Index, which returned 17.88% and 21.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | An overweight allocation to international stocks and underweight in U.S. equities contributed |
| ↑ | A global growth equity fund outperformed and strengthened relative performance |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in U.S. equity weighed on relative returns, driven by underlying growth funds |
| ↓ | Selection in international equities also curbed relative results as a value fund underperformed |

---

Franklin Corefolio Allocation Fund PAGE 1 470-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6072img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 14.27 | 8.56 | 10.42 |
| **Class A (with sales charge)**  | 7.97 | 7.34 | 9.79 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.28 |
| **S&P 500 Index**  | 17.88 | 14.43 | 14.82 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1028904708 |
| **Total Number of Portfolio Holdings** | 5 |
| **Total Administrative Fee Paid** | $298122 |
| **Portfolio Turnover Rate** | 9.28% |

---

Franklin Corefolio Allocation Fund PAGE 2 470-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6072img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Corefolio Allocation Fund PAGE 3 470-ATSR-0226

94501017212214113461427316881195421546919391222772545610000112741365612940169542049525754208082620932448380121000011196136401304217149203042613221399270253378639827100001081513311122191568918277223611839622888272813317374.525.40.1 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTCLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $121 | 1.13% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin Corefolio Allocation Fund returned 13.43%. The Fund compares its performance to the S&P 500 Index and the MSCI World Index, which returned 17.88% and 21.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | An overweight allocation to international stocks and underweight in U.S. equities contributed |
| ↑ | A global growth equity fund outperformed and strengthened relative performance |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in U.S. equity weighed on relative returns, driven by underlying growth funds |
| ↓ | Selection in international equities also curbed relative results as a value fund underperformed |

---

Franklin Corefolio Allocation Fund PAGE 1 570-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6073img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 13.43 | 7.75 | 9.60 |
| **Class C (with sales charge)**  | 12.43 | 7.75 | 9.60 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.28 |
| **S&P 500 Index**  | 17.88 | 14.43 | 14.82 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1028904708 |
| **Total Number of Portfolio Holdings** | 5 |
| **Total Administrative Fee Paid** | $298122 |
| **Portfolio Turnover Rate** | 9.28% |

---

Franklin Corefolio Allocation Fund PAGE 2 570-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6073img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Corefolio Allocation Fund PAGE 3 570-ATSR-0226

100001068212733117441466117213197751553519322220422500210000112741365612940169542049525754208082620932448380121000011196136401304217149203042613221399270253378639827100001081513311122191568918277223611839622888272813317374.525.40.1 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $67 | 0.63% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin Corefolio Allocation Fund returned 13.97%. The Fund compares its performance to the S&P 500 Index and the MSCI World Index, which returned 17.88% and 21.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | An overweight allocation to international stocks and underweight in U.S. equities contributed |
| ↑ | A global growth equity fund outperformed and strengthened relative performance |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in U.S. equity weighed on relative returns, driven by underlying growth funds |
| ↓ | Selection in international equities also curbed relative results as a value fund underperformed |

---

Franklin Corefolio Allocation Fund PAGE 1 870-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6075img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 13.97 | 8.29 | 10.15 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.28 |
| **S&P 500 Index**  | 17.88 | 14.43 | 14.82 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1028904708 |
| **Total Number of Portfolio Holdings** | 5 |
| **Total Administrative Fee Paid** | $298122 |
| **Portfolio Turnover Rate** | 9.28% |

---

Franklin Corefolio Allocation Fund PAGE 2 870-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6075img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Corefolio Allocation Fund PAGE 3 870-ATSR-0226

------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTLQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $9 | 0.08% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin Corefolio Allocation Fund returned 14.64%. The Fund compares its performance to the S&P 500 Index and the MSCI World Index, which returned 17.88% and 21.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | An overweight allocation to international stocks and underweight in U.S. equities contributed |
| ↑ | A global growth equity fund outperformed and strengthened relative performance |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in U.S. equity weighed on relative returns, driven by underlying growth funds |
| ↓ | Selection in international equities also curbed relative results as a value fund underperformed |

---

Franklin Corefolio Allocation Fund PAGE 1 8470-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6074img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 14.64 | 8.92 | 10.78 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.28 |
| **S&P 500 Index**  | 17.88 | 14.43 | 14.82 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1028904708 |
| **Total Number of Portfolio Holdings** | 5 |
| **Total Administrative Fee Paid** | $298122 |
| **Portfolio Turnover Rate** | 9.28% |

---

Franklin Corefolio Allocation Fund PAGE 2 8470-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6074img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Corefolio Allocation Fund PAGE 3 8470-ATSR-0226

100001076512946120681523618084210061667920972241772771610000112741365612940169542049525754208082620932448380121000011196136401304217149203042613221399270253378639827100001081513311122191568918277223611839622888272813317374.525.40.1 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCAZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $14 | 0.13% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin Corefolio Allocation Fund returned 14.54%. The Fund compares its performance to the S&P 500 Index and the MSCI World Index, which returned 17.88% and 21.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | An overweight allocation to international stocks and underweight in U.S. equities contributed |
| ↑ | A global growth equity fund outperformed and strengthened relative performance |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in U.S. equity weighed on relative returns, driven by underlying growth funds |
| ↓ | Selection in international equities also curbed relative results as a value fund underperformed |

---

Franklin Corefolio Allocation Fund PAGE 1 670-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6071img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 14.54 | 8.83 | 10.70 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.28 |
| **S&P 500 Index**  | 17.88 | 14.43 | 14.82 |
| **MSCI World Index**  | 21.60 | 12.66 | 12.74 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1028904708 |
| **Total Number of Portfolio Holdings** | 5 |
| **Total Administrative Fee Paid** | $298122 |
| **Portfolio Turnover Rate** | 9.28% |

---

Franklin Corefolio Allocation Fund PAGE 2 670-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6071img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Corefolio Allocation Fund PAGE 3 670-ATSR-0226

100001079012992121021526018098210031666920934241242763210000112741365612940169542049525754208082620932448380121000011196136401304217149203042613221399270253378639827100001081513311122191568918277223611839622888272813317374.525.40.1 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FFALX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $99 | 0.92% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin Global Allocation Fund returned 15.89%. The Fund compares its performance to the MSCI All Country World Index-NR and the Blended Benchmark†, which returned 22.34% and 15.15%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Stock selection in the consumer discretionary, materials and financials sectors led equity contributors to relative results. |
| ↑ | Security selection also boosted relative returns in fixed income, with U.K. Gilts and Canadian government bonds strengthening performance. |
| ↑ | From an asset class perspective, the Fund's equity overweight and modest underweight to fixed income lifted relative returns. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Stock selection in the health care and consumer staples sectors curbed relative results. |
| ↓ | In fixed income, selection in mortgage-backed securities weighed on relative returns. |
| ↓ | Hedging some investments back to the U.S. dollar (through currency forwards) modestly dampened relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized foreign currency contracts for hedging foreign currency exposure, which detracted from performance.

Franklin Global Allocation Fund PAGE 1 481-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6067img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 15.89 | 7.79 | 7.08 |
| **Class A (with sales charge)**  | 9.52 | 6.57 | 6.47 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.15 | 7.26 | 8.17 |

---

† The Fund's Blended Benchmark is comprised of 60% MSCI All Country World Index-NR, 30% Bloomberg Multiverse (100% hedged to USD) Index and 10% cash and cash equivalents (as represented by the ICE BofA US 3-Month Treasury Bill Index).

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective February 1, 2021, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2848022665 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 247 |
| **Total Management Fee Paid** | $15544346 |
| **Portfolio Turnover Rate** | 33.16% |

---

Franklin Global Allocation Fund PAGE 2 481-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6067img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On May 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to certain types of alternative strategies including private funds. On November 10, 2025, this disclosure was revised further to include increased exposure to commodity-linked notes.

Disclsoure regarding certain tax risks associated with the Fund's investments in commodity-linked notes was added.

In addition, on January 31, 2025, Max Gokhman, CFA and Brett S. Goldstein, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Global Allocation Fund PAGE 3 481-ATSR-0226

9450107281192910758126731287014381126801431816161187301000010786133721211315335178282113317252210822476930302100001062412224116241378415456170761466617011190532193962.414.66.66.33.82.90.82.6 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FFACX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $180 | 1.67% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin Global Allocation Fund returned 15.07%. The Fund compares its performance to the MSCI All Country World Index-NR and the Blended Benchmark†, which returned 22.34% and 15.15%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Stock selection in the consumer discretionary, materials and financials sectors led equity contributors to relative results. |
| ↑ | Security selection also boosted relative returns in fixed income, with U.K. Gilts and Canadian government bonds strengthening performance. |
| ↑ | From an asset class perspective, the Fund's equity overweight and modest underweight to fixed income lifted relative returns. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Stock selection in the health care and consumer staples sectors curbed relative results. |
| ↓ | In fixed income, selection in mortgage-backed securities weighed on relative returns. |
| ↓ | Hedging some investments back to the U.S. dollar (through currency forwards) modestly dampened relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized foreign currency contracts for hedging foreign currency exposure, which detracted from performance.

Franklin Global Allocation Fund PAGE 1 282-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6068img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 15.07 | 6.99 | 6.28 |
| **Class C (with sales charge)**  | 14.07 | 6.99 | 6.28 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.15 | 7.26 | 8.17 |

---

† The Fund's Blended Benchmark is comprised of 60% MSCI All Country World Index-NR, 30% Bloomberg Multiverse (100% hedged to USD) Index and 10% cash and cash equivalents (as represented by the ICE BofA US 3-Month Treasury Bill Index).

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 1, 2021, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2848022665 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 247 |
| **Total Management Fee Paid** | $15544346 |
| **Portfolio Turnover Rate** | 33.16% |

---

Franklin Global Allocation Fund PAGE 2 282-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6068img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On May 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to certain types of alternative strategies including private funds. On November 10, 2025, this disclosure was revised further to include increased exposure to commodity-linked notes.

Disclsoure regarding certain tax risks associated with the Fund's investments in commodity-linked notes was added.

In addition, on January 31, 2025, Max Gokhman, CFA and Brett S. Goldstein, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Global Allocation Fund PAGE 3 282-ATSR-0226

10000112711244611135130171312014549127371426515985183941000010786133721211315335178282113317252210822476930302100001062412224116241378415456170761466617011190532193962.414.66.66.33.82.90.82.6 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FFARX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $126 | 1.17% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin Global Allocation Fund returned 15.63%. The Fund compares its performance to the MSCI All Country World Index-NR and the Blended Benchmark†, which returned 22.34% and 15.15%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Stock selection in the consumer discretionary, materials and financials sectors led equity contributors to relative results. |
| ↑ | Security selection also boosted relative returns in fixed income, with U.K. Gilts and Canadian government bonds strengthening performance. |
| ↑ | From an asset class perspective, the Fund's equity overweight and modest underweight to fixed income lifted relative returns. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Stock selection in the health care and consumer staples sectors curbed relative results. |
| ↓ | In fixed income, selection in mortgage-backed securities weighed on relative returns. |
| ↓ | Hedging some investments back to the U.S. dollar (through currency forwards) modestly dampened relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized foreign currency contracts for hedging foreign currency exposure, which detracted from performance.

Franklin Global Allocation Fund PAGE 1 871-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6070img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 15.63 | 7.53 | 6.81 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.15 | 7.26 | 8.17 |

---

† The Fund's Blended Benchmark is comprised of 60% MSCI All Country World Index-NR, 30% Bloomberg Multiverse (100% hedged to USD) Index and 10% cash and cash equivalents (as represented by the ICE BofA US 3-Month Treasury Bill Index).

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 1, 2021, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2848022665 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 247 |
| **Total Management Fee Paid** | $15544346 |
| **Portfolio Turnover Rate** | 33.16% |

---

Franklin Global Allocation Fund PAGE 2 871-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6070img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On May 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to certain types of alternative strategies including private funds. On November 10, 2025, this disclosure was revised further to include increased exposure to commodity-linked notes.

Disclsoure regarding certain tax risks associated with the Fund's investments in commodity-linked notes was added.

In addition, on January 31, 2025, Max Gokhman, CFA and Brett S. Goldstein, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Global Allocation Fund PAGE 3 871-ATSR-0226

10000113221256311306132771344714994131861485116718193301000010786133721211315335178282113317252210822476930302100001062412224116241378415456170761466617011190532193962.414.66.66.33.82.90.82.6 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FFAQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $67 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin Global Allocation Fund returned 16.24%. The Fund compares its performance to the MSCI All Country World Index-NR and the Blended Benchmark†, which returned 22.34% and 15.15%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Stock selection in the consumer discretionary, materials and financials sectors led equity contributors to relative results. |
| ↑ | Security selection also boosted relative returns in fixed income, with U.K. Gilts and Canadian government bonds strengthening performance. |
| ↑ | From an asset class perspective, the Fund's equity overweight and modest underweight to fixed income lifted relative returns. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Stock selection in the health care and consumer staples sectors curbed relative results. |
| ↓ | In fixed income, selection in mortgage-backed securities weighed on relative returns. |
| ↓ | Hedging some investments back to the U.S. dollar (through currency forwards) modestly dampened relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized foreign currency contracts for hedging foreign currency exposure, which detracted from performance.

Franklin Global Allocation Fund PAGE 1 8481-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6069img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 16.24 | 8.13 | 7.43 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.15 | 7.26 | 8.17 |

---

† The Fund's Blended Benchmark is comprised of 60% MSCI All Country World Index-NR, 30% Bloomberg Multiverse (100% hedged to USD) Index and 10% cash and cash equivalents (as represented by the ICE BofA US 3-Month Treasury Bill Index).

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 1, 2021, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2848022665 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 247 |
| **Total Management Fee Paid** | $15544346 |
| **Portfolio Turnover Rate** | 33.16% |

---

Franklin Global Allocation Fund PAGE 2 8481-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6069img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On May 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to certain types of alternative strategies including private funds. On November 10, 2025, this disclosure was revised further to include increased exposure to commodity-linked notes.

Disclsoure regarding certain tax risks associated with the Fund's investments in commodity-linked notes was added.

In addition, on January 31, 2025, Max Gokhman, CFA and Brett S. Goldstein, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Global Allocation Fund PAGE 3 8481-ATSR-0226

10000113521265811447135281379015611137961562617702205771000010786133721211315335178282113317252210822476930302100001062412224116241378415456170761466617011190532193962.414.66.66.33.82.90.82.6 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FFAAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $72 | 0.67% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin Global Allocation Fund returned 16.21%. The Fund compares its performance to the MSCI All Country World Index-NR and the Blended Benchmark†, which returned 22.34% and 15.15%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Stock selection in the consumer discretionary, materials and financials sectors led equity contributors to relative results. |
| ↑ | Security selection also boosted relative returns in fixed income, with U.K. Gilts and Canadian government bonds strengthening performance. |
| ↑ | From an asset class perspective, the Fund's equity overweight and modest underweight to fixed income lifted relative returns. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Stock selection in the health care and consumer staples sectors curbed relative results. |
| ↓ | In fixed income, selection in mortgage-backed securities weighed on relative returns. |
| ↓ | Hedging some investments back to the U.S. dollar (through currency forwards) modestly dampened relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized foreign currency contracts for hedging foreign currency exposure, which detracted from performance.

Franklin Global Allocation Fund PAGE 1 671-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6066img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 16.21 | 8.06 | 7.35 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.15 | 7.26 | 8.17 |

---

† The Fund's Blended Benchmark is comprised of 60% MSCI All Country World Index-NR, 30% Bloomberg Multiverse (100% hedged to USD) Index and 10% cash and cash equivalents (as represented by the ICE BofA US 3-Month Treasury Bill Index).

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 1, 2021, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2848022665 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 247 |
| **Total Management Fee Paid** | $15544346 |
| **Portfolio Turnover Rate** | 33.16% |

---

Franklin Global Allocation Fund PAGE 2 671-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6066img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On May 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to certain types of alternative strategies including private funds. On November 10, 2025, this disclosure was revised further to include increased exposure to commodity-linked notes.

Disclsoure regarding certain tax risks associated with the Fund's investments in commodity-linked notes was added.

In addition, on January 31, 2025, Max Gokhman, CFA and Brett S. Goldstein, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Global Allocation Fund PAGE 3 671-ATSR-0226

10000113821270011481135541379615454136551546517493203291000010786133721211315335178282113317252210822476930302100001062412224116241378415456170761466617011190532193962.414.66.66.33.82.90.82.6 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FGTIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $68 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin Growth Allocation Fund returned 17.79%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Growth Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index which returned 22.34%, 19.52% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Fund selection in international equity |
| ↓ | Overweight U.S. equity |

---

Franklin Growth Allocation Fund PAGE 1 486-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6060img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 17.79 | 8.99 | 9.72 |
| **Class A (with sales charge)**  | 11.33 | 7.77 | 9.10 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Growth Allocation Fund Benchmark-NR**<sup>†</sup>  | 19.52 | 8.54 | 9.73 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Growth Allocation Fund Benchmark-NR is comprised of 56% S&P 500 Index, 24% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index and 5% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 56% S&P 500 Index, 24% MSCI EAFE Index-NR and 20% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 80% MSCI ACWI-NR and 20% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1504204604 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $3497449 |
| **Portfolio Turnover Rate** | 28.92% |

---

Franklin Growth Allocation Fund PAGE 2 486-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6060img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Allocation Fund PAGE 3 486-ATSR-0226

9450995711893111261356315540180901498517621202892389810000107861337212113153351782821133172522108224769303021000010695128941189814589168071909615701186622118725322100001028411075109241170312759121841023310851107061160762.520.811.43.31.30.7 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTGTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $149 | 1.37% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin Growth Allocation Fund returned 16.90%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Growth Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index which returned 22.34%, 19.52% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Fund selection in international equity |
| ↓ | Overweight U.S. equity |

---

Franklin Growth Allocation Fund PAGE 1 586-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6061img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 16.90 | 8.18 | 8.91 |
| **Class C (with sales charge)**  | 15.90 | 8.18 | 8.91 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Growth Allocation Fund Benchmark-NR**<sup>†</sup>  | 19.52 | 8.54 | 9.73 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Growth Allocation Fund Benchmark-NR is comprised of 56% S&P 500 Index, 24% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index and 5% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 56% S&P 500 Index, 24% MSCI EAFE Index-NR and 20% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 80% MSCI ACWI-NR and 20% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1504204604 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $3497449 |
| **Portfolio Turnover Rate** | 28.92% |

---

Franklin Growth Allocation Fund PAGE 2 586-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6061img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Allocation Fund PAGE 3 586-ATSR-0226

100001045912400115161392915843183141505017557200762346910000107861337212113153351782821133172522108224769303021000010695128941189814589168071909615701186622118725322100001028411075109241170312759121841023310851107061160762.520.811.43.31.30.7 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FGTRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $95 | 0.87% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin Growth Allocation Fund returned 17.48%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Growth Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index which returned 22.34%, 19.52% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Fund selection in international equity |
| ↓ | Overweight U.S. equity |

---

Franklin Growth Allocation Fund PAGE 1 886-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6065img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 17.48 | 8.72 | 9.45 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Growth Allocation Fund Benchmark-NR**<sup>†</sup>  | 19.52 | 8.54 | 9.73 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Growth Allocation Fund Benchmark-NR is comprised of 56% S&P 500 Index, 24% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index and 5% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 56% S&P 500 Index, 24% MSCI EAFE Index-NR and 20% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 80% MSCI ACWI-NR and 20% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1504204604 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $3497449 |
| **Portfolio Turnover Rate** | 28.92% |

---

Franklin Growth Allocation Fund PAGE 2 886-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6065img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Allocation Fund PAGE 3 886-ATSR-0226

100001051212527116911421116244188661558318278210022467410000107861337212113153351782821133172522108224769303021000010695128941189814589168071909615701186622118725322100001028411075109241170312759121841023310851107061160762.520.811.43.31.30.7 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTGMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $33 | 0.30% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin Growth Allocation Fund returned 18.18%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Growth Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index which returned 22.34%, 19.52% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Fund selection in international equity |
| ↓ | Overweight U.S. equity |

---

Franklin Growth Allocation Fund PAGE 1 386-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6063img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 18.18 | 9.36 | 10.12 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Growth Allocation Fund Benchmark-NR**<sup>†</sup>  | 19.52 | 8.54 | 9.73 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Growth Allocation Fund Benchmark-NR is comprised of 56% S&P 500 Index, 24% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index and 5% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 56% S&P 500 Index, 24% MSCI EAFE Index-NR and 20% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 80% MSCI ACWI-NR and 20% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1504204604 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $3497449 |
| **Portfolio Turnover Rate** | 28.92% |

---

Franklin Growth Allocation Fund PAGE 2 386-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6063img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Allocation Fund PAGE 3 386-ATSR-0226

100001057712682119121456916762195871627319203221842621610000107861337212113153351782821133172522108224769303021000010695128941189814589168071909615701186622118725322100001028411075109241170312759121841023310851107061160762.520.811.43.31.30.7 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FGTZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $40 | 0.37% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin Growth Allocation Fund returned 18.08%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Growth Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index which returned 22.34%, 19.52% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Fund selection in international equity |
| ↓ | Overweight U.S. equity |

---

Franklin Growth Allocation Fund PAGE 1 643-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6059img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 18.08 | 9.25 | 9.99 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Growth Allocation Fund Benchmark-NR**<sup>†</sup>  | 19.52 | 8.54 | 9.73 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Growth Allocation Fund Benchmark-NR is comprised of 56% S&P 500 Index, 24% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index and 5% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 56% S&P 500 Index, 24% MSCI EAFE Index-NR and 20% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 80% MSCI ACWI-NR and 20% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1504204604 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $3497449 |
| **Portfolio Turnover Rate** | 28.92% |

---

Franklin Growth Allocation Fund PAGE 2 643-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6059img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Allocation Fund PAGE 3 643-ATSR-0226

100001056012648118591449416654194361613519019219522592110000107861337212113153351782821133172522108224769303021000010695128941189814589168071909615701186622118725322100001028411075109241170312759121841023310851107061160762.520.811.43.31.30.7 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMTIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $65 | 0.60% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin Moderate Allocation Fund returned 15.03%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Moderate Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index, which returned 22.34%, 16.71% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Overweight U.S. equity |
| ↓ | Fund selection in international equity |

---

Franklin Moderate Allocation Fund PAGE 1 485-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6255img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 15.03 | 6.75 | 7.70 |
| **Class A (with sales charge)**  | 8.68 | 5.55 | 7.10 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Moderate Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 16.71 | 5.91 | 7.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Moderate Allocation Fund Benchmark-NR reflects the performance of 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR, 35% Bloomberg U.S. Aggregate Index and 10% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR and 45% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 60% MSCI ACWI-NR and 40% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1720492482 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $4126220 |
| **Portfolio Turnover Rate** | 25.18% |

---

Franklin Moderate Allocation Fund PAGE 2 485-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6255img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Moderate Allocation Fund PAGE 3 485-ATSR-0226

9450991711402108531274214318160901349315431172531984710000107861337212113153351782821133172522108224769303021000010599124241167113850157811717914216164301801821029100001028411075109241170312759121841023310851107061160747.827.915.94.53.40.5 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTMTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $145 | 1.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin Moderate Allocation Fund returned 14.11%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Moderate Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index, which returned 22.34%, 16.71% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Overweight U.S. equity |
| ↓ | Fund selection in international equity |

---

Franklin Moderate Allocation Fund PAGE 1 585-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6256img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 14.11 | 5.94 | 6.90 |
| **Class C (with sales charge)**  | 13.11 | 5.94 | 6.90 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Moderate Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 16.71 | 5.91 | 7.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Moderate Allocation Fund Benchmark-NR reflects the performance of 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR, 35% Bloomberg U.S. Aggregate Index and 10% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR and 45% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 60% MSCI ACWI-NR and 40% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1720492482 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $4126220 |
| **Portfolio Turnover Rate** | 25.18% |

---

Franklin Moderate Allocation Fund PAGE 2 585-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6256img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Moderate Allocation Fund PAGE 3 585-ATSR-0226

100001042511895112361309214606162941354915394170811949010000107861337212113153351782821133172522108224769303021000010599124241167113850157811717914216164301801821029100001028411075109241170312759121841023310851107061160747.827.915.94.53.40.5 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FTMRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $91 | 0.85% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin Moderate Allocation Fund returned 14.70%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Moderate Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index, which returned 22.34%, 16.71% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Overweight U.S. equity |
| ↓ | Fund selection in international equity |

---

Franklin Moderate Allocation Fund PAGE 1 885-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6258img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 14.70 | 6.47 | 7.43 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Moderate Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 16.71 | 5.91 | 7.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Moderate Allocation Fund Benchmark-NR reflects the performance of 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR, 35% Bloomberg U.S. Aggregate Index and 10% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR and 45% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 60% MSCI ACWI-NR and 40% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1720492482 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $4126220 |
| **Portfolio Turnover Rate** | 25.18% |

---

Franklin Moderate Allocation Fund PAGE 2 885-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6258img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Moderate Allocation Fund PAGE 3 885-ATSR-0226

100001047112009114041334814972166571393115897177332034010000107861337212113153351782821133172522108224769303021000010599124241167113850157811717914216164301801821029100001028411075109241170312759121841023310851107061160747.827.915.94.53.40.5 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTMLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $31 | 0.29% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin Moderate Allocation Fund returned 15.38%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Moderate Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index, which returned 22.34%, 16.71% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Overweight U.S. equity |
| ↓ | Fund selection in international equity |

---

Franklin Moderate Allocation Fund PAGE 1 385-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6257img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 15.38 | 7.09 | 8.07 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Moderate Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 16.71 | 5.91 | 7.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Moderate Allocation Fund Benchmark-NR reflects the performance of 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR, 35% Bloomberg U.S. Aggregate Index and 10% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR and 45% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 60% MSCI ACWI-NR and 40% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1720492482 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $4126220 |
| **Portfolio Turnover Rate** | 25.18% |

---

Franklin Moderate Allocation Fund PAGE 2 385-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6257img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Moderate Allocation Fund PAGE 3 385-ATSR-0226

100001053412155116101367715423173881462216789188292172510000107861337212113153351782821133172522108224769303021000010599124241167113850157811717914216164301801821029100001028411075109241170312759121841023310851107061160747.827.915.94.53.40.5 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMTZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $38 | 0.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin Moderate Allocation Fund returned 15.29%. The Fund compares its performance to the MSCI All Country World Index-NR, the Linked Franklin Moderate Allocation Fund Benchmark-NR† and the Bloomberg Multiverse Index, which returned 22.34%, 16.71% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight international equity |
| ↓ | Overweight U.S. equity |
| ↓ | Fund selection in international equity |

---

Franklin Moderate Allocation Fund PAGE 1 642-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6252img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 15.29 | 7.01 | 7.97 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Linked Franklin Moderate Allocation Fund** **Benchmark-NR**<sup>†</sup>  | 16.71 | 5.91 | 7.72 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Linked Franklin Moderate Allocation Fund Benchmark-NR reflects the performance of 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR, 35% Bloomberg U.S. Aggregate Index and 10% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR and 45% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; and 60% MSCI ACWI-NR and 40% Bloomberg Multiverse Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1720492482 |
| **Total Number of Portfolio Holdings** | 21 |
| **Total Management Fee Paid** | $4126220 |
| **Portfolio Turnover Rate** | 25.18% |

---

Franklin Moderate Allocation Fund PAGE 2 642-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6252img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Laura Green, CFA was added as a portfolio manager of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Moderate Allocation Fund PAGE 3 642-ATSR-0226

100001052612126115721361815350172911453016668186792153610000107861337212113153351782821133172522108224769303021000010599124241167113850157811717914216164301801821029100001028411075109241170312759121841023310851107061160747.827.915.94.53.40.5 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTRAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $31 | 0.30% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart Retirement Income Fund returned 9.91%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 13.93% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in international fixed income |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fund selection in international equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to equities |

---

Franklin LifeSmart Retirement Income Fund PAGE 1 427-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6260img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 9.91 | 4.31 | 4.89 |
| **Class A (with sales charge)**  | 3.85 | 3.13 | 4.30 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 13.93 | 3.26 | 5.25 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 40% MSCI AC World Index-NR and 60% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $44615625 |
| **Total Number of Portfolio Holdings** | 14 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32.82% |

---

Franklin LifeSmart Retirement Income Fund PAGE 2 427-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6260img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart Retirement Income Fund PAGE 3 427-ATSR-0226

94509946104271016811381123371300411465127961386115235100001026510628106301155612424122321064111229113691219910000107861337212113153351782821133172522108224769303021000010455117341133812812143331491312412139431476616823100001028411075109241170312759121841023310851107061160736.024.521.510.25.72.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRTCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $110 | 1.05% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart Retirement Income Fund returned 9.08%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 13.93% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in international fixed income |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fund selection in international equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to equities |

---

Franklin LifeSmart Retirement Income Fund PAGE 1 527-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6261img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 9.08 | 3.52 | 4.11 |
| **Class C (with sales charge)**  | 8.08 | 3.52 | 4.11 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 13.93 | 3.26 | 5.25 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 40% MSCI AC World Index-NR and 60% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $44615625 |
| **Total Number of Portfolio Holdings** | 14 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32.82% |

---

Franklin LifeSmart Retirement Income Fund PAGE 2 527-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6261img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart Retirement Income Fund PAGE 3 527-ATSR-0226

1000010450108761051711689125801315311506127581371214957100001026510628106301155612424122321064111229113691219910000107861337212113153351782821133172522108224769303021000010455117341133812812143331491312412139431476616823100001028411075109241170312759121841023310851107061160736.024.521.510.25.72.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FBRLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $58 | 0.55% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart Retirement Income Fund returned 9.66%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 13.93% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in international fixed income |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fund selection in international equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to equities |

---

Franklin LifeSmart Retirement Income Fund PAGE 1 827-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6263img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 9.66 | 4.05 | 4.64 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 13.93 | 3.26 | 5.25 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 40% MSCI AC World Index-NR and 60% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $44615625 |
| **Total Number of Portfolio Holdings** | 14 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32.82% |

---

Franklin LifeSmart Retirement Income Fund PAGE 2 827-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6263img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart Retirement Income Fund PAGE 3 827-ATSR-0226

1000010494109741068111930129111357611942132991435915747100001026510628106301155612424122321064111229113691219910000107861337212113153351782821133172522108224769303021000010455117341133812812143331491312412139431476616823100001028411075109241170312759121841023310851107061160736.024.521.510.25.72.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLMTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $0 | 0.00% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart Retirement Income Fund returned 10.20%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 13.93% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in international fixed income |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fund selection in international equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to equities |

---

Franklin LifeSmart Retirement Income Fund PAGE 1 327-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6262img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 10.20 | 4.62 | 5.21 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 13.93 | 3.26 | 5.25 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 40% MSCI AC World Index-NR and 60% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $44615625 |
| **Total Number of Portfolio Holdings** | 14 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32.82% |

---

Franklin LifeSmart Retirement Income Fund PAGE 2 327-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6262img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart Retirement Income Fund PAGE 3 327-ATSR-0226

1000010560111031086312188132611400812389138761508616625100001026510628106301155612424122321064111229113691219910000107861337212113153351782821133172522108224769303021000010455117341133812812143331491312412139431476616823100001028411075109241170312759121841023310851107061160736.024.521.510.25.72.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRDX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $5 | 0.05% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart Retirement Income Fund returned 10.25%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 13.93% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in international fixed income |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fund selection in international equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Underweight to equities |

---

Franklin LifeSmart Retirement Income Fund PAGE 1 627-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6259img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 10.25 | 4.57 | 5.16 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 13.93 | 3.26 | 5.25 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 40% MSCI AC World Index-NR and 60% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $44615625 |
| **Total Number of Portfolio Holdings** | 14 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32.82% |

---

Franklin LifeSmart Retirement Income Fund PAGE 2 627-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6259img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart Retirement Income Fund PAGE 3 627-ATSR-0226

1000010555110921084712166132311396912346138221500716546100001026510628106301155612424122321064111229113691219910000107861337212113153351782821133172522108224769303021000010455117341133812812143331491312412139431476616823100001028411075109241170312759121841023310851107061160736.024.521.510.25.72.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLRMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $51 | 0.48% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2020 Retirement Target Fund returned 13.25%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 14.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |
| ↓ | Fund selection in international equity |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 52-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6187img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 13.25 | 4.95 | 5.70 |
| **Class A (with sales charge)**  | 7.01 | 3.76 | 5.11 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 14.34 | 4.21 | 6.13 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark is comprised of 44.1% MSCI AC World Index-NR and 55.6% Bloomberg Multiverse Index. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Fund over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25727702 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.07% |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 2 52-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6187img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2020 Retirement Target Fund PAGE 3 52-ATSR-0226

94509737108591044911852129261417011963134541453116457100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010532120521152613238147491573513065148261585218127100001028411075109241170312759121841023310851107061160743.829.914.99.31.01.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLRQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $131 | 1.23% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2020 Retirement Target Fund returned 12.48%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 14.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |
| ↓ | Fund selection in international equity |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 552-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6189img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 12.48 | 4.17 | 4.92 |
| **Class C (with sales charge)**  | 11.48 | 4.17 | 4.92 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 14.34 | 4.21 | 6.13 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark is comprised of 44.1% MSCI AC World Index-NR and 55.6% Bloomberg Multiverse Index. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Fund over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25727702 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.07% |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 2 552-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6189img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2020 Retirement Target Fund PAGE 3 552-ATSR-0226

1000010229113221080912170131791434512017134011436916163100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010532120521152613238147491573513065148261585218127100001028411075109241170312759121841023310851107061160743.829.914.99.31.01.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLRVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $78 | 0.73% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2020 Retirement Target Fund returned 13.07%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 14.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |
| ↓ | Fund selection in international equity |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 852-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6193img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 13.07 | 4.69 | 5.43 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 14.34 | 4.21 | 6.13 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark is comprised of 44.1% MSCI AC World Index-NR and 55.6% Bloomberg Multiverse Index. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Fund over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25727702 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.07% |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 2 852-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6193img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2020 Retirement Target Fund PAGE 3 852-ATSR-0226

1000010274114311095712409134991476412422139331501116972100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010532120521152613238147491573513065148261585218127100001028411075109241170312759121841023310851107061160743.829.914.99.31.01.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRTSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $19 | 0.18% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2020 Retirement Target Fund returned 13.60%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 14.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |
| ↓ | Fund selection in international equity |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 892-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6191img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 13.60 | 5.74 | 6.27 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 14.34 | 4.21 | 6.13 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark is comprised of 44.1% MSCI AC World Index-NR and 55.6% Bloomberg Multiverse Index. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Fund over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25727702 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.07% |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 2 892-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6191img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2020 Retirement Target Fund PAGE 3 892-ATSR-0226

1000010333115661115312696138951527513232149181616718366100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010532120521152613238147491573513065148261585218127100001028411075109241170312759121841023310851107061160743.829.914.99.31.01.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLROX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $25 | 0.23% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2020 Retirement Target Fund returned 13.65%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 14.34% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |
| ↓ | Fund selection in international equity |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 82-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6186img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 13.65 | 5.23 | 5.98 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 14.34 | 4.21 | 6.13 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark is comprised of 44.1% MSCI AC World Index-NR and 55.6% Bloomberg Multiverse Index. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Fund over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25727702 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.07% |

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 2 82-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6186img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2020 Retirement Target Fund PAGE 3 82-ATSR-0226

1000010328115551113712670138601523812895145331573217879100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010532120521152613238147491573513065148261585218127100001028411075109241170312759121841023310851107061160743.829.914.99.31.01.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTRTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $53 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2025 Retirement Target Fund returned 14.82%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 15.59% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 445-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6177img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 14.82 | 5.92 | 6.75 |
| **Class A (with sales charge)**  | 8.52 | 4.74 | 6.15 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.59 | 5.36 | 7.22 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 53.2% MSCI AC World Index-NR and 46.8% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $110494374 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.97% |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 2 445-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6177img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2025 Retirement Target Fund PAGE 3 445-ATSR-0226

94509730111841057412355136231515012717144601582018166100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010638124811179813980157251709314156162651766120415100001028411075109241170312759121841023310851107061160736.535.918.07.81.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTTCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $133 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2025 Retirement Target Fund returned 13.93%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 15.59% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 545-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6179img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 13.93 | 5.13 | 5.95 |
| **Class C (with sales charge)**  | 12.93 | 5.13 | 5.95 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.59 | 5.36 | 7.22 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 53.2% MSCI AC World Index-NR and 46.8% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $110494374 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.97% |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 2 545-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6179img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2025 Retirement Target Fund PAGE 3 545-ATSR-0226

1000010221116591094612686138841532712774144071565317833100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010638124811179813980157251709314156162651766120415100001028411075109241170312759121841023310851107061160736.535.918.07.81.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FRELX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $79 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2025 Retirement Target Fund returned 14.43%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 15.59% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 845-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6185img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 14.43 | 5.65 | 6.47 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.59 | 5.36 | 7.22 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 53.2% MSCI AC World Index-NR and 46.8% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $110494374 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.97% |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 2 845-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6185img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2025 Retirement Target Fund PAGE 3 845-ATSR-0226

1000010265117771110312936142301577913222149891636618727100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010638124811179813980157251709314156162651766120415100001028411075109241170312759121841023310851107061160736.535.918.07.81.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTLMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $20 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2025 Retirement Target Fund returned 15.15%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 15.59% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 345-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6181img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 15.15 | 6.25 | 7.08 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.59 | 5.36 | 7.22 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 53.2% MSCI AC World Index-NR and 46.8% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $110494374 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.97% |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 2 345-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6181img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2025 Retirement Target Fund PAGE 3 345-ATSR-0226

1000010324119081129513231146391632113757156811721619824100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010638124811179813980157251709314156162651766120415100001028411075109241170312759121841023310851107061160736.535.918.07.81.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $26 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2025 Retirement Target Fund returned 15.04%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 15.59% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 645-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6175img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 15.04 | 6.18 | 7.02 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 15.59 | 5.36 | 7.22 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 53.2% MSCI AC World Index-NR and 46.8% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $110494374 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20.97% |

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 2 645-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6175img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2025 Retirement Target Fund PAGE 3 645-ATSR-0226

1000010320118991128013207145961628013709156191712619702100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010638124811179813980157251709314156162651766120415100001028411075109241170312759121841023310851107061160736.535.918.07.81.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLRSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $52 | 0.48% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2030 Retirement Target Fund returned 16.18%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 16.81% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Fund selection in international fixed Income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 47-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6033img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 16.18 | 6.88 | 7.60 |
| **Class A (with sales charge)**  | 9.78 | 5.68 | 6.99 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 16.81 | 6.53 | 8.14 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 62.1% MSCI AC World Index-NR and 37.9% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $84432307 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 23.91% |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 2 47-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6033img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2030 Retirement Target Fund PAGE 3 47-ATSR-0226

94509727113541063712636140921591113274152601692119659100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010636125901176314131159461767814600169851872721877100001028411075109241170312759121841023310851107061160741.529.320.86.21.01.2 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLRTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $132 | 1.23% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2030 Retirement Target Fund returned 15.26%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 16.81% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Fund selection in international fixed Income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 553-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6035img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 15.26 | 6.09 | 6.79 |
| **Class C (with sales charge)**  | 14.26 | 6.09 | 6.79 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 16.81 | 6.53 | 8.14 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 62.1% MSCI AC World Index-NR and 37.9% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $84432307 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 23.91% |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 2 553-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6035img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2030 Retirement Target Fund PAGE 3 553-ATSR-0226

1000010208118301099912976143521609413329152101673319286100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010636125901176314131159461767814600169851872721877100001028411075109241170312759121841023310851107061160741.529.320.86.21.01.2 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLRWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $79 | 0.73% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2030 Retirement Target Fund returned 15.79%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 16.81% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Fund selection in international fixed Income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 853-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6034img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 15.79 | 6.60 | 7.31 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 16.81 | 6.53 | 8.14 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 62.1% MSCI AC World Index-NR and 37.9% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $84432307 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 23.91% |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 2 853-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6034img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2030 Retirement Target Fund PAGE 3 853-ATSR-0226

1000010260119421115613235147131657513784158141748720249100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010636125901176314131159461767814600169851872721877100001028411075109241170312759121841023310851107061160741.529.320.86.21.01.2 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLERX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $19 | 0.18% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2030 Retirement Target Fund returned 16.46%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 16.81% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Fund selection in international fixed Income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 833-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6036img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 16.46 | 7.37 | 8.00 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 16.81 | 6.53 | 8.14 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 62.1% MSCI AC World Index-NR and 37.9% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $84432307 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 23.91% |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 2 833-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6036img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2030 Retirement Target Fund PAGE 3 833-ATSR-0226

1000010320120751134813533151291713314447166671853521585100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010636125901176314131159461767814600169851872721877100001028411075109241170312759121841023310851107061160741.529.320.86.21.01.2 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $25 | 0.23% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2030 Retirement Target Fund returned 16.42%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 16.81% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Fund selection in international fixed Income |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 83-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6032img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 16.42 | 7.16 | 7.86 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 16.81 | 6.53 | 8.14 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 62.1% MSCI AC World Index-NR and 37.9% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $84432307 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 23.91% |

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 2 83-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6032img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2030 Retirement Target Fund PAGE 3 83-ATSR-0226

1000010315120661133313511150881709214300164811830921316100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010636125901176314131159461767814600169851872721877100001028411075109241170312759121841023310851107061160741.529.320.86.21.01.2 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRTAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $57 | 0.52% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2035 Retirement Target Fund returned 17.54%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 18.05% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight to cash |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 446-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6028img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 17.54 | 7.84 | 8.47 |
| **Class A (with sales charge)**  | 11.11 | 6.63 | 7.86 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 18.05 | 7.64 | 9.00 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 70.8% MSCI AC World Index-NR and 29.2% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $157959164 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $52717 |
| **Portfolio Turnover Rate** | 22.89% |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 2 446-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6028img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2035 Retirement Target Fund PAGE 3 446-ATSR-0226

94509744114911070112880146121668713902161501813121312100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010656126971180814334163791847215215179132004923669100001028411075109241170312759121841023310851107061160747.623.722.24.71.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTRCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $138 | 1.27% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2035 Retirement Target Fund returned 16.58%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 18.05% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight to cash |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 546-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6029img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 16.58 | 7.03 | 7.66 |
| **Class C (with sales charge)**  | 15.58 | 7.03 | 7.66 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 18.05 | 7.64 | 9.00 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 70.8% MSCI AC World Index-NR and 29.2% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $157959164 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $52717 |
| **Portfolio Turnover Rate** | 22.89% |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 2 546-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6029img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2035 Retirement Target Fund PAGE 3 546-ATSR-0226

1000010234119831107513230149001689113958161021795120927100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010656126971180814334163791847215215179132004923669100001028411075109241170312759121841023310851107061160747.623.722.24.71.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLRGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $84 | 0.77% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2035 Retirement Target Fund returned 17.19%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 18.05% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight to cash |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 846-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6031img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 17.19 | 7.55 | 8.20 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 18.05 | 7.64 | 9.00 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 70.8% MSCI AC World Index-NR and 29.2% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $157959164 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $52717 |
| **Portfolio Turnover Rate** | 22.89% |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 2 846-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6031img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2035 Retirement Target Fund PAGE 3 846-ATSR-0226

1000010287121081123813497152831740314456167551877121997100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010656126971180814334163791847215215179132004923669100001028411075109241170312759121841023310851107061160747.623.722.24.71.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMTLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $19 | 0.17% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2035 Retirement Target Fund returned 17.87%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 18.05% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight to cash |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 346-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6030img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 17.87 | 8.18 | 8.81 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 18.05 | 7.64 | 9.00 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 70.8% MSCI AC World Index-NR and 29.2% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $157959164 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $52717 |
| **Portfolio Turnover Rate** | 22.89% |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 2 346-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6030img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2035 Retirement Target Fund PAGE 3 346-ATSR-0226

1000010348122421143113801157081798015035175151974223269100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010656126971180814334163791847215215179132004923669100001028411075109241170312759121841023310851107061160747.623.722.24.71.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $28 | 0.26% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2035 Retirement Target Fund returned 17.85%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 18.05% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight to cash |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 646-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6027img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 17.85 | 8.10 | 8.75 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 18.05 | 7.64 | 9.00 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 70.8% MSCI AC World Index-NR and 29.2% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $157959164 |
| **Total Number of Portfolio Holdings** | 20 |
| **Total Management Fee Paid** | $52717 |
| **Portfolio Turnover Rate** | 22.89% |

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 2 646-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6027img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2035 Retirement Target Fund PAGE 3 646-ATSR-0226

1000010342122281141313779156731794014973174461963223137100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010656126971180814334163791847215215179132004923669100001028411075109241170312759121841023310851107061160747.623.722.24.71.00.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLADX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $54 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2040 Retirement Target Fund returned 18.59%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 19.16% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 49-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6023img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 18.59 | 8.74 | 9.19 |
| **Class A (with sales charge)**  | 12.09 | 7.52 | 8.58 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 19.16 | 8.76 | 9.76 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 78.9% MSCI AC World Index-NR and 21.1% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $74909258 |
| **Total Number of Portfolio Holdings** | 18 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 24.11% |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 2 49-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6023img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2040 Retirement Target Fund PAGE 3 49-ATSR-0226

94509725115241071713021149791737514412169071920222772100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010667127571183214467166761917015743187542129025371100001028411075109241170312759121841023310851107061160752.526.317.31.51.01.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLOLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $135 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2040 Retirement Target Fund returned 17.73%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 19.16% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 255-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6024img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 17.73 | 7.94 | 8.38 |
| **Class C (with sales charge)**  | 16.73 | 7.94 | 8.38 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 19.16 | 8.76 | 9.76 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 78.9% MSCI AC World Index-NR and 21.1% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $74909258 |
| **Total Number of Portfolio Holdings** | 18 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 24.11% |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 2 255-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6024img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2040 Retirement Target Fund PAGE 3 255-ATSR-0226

1000010217120181109113372152651759314478168581899722365100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010667127571183214467166761917015743187542129025371100001028411075109241170312759121841023310851107061160752.526.317.31.51.01.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLSGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $81 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2040 Retirement Target Fund returned 18.35%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 19.16% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 855-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6026img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 18.35 | 8.47 | 8.92 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 19.16 | 8.76 | 9.76 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 78.9% MSCI AC World Index-NR and 21.1% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $74909258 |
| **Total Number of Portfolio Holdings** | 18 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 24.11% |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 2 855-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6026img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2040 Retirement Target Fund PAGE 3 855-ATSR-0226

1000010266121461126313643156541812514991175391985923503100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010667127571183214467166761917015743187542129025371100001028411075109241170312759121841023310851107061160752.526.317.31.51.01.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLREX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $21 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2040 Retirement Target Fund returned 18.99%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 19.16% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 895-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6025img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 18.99 | 9.08 | 9.52 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 19.16 | 8.76 | 9.76 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 78.9% MSCI AC World Index-NR and 21.1% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $74909258 |
| **Total Number of Portfolio Holdings** | 18 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 24.11% |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 2 895-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6025img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2040 Retirement Target Fund PAGE 3 895-ATSR-0226

1000010316122681143713940160801872115565183292086624830100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010667127571183214467166761917015743187542129025371100001028411075109241170312759121841023310851107061160752.526.317.31.51.01.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLSHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $26 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2040 Retirement Target Fund returned 18.93%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 19.16% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income relative to equity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income and underweight international fixed income |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 81-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6022img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 18.93 | 9.02 | 9.46 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 19.16 | 8.76 | 9.76 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 78.9% MSCI AC World Index-NR and 21.1% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $74909258 |
| **Total Number of Portfolio Holdings** | 18 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 24.11% |

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 2 81-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6022img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2040 Retirement Target Fund PAGE 3 81-ATSR-0226

1000010315122621142613903160351866415517182552076424695100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010667127571183214467166761917015743187542129025371100001028411075109241170312759121841023310851107061160752.526.317.31.51.01.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTTAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $55 | 0.50% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2045 Retirement Target Fund returned 20.16%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 20.45% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 451-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6128img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 20.16 | 9.52 | 9.74 |
| **Class A (with sales charge)**  | 13.56 | 8.29 | 9.13 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 20.45 | 9.81 | 10.39 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 87.6% MSCI AC World Index-NR and 12.4% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $122290236 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.67% |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 2 451-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6128img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2045 Retirement Target Fund PAGE 3 451-ATSR-0226

94509761115881072813125151931778614642173731992523943100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010673127901184514551168381964516093193802232226888100001028411075109241170312759121841023310851107061160758.529.310.21.01.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLRIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $137 | 1.25% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2045 Retirement Target Fund returned 19.29%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 20.45% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 551-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6129img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 19.29 | 8.71 | 8.93 |
| **Class C (with sales charge)**  | 18.29 | 8.71 | 8.93 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 20.45 | 9.81 | 10.39 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 87.6% MSCI AC World Index-NR and 12.4% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $122290236 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.67% |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 2 551-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6129img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2045 Retirement Target Fund PAGE 3 551-ATSR-0226

1000010243120791110413475154961799214709173151972023523100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010673127901184514551168381964516093193802232226888100001028411075109241170312759121841023310851107061160758.529.310.21.01.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLRJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $82 | 0.75% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2045 Retirement Target Fund returned 19.88%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 20.45% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 851-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6131img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 19.88 | 9.24 | 9.47 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 20.45 | 9.81 | 10.39 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 87.6% MSCI AC World Index-NR and 12.4% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $122290236 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.67% |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 2 851-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6131img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2045 Retirement Target Fund PAGE 3 851-ATSR-0226

1000010299121981127013744158811853815225180242061124709100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010673127901184514551168381964516093193802232226888100001028411075109241170312759121841023310851107061160758.529.310.21.01.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMLTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $22 | 0.20% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2045 Retirement Target Fund returned 20.52%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 20.45% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 351-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6130img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 20.52 | 10.56 | 10.42 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 20.45 | 9.81 | 10.39 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 87.6% MSCI AC World Index-NR and 12.4% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $122290236 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.67% |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 2 351-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6130img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2045 Retirement Target Fund PAGE 3 351-ATSR-0226

1000010355123331144914047163101914416348194352235926948100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010673127901184514551168381964516093193802232226888100001028411075109241170312759121841023310851107061160758.529.310.21.01.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $28 | 0.25% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2045 Retirement Target Fund returned 20.43%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 20.45% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Fund selection in U.S. fixed income |
| ↓ | Overweight U.S. fixed income relative to international fixed income |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 651-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6127img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 20.43 | 9.80 | 10.01 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 20.45 | 9.81 | 10.39 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 87.6% MSCI AC World Index-NR and 12.4% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $122290236 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.67% |

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 2 651-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6127img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2045 Retirement Target Fund PAGE 3 651-ATSR-0226

1000010349123191144014017162681908615765187422155525959100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010673127901184514551168381964516093193802232226888100001028411075109241170312759121841023310851107061160758.529.310.21.01.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLSJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $54 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2050 Retirement Target Fund returned 21.17%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.31% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 59-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6123img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 21.17 | 10.12 | 10.08 |
| **Class A (with sales charge)**  | 14.49 | 8.88 | 9.46 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.31 | 10.41 | 10.74 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 93.5% MSCI AC World Index-NR and 6.5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $66288794 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 25.54% |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 2 59-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6123img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2050 Retirement Target Fund PAGE 3 59-ATSR-0226

94509763116151075613123152511793214791176422038224697100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010677128091185214582169171984216230196742287627751100001028411075109241170312759121841023310851107061160762.431.24.11.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLSKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $137 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2050 Retirement Target Fund returned 20.25%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.31% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 259-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6124img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 20.25 | 9.29 | 9.25 |
| **Class C (with sales charge)**  | 19.25 | 9.29 | 9.25 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.31 | 10.41 | 10.74 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 93.5% MSCI AC World Index-NR and 6.5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $66288794 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 25.54% |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 2 259-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6124img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2050 Retirement Target Fund PAGE 3 259-ATSR-0226

1000010256121051112313472155411813014842175702015224232100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010677128091185214582169171984216230196742287627751100001028411075109241170312759121841023310851107061160762.431.24.11.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLSNX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $82 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2050 Retirement Target Fund returned 20.84%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.31% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 859-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6126img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 20.84 | 9.86 | 9.81 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.31 | 10.41 | 10.74 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 93.5% MSCI AC World Index-NR and 6.5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $66288794 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 25.54% |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 2 859-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6126img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2050 Retirement Target Fund PAGE 3 859-ATSR-0226

1000010301122251129313745159341868015385183022110025497100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010677128091185214582169171984216230196742287627751100001028411075109241170312759121841023310851107061160762.431.24.11.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRLEX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $21 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2050 Retirement Target Fund returned 21.51%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.31% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 899-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6125img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 21.51 | 10.46 | 10.42 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.31 | 10.41 | 10.74 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 93.5% MSCI AC World Index-NR and 6.5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $66288794 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 25.54% |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 2 899-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6125img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2050 Retirement Target Fund PAGE 3 899-ATSR-0226

1000010355123591147214053163851930815991191262217126940100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010677128091185214582169171984216230196742287627751100001028411075109241170312759121841023310851107061160762.431.24.11.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLSOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $27 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2050 Retirement Target Fund returned 21.48%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.31% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 98-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6122img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 21.48 | 10.39 | 10.36 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.31 | 10.41 | 10.74 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 93.5% MSCI AC World Index-NR and 6.5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $66288794 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 25.54% |

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 2 98-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6122img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2050 Retirement Target Fund PAGE 3 98-ATSR-0226

1000010359123471145514026163451924915919190342205526793100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010677128091185214582169171984216230196742287627751100001028411075109241170312759121841023310851107061160762.431.24.11.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLTFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $54 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2055 Retirement Target Fund returned 21.49%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fixed income underweight, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection U.S. fixed income |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 959-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6116img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 21.49 | 10.17 | 10.11 |
| **Class A (with sales charge)**  | 14.83 | 8.93 | 9.49 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.53 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 95% MSCI AC World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $54032586 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.11% |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 2 959-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6116img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2055 Retirement Target Fund PAGE 3 959-ATSR-0226

94509746116031074813154152521789714757176092038024759100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010680128251186114593169291985716241197102296027927100001028411075109241170312759121841023310851107061160764.032.11.61.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLTNX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $137 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2055 Retirement Target Fund returned 20.61%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fixed income underweight, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection U.S. fixed income |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 289-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6117img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 20.61 | 9.36 | 9.29 |
| **Class C (with sales charge)**  | 19.61 | 9.36 | 9.29 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.53 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 95% MSCI AC World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $54032586 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.11% |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 2 289-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6117img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2055 Retirement Target Fund PAGE 3 289-ATSR-0226

1000010236120901111713501155361809814805175422014824300100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010680128251186114593169291985716241197102296027927100001028411075109241170312759121841023310851107061160764.032.11.61.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLSBX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $82 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2055 Retirement Target Fund returned 21.19%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fixed income underweight, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection U.S. fixed income |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 869-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6119img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 21.19 | 9.91 | 9.83 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.53 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 95% MSCI AC World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $54032586 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.11% |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 2 869-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6119img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2055 Retirement Target Fund PAGE 3 869-ATSR-0226

1000010284122061128713779159311865015333182562108125548100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010680128251186114593169291985716241197102296027927100001028411075109241170312759121841023310851107061160764.032.11.61.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLSZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $21 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2055 Retirement Target Fund returned 21.79%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fixed income underweight, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection U.S. fixed income |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 879-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6118img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 21.79 | 10.89 | 10.63 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.53 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 95% MSCI AC World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $54032586 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.11% |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 2 879-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6118img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2055 Retirement Target Fund PAGE 3 879-ATSR-0226

1000010349123491147014076163761927916214194152254727461100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010680128251186114593169291985716241197102296027927100001028411075109241170312759121841023310851107061160764.032.11.61.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLTKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $27 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2055 Retirement Target Fund returned 21.83%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging market equity |
| ↑ | Fixed income underweight, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection U.S. fixed income |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 999-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6115img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 21.83 | 10.46 | 10.38 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.19 | 11.72 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.53 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.87 | 1.50 |

---

† The Fund's Blended Benchmark consists of 95% MSCI AC World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $54032586 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22.11% |

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 2 999-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6115img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2055 Retirement Target Fund PAGE 3 999-ATSR-0226

1000010345123381145414051163261919915877189832203326843100001020910964108321157312637120421008610662104821133810000107861337212113153351782821133172522108224769303021000010680128251186114593169291985716241197102296027927100001028411075109241170312759121841023310851107061160764.032.11.61.01.3 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLASX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $54 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Franklin LifeSmart 2060 Retirement Target Fund returned 21.30%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 1899-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 1/29/2021 — 12/31/2025

![image](ts6265img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/29/2021)** |
| **Class A**  | 21.30 | 10.36 |
| **Class A (with sales charge)**  | 14.64 | 9.10 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.00 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.49 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.73 |

---

† The Fund's Blended Benchmark is comprised of 95% MSCI All Country World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12671165 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19.70% |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 2 1899-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6265img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2060 Retirement Target Fund PAGE 3 1899-ATSR-0226

9450106271120089749206102731093712209126551387415350100009679952982037981809584378170829588988972100001123011854946196771102511825131621389315290169971000011150117299400959310869116431287213562149091649610000970595498215802081488505825483919003909764.232.31.60.91.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLBSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $137 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Franklin LifeSmart 2060 Retirement Target Fund returned 20.52%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 2899-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 1/29/2021 — 12/31/2025

![image](ts6266img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/29/2021)** |
| **Class C**  | 20.52 | 9.73 |
| **Class C (with sales charge)**  | 19.52 | 9.73 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.00 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.49 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.73 |

---

† The Fund's Blended Benchmark is comprised of 95% MSCI All Country World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12671165 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19.70% |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 2 2899-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6266img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2060 Retirement Target Fund PAGE 3 2899-ATSR-0226

10000112461184394739684107571141712700131051433015794100009679952982037981809584378170829588988972100001123011854946196771102511825131621389315290169971000011150117299400959310869116431287213562149091649610000970595498215802081488505825483919003909764.232.31.60.91.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLESX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $82 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Franklin LifeSmart 2060 Retirement Target Fund returned 21.15%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 8899-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 1/29/2021 — 12/31/2025

![image](ts6268img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/29/2021)** |
| **Class R**  | 21.15 | 10.15 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.00 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.49 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.73 |

---

† The Fund's Blended Benchmark is comprised of 95% MSCI All Country World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12671165 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19.70% |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 2 8899-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6268img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2060 Retirement Target Fund PAGE 3 8899-ATSR-0226

10000112461184294919721108251152312840132851455616094100009679952982037981809584378170829588988972100001123011854946196771102511825131621389315290169971000011150117299400959310869116431287213562149091649610000970595498215802081488505825483919003909764.232.31.60.91.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLFSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $21 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Franklin LifeSmart 2060 Retirement Target Fund returned 21.68%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 3899-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 1/29/2021 — 12/31/2025

![image](ts6267img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/29/2021)** |
| **Class R6**  | 21.68 | 10.66 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.00 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.49 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.73 |

---

† The Fund's Blended Benchmark is comprised of 95% MSCI All Country World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12671165 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19.70% |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 2 3899-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6267img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2060 Retirement Target Fund PAGE 3 3899-ATSR-0226

10000112471185695179788109321165513034135291485216463100009679952982037981809584378170829588988972100001123011854946196771102511825131621389315290169971000011150117299400959310869116431287213562149091649610000970595498215802081488505825483919003909764.232.31.60.91.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLJSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class<sup>1</sup>  | $27 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Franklin LifeSmart 2060 Retirement Target Fund returned 21.60%. The Fund compares its performance to the MSCI All Country World Index-NR, the Blended Benchmark† and the Bloomberg Multiverse Index, which returned 22.34%, 21.63% and 8.42%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Fund selection in U.S. equity |
| ↑ | Fund selection in emerging markets equity |
| ↑ | Underweight fixed income, showing preference for equities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fund selection in international equity |
| ↓ | Cash overweight |
| ↓ | Fund selection in U.S. fixed income |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 6899-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 1/29/2021 — 12/31/2025

![image](ts6264img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/29/2021)** |
| **Advisor Class**  | 21.60 | 10.55 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.00 |
| **MSCI All Country World Index-NR**  | 22.34 | 11.49 |
| **Blended Benchmark**<sup>†</sup>  | 21.63 | 10.81 |
| **Bloomberg Multiverse Index**  | 8.42 | -1.73 |

---

† The Fund's Blended Benchmark is comprised of 95% MSCI All Country World Index-NR and 5% Bloomberg Multiverse Index. Allocations for the Fund's Blended Benchmark reflect the Fund's current target asset class allocations and may not be representative of the Fund's historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time.

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12671165 |
| **Total Number of Portfolio Holdings** | 15 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19.70% |

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 2 6899-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6264img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On January 31, 2025, Brett S. Goldstein, CFA and Jonathan M. Schreiber, CFA were added as portfolio managers of the Fund. On March 31, 2025, Wylie Tollette retired and stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin LifeSmart 2060 Retirement Target Fund PAGE 3 6899-ATSR-0226

10000112451184195019758108881161912982134731479416384100009679952982037981809584378170829588988972100001123011854946196771102511825131621389315290169971000011150117299400959310869116431287213562149091649610000970595498215802081488505825483919003909764.232.31.60.91.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending December 31, 2024 and December 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $301,793 in December 31, 2024 and $343,070 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in December 31, 2024 and $0 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $146,250 in December 31, 2024 and $146,250 in December 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in December 31, 2024 and $0 in December 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $489,326 in December 31, 2024 and $1,703,011 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Fund

#### Allocator

#### Series

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|December

31,

2025

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 43
Notes

to

Financial

Statements

#### 53
Report

of

Independent

Registered

Public

Accounting

Firm

#### 78
Tax

Information

#### 79
Changes

In

and

Disagreements

with

Accountants

#### 80
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December 31, 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$13.93

$13.22

$12.17

$14.89

$14.95

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.38 0.33 0.29 0.27 0.23 Net

realized

and

unrealized

gains

(losses)

...........

1.30 0.73 1.08 (2.53)

0.99 Total

from

investment

operations

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

1.68 1.06 1.37 (2.26)

1.22 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.35)

(0.32)

(0.22)

(0.35)

Net

realized

gains

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

(0.41)

—

—

(0.24)

(0.93)

Total

distributions

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

(0.89)

(0.35)

(0.32)

(0.46)

(1.28)

Net

asset

value,

end

of

year

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

$14.72

$13.93

$13.22

$12.17

$14.89

Total

return

d

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

12.16%

8.06%

11.37%

(15.22)%

8.18%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

e

,f

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

0.60%

0.61%

0.61%

g

0.63%

g

0.62%

Net

investment

income

c

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

2.65%

2.39%

2.27%

2.08%

1.47%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$735,549

$731,888

$768,040

$796,888

$1,081,071

Portfolio

turnover

rate

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

23.73%

40.01%

19.49%

37.16%

61.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$13.59

$12.90

$11.87

$14.54

$14.62

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.26 0.21 0.18 0.16 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.27 0.73 1.07 (2.47)

0.99 Total

from

investment

operations

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

1.53 0.94 1.25 (2.31)

1.08 Less

distributions

from:

Net

investment

income

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

(0.37)

(0.25)

(0.22)

(0.12)

(0.23)

Net

realized

gains

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

(0.41)

—

—

(0.24)

(0.93)

Total

distributions

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

(0.78)

(0.25)

(0.22)

(0.36)

(1.16)

Net

asset

value,

end

of

year

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

$14.34

$13.59

$12.90

$11.87

$14.54

Total

return

d

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

11.33%

7.28%

10.62%

(15.90)%

7.40%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

e

.....

1.36%

1.37%

1.37%

1.38%

1.37%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.35%

1.36%

1.36%

f

1.38%

f,g

1.37%

g

Net

investment

income

c

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

1.87%

1.60%

1.45%

1.24%

0.61%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$45,446

$51,585

$63,436

$89,012

$152,244

Portfolio

turnover

rate

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

23.73%

40.01%

19.49%

37.16%

61.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$13.86

$13.16

$12.11

$14.83

$14.88

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.35 0.29 0.25 0.24 0.18 Net

realized

and

unrealized

gains

(losses)

...........

1.29 0.73 1.09 (2.53)

1.01 Total

from

investment

operations

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

1.64 1.02 1.34 (2.29)

1.19 Less

distributions

from:

Net

investment

income

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

(0.44)

(0.32)

(0.29)

(0.19)

(0.31)

Net

realized

gains

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

(0.41)

—

—

(0.24)

(0.93)

Total

distributions

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

(0.85)

(0.32)

(0.29)

(0.43)

(1.24)

Net

asset

value,

end

of

year

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

$14.65

$13.86

$13.16

$12.11

$14.83

Total

return

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

11.88%

7.75%

11.15%

(15.48)%

7.99%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

,e

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

0.85%

0.86%

0.86%

f

0.88%

f

0.87%

Net

investment

income

c

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

2.41%

2.14%

2.01%

1.87%

1.14%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$41,086

$39,818

$41,582

$45,036

$55,629

Portfolio

turnover

rate

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

23.73%

40.01%

19.49%

37.16%

61.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$13.91

$13.20

$12.14

$14.87

$14.92

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.47 0.38 0.35 0.32 0.28 Net

realized

and

unrealized

gains

(losses)

...........

1.24 0.72 1.07 (2.55)

1.00 Total

from

investment

operations

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

1.71 1.10 1.42 (2.23)

1.28 Less

distributions

from:

Net

investment

income

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

(0.52)

(0.39)

(0.36)

(0.26)

(0.40)

Net

realized

gains

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

(0.41)

—

—

(0.24)

(0.93)

Total

distributions

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

(0.93)

(0.39)

(0.36)

(0.50)

(1.33)

Net

asset

value,

end

of

year

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

$14.69

$13.91

$13.20

$12.14

$14.87

Total

return

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

12.44%

8.40%

11.83%

(15.01)%

8.60%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

d

.....

0.33%

0.36%

0.38%

0.40%

0.39%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.30%

0.31%

0.30%

e

0.29%

e

0.30%

Net

investment

income

c

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

3.19%

2.76%

2.78%

2.45%

1.78%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$19,698

$6,688

$5,147

$2,274

$2,852

Portfolio

turnover

rate

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

23.73%

40.01%

19.49%

37.16%

61.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$13.93

$13.22

$12.16

$14.89

$14.95

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.42 0.36 0.32 0.29 0.27 Net

realized

and

unrealized

gains

(losses)

...........

1.29 0.74 1.09 (2.53)

0.99 Total

from

investment

operations

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

1.71 1.10 1.41 (2.24)

1.26 Less

distributions

from:

Net

investment

income

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

(0.51)

(0.39)

(0.35)

(0.25)

(0.39)

Net

realized

gains

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

(0.41)

—

—

(0.24)

(0.93)

Total

distributions

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

(0.92)

(0.39)

(0.35)

(0.49)

(1.32)

Net

asset

value,

end

of

year

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

$14.72

$13.93

$13.22

$12.16

$14.89

Total

return

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

12.44%

8.33%

11.75%

(15.07)%

8.45%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

,e

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

0.35%

0.36%

0.36%

f

0.38%

f

0.37%

Net

investment

income

c

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

2.92%

2.63%

2.51%

2.20%

1.72%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$29,182

$25,754

$27,713

$30,231

$54,537

Portfolio

turnover

rate

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

23.73%

40.01%

19.49%

37.16%

61.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### Conservative

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Alternative

#### Strategies

#### 3.4%
a

Franklin

BSP

Lending

Fund,

Class

R6

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

2,026,221

$

20,464,829

a

Franklin

Systematic

Style

Premia

ETF

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

332,826

8,956,348

29,421,177

#### Domestic

#### Equity

#### 32.8%
a

Franklin

Growth

Fund,

Class

R6

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

328,615

44,694,914

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

7,089,803

139,881,820

a

Franklin

U.S.

Equity

Index

ETF

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

251,573

15,039,034

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

475,227

32,947,488

a,b

Putnam

Large

Cap

Growth

Fund,

Class

R6

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

194,001

16,071,030

a

Putnam

Large

Cap

Value

Fund,

Class

R6

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

945,499

37,129,758

285,764,044

#### Domestic

#### Fixed

#### Income

#### 45.3%
a

Franklin

Investment

Grade

Corporate

ETF

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

4,458,224

96,520,550

a

Franklin

U.S.

Core

Bond

ETF

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

9,148,418

197,834,539

a

Franklin

U.S.

Treasury

Bond

ETF

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

4,873,398

100,002,127

394,357,216

#### Foreign

#### Equity

#### 10.9%
a

ClearBridge

International

Growth

Fund,

Class

IS

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

80,004

5,931,474

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

1,590,529

20,947,263

a

Franklin

International

Core

Equity

(IU)

Fund

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

2,901,090

39,425,816

iShares

Core

MSCI

EAFE

ETF

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

65,004

5,815,258

a

Templeton

Developing

Markets

Trust,

Class

R6

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

524,067

13,714,822

a

Templeton

Foreign

Fund,

Class

R6

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

987,517

9,134,536

94,969,169

#### Foreign

#### Fixed

#### Income

#### 7.2%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

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

3,673,191

32,764,862

a

Franklin

High

Yield

Corporate

ETF

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

680,431

16,612,723

Vanguard

Total

International

Bond

ETF

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

278,875

13,475,240

62,852,825

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $736,249,264)
...............................................................

#### 867,364,431
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%
a

#### Money

#### Market

#### Funds

#### 0.5%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

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

4,081,251

4,081,251

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $4,081,251)

#### ...................................

#### 4,081,251

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $4,081,251)

#### .................................

#### 4,081,251

#### a

#### Total

#### Investments

#### (Cost

#### $740,330,515)

#### 100.1%

#### ..................................

#### $871,445,682

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1)%

#### ...........................................

#### (485,141)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $870,960,541
See

Abbreviations

on

page

77. a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$23.13

$21.40

$17.85

$24.42

$21.92

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.08 0.10 0.11 0.05 0.22 Net

realized

and

unrealized

gains

(losses)

...........

3.09 3.05 4.35 (5.16)

3.21 Total

from

investment

operations

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

3.17 3.15 4.46 (5.11)

3.43 Less

distributions

from:

Net

investment

income

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

(0.11)

(0.19)

(0.12)

(0.01)

(0.22)

Net

realized

gains

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

(1.68)

(1.23)

(0.79)

(1.45)

(0.71)

Total

distributions

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

(1.79)

(1.42)

(0.91)

(1.46)

(0.93)

Net

asset

value,

end

of

year

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

$24.51

$23.13

$21.40

$17.85

$24.42

Total

return

d

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

14.27%

14.88%

25.36%

(20.84)%

15.76%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

e,f

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

0.38%

0.39%

0.40%

0.41%

0.42%

Net

investment

income

c

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

0.35%

0.45%

0.55%

0.26%

0.91%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$910,584

$869,673

$805,511

$690,297

$931,489

Portfolio

turnover

rate

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

9.28%

10.38%

6.51%

9.00%

3.58%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.31

$20.68

$17.34

$23.94

$21.57

Income

from

investment

operations

a

:

Net

investment

(loss)

b,c

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

(0.10)

(0.07)

(0.05)

(0.10)

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

2.97 2.95 4.21 (5.05)

3.20 Total

from

investment

operations

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

2.87 2.88 4.16 (5.15)

3.19 Less

distributions

from:

Net

investment

income

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

(—)

d

(0.02)

(0.03)

(—)

d

(0.11)

Net

realized

gains

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

(1.68)

(1.23)

(0.79)

(1.45)

(0.71)

Total

distributions

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

(1.68)

(1.25)

(0.82)

(1.45)

(0.82)

Net

asset

value,

end

of

year

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

$23.50

$22.31

$20.68

$17.34

$23.94

Total

return

e

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

13.43%

14.08%

24.38%

(21.44)%

14.88%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

f,g

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

1.13%

1.14%

1.15%

1.16%

1.17%

Net

investment

(loss)

c

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

(0.43)%

(0.33)%

(0.26)%

(0.53)%

(0.05)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$38,568

$40,821

$41,410

$39,781

$61,517

Portfolio

turnover

rate

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

9.28%

10.38%

6.51%

9.00%

3.58%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$23.06

$21.34

$17.81

$24.42

$21.95

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.02 0.06 0.07 0.01 0.16 Net

realized

and

unrealized

gains

(losses)

...........

3.08 3.03 4.32 (5.17)

3.21 Total

from

investment

operations

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

3.10 3.09 4.39 (5.16)

3.37 Less

distributions

from:

Net

investment

income

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

(0.06)

(0.14)

(0.07)

(—)

d

(0.19)

Net

realized

gains

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

(1.68)

(1.23)

(0.79)

(1.45)

(0.71)

Total

distributions

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

(1.74)

(1.37)

(0.86)

(1.45)

(0.90)

Net

asset

value,

end

of

year

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

$24.42

$23.06

$21.34

$17.81

$24.42

Total

return

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

13.97%

14.64%

25.05%

(21.04)%

15.46%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

e,f

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

0.63%

0.64%

0.65%

0.66%

0.66%

Net

investment

income

c

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

0.10%

0.25%

0.35%

0.04%

0.68%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$2,125

$2,257

$1,935

$1,488

$1,764

Portfolio

turnover

rate

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

9.28%

10.38%

6.51%

9.00%

3.58%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$23.25

$21.49

$17.92

$24.52

$21.97

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.18 0.13 0.18 0.12 0.30 Net

realized

and

unrealized

gains

(losses)

...........

3.09 3.12 4.36 (5.19)

3.23 Total

from

investment

operations

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

3.27 3.25 4.54 (5.07)

3.53 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.26)

(0.18)

(0.08)

(0.27)

Net

realized

gains

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

(1.68)

(1.23)

(0.79)

(1.45)

(0.71)

Total

distributions

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

(1.86)

(1.49)

(0.97)

(1.53)

(0.98)

Net

asset

value,

end

of

year

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

$24.66

$23.25

$21.49

$17.92

$24.52

Total

return

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

14.64%

15.28%

25.74%

(20.60)%

16.16%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

d

.....

0.17%

0.14%

0.11%

0.13%

0.13%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.08%

0.08%

0.09%

0.08%

0.09%

Net

investment

income

c

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

0.74%

0.55%

0.92%

0.62%

1.26%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$4,271

$3,826

$4,966

$4,379

$5,349

Portfolio

turnover

rate

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

9.28%

10.38%

6.51%

9.00%

3.58%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$23.25

$21.49

$17.93

$24.52

$21.98

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.15 0.17 0.16 0.09 0.28 Net

realized

and

unrealized

gains

(losses)

...........

3.10 3.07 4.36 (5.17)

3.22 Total

from

investment

operations

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

3.25 3.24 4.52 (5.08)

3.50 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.25)

(0.17)

(0.06)

(0.25)

Net

realized

gains

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

(1.68)

(1.23)

(0.79)

(1.45)

(0.71)

Total

distributions

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

(1.85)

(1.48)

(0.96)

(1.51)

(0.96)

Net

asset

value,

end

of

year

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

$24.65

$23.25

$21.49

$17.93

$24.52

Total

return

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

14.54%

15.24%

25.58%

(20.63)%

16.05%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d,e

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

0.13%

0.14%

0.15%

0.16%

0.17%

Net

investment

income

c

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

0.62%

0.71%

0.83%

0.48%

1.16%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$73,357

$67,797

$59,702

$48,963

$69,322

Portfolio

turnover

rate

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

9.28%

10.38%

6.51%

9.00%

3.58%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### Corefolio

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 99.9%

#### Domestic

#### Equity

#### 74.5%
a

Franklin

Growth

Fund,

Class

R6

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

1,929,827

$

262,475,829

a,b

Franklin

Growth

Opportunities

Fund,

Class

R6

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

4,794,349

259,326,322

a

Franklin

Mutual

Shares

Fund,

Class

R6

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

9,462,075

244,689,261

766,491,412

#### Foreign

#### Equity

#### 25.4%
a

Templeton

Growth

Fund,

Inc.,

Class

R6

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

9,188,451

261,319,545

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $659,575,212)
......................

#### 1,027,810,957
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.1%
a

a

#### Shares
a

#### Value
a

#### Money

#### Market

#### Funds

#### 0.1%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

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

606,021

606,021

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $606,021)

#### .....................................

#### 606,021

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $606,021)

#### ..................................

#### 606,021

#### a

#### Total

#### Investments

#### (Cost

#### $660,181,233)

#### 100.0%

#### ..................................

#### $1,028,416,978

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.0%

#### †
............................................

#### 487,730

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,028,904,708
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.64

$14.01

$12.62

$14.95

$13.49

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.32 0.23 0.23 0.18 0.19 c

Net

realized

and

unrealized

gains

(losses)

...........

2.13 1.57 1.39 (1.95)

1.39 Total

from

investment

operations

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

2.45 1.80 1.62 (1.77)

1.58 Less

distributions

from:

Net

investment

income

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

(0.15)

(0.17)

(0.23)

(0.56)

(0.12)

Net

realized

gains

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

(0.70)

—

—

—

—

Total

distributions

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

(0.85)

(0.17)

(0.23)

(0.56)

(0.12)

Net

asset

value,

end

of

year

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

$17.24

$15.64

$14.01

$12.62

$14.95

Total

return

d

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

15.89%

12.87%

12.92%

(11.83)%

11.74%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.94%

0.95%

0.95%

0.94%

0.94%

e

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.92%

0.93%

0.92%

f

0.91%

f

0.88%

e,f

Net

investment

income

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

1.93%

1.49%

1.75%

1.31%

1.33%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$2,645,771

$2,520,588

$2,479,455

$2,417,274

$3,006,324

Portfolio

turnover

rate

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

33.16%

59.82%

76.65%

15.46%

97.19%

g

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.48

$13.87

$12.50

$14.79

$13.40

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.11 0.13 0.07 0.08 c

Net

realized

and

unrealized

gains

(losses)

...........

2.10 1.56 1.36 (1.91)

1.38 Total

from

investment

operations

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

2.29 1.67 1.49 (1.84)

1.46 Less

distributions

from:

Net

investment

income

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

(0.06)

(0.06)

(0.12)

(0.45)

(0.07)

Net

realized

gains

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

(0.70)

—

—

—

—

Total

distributions

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

(0.76)

(0.06)

(0.12)

(0.45)

(0.07)

Net

asset

value,

end

of

year

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

$17.01

$15.48

$13.87

$12.50

$14.79

Total

return

d

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

15.07%

12.06%

12.00%

(12.45)%

10.89%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.69%

1.70%

1.70%

1.69%

1.68%

e

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.67%

1.68%

1.67%

f

1.66%

f

1.62%

e,f

Net

investment

income

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

1.17%

0.73%

1.00%

0.56%

0.58%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$54,941

$62,592

$71,783

$84,086

$131,347

Portfolio

turnover

rate

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

33.16%

59.82%

76.65%

15.46%

97.19%

g

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.68

$14.05

$12.66

$14.99

$13.54

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.28 0.19 0.20 0.14 0.15 c

Net

realized

and

unrealized

gains

(losses)

...........

2.13 1.57 1.39 (1.95)

1.40 Total

from

investment

operations

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

2.41 1.76 1.59 (1.81)

1.55 Less

distributions

from:

Net

investment

income

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

(0.10)

(0.13)

(0.20)

(0.52)

(0.10)

Net

realized

gains

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

(0.70)

—

—

—

—

Total

distributions

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

(0.80)

(0.13)

(0.20)

(0.52)

(0.10)

Net

asset

value,

end

of

year

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

$17.29

$15.68

$14.05

$12.66

$14.99

Total

return

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

15.63%

12.57%

12.63%

(12.06)%

11.50%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.19%

1.20%

1.20%

1.19%

1.19%

d

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.17%

1.18%

1.17%

e

1.16%

e

1.13%

d,e

Net

investment

income

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

1.68%

1.25%

1.50%

1.06%

1.08%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$4,517

$4,671

$4,213

$3,906

$5,229

Portfolio

turnover

rate

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

33.16%

59.82%

76.65%

15.46%

97.19%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.17

$14.47

$13.03

$15.43

$13.89

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.38 0.28 0.28 0.22 0.25 c

Net

realized

and

unrealized

gains

(losses)

...........

2.21 1.64 1.44 (2.02)

1.43 Total

from

investment

operations

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

2.59 1.92 1.72 (1.80)

1.68 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.22)

(0.28)

(0.60)

(0.14)

Net

realized

gains

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

(0.70)

—

—

—

—

Total

distributions

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

(0.90)

(0.22)

(0.28)

(0.60)

(0.14)

Net

asset

value,

end

of

year

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

$17.86

$16.17

$14.47

$13.03

$15.43

Total

return

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

16.24%

13.28%

13.26%

(11.62)%

12.14%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.66%

0.65%

0.66%

0.67%

d

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.62%

0.62%

0.60%

e

0.59%

e

0.54%

d,e

Net

investment

income

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

2.23%

1.78%

2.06%

1.61%

1.69%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$6,995

$5,343

$4,018

$1,087

$573

Portfolio

turnover

rate

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

33.16%

59.82%

76.65%

15.46%

97.19%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.78

$14.13

$12.72

$15.07

$13.58

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.36 0.27 0.27 0.21 0.23 c

Net

realized

and

unrealized

gains

(losses)

...........

2.15 1.59 1.41 (1.97)

1.40 Total

from

investment

operations

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

2.51 1.86 1.68 (1.76)

1.63 Less

distributions

from:

Net

investment

income

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

(0.19)

(0.21)

(0.27)

(0.59)

(0.14)

Net

realized

gains

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

(0.70)

—

—

—

—

Total

distributions

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

(0.89)

(0.21)

(0.27)

(0.59)

(0.14)

Net

asset

value,

end

of

year

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

$17.40

$15.78

$14.13

$12.72

$15.07

Total

return

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

16.21%

13.11%

13.25%

(11.64)%

12.01%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.69%

0.70%

0.70%

0.69%

0.69%

d

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.67%

0.68%

0.67%

e

0.66%

e

0.63%

d,e

Net

investment

income

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

2.18%

1.75%

2.00%

1.56%

1.58%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$135,799

$117,356

$103,377

$98,974

$122,896

Portfolio

turnover

rate

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

33.16%

59.82%

76.65%

15.46%

97.19%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### Global

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 62.2%

#### Aerospace

#### &

#### Defense

#### 0.9%
Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

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

Turkiye

1,204,137

$

6,487,923

General

Electric

Co.

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

United

States

20,691

6,373,449

Rolls-Royce

Holdings

plc

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

United

Kingdom

571,000

8,830,922

Safran

SA

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

France

11,269

3,925,185

25,617,479

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
Expeditors

International

of

Washington,

Inc.

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

United

States

43,564

6,491,472

#### Automobiles

#### 2.3%
Ford

Motor

Co.

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

United

States

358,717

4,706,367

General

Motors

Co.

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

United

States

65,332

5,312,798

Isuzu

Motors

Ltd.

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

Japan

226,800

3,539,697

Kia

Corp.

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

South

Korea

228,694

19,387,193

Mercedes-Benz

Group

AG

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

Germany

130,435

9,042,027

Subaru

Corp.

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

Japan

281,700

6,065,346

a

Tesla,

Inc.

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

United

States

37,228

16,742,176

64,795,604

#### Banks

#### 3.8%
AIB

Group

plc

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

Ireland

2,433,100

26,010,687

Citigroup,

Inc.

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

United

States

228,552

26,669,733

ING

Groep

NV

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

Netherlands

454,583

12,777,525

JPMorgan

Chase

&

Co.

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

United

States

24,613

7,930,801

Toronto-Dominion

Bank

(The)

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

Canada

81,340

7,666,127

UniCredit

SpA

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

Italy

328,138

27,178,588

108,233,461

#### Beverages

#### 0.3%
PepsiCo,

Inc.

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

United

States

39,348

5,647,225

Wuliangye

Yibin

Co.

Ltd.,

A

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

China

199,900

3,031,453

8,678,678

#### Biotechnology

#### 1.9%
AbbVie,

Inc.

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

United

States

182,086

41,604,830

Amgen,

Inc.

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

United

States

15,012

4,913,578

Gilead

Sciences,

Inc.

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

United

States

56,269

6,906,457

53,424,865

#### Broadline

#### Retail

#### 1.4%
a

Amazon.com,

Inc.

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

United

States

151,755

35,028,089

Dollarama,

Inc.

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

Canada

26,540

3,966,643

38,994,732

#### Capital

#### Markets

#### 1.6%
3i

Group

plc

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

United

Kingdom

265,424

11,638,534

Deutsche

Bank

AG

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

Germany

356,564

13,741,669

SEI

Investments

Co.

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

United

States

142,721

11,705,976

T

Rowe

Price

Group,

Inc.

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

United

States

91,584

9,376,370

46,462,549

#### Chemicals

#### 0.2%
Corteva,

Inc.

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

United

States

45,189

3,029,019

Nitto

Denko

Corp.

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

Japan

144,700

3,445,265

6,474,284

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Cintas

Corp.

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

United

States

35,492

6,674,980

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Communications

#### Equipment

#### 1.1%
a

Arista

Networks,

Inc.

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

United

States

45,959

$

6,022,008

Cisco

Systems,

Inc.

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

United

States

318,889

24,564,019

30,586,027

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.8%
Carrefour

SA

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

France

200,479

3,345,109

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

175,585

7,200,195

Kroger

Co.

(The)

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

United

States

198,332

12,391,783

Loblaw

Cos.

Ltd.

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

Canada

304,800

13,779,345

Walmart,

Inc.

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

United

States

117,219

13,059,369

49,775,801

#### Diversified

#### Telecommunication

#### Services

#### 0.4%
AT&T,

Inc.

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

United

States

119,741

2,974,366

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

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

Israel

2,216,502

4,947,908

Telkom

Indonesia

Persero

Tbk.

PT

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

Indonesia

13,349,900

2,793,271

10,715,545

#### Electric

#### Utilities

#### 0.4%
Iberdrola

SA

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

Spain

168,850

3,656,176

NRG

Energy,

Inc.

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

United

States

56,818

9,047,698

12,703,874

#### Electrical

#### Equipment

#### 0.4%
Fujikura

Ltd.

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

Japan

53,300

5,910,727

b

Signify

NV,

144A,

Reg

S

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

United

States

131,449

3,232,527

Vestas

Wind

Systems

A/S

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

Denmark

132,039

3,571,288

12,714,542

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Corning,

Inc.

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

United

States

40,002

3,502,575

#### Entertainment

#### 0.8%
c

NetEase,

Inc.

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

China

708,800

19,509,858

a

Spotify

Technology

SA

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

United

States

5,291

3,072,536

22,582,394

#### Financial

#### Services

#### 2.0%
a

Berkshire

Hathaway,

Inc.,

B

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

United

States

9,640

4,845,546

Mastercard,

Inc.,

A

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

United

States

30,051

17,155,515

MGIC

Investment

Corp.

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

United

States

328,187

9,589,624

PayPal

Holdings,

Inc.

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

United

States

47,470

2,771,298

Visa,

Inc.,

A

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

United

States

45,846

16,078,651

Western

Union

Co.

(The)

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

United

States

703,157

6,546,392

56,987,026

#### Food

#### Products

#### 0.0%

#### †
a

Magnum

Ice

Cream

Co.

NV

(The)

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

Netherlands

17,613

279,555

#### Ground

#### Transportation

#### 0.4%
Landstar

System,

Inc.

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

United

States

18,357

2,637,901

Old

Dominion

Freight

Line,

Inc.

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

United

States

52,844

8,285,939

10,923,840

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.6%
Abbott

Laboratories

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

United

States

90,582

11,349,019

Hoya

Corp.

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

Japan

23,100

3,503,568

a

IDEXX

Laboratories,

Inc.

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

United

States

23,390

15,824,037

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

a

Insulet

Corp.

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

United

States

56,931

$

16,182,067

46,858,691

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
HCA

Healthcare,

Inc.

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

United

States

7,484

3,493,980

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
Host

Hotels

&

Resorts,

Inc.

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

United

States

200,488

3,554,652

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.0%
Booking

Holdings,

Inc.

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

United

States

9,065

48,546,066

InterContinental

Hotels

Group

plc

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

United

Kingdom

27,420

3,853,300

OPAP

SA

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

Greece

171,408

3,847,479

56,246,845

#### Household

#### Durables

#### 0.3%
Gree

Electric

Appliances,

Inc.

of

Zhuhai,

A

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

China

932,000

5,363,910

La-Z-Boy,

Inc.

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

United

States

92,591

3,450,867

8,814,777

#### Household

#### Products

#### 0.2%
Colgate-Palmolive

Co.

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

United

States

78,603

6,211,209

#### Insurance

#### 1.1%
BB

Seguridade

Participacoes

SA

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

Brazil

2,136,800

14,114,951

Caixa

Seguridade

Participacoes

SA

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

Brazil

2,040,200

6,180,928

Erie

Indemnity

Co.,

A

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

United

States

10,892

3,122,192

NN

Group

NV

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

Netherlands

84,660

6,531,065

29,949,136

#### Interactive

#### Media

#### &

#### Services

#### 3.8%
Alphabet,

Inc.,

A

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

United

States

225,629

70,621,877

b,c

Kuaishou

Technology,

144A,

Reg

S

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

China

463,500

3,831,482

Meta

Platforms,

Inc.,

A

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

United

States

50,147

33,101,533

107,554,892

#### IT

#### Services

#### 1.1%
Cognizant

Technology

Solutions

Corp.,

A

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

United

States

43,493

3,609,919

Fujitsu

Ltd.

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

Japan

132,600

3,644,235

Infosys

Ltd.,

ADR

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

India

992,866

17,692,872

a

Shopify,

Inc.,

A

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

Canada

30,230

4,867,458

29,814,484

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
a

Mettler-Toledo

International,

Inc.

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

United

States

5,962

8,312,161

#### Machinery

#### 1.1%
Atlas

Copco

AB,

B

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

Sweden

498,831

7,974,670

Caterpillar,

Inc.

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

United

States

20,567

11,782,217

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

......

South

Korea

23,943

6,756,036

Illinois

Tool

Works,

Inc.

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

United

States

13,625

3,355,838

29,868,761

#### Marine

#### Transportation

#### 0.6%
AP

Moller

-

Maersk

A/S,

B

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

United

States

5,552

12,739,350

COSCO

SHIPPING

Holdings

Co.

Ltd.,

H

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

China

2,898,000

5,116,511

17,855,861

#### Metals

#### &

#### Mining

#### 1.8%
China

Hongqiao

Group

Ltd.

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

China

1,349,500

5,667,528

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Metals

#### &

#### Mining
(continued)

Fortescue

Ltd.

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

Australia

2,569,714

$

37,575,633

Newmont

Corp.

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

United

States

70,403

7,029,740

50,272,901

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.8%
ORLEN

SA

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

Poland

291,133

7,772,300

Parex

Resources,

Inc.

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

Canada

552,062

7,420,891

PetroChina

Co.

Ltd.,

H

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

China

12,574,000

13,553,504

Suncor

Energy,

Inc.

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

Canada

520,825

23,116,578

51,863,273

#### Personal

#### Care

#### Products

#### 0.3%
a

Oddity

Tech

Ltd.,

A

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

Israel

73,762

2,963,757

Unilever

plc

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

United

Kingdom

78,280

5,114,595

8,078,352

#### Pharmaceuticals

#### 3.4%
Eli

Lilly

&

Co.

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

United

States

7,566

8,131,029

GSK

plc

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

United

States

446,558

10,948,359

Johnson

&

Johnson

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

United

States

290,019

60,019,432

Novartis

AG

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

United

States

57,680

7,948,073

Richter

Gedeon

Nyrt.

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

Hungary

142,678

4,313,145

Shionogi

&

Co.

Ltd.

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

Japan

279,900

5,066,141

96,426,179

#### Professional

#### Services

#### 0.6%
Recruit

Holdings

Co.

Ltd.

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

Japan

311,500

17,503,678

#### Residential

#### REITs

#### 0.7%
Sun

Communities,

Inc.

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

United

States

158,201

19,602,686

#### Retail

#### REITs

#### 0.3%
Simon

Property

Group,

Inc.

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

United

States

42,219

7,815,159

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 8.1%
Advantest

Corp.

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

Japan

78,200

9,888,227

Applied

Materials,

Inc.

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

United

States

18,287

4,699,576

ASML

Holding

NV

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

Netherlands

4,579

4,933,965

Broadcom,

Inc.

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

United

States

65,618

22,710,390

KLA

Corp.

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

United

States

33,633

40,866,786

Lam

Research

Corp.

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

United

States

48,429

8,290,076

MediaTek,

Inc.

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

Taiwan

126,000

5,721,054

Novatek

Microelectronics

Corp.

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

Taiwan

275,000

3,269,632

NVIDIA

Corp.

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

United

States

475,954

88,765,421

QUALCOMM,

Inc.

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

United

States

22,324

3,818,520

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

.........

Taiwan

75,485

22,939,137

Tokyo

Electron

Ltd.

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

Japan

70,100

15,613,189

231,515,973

#### Software

#### 5.0%
a

Adobe,

Inc.

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

United

States

15,879

5,557,491

a

AppLovin

Corp.,

A

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

United

States

26,063

17,561,771

a

Atlassian

Corp.,

A

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

United

States

22,990

3,727,599

a

Cadence

Design

Systems,

Inc.

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

United

States

11,322

3,539,031

a

Check

Point

Software

Technologies

Ltd.

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

Israel

48,794

9,054,215

a

Dropbox,

Inc.,

A

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

United

States

118,904

3,305,531

a

Fair

Isaac

Corp.

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

United

States

6,588

11,137,805

a

HubSpot,

Inc.

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

United

States

5,408

2,170,230

Microsoft

Corp.

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

United

States

121,363

58,693,574

a

Monday.com

Ltd.

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

United

States

17,636

2,602,368

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software
(continued)

a

Palantir

Technologies,

Inc.,

A

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

United

States

82,965

$

14,747,029

a

ServiceNow,

Inc.

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

United

States

39,675

6,077,813

a

Trend

Micro,

Inc.

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

Japan

69,200

2,874,033

141,048,490

#### Specialized

#### REITs

#### 0.2%
Rayonier,

Inc.

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

United

States

308,306

6,674,825

#### Specialty

#### Retail

#### 0.7%
a

AutoZone,

Inc.

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

United

States

1,266

4,293,639

Best

Buy

Co.,

Inc.

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

United

States

107,413

7,189,152

Industria

de

Diseno

Textil

SA

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

Spain

67,640

4,461,851

Lowe's

Cos.,

Inc.

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

United

States

13,677

3,298,346

19,242,988

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.7%
Apple,

Inc.

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

United

States

289,815

78,789,106

Samsung

Electronics

Co.

Ltd.

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

South

Korea

183,341

15,366,707

Seagate

Technology

Holdings

plc

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

United

States

28,532

7,857,428

Western

Digital

Corp.

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

United

States

19,846

3,418,870

105,432,111

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.9%
a

Deckers

Outdoor

Corp.

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

United

States

27,452

2,845,949

a

Lululemon

Athletica,

Inc.

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

United

States

34,952

7,263,375

Pandora

A/S

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

Denmark

21,415

2,368,200

Ralph

Lauren

Corp.,

A

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

United

States

19,280

6,817,601

Tapestry,

Inc.

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

United

States

53,280

6,807,586

26,102,711

#### Tobacco

#### 1.1%
Altria

Group,

Inc.

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

United

States

546,904

31,534,485

#### Trading

#### Companies

#### &

#### Distributors

#### 0.6%
Fastenal

Co.

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

United

States

133,174

5,344,272

WW

Grainger,

Inc.

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

United

States

12,558

12,671,650

18,015,922

#### Wireless

#### Telecommunication

#### Services

#### 0.5%
SK

Telecom

Co.

Ltd.

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

South

Korea

90,206

3,349,223

TIM

SA

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

Brazil

818,000

3,174,631

Vodafone

Group

plc

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

United

Kingdom

5,939,151

7,916,945

14,440,799

#### Total

#### Common

#### Stocks

#### (Cost

#### $1,275,936,197)
..................................

#### 1,770,725,264

#### Management

#### Investment

#### Companies

#### 6.3%

#### Capital

#### Markets

#### 6.3%
d

Franklin

BSP

Lending

Fund,

Class

R6

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

United

States

6,624,581

66,908,268

d

Franklin

BSP

Private

Credit

Fund,

Class

Advisor

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

United

States

2,251,013

21,857,337

d

Franklin

FTSE

India

ETF

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

United

States

165,050

6,369,280

d

Franklin

High

Yield

Corporate

ETF

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

United

States

205,000

5,005,075

d

Franklin

Systematic

Style

Premia

ETF

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

United

States

2,225,000

59,874,750

VanEck

J.P.

Morgan

EM

Local

Currency

Bond

ETF

..........

United

States

773,281

19,966,115

179,980,825

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $175,427,914)
.................

#### 179,980,825
Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Preferred

#### Stocks

#### 0.8%

#### Banks

#### 0.8%
e

Itausa

SA,

10.7%

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

Brazil

10,084,717

$

21,480,227

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $20,490,418)
....................................

#### 21,480,227

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 6.6%

#### Automobile

#### Components

#### 0.1%
b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

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

United

States

3,250,000

2,817,694

#### Banks

#### 0.6%
JPMorgan

Chase

&

Co.

,

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

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

United

States

6,482,000

6,707,775

b

UniCredit

SpA

,

Senior

Preferred

Bond

,

144A,

3.127%

to

6/02/31,

FRN

thereafter

,

6/03/32

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

Italy

9,889,000

9,194,687

15,902,462

#### Biotechnology

#### 0.4%
AbbVie,

Inc.

,

Senior

Bond

,

5.4 %

,

3/15/54

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

United

States

9,088,000

8,843,014

b

Grifols

SA

,

Senior

Note

,

144A,

4.75 %

,

10/15/28

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

Spain

1,862,000

1,840,289

10,683,303

#### Broadline

#### Retail

#### 0.2%
c

Alibaba

Group

Holding

Ltd.

,

Senior

Bond

,

3.4 %

,

12/06/27

.....

China

6,300,000

6,251,408

#### Capital

#### Markets

#### 0.3%
b

Amvest

RCF

Custodian

BV

,

Senior

Note

,

Reg

S,

3.875 %

,

3/25/30

Netherlands

1,400,000

EUR

1,668,112

Deutsche

Bank

AG

,

Senior

Non-Preferred

Bond

,

3.547%

to

9/17/30,

FRN

thereafter

,

9/18/31

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

Germany

5,817,000

5,553,949

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.125 %

,

4/30/31

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

United

States

1,228,000

1,291,059

8,513,120

#### Chemicals

#### 0.2%
b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

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

Germany

5,825,000

6,050,719

#### Consumer

#### Finance

#### 0.4%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.4%,

10/29/33

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

Ireland

3,956,000

3,573,398

Senior

Note,

2.45%,

10/29/26

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

Ireland

5,527,000

5,453,395

OneMain

Finance

Corp.

,

Senior

Bond

,

5.375 %

,

11/15/29

......

United

States

1,308,000

1,309,591

10,336,384

#### Diversified

#### Telecommunication

#### Services

#### 0.2%
b

Orange

SA

,

Senior

Bond

,

Reg

S,

1.875 %

,

9/12/30

...........

France

4,900,000

EUR

5,476,494

#### Electric

#### Utilities

#### 0.3%
MidAmerican

Energy

Co.

,

Senior

Bond

,

4.25 %

,

5/01/46

.......

United

States

10,392,000

8,711,691

#### Financial

#### Services

#### 0.2%
b

Woodside

Finance

Ltd.

,

Senior

Bond

,

144A,

4.5 %

,

3/04/29

....

Australia

4,654,000

4,656,928

#### Food

#### Products

#### 0.5%
b,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

9,434,504

9,864,893

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

3.75%,

12/01/31

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

United

States

4,800,000

4,568,005

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products
(continued)

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL,

(continued)

Senior

Note,

3%,

5/15/32

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

United

States

1,310,362

$

1,177,069

15,609,967

#### Ground

#### Transportation

#### 0.2%
b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5 %

,

8/11/32

......

United

Kingdom

6,981,000

7,224,447

#### Hotel

#### &

#### Resort

#### REITs

#### 0.2%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5 %

,

6/15/33

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

United

States

5,350,000

5,583,084

#### Household

#### Durables

#### 0.2%
Newell

Brands,

Inc.

,

Senior

Note

,

6.625 %

,

5/15/32

..........

United

States

5,856,000

5,689,288

#### Machinery

#### 0.2%
b

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

5,176,000

5,314,230

#### Media

#### 0.5%
Comcast

Corp.

,

Senior

Bond

,

3.75 %

,

4/01/40

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

United

States

6,272,000

5,174,428

Paramount

Global

,

Senior

Bond

,

4.95 %

,

1/15/31

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

United

States

9,346,000

8,991,660

14,166,088

#### Metals

#### &

#### Mining

#### 0.5%
ArcelorMittal

SA

,

Senior

Bond

,

4.25 %

,

7/16/29

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

Luxembourg

6,981,000

6,994,119

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5 %

,

9/01/30

....

Australia

8,144,000

7,469,467

14,463,586

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.8%
b

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1 %

,

7/15/31

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

Norway

9,191,000

8,446,827

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

3.85 %

,

6/01/27

Canada

6,399,000

6,385,907

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

7.375 %

,

1/15/33

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

United

States

7,450,000

7,074,608

21,907,342

#### Pharmaceuticals

#### 0.4%
AstraZeneca

plc

,

Senior

Bond

,

%

,

1/17/29

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

United

Kingdom

4,654,000

4,666,224

Takeda

Pharmaceutical

Co.

Ltd.

,

Senior

Note

,

%

,

11/26/28

...

Japan

6,500,000

6,653,305

11,319,529

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/30

.........

United

States

3,876,000

4,081,519

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
Vodafone

Group

plc

,

Senior

Bond

,

6.15 %

,

2/27/37

...........

United

Kingdom

2,680,000

2,915,823

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $183,467,397)
...................................

#### 187,675,106

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 14.5%
Asian

Development

Bank

,

Senior

Note

,

4.875 %

,

5/21/26

......

Supranational

g

16,478,000

16,547,811

Australia

Government

Bond

,

b

Reg

S,

1%,

11/21/31

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

Australia

22,871,000

AUD

12,599,270

b

Belgium

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

0.35 %

,

6/22/32

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

Belgium

4,833,114

EUR

4,828,151

h

Brazil

Notas

do

Tesouro

Nacional

,

Index

Linked,

%

,

8/15/26

..

Brazil

36,628,648

BRL

6,539,184

b

Bundesrepublik

Deutschland

Bundesanleihe

,

Reg

S,

8/15/30

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

Germany

16,633,000

EUR

17,530,306

Reg

S,

2.3%,

2/15/33

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

Germany

34,723,602

EUR

39,882,424

Reg

S,

1%,

5/15/38

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

Germany

22,214,198

EUR

20,550,553

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Bundesrepublik

Deutschland

Bundesanleihe,

(continued)

Reg

S,

2.5%,

8/15/54

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

Germany

2,303,832

EUR

$

2,236,745

b

Bundesschatzanweisungen

,

Reg

S,

1.7 %

,

6/10/27

..........

Germany

10,373,600

EUR

12,127,272

Canada

Government

Bond

,

3.25%,

9/01/28

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

Canada

34,072,000

CAD

25,170,657

2.5%,

12/01/32

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

Canada

41,137,000

CAD

28,689,352

2.75%,

6/01/33

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

Canada

19,081,000

CAD

13,462,980

China

Government

Bond

,

2.5%,

7/25/27

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

China

121,580,000

CNY

17,718,474

2.44%,

10/15/27

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

China

47,210,000

CNY

6,890,589

b

Finland

Government

Bond

,

Senior

Bond,

144A,

Reg

S,

0.125%,

9/15/31

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

Finland

2,437,000

EUR

2,471,794

Senior

Bond,

144A,

Reg

S,

0.5%,

4/15/43

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

Finland

2,085,000

EUR

1,466,424

b

France

Government

Bond

,

144A,

Reg

S,

2.75%,

2/25/30

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

France

4,770,335

EUR

5,621,355

144A,

Reg

S,

11/25/31

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

France

5,786,000

EUR

5,722,885

144A,

Reg

S,

2%,

11/25/32

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

France

10,670,996

EUR

11,669,270

Japan

Government

Bond

,

0.5%,

6/20/29

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

Japan

2,802,000,000

JPY

17,368,143

1.4%,

3/20/35

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

Japan

1,445,850,000

JPY

8,770,450

2.4%,

3/20/55

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

Japan

707,550,000

JPY

3,711,950

b

Netherlands

Government

Bond

,

144A,

Reg

S,

3.25 %

,

1/15/44

..

Netherlands

2,432,271

EUR

2,795,066

b

New

Zealand

Government

Bond

,

Reg

S,

3.5 %

,

4/14/33

.......

New

Zealand

12,660,000

NZD

6,985,123

b

Portugal

Obrigacoes

do

Tesouro

,

Senior

Bond

,

144A,

Reg

S,

2.875 %

,

7/21/26

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

Portugal

6,298,945

EUR

7,437,071

Spain

Bonos

Y

Oblig

del

Estado

,

b

Senior

Bond,

144A,

Reg

S,

2.7%,

10/31/48

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

Spain

2,008,000

EUR

1,927,269

Senior

Note,

2.5%,

5/31/27

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

Spain

3,087,000

EUR

3,645,508

Senior

Note,

3.5%,

5/31/29

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

Spain

4,964,000

EUR

6,037,407

b

United

Kingdom

Gilt

,

Reg

S,

4.125%,

1/29/27

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

United

Kingdom

37,373,008

GBP

50,591,199

Reg

S,

4.375%,

3/07/30

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

United

Kingdom

11,002,284

GBP

15,083,834

Reg

S,

4.625%,

1/31/34

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

United

Kingdom

15,140,000

GBP

20,769,919

Reg

S,

4.5%,

12/07/42

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

United

Kingdom

13,370,859

GBP

16,975,071

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $405,219,539)
..........

#### 413,823,506

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 3.8%
U.S.

Treasury

Bonds

,

4.125%,

8/15/44

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

United

States

9,929,000

9,115,675

1.25%,

5/15/50

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

United

States

10,770,900

5,159,514

4.75%,

5/15/55

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

United

States

5,150,100

5,061,985

U.S.

Treasury

Notes

,

3.875%,

5/31/27

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

United

States

21,009,200

21,118,349

4%,

1/31/29

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

United

States

24,915,000

25,237,143

0.625%,

5/15/30

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

United

States

11,950,600

10,489,686

2.75%,

8/15/32

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

United

States

19,769,600

18,431,677

3.875%,

8/15/34

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

United

States

13,796,500

13,587,128

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $106,272,325)
..............

#### 108,201,157

#### Mortgage-Backed

#### Securities

#### 2.9%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 1.5%
FHLMC

Pool,

Year,

2%,

7/01/51

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

United

States

4,920,137

4,005,407

FHLMC

Pool,

Year,

5%,

7/01/53

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

United

States

4,880,658

4,886,813

FHLMC

Pool,

Year,

5%,

9/01/53

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

United

States

16,506,507

16,523,071

FHLMC

Pool,

Year,

6%,

3/01/54

-

8/01/54

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

United

States

5,491,324

5,642,906

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate
(continued)

FHLMC

Pool,

Year,

6.5%,

5/01/55

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

United

States

10,215,253

$

10,618,434

41,676,631

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 1.4%
FNMA,

Year,

2%,

4/01/52

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

United

States

3,048,454

2,473,588

FNMA,

Year,

2.5%,

12/01/51

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

United

States

4,380,523

3,718,078

FNMA,

Year,

3%,

4/01/52

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

United

States

4,065,043

3,605,204

FNMA,

Year,

5.5%,

3/01/54

-

12/01/54

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

United

States

18,591,527

18,869,765

FNMA,

Year,

6%,

7/01/55

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

United

States

11,777,211

12,102,086

40,768,721

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $80,799,781)
..........................

#### 82,445,352

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $2,247,613,571)

#### ...........................

#### 2,764,331,437

#### a

#### Short

#### Term

#### Investments

#### 2.5%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.5%
d,i

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

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

United

States

72,376,533

72,376,533

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $72,376,533)

#### ................................

#### 72,376,533

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $72,376,533

####)
..............................

#### 72,376,533

#### a

#### Total

#### Investments

#### (Cost

#### $2,319,990,104)

#### 99.6%

#### ................................

#### $2,836,707,970

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.4%

#### ...........................................

#### 11,314,695

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,848,022,665

#### a
Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Forward

#### Exchange

#### Contracts
Currency

#### Counter-

#### party

#### a
Type

Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation
a

a

a

a

a

a

a

a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

JPHQ

Sell

74,861,000

100,442,022

1/07/26

$

—

$

(466,692)

Canadian

Dollar

....

BZWS

Sell

91,834,000

66,099,886

1/07/26

—

(813,978)

Chinese

Yuan

......

BZWS

Sell

171,953,000

24,263,052

1/07/26

—

(390,063)

Euro

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

BZWS

Sell

125,300,000

146,938,546

1/07/26

—

(327,976)

New

Zealand

Dollar

.

BZWS

Sell

12,120,000

6,848,299

2/17/26

—

(141,957)

Total

Forward

Exchange

Contracts

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

—

$(2,140,666)

Net

unrealized

appreciation

(depreciation)

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

$(2,140,666)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

At

December

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c).

See

Note

regarding

other

derivative

information.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

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

December

31,

2025,

the

aggregate

value

of

these

securities

was

$354,390,067,

representing

12.4%

of

net

assets.

c

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

December

31,

2025,

the

aggregate

value

of

these

securities

was

$29,592,748,

representing

1.0%

of

net

assets.

d

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

e

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

h

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

See

Note

1(e).

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

See

Abbreviations

on

page

77. Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.17

$17.92

$15.77

$19.99

$19.64

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.33 0.27 0.28 0.20 0.23 Net

realized

and

unrealized

gains

(losses)

...........

3.15 2.43 2.45 (3.65)

2.97 Total

from

investment

operations

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

3.48 2.70 2.73 (3.45)

3.20 Less

distributions

from:

Net

investment

income

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

(0.38)

(0.39)

(0.22)

(0.18)

(0.48)

Net

realized

gains

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

(1.57)

(0.06)

(0.36)

(0.59)

(2.37)

Total

distributions

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

(1.95)

(0.45)

(0.58)

(0.77)

(2.85)

Net

asset

value,

end

of

year

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

$21.70

$20.17

$17.92

$15.77

$19.99

Total

return

d

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

17.79%

15.14%

17.59%

(17.16)%

16.41%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

e

.....

0.62%

0.63%

0.64%

0.67%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.62%

f

0.63%

f

0.64%

f

0.66%

g

0.66%

f

Net

investment

income

c

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

1.55%

1.38%

1.65%

1.15%

1.07%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,295,214

$1,170,322

$1,077,785

$977,212

$1,258,769

Portfolio

turnover

rate

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

28.92%

33.45%

28.72%

29.59%

59.90%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$19.27

$17.13

$15.12

$19.24

$19.03

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.16 0.11 0.14 0.06 0.04 Net

realized

and

unrealized

gains

(losses)

...........

3.00 2.34 2.35 (3.50)

2.91 Total

from

investment

operations

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

3.16 2.45 2.49 (3.44)

2.95 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.25)

(0.12)

(0.09)

(0.37)

Net

realized

gains

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

(1.57)

(0.06)

(0.36)

(0.59)

(2.37)

Total

distributions

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

(1.80)

(0.31)

(0.48)

(0.68)

(2.74)

Net

asset

value,

end

of

year

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

$20.63

$19.27

$17.13

$15.12

$19.24

Total

return

d

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

16.90%

14.35%

16.66%

(17.82)%

15.59%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

e

.....

1.37%

1.38%

1.39%

1.42%

1.41%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.37%

f

1.38%

f

1.39%

f

1.41%

g

1.41%

f

Net

investment

income

c

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

0.77%

0.60%

0.87%

0.36%

0.20%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$89,318

$90,351

$92,540

$95,210

$141,604

Portfolio

turnover

rate

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

28.92%

33.45%

28.72%

29.59%

59.90%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$19.81

$17.60

$15.50

$19.68

$19.38

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.26 0.21 0.23 0.15 0.16 Net

realized

and

unrealized

gains

(losses)

...........

3.10 2.40 2.41 (3.59)

2.93 Total

from

investment

operations

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

3.36 2.61 2.64 (3.44)

3.09 Less

distributions

from:

Net

investment

income

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

(0.33)

(0.34)

(0.18)

(0.15)

(0.42)

Net

realized

gains

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

(1.57)

(0.06)

(0.36)

(0.59)

(2.37)

Total

distributions

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

(1.90)

(0.40)

(0.54)

(0.74)

(2.79)

Net

asset

value,

end

of

year

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

$21.27

$19.81

$17.60

$15.50

$19.68

Total

return

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

17.48%

14.90%

17.30%

(17.40)%

16.14%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

d

.....

0.87%

0.88%

0.89%

0.92%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.87%

e

0.88%

e

0.89%

e

0.91%

f

0.91%

e

Net

investment

income

c

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

1.28%

1.10%

1.39%

0.88%

0.77%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$42,288

$39,771

$39,993

$37,341

$54,097

Portfolio

turnover

rate

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

28.92%

33.45%

28.72%

29.59%

59.90%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.30

$18.03

$15.86

$20.10

$19.73

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.42 0.35 0.36 0.26 0.29 Net

realized

and

unrealized

gains

(losses)

...........

3.16 2.44 2.45 (3.68)

3.01 Total

from

investment

operations

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

3.58 2.79 2.81 (3.42)

3.30 Less

distributions

from:

Net

investment

income

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

(0.45)

(0.46)

(0.28)

(0.23)

(0.56)

Net

realized

gains

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

(1.57)

(0.06)

(0.36)

(0.59)

(2.37)

Total

distributions

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

(2.02)

(0.52)

(0.64)

(0.82)

(2.93)

Net

asset

value,

end

of

year

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

$21.86

$20.30

$18.03

$15.86

$20.10

Total

return

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

18.18%

15.52%

18.01%

(16.92)%

16.85%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

d

.....

0.33%

0.33%

0.33%

0.34%

0.34%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.30%

0.30%

0.30%

0.29%

e

0.30%

Net

investment

income

c

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

1.96%

1.76%

2.12%

1.51%

1.37%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$14,802

$10,924

$7,793

$4,071

$5,434

Portfolio

turnover

rate

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

28.92%

33.45%

28.72%

29.59%

59.90%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.32

$18.05

$15.88

$20.12

$19.76

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.39 0.32 0.32 0.24 0.28 Net

realized

and

unrealized

gains

(losses)

...........

3.17 2.45 2.48 (3.68)

2.98 Total

from

investment

operations

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

3.56 2.77 2.80 (3.44)

3.26 Less

distributions

from:

Net

investment

income

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

(0.43)

(0.44)

(0.27)

(0.21)

(0.53)

Net

realized

gains

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

(1.57)

(0.06)

(0.36)

(0.59)

(2.37)

Total

distributions

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

(2.00)

(0.50)

(0.63)

(0.80)

(2.90)

Net

asset

value,

end

of

year

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

$21.88

$20.32

$18.05

$15.88

$20.12

Total

return

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

18.08%

15.42%

17.88%

(16.99)%

16.71%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

d

.....

0.37%

0.38%

0.39%

0.42%

0.41%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.37%

e

0.38%

e

0.39%

e

0.41%

f

0.41%

e

Net

investment

income

c

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

1.81%

1.64%

1.89%

1.39%

1.32%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$62,582

$52,456

$47,511

$43,957

$60,851

Portfolio

turnover

rate

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

28.92%

33.45%

28.72%

29.59%

59.90%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### Growth

#### Allocation

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

s

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.3%

#### Alternative

#### Strategies

#### 3.3%
a

Franklin

BSP

Lending

Fund,

Class

R6

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

3,485,879

$

35,207,380

a

Franklin

Systematic

Style

Premia

ETF

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

559,832

15,065,079

50,272,459

#### Domestic

#### Equity

#### 62.5%
a

Franklin

Growth

Fund,

Class

R6

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

1,082,346

147,209,916

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

17,975,134

354,649,400

a

Franklin

U.S.

Equity

Index

ETF

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

2,588,425

154,736,047

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

1,565,526

108,537,918

a,b

Putnam

Large

Cap

Growth

Fund,

Class

R6

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

639,133

52,945,805

a

Putnam

Large

Cap

Value

Fund,

Class

R6

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

3,114,933

122,323,426

940,402,512

#### Domestic

#### Fixed

#### Income

#### 11.4%
a

Franklin

Investment

Grade

Corporate

ETF

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

1,931,647

41,820,158

a

Franklin

U.S.

Core

Bond

ETF

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

3,976,388

85,989,390

a

Franklin

U.S.

Treasury

Bond

ETF

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

2,125,293

43,611,012

171,420,560

#### Foreign

#### Equity

#### 20.8%
a

ClearBridge

International

Growth

Fund,

Class

IS

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

263,695

19,550,334

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

5,242,512

69,043,880

a

Franklin

International

Core

Equity

(IU)

Fund

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

9,561,066

129,934,885

iShares

Core

MSCI

EAFE

ETF

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

214,122

19,155,354

a

Templeton

Developing

Markets

Trust,

Class

R6

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

1,727,167

45,199,973

a

Templeton

Foreign

Fund,

Class

R6

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

3,254,464

30,103,793

312,988,219

#### Foreign

#### Fixed

#### Income

#### 1.3%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

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

1,533,305

13,677,080

Vanguard

Total

International

Bond

ETF

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

116,350

5,622,032

19,299,112

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $1,028,856,027)
..............................................................

#### 1,494,382,862
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.7%
a

#### Money

#### Market

#### Funds

#### 0.7%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

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

10,186,394

10,186,394

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $10,186,394)

#### ..................................

#### 10,186,394

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $10,186,394)

#### ................................

#### 10,186,394

#### a

#### Total

#### Investments

#### (Cost

#### $1,039,042,421)

#### 100.0%

#### ................................

#### $1,504,569,256

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)%

#### †
...........................................

#### (364,652)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,504,204,604
See

Abbreviations

on

page

77. Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.73

$14.39

$12.93

$16.08

$16.17

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.35 0.29 0.27 0.22 0.22 Net

realized

and

unrealized

gains

(losses)

...........

1.95 1.40 1.56 (2.82)

1.77 Total

from

investment

operations

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

2.30 1.69 1.83 (2.60)

1.99 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.35)

(0.28)

(0.17)

(0.41)

Net

realized

gains

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

(1.04)

—

(0.09)

(0.38)

(1.67)

Total

distributions

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

(1.46)

(0.35)

(0.37)

(0.55)

(2.08)

Net

asset

value,

end

of

year

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

$16.57

$15.73

$14.39

$12.93

$16.08

Total

return

d

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

15.03%

11.80%

14.37%

(16.14)%

12.38%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

e

.....

0.60%

0.61%

0.62%

0.63%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.60%

f

0.61%

f

0.62%

f

0.63%

f,g

0.62%

Net

investment

income

c

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

2.12%

1.90%

2.02%

1.59%

1.29%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,516,055

$1,434,337

$1,398,350

$1,349,466

$1,794,149

Portfolio

turnover

rate

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

25.18%

37.85%

22.15%

33.29%

56.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.08

$13.81

$12.41

$15.49

$15.64

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.21 0.17 0.16 0.11 0.07 Net

realized

and

unrealized

gains

(losses)

...........

1.86 1.34 1.51 (2.72)

1.73 Total

from

investment

operations

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

2.07 1.51 1.67 (2.61)

1.80 Less

distributions

from:

Net

investment

income

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

(0.30)

(0.24)

(0.18)

(0.09)

(0.28)

Net

realized

gains

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

(1.04)

—

(0.09)

(0.38)

(1.67)

Total

distributions

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

(1.34)

(0.24)

(0.27)

(0.47)

(1.95)

Net

asset

value,

end

of

year

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

$15.81

$15.08

$13.81

$12.41

$15.49

Total

return

d

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

14.11%

10.96%

13.62%

(16.85)%

11.55%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

e

.....

1.35%

1.36%

1.37%

1.38%

1.37%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.35%

f

1.36%

f

1.36%

1.38%

f,g

1.37%

f,g

Net

investment

income

c

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

1.33%

1.12%

1.22%

0.79%

0.43%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$91,084

$99,039

$111,516

$130,268

$205,894

Portfolio

turnover

rate

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

25.18%

37.85%

22.15%

33.29%

56.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.70

$14.36

$12.90

$16.05

$16.15

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.30 0.25 0.24 0.19 0.17 Net

realized

and

unrealized

gains

(losses)

...........

1.95 1.40 1.56 (2.82)

1.77 Total

from

investment

operations

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

2.25 1.65 1.80 (2.63)

1.94 Less

distributions

from:

Net

investment

income

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

(0.38)

(0.31)

(0.25)

(0.14)

(0.37)

Net

realized

gains

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

(1.04)

—

(0.09)

(0.38)

(1.67)

Total

distributions

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

(1.42)

(0.31)

(0.34)

(0.52)

(2.04)

Net

asset

value,

end

of

year

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

$16.53

$15.70

$14.36

$12.90

$16.05

Total

return

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

14.70%

11.55%

14.12%

(16.37)%

12.05%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

d

.....

0.85%

0.86%

0.87%

0.88%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.85%

e

0.86%

e

0.87%

e

0.88%

e,f

0.87%

e

Net

investment

income

c

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

1.83%

1.64%

1.77%

1.34%

1.01%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$48,519

$52,744

$52,883

$52,069

$69,211

Portfolio

turnover

rate

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

25.18%

37.85%

22.15%

33.29%

56.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.73

$14.39

$12.92

$16.08

$16.17

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.39 0.34 0.34 0.27 0.27 Net

realized

and

unrealized

gains

(losses)

...........

1.96 1.40 1.55 (2.83)

1.78 Total

from

investment

operations

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

2.35 1.74 1.89 (2.56)

2.05 Less

distributions

from:

Net

investment

income

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

(0.47)

(0.40)

(0.33)

(0.22)

(0.47)

Net

realized

gains

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

(1.04)

—

(0.09)

(0.38)

(1.67)

Total

distributions

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

(1.51)

(0.40)

(0.42)

(0.60)

(2.14)

Net

asset

value,

end

of

year

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

$16.57

$15.73

$14.39

$12.92

$16.08

Total

return

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

15.38%

12.15%

14.82%

(15.91)%

12.74%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

d

.....

0.31%

0.31%

0.32%

0.33%

0.33%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.29%

0.29%

0.30%

0.28%

e

0.30%

Net

investment

income

c

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

2.39%

2.23%

2.48%

1.97%

1.60%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$10,280

$13,412

$12,031

$6,065

$7,261

Portfolio

turnover

rate

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

25.18%

37.85%

22.15%

33.29%

56.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$15.75

$14.41

$12.94

$16.10

$16.19

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.39 0.33 0.30 0.25 0.27 Net

realized

and

unrealized

gains

(losses)

...........

1.95 1.40 1.58 (2.83)

1.76 Total

from

investment

operations

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

2.34 1.73 1.88 (2.58)

2.03 Less

distributions

from:

Net

investment

income

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

(0.46)

(0.39)

(0.32)

(0.20)

(0.45)

Net

realized

gains

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

(1.04)

—

(0.09)

(0.38)

(1.67)

Total

distributions

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

(1.50)

(0.39)

(0.41)

(0.58)

(2.12)

Net

asset

value,

end

of

year

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

$16.59

$15.75

$14.41

$12.94

$16.10

Total

return

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

15.29%

12.07%

14.71%

(15.97)%

12.64%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

d

.....

0.36%

0.36%

0.37%

0.38%

0.38%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.35%

0.36%

e

0.36%

0.38%

e,f

0.37%

Net

investment

income

c

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

2.39%

2.17%

2.24%

1.78%

1.55%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$54,554

$47,615

$42,895

$48,288

$78,346

Portfolio

turnover

rate

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

25.18%

37.85%

22.15%

33.29%

56.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### Moderate

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Alternative

#### Strategies

#### 3.4%
a

Franklin

BSP

Lending

Fund,

Class

R6

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

4,002,590

$

40,426,161

a

Franklin

Systematic

Style

Premia

ETF

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

650,198

17,496,828

57,922,989

#### Domestic

#### Equity

#### 47.8%
a

Franklin

Growth

Fund,

Class

R6

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

946,458

128,727,820

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

20,420,267

402,891,875

a

Franklin

U.S.

Equity

Index

ETF

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

724,600

43,316,588

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

1,368,842

94,901,816

a,b

Putnam

Large

Cap

Growth

Fund,

Class

R6

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

558,762

46,287,826

a

Putnam

Large

Cap

Value

Fund,

Class

R6

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

2,723,450

106,949,900

823,075,825

#### Domestic

#### Fixed

#### Income

#### 28.0%
a

Franklin

Investment

Grade

Corporate

ETF

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

5,443,573

117,853,355

a

Franklin

U.S.

Core

Bond

ETF

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

11,170,266

241,557,002

a

Franklin

U.S.

Treasury

Bond

ETF

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

5,950,372

122,101,633

481,511,990

#### Foreign

#### Equity

#### 15.9%
a

ClearBridge

International

Growth

Fund,

Class

IS

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

230,522

17,090,865

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

4,582,774

60,355,134

a

Franklin

International

Core

Equity

(IU)

Fund

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

8,358,257

113,588,714

iShares

Core

MSCI

EAFE

ETF

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

187,172

16,744,407

a

Templeton

Developing

Markets

Trust,

Class

R6

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

1,509,842

39,512,578

a

Templeton

Foreign

Fund,

Class

R6

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

2,845,032

26,316,549

273,608,247

#### Foreign

#### Fixed

#### Income

#### 4.5%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

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

4,485,161

40,007,637

a

Franklin

High

Yield

Corporate

ETF

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

830,770

20,283,250

Vanguard

Total

International

Bond

ETF

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

340,450

16,450,544

76,741,431

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $1,303,174,670)
..............................................................

#### 1,712,860,482
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%
a

#### Money

#### Market

#### Funds

#### 0.5%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

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

8,403,989

8,403,989

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $8,403,989)

#### ...................................

#### 8,403,989

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $8,403,989)

#### .................................

#### 8,403,989

#### a

#### Total

#### Investments

#### (Cost

#### $1,311,578,659)

#### 100.1%

#### .................................

#### $1,721,264,471

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1)%

#### ...........................................

#### (771,989)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,720,492,482
See

Abbreviations

on

page

77. Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$17,021,311

$—

$2,095,255,723

Cost

-

Controlled

affiliates

(Note

3g)

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

—

—

66,700,000

Cost

-

Non-controlled

affiliates

(Note

3f

and

3g)

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

723,309,204

660,181,233

158,034,381

Value

-

Unaffiliated

issuers

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

$19,290,498

$—

$2,604,316,727

Value

-

Controlled

affiliates

(Note

3g)

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

—

—

66,908,268

Value

-

Non-controlled

affiliates

(Note

3f

and

3g)

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

852,155,184

1,028,416,978

165,482,975

Cash

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

89,857

—

1,044,783

Receivables:

Investment

securities

sold

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

317,638

1,154,322

—

Capital

shares

sold

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

112,499

128,789

97,533

Dividends

and

interest

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

20,384

—

12,059,488

European

Union

tax

reclaims

(Note

d)

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

—

—

583,570

Affiliates

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

—

—

Deposits

with

brokers

for:

OTC

derivative

contracts

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

—

—

2,780,112

Total

assets

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

871,986,060

1,029,700,206

2,853,273,456

Liabilities:

Payables:

Capital

shares

redeemed

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

421,200

332,365

385,075

Management

&

Asset

allocation

fees

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

187,219

—

1,384,932

Administrative

fees

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

—

26,298

—

Distribution

fees

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

213,625

227,953

612,050

Transfer

agent

fees

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

143,957

147,697

493,072

Trustees'

fees

and

expenses

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

Distributions

to

shareholders

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

—

1,010

Unrealized

depreciation

on

OTC

forward

exchange

contracts

........

—

—

2,140,666

Accrued

expenses

and

other

liabilities

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

59,354

61,151

233,833

Total

liabilities

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

1,025,519

795,498

5,250,791

Net

assets,

at

value

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

$870,960,541

$1,028,904,708

$2,848,022,665

Net

assets

consist

of:

Paid-in

capital

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

$755,995,608

$558,599,268

$2,291,160,246

Total

distributable

earnings

(losses)

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

114,964,933

470,305,440

556,862,419

Net

assets,

at

value

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

$870,960,541

$1,028,904,708

$2,848,022,665

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$735,549,082

$910,583,522

$2,645,771,266

Shares

outstanding

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

49,957,607

37,145,874

153,476,151

Net

asset

value

per

share

a,b

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

$14.72

$24.51

$17.24

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

b

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

$15.58

$25.94

$18.24

#### Class

#### C:
Net

assets,

at

value

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

$45,445,953

$38,568,247

$54,940,941

Shares

outstanding

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

3,170,036

1,641,192

3,230,400

Net

asset

value

and

maximum

offering

price

per

share

a,b

..........

$14.34

$23.50

$17.01

#### Class

#### R:
Net

assets,

at

value

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

$41,085,967

$2,125,037

$4,516,536

Shares

outstanding

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

2,805,505

87,020

261,208

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$14.65

$24.42

$17.29

#### Class

#### R6:
Net

assets,

at

value

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

$19,697,704

$4,270,633

$6,994,618

Shares

outstanding

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

1,340,540

173,201

391,667

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$14.69

$24.66

$17.86

#### Advisor

#### Class:
Net

assets,

at

value

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

$29,181,835

$73,357,269

$135,799,304

Shares

outstanding

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

1,982,189

2,975,666

7,803,944

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$14.72

$24.65

$17.40

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$19,355,598

$28,152,463

Cost

-

Controlled

affiliates

(Note

f)

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

343,319,635

347,390,356

Cost

-

Non-controlled

affiliates

(Note

f)

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

676,367,188

936,035,840

Value

-

Unaffiliated

issuers

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

$24,777,386

$33,194,951

Value

-

Controlled

affiliates

(Note

f)

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

553,628,165

576,835,723

Value

-

Non-controlled

affiliates

(Note

f)

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

926,163,705

1,111,233,797

Cash

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

154,270

179,129

Receivables:

Investment

securities

sold

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

—

320,271

Capital

shares

sold

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

1,104,058

590,491

Dividends

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

35,111

38,637

Total

assets

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

1,505,862,695

1,722,392,999

Liabilities:

Payables:

Capital

shares

redeemed

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

591,732

712,026

Asset

allocation

fees

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

324,935

371,585

Distribution

fees

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

369,060

421,429

Transfer

agent

fees

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

301,215

318,309

Trustees'

fees

and

expenses

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

—

Accrued

expenses

and

other

liabilities

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

71,149

77,052

Total

liabilities

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

1,658,091

1,900,517

Net

assets,

at

value

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

$1,504,204,604

$1,720,492,482

Net

assets

consist

of:

Paid-in

capital

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

$1,001,937,571

$1,302,423,434

Total

distributable

earnings

(losses)

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

502,267,033

418,069,048

Net

assets,

at

value

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

$1,504,204,604

$1,720,492,482

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$1,295,213,794

$1,516,055,023

Shares

outstanding

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

59,686,032

91,490,618

Net

asset

value

per

share

a,b

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

$21.70

$16.57

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

b

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

$22.96

$17.53

#### Class

#### C:
Net

assets,

at

value

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

$89,318,009

$91,084,231

Shares

outstanding

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

4,329,552

5,759,615

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$20.63

$15.81

#### Class

#### R:
Net

assets,

at

value

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

$42,288,033

$48,518,549

Shares

outstanding

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

1,988,491

2,935,322

Net

asset

value

and

maximum

offering

price

per

share

b

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

$21.27

$16.53

#### Class

#### R6:
Net

assets,

at

value

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

$14,802,487

$10,280,446

Shares

outstanding

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

677,091

620,542

Net

asset

value

and

maximum

offering

price

per

share

b

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

$21.86

$16.57

#### Advisor

#### Class:
Net

assets,

at

value

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

$62,582,281

$54,554,233

Shares

outstanding

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

2,859,723

3,287,958

Net

asset

value

and

maximum

offering

price

per

share

b

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

$21.88

$16.59

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

for

the

year

ended

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$–

and

$2,280,416,

respectively)

Unaffiliated

issuers

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

$652,786

$—

$36,082,428

Controlled

affiliates

(Note

3g)

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

—

—

1,010,428

Non-controlled

affiliates

(Note

3f

and

3g)

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

27,199,110

7,301,799

7,900,101

Interest:

Unaffiliated

issuers

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

15,910

—

33,459,888

Other

income

(Note

d)

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

—

—

10,174

Total

investment

income

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

27,867,806

7,301,799

78,463,019

Expenses:

Management

&

Asset

allocation

fees

(Note

a)

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

2,139,457

—

16,001,188

Administrative

fees

(Note

b)

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

—

299,211

—

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

1,821,493

2,208,221

6,405,658

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

481,564

393,251

572,529

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

202,320

10,330

22,733

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

599,259

717,933

2,186,200

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

39,612

31,810

48,575

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

33,276

1,683

3,863

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

5,383

4,178

3,097

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

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

23,483

56,357

107,101

Custodian

fees

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

9,652

—

97,262

Reports

to

shareholders

fees

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

39,322

40,502

210,415

Registration

and

filing

fees

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

62,191

99,121

108,047

Professional

fees

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

59,180

60,007

79,869

Trustees'

fees

and

expenses

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

9,294

10,904

29,389

Other

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

20,662

20,373

116,161

Total

expenses

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

5,546,148

3,953,881

25,992,087

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

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

(26,284)

(4,201)

(458,260)

Net

expenses

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

5,519,864

3,949,680

25,533,827

Net

investment

income

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

22,347,942

3,352,119

52,929,192

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

1,278,250

—

100,709,133

Non-controlled

affiliates

(Note

3f

and

3g)

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

16,782,845

6,851,575

81,206

Foreign

currency

transactions

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

—

—

(52,160)

Forward

exchange

contracts

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

—

—

(15,957,342)

Futures

contracts

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

—

—

14,103

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f

and

3g)

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

15,076,543

113,262,077

925,482

Net

realized

gain

(loss)

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

33,137,638

120,113,652

85,720,422

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(299,451)

—

276,435,911

Controlled

affiliates

(Note

3g)

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

—

—

208,268

Non-controlled

affiliates

(Note

3f

and

3g)

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

42,761,373

9,474,369

4,440,875

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

—

—

556,202

Forward

exchange

contracts

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

—

—

(13,193,346)

Net

change

in

unrealized

appreciation

(depreciation)

..........

42,461,922

9,474,369

268,447,910

Net

realized

and

unrealized

gain

(loss)

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

75,599,560

129,588,021

354,168,332

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$97,947,502

$132,940,140

$407,097,524

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

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

$1,002,440

$1,225,808

Controlled

affiliates

(Note

f)

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

11,316,228

11,381,254

Non-controlled

affiliates

(Note

f)

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

18,307,588

32,772,152

Interest:

Unaffiliated

issuers

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

23,402

26,507

Total

investment

income

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

30,649,658

45,405,721

Expenses:

Asset

allocation

fees

(Note

a)

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

3,539,782

4,174,203

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

3,044,199

3,654,752

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

876,008

931,652

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

206,865

263,113

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

1,231,781

1,299,329

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

88,497

82,669

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

41,845

46,597

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

7,351

5,002

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

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

57,989

45,553

Custodian

fees

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

20,535

20,602

Reports

to

shareholders

fees

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

60,142

67,860

Registration

and

filing

fees

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

67,874

69,149

Professional

fees

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

60,878

60,014

Trustees'

fees

and

expenses

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

15,135

17,925

Other

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

28,817

31,987

Total

expenses

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

9,347,698

10,770,407

Expenses

waived/paid

by

affiliates

(Note

f

and

h)

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

(46,092)

(49,748)

Net

expenses

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

9,301,606

10,720,659

Net

investment

income

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

21,348,052

34,685,062

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

4,097,241

3,862,187

Controlled

affiliates

(Note

f)

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

11,873,979

14,760,676

Non-controlled

affiliates

(Note

f)

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

36,518,984

34,264,349

Capital

gain

distributions

from

Underlying

Funds:

Controlled

affiliates

(Note

f)

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

20,020,416

19,582,690

Non-controlled

affiliates

(Note

f)

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

27,301,294

23,873,234

Net

realized

gain

(loss)

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

99,811,914

96,343,136

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

246,826

(214,083)

Controlled

affiliates

(Note

f)

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

64,008,189

63,266,619

Non-controlled

affiliates

(Note

f)

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

47,530,765

39,131,141

Net

change

in

unrealized

appreciation

(depreciation)

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

111,785,780

102,183,677

Net

realized

and

unrealized

gain

(loss)

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

211,597,694

198,526,813

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$232,945,746

$233,211,875

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$22,347,942

$20,698,450

$3,352,119

$4,292,214

Net

realized

gain

(loss)

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

33,137,638

19,582,695

120,113,652

73,576,827

Net

change

in

unrealized

appreciation

(depreciation)

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

42,461,922

28,356,827

9,474,369

56,516,323

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

97,947,502

68,637,972

132,940,140

134,385,364

Distributions

to

shareholders:

Class

A

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

(43,353,250)

(18,959,519)

(65,212,620)

(52,408,857)

Class

C

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

(2,468,745)

(1,010,101)

(2,829,481)

(2,330,249)

Class

R

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

(2,334,006)

(914,805)

(144,450)

(125,253)

Class

R6

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

(901,295)

(183,761)

(265,065)

(323,118)

Advisor

Class

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

(1,797,909)

(748,695)

(5,224,447)

(4,210,566)

Total

distributions

to

shareholders

.....

(50,855,205)

(21,816,881)

(73,676,063)

(59,398,043)

Capital

share

transactions:

(Note

2)

Class

A

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

(36,702,956)

(76,049,013)

(11,771,776)

(1,803,386)

Class

C

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

(8,774,783)

(14,906,242)

(4,350,953)

(3,881,717)

Class

R

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

(941,200)

(3,871,903)

(269,867)

170,023

Class

R6

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

12,689,567

1,224,664

248,929

(1,614,653)

Advisor

Class

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

1,864,525

(3,403,335)

1,410,167

2,993,306

Total

capital

share

transactions

.......

(31,864,847)

(97,005,829)

(14,733,500)

(4,136,427)

Net

increase

(decrease)

in

net

assets

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

15,227,450

(50,184,738)

44,530,577

70,850,894

Net

assets:

Beginning

of

year

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

855,733,091

905,917,829

984,374,131

913,523,237

End

of

year

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

$870,960,541

$855,733,091

$1,028,904,708

$984,374,131

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$52,929,192

$40,642,182

$21,348,052

$17,854,734

Net

realized

gain

(loss)

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

85,720,422

78,115,504

99,811,914

73,441,629

Net

change

in

unrealized

appreciation

(depreciation)

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

268,447,910

211,875,758

111,785,780

95,149,940

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

407,097,524

330,633,444

232,945,746

186,446,303

Distributions

to

shareholders:

Class

A

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

(128,890,429)

(28,202,493)

(111,240,450)

(26,422,324)

Class

C

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

(2,547,180)

(272,883)

(7,598,471)

(1,498,663)

Class

R

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

(212,591)

(39,408)

(3,672,895)

(820,250)

Class

R6

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

(318,660)

(68,814)

(1,216,879)

(258,231)

Advisor

Class

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

(6,695,355)

(1,550,886)

(5,398,931)

(1,309,949)

Total

distributions

to

shareholders

.....

(138,664,215)

(30,134,484)

(129,127,626)

(30,309,417)

Capital

share

transactions:

(Note

2)

Class

A

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

(124,796,384)

(238,597,409)

35,217,068

(40,883,835)

Class

C

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

(12,997,548)

(16,762,298)

(7,098,011)

(13,157,285)

Class

R

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

(603,392)

(25,879)

(457,363)

(4,966,805)

Class

R6

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

1,123,066

837,322

2,992,971

2,138,737

Advisor

Class

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

6,312,877

1,754,246

5,908,463

(1,066,416)

Total

capital

share

transactions

.......

(130,961,381)

(252,794,018)

36,563,128

(57,935,604)

Net

increase

(decrease)

in

net

assets

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

137,471,928

47,704,942

140,381,248

98,201,282

Net

assets:

Beginning

of

year

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

2,710,550,737

2,662,845,795

1,363,823,356

1,265,622,074

End

of

year

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

$2,848,022,665

$2,710,550,737

$1,504,204,604

$1,363,823,356

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$34,685,062

$30,833,391

Net

realized

gain

(loss)

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

96,343,136

70,351,258

Net

change

in

unrealized

appreciation

(depreciation)

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

102,183,677

83,006,866

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

233,211,875

184,191,515

Distributions

to

shareholders:

Class

A

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

(128,760,815)

(32,629,335)

Class

C

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

(7,678,708)

(1,675,254)

Class

R

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

(4,322,606)

(1,083,731)

Class

R6

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

(935,554)

(342,147)

Advisor

Class

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

(4,710,100)

(1,188,020)

Total

distributions

to

shareholders

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

(146,407,783)

(36,918,487)

Capital

share

transactions:

(Note

2)

Class

A

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

5,512,598

(91,615,486)

Class

C

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

(12,442,496)

(22,086,342)

Class

R

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

(7,100,950)

(4,997,345)

Class

R6

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

(3,780,911)

234,902

Advisor

Class

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

4,353,715

662,962

Total

capital

share

transactions

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

(13,458,044)

(117,801,309)

Net

increase

(decrease)

in

net

assets

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

73,346,048

29,471,719

Net

assets:

Beginning

of

year

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

1,647,146,434

1,617,674,715

End

of

year

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

$1,720,492,482

$1,647,146,434

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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, five

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. Certain

or

all

Funds

invest

primarily

in

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

by

Franklin

Templeton

(FT

Underlying

Funds).

The

Funds

offer five classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

accounting

policies

of

the

Underlying

Funds

are

outlined

in

their

respective

shareholder

reports.

A

copy

of

the

Underlying

Funds'

shareholder

reports

is

available

on

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

at

sec.gov.

The

Underlying

Funds'

shareholder

reports

are

not

covered

by

this

report.

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### 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

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.

Investments

in

the

Underlying

Funds

are

valued

at

their

closing

NAV

each

trading

day. ETFs

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Funds' pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds' net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

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

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

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

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

p.m.

Eastern

time.

At

December

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

c. #### Derivative

#### Financial

#### Instruments
Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all

Funds

attempt

to

reduce

their

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds

include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

December

31,

2025,

certain

or

all

Funds

had

OTC

derivatives

in

a

net

liability

position

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

as

follows:

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds'

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Certain

or

all

Funds

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

Net

Liability

Position

Aggregate

Value

of

Collateral

Pledged

Franklin

Global

Allocation

Fund

$2,140,666

$2,780,112

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date. Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

See

Note

7 regarding

other

derivative

information.

d. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union,

certain

or

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the

Funds during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Funds,

and

the Funds

previously

passed through

to

its

shareholders

foreign

taxes

incurred

by

the

Funds

to

be

used

as

a

credit

or

deduction

on

a

shareholder's

income

tax

return,

the

Funds will

enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Funds'

shareholders.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

The

Funds

indirectly

bear

their

proportionate

share

of

expenses

from

the

Underlying

Funds

and

ETFs.

Since

the

Underlying

Funds

and

ETFs

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

and

ETFs

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

interest

income in

the

Statements of

Operations.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

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

4,488,960

$64,947,588

2,610,505

$61,688,301

Shares

issued

in

reinvestment

of

distributions

..........

2,902,516

42,447,120

2,772,637

64,157,495

Shares

redeemed

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

(9,966,158)

(144,097,664)

(5,831,375)

(137,617,572)

Net

increase

(decrease)

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

(2,574,682)

$(36,702,956)

(448,233)

$(11,771,776)

Year

ended

December

31,

2024

Shares

sold

a

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

4,392,631

$60,171,639

2,702,482

$62,501,396

Shares

issued

in

reinvestment

of

distributions

..........

1,336,871

18,544,114

2,247,575

51,472,241

Shares

redeemed

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

(11,289,882)

(154,764,766)

(5,005,189)

(115,777,023)

Net

increase

(decrease)

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

(5,560,380)

$(76,049,013)

(55,132)

$(1,803,386)

Class

C

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

331,697

$4,683,062

216,356

$4,915,093

Shares

issued

in

reinvestment

of

distributions

..........

171,634

2,444,500

127,676

2,820,060

Shares

redeemed

a

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

(1,130,192)

(15,902,345)

(532,448)

(12,086,106)

Net

increase

(decrease)

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

(626,861)

$(8,774,783)

(188,416)

$(4,350,953)

Year

ended

December

31,

2024

Shares

sold

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

452,480

$6,080,993

243,389

$5,393,113

Shares

issued

in

reinvestment

of

distributions

..........

74,000

999,491

105,273

2,315,710

Shares

redeemed

a

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

(1,647,439)

(21,986,726)

(521,261)

(11,590,540)

Net

increase

(decrease)

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

(1,120,959)

$(14,906,242)

(172,599)

$(3,881,717)

Class

R

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

517,169

$7,407,799

4,868

$115,287

Shares

issued

in

reinvestment

of

distributions

..........

159,700

2,323,315

6,281

144,450

Shares

redeemed

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

(743,518)

(10,672,314)

(22,009)

(529,604)

Net

increase

(decrease)

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

(66,649)

$(941,200)

(10,860)

$(269,867)

Year

ended

December

31,

2024

Shares

sold

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

519,446

$7,137,798

6,916

$159,339

Shares

issued

in

reinvestment

of

distributions

..........

66,017

910,941

5,491

125,253

Shares

redeemed

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

(873,765)

(11,920,642)

(5,210)

(114,569)

Net

increase

(decrease)

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

(288,302)

$(3,871,903)

7,197

$170,023

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

1,235,757

$18,108,392

51,957

$1,255,068

Shares

issued

in

reinvestment

of

distributions

..........

61,167

901,295

11,271

263,985

Shares

redeemed

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

(437,281)

(6,320,120)

(54,556)

(1,270,124)

Net

increase

(decrease)

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

859,643

$12,689,567

8,672

$248,929

Year

ended

December

31,

2024

Shares

sold

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

172,575

$2,343,659

29,445

$692,133

Shares

issued

in

reinvestment

of

distributions

..........

13,249

183,665

13,992

322,070

Shares

redeemed

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

(94,915)

(1,302,660)

(109,964)

(2,628,856)

Net

increase

(decrease)

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

90,909

$1,224,664

(66,527)

$(1,614,653)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

623,728

$8,960,028

387,888

$9,073,113

Shares

issued

in

reinvestment

of

distributions

..........

117,939

1,725,405

205,345

4,793,891

Shares

redeemed

...............................

(608,252)

(8,820,908)

(533,663)

(12,456,837)

Net

increase

(decrease)

..........................

133,415

$1,864,525

59,570

$1,410,167

Year

ended

December

31,

2024

Shares

sold

...................................

381,402

$5,271,282

533,407

$12,237,907

Shares

issued

in

reinvestment

of

distributions

..........

48,548

673,470

166,182

3,830,162

Shares

redeemed

...............................

(677,571)

(9,348,087)

(561,105)

(13,074,763)

Net

increase

(decrease)

..........................

(247,621)

$(3,403,335)

138,484

$2,993,306

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

...................................

5,615,682

$92,698,951

5,730,620

$120,278,190

Shares

issued

in

reinvestment

of

distributions

..........

7,371,787

123,487,530

5,217,918

110,108,792

Shares

redeemed

...............................

(20,689,233)

(340,982,865)

(9,279,634)

(195,169,914)

Net

increase

(decrease)

..........................

(7,701,764)

$(124,796,384)

1,668,904

$35,217,068

Year

ended

December

31,

2024

Shares

sold

a

...................................

5,129,352

$77,516,994

5,274,570

$103,337,576

Shares

issued

in

reinvestment

of

distributions

..........

1,753,339

26,983,547

1,303,861

26,133,891

Shares

redeemed

...............................

(22,724,662)

(343,097,950)

(8,718,738)

(170,355,302)

Net

increase

(decrease)

..........................

(15,841,971)

$(238,597,409)

(2,140,307)

$(40,883,835)

Class

C

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

503,869

$8,191,591

615,466

$12,261,432

Shares

issued

in

reinvestment

of

distributions

..........

153,342

2,523,027

378,157

7,570,528

Shares

redeemed

a

..............................

(1,469,748)

(23,712,166)

(1,353,246)

(26,929,971)

Net

increase

(decrease)

..........................

(812,537)

$(12,997,548)

(359,623)

$(7,098,011)

Year

ended

December

31,

2024

Shares

sold

...................................

478,418

$7,140,642

753,997

$14,018,250

Shares

issued

in

reinvestment

of

distributions

..........

17,960

271,007

77,986

1,491,106

Shares

redeemed

a

..............................

(1,627,582)

(24,173,947)

(1,544,079)

(28,666,641)

Net

increase

(decrease)

..........................

(1,131,204)

$(16,762,298)

(712,096)

$(13,157,285)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

25,410

$415,037

265,441

$5,491,662

Shares

issued

in

reinvestment

of

distributions

..........

12,638

211,690

177,247

3,662,025

Shares

redeemed

...............................

(74,651)

(1,230,119)

(462,179)

(9,611,050)

Net

increase

(decrease)

..........................

(36,603)

$(603,392)

(19,491)

$(457,363)

Year

ended

December

31,

2024

Shares

sold

...................................

7,605

$115,593

236,712

$4,580,211

Shares

issued

in

reinvestment

of

distributions

..........

2,547

39,261

41,585

818,211

Shares

redeemed

...............................

(12,235)

(180,733)

(542,759)

(10,365,227)

Net

increase

(decrease)

..........................

(2,083)

$(25,879)

(264,462)

$(4,966,805)

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

183,050

$3,166,733

290,984

$6,187,604

Shares

issued

in

reinvestment

of

distributions

..........

17,876

311,694

57,085

1,216,879

Shares

redeemed

...............................

(139,735)

(2,355,361)

(208,974)

(4,411,512)

Net

increase

(decrease)

..........................

61,191

$1,123,066

139,095

$2,992,971

Year

ended

December

31,

2024

Shares

sold

...................................

148,967

$2,325,107

182,613

$3,615,392

Shares

issued

in

reinvestment

of

distributions

..........

4,165

66,427

12,781

258,231

Shares

redeemed

...............................

(100,306)

(1,554,212)

(89,632)

(1,734,886)

Net

increase

(decrease)

..........................

52,826

$837,322

105,762

$2,138,737

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

1,454,326

$24,262,756

578,391

$12,257,734

Shares

issued

in

reinvestment

of

distributions

..........

368,441

6,246,133

227,967

4,858,344

Shares

redeemed

...............................

(1,458,185)

(24,196,012)

(527,538)

(11,207,615)

Net

increase

(decrease)

..........................

364,582

$6,312,877

278,820

$5,908,463

Year

ended

December

31,

2024

Shares

sold

...................................

1,642,517

$24,850,693

468,165

$9,238,644

Shares

issued

in

reinvestment

of

distributions

..........

92,599

1,440,046

57,408

1,159,997

Shares

redeemed

...............................

(1,613,172)

(24,536,493)

(577,237)

(11,465,057)

Net

increase

(decrease)

..........................

121,944

$1,754,246

(51,664)

$(1,066,416)

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

...................................

7,403,406

$120,651,800

Shares

issued

in

reinvestment

of

distributions

..........

7,811,860

127,272,357

Shares

redeemed

...............................

(14,885,033)

(242,411,559)

Net

increase

(decrease)

..........................

330,233

$5,512,598

Year

ended

December

31,

2024

Shares

sold

a

...................................

7,422,491

$114,170,384

Shares

issued

in

reinvestment

of

distributions

..........

2,062,801

32,186,918

Shares

redeemed

...............................

(15,468,865)

(237,972,788)

Net

increase

(decrease)

..........................

(5,983,573)

$(91,615,486)

Class

C

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

809,262

$12,614,674

Shares

issued

in

reinvestment

of

distributions

..........

491,144

7,632,091

Shares

redeemed

a

..............................

(2,109,207)

(32,689,261)

Net

increase

(decrease)

..........................

(808,801)

$(12,442,496)

Year

ended

December

31,

2024

Shares

sold

...................................

907,942

$13,353,030

Shares

issued

in

reinvestment

of

distributions

..........

111,389

1,663,125

Shares

redeemed

a

..............................

(2,527,211)

(37,102,497)

Net

increase

(decrease)

..........................

(1,507,880)

$(22,086,342)

Class

R

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

407,473

$6,589,631

Shares

issued

in

reinvestment

of

distributions

..........

265,782

4,310,413

Shares

redeemed

...............................

(1,098,117)

(18,000,994)

Net

increase

(decrease)

..........................

(424,862)

$(7,100,950)

Year

ended

December

31,

2024

Shares

sold

...................................

637,889

$9,710,308

Shares

issued

in

reinvestment

of

distributions

..........

69,498

1,081,128

Shares

redeemed

...............................

(1,029,642)

(15,788,781)

Net

increase

(decrease)

..........................

(322,255)

$(4,997,345)

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Funds are

also

officers,

directors, and/or trustees

of

certain

of

the

FT

Underlying

Funds

and

of

the

following

subsidiaries:

a. #### Management

#### and

#### Asset

#### Allocation

#### Fees
The

Funds,

except

Franklin

Corefolio

Allocation

Fund

and

Franklin

Global

Allocation

Fund,

pay

an

asset

allocation

fee

to

Advisers

of

0.25%

per

year

of

the

average

daily

net

assets

of

each

of

the

Funds

for

investment

advisory

services,

consisting

principally

of

determining

the

allocation

of

assets

of

the

Funds

among

the

Underlying

Funds

and

ETFs.

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

56,530

$920,213

Shares

issued

in

reinvestment

of

distributions

..........

57,470

935,554

Shares

redeemed

...............................

(346,135)

(5,636,678)

Net

increase

(decrease)

..........................

(232,135)

$(3,780,911)

Year

ended

December

31,

2024

Shares

sold

...................................

152,775

$2,345,233

Shares

issued

in

reinvestment

of

distributions

..........

21,913

342,147

Shares

redeemed

...............................

(158,090)

(2,452,478)

Net

increase

(decrease)

..........................

16,598

$234,902

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

1,015,344

$16,628,378

Shares

issued

in

reinvestment

of

distributions

..........

274,046

4,475,621

Shares

redeemed

...............................

(1,024,196)

(16,750,284)

Net

increase

(decrease)

..........................

265,194

$4,353,715

Year

ended

December

31,

2024

Shares

sold

...................................

873,798

$13,443,124

Shares

issued

in

reinvestment

of

distributions

..........

69,885

1,092,290

Shares

redeemed

...............................

(897,647)

(13,872,452)

Net

increase

(decrease)

..........................

46,036

$662,962

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Corp.

(FTIC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Franklin

Global

Allocation

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

year

ended

December

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.581%

of

the

Fund's

average daily

net

assets.

Under

a

subadvisory

agreement,

FTIC,

an

affiliate

of

Advisers,

provides

subadvisory

services

to

the

Franklin

Global

Allocation

Fund.

The

subadvisory

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Franklin

Corefolio

Allocation

Fund

pays

an

administrative

fee

to

FT

Services

of

0.03%

per

year

of

the

average

daily

net

assets

of

the

Fund

for

administrative

services

including

monitoring

and

rebalancing

the

percentage

of

the

Fund's

investment

in

the

Underlying

Funds.

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

Franklin

Global

Allocation

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds,

except

for

Franklin

Corefolio

Allocation

Fund

and

Franklin

Global

Allocation

Fund

and

is

not

paid

by

the

Funds

for

the

services.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.600%

Up

to

and

including

$1

billion

0.570%

Over

$1

billion,

up

to

and

including

$5

billion

0.550%

In

excess

of

$5

billion

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
Class

A

...............................

0.25%

0.35%

0.35%

0.25%

Class

C

...............................

1.00%

1.00%

1.00%

1.00%

Class

R

...............................

0.50%

0.50%

0.50%

0.50%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### and

#### Asset

#### Allocation

#### Fees
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares,

for

Franklin

Corefolio

Allocation

Fund

and

Franklin

Global

Allocation

Fund,

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

December

31,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

#### Franklin

#### Moderate

#### Allocation

#### Fund
Class

A

...............................

0.25%

Class

C

...............................

1.00%

Class

R

...............................

0.50%

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$28,085

$80,845

$64,247

$122,869

CDSC

retained

...........................

$6,104

$4,060

$17,420

$21,680

#### Franklin

#### Moderate

#### Allocation

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$116,591

CDSC

retained

...........................

$22,782

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
Transfer

agent

fees

........................

$300,107

$399,616

$869,916

$666,092

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
Certain

or

all

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Advisers

(or

an

affiliate

of

Advisers).

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

Underlying

Fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

Underlying

Fund.

The

Funds

do

not

invest

in

FT

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Administrative

fees,

if

any,

paid

by

the

Funds

are

waived

on

assets

invested

in

the

Underlying

Funds,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

administrative

fees,

if

applicable,

paid

directly

or

indirectly

by

the

Underlying

Funds.

Asset

allocation

fees

paid

by

the

Funds,

if

any,

are

waived

on

assets

invested

in

Institutional

Fiduciary

Trust

Money

Market

Portfolio

(Sweep

Money

Fund),

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

asset

allocation

fees

paid

directly

or

indirectly

by

the

Sweep

Money

Fund.

Investments

in

FT

Underlying

Funds

for

the

year

ended

December

31,

2025,

were

as

follows:

#### Franklin

#### Moderate

#### Allocation

#### Fund
Transfer

agent

fees

........................

$629,333

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

$

32,632,925

$

2,612,091

$

(5,291,947)

$

(1,489,193)

$

4,300,986

$

32,764,862

3,673,191

$

1,429,690

ClearBridge

International

Growth

Fund,

Class

IS

............

5,870,363

2,053,923

(2,942,142)

328,918

620,412

5,931,474

80,004

411,748

Franklin

BSP

Lending

Fund,

Class

R6

.....................

—

20,400,000

—

—

64,829

20,464,829

2,026,221

310,343

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

12,979,823

6,385,956

(2,399,241)

25,140

3,955,585

20,947,263

1,590,529

612,312

Franklin

Growth

Fund,

Class

R6

.

61,035,865

8,879,617

(26,789,445)

12,143,513

(10,574,636)

44,694,914

328,615

5,676,722

a

Franklin

High

Yield

Corporate

ETF

37,821,562

1,034,059

(22,920,032)

(428,773)

1,105,907

16,612,723

680,431

1,918,997

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

73,842

99,679,764

(95,672,355)

—

—

4,081,251

4,081,251

401,235

Franklin

International

Aggregate

Bond

ETF

................

14,164,485

3,058,781

(17,333,386)

(1,505,355)

1,615,475

—

—

38,545

Franklin

International

Core

Equity

(IU)

Fund

................

38,812,275

14,338,085

(20,237,541)

2,214,390

4,298,607

39,425,816

2,901,090

5,081,001

a

Franklin

Investment

Grade

Corporate

ETF

............

94,539,513

11,955,802

(12,609,444)

(684,214)

3,318,893

96,520,550

4,458,224

4,484,762

Franklin

Systematic

Style

Premia

ETF

....................

8,839,551

141,389

(1,058,940)

98,699

935,649

8,956,348

332,826

237,372

Franklin

U.S.

Core

Bond

ETF

...

197,813,507

24,159,922

(29,224,904)

(5,001,264)

10,087,278

197,834,539

9,148,418

8,393,084

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

U.S.

Core

Equity

(IU)

Fund

$

137,754,964

$

19,088,517

$

(33,217,868)

$

5,131,914

$

11,124,293

$

139,881,820

7,089,803

$

5,053,806

a

Franklin

U.S.

Equity

Index

ETF

.

13,989,990

16,628,785

(17,286,621)

3,652,676

(1,945,796)

15,039,034

251,573

165,438

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

32,052,741

9,802,471

(13,571,313)

3,875,362

788,227

32,947,488

475,227

372,451

Franklin

U.S.

Treasury

Bond

ETF

99,291,154

12,653,119

(13,927,487)

(1,926,969)

3,912,310

100,002,127

4,873,398

4,108,488

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

16,631,135

(188,993)

(3,833)

(367,279)

16,071,030

194,001

788,337

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

35,392,831

6,564,967

(9,131,073)

(481,061)

4,784,094

37,129,758

945,499

2,029,302

a

Templeton

Developing

Markets

Trust,

Class

R6

............

8,390,538

5,558,676

(3,753,248)

94,085

3,424,771

13,714,822

524,067

399,662

a

Templeton

Foreign

Fund,

Class

R6

8,943,982

2,290,200

(4,150,224)

738,810

1,311,768

9,134,536

987,517

362,358

#### Total

#### Non-Controlled

#### Affiliates
$840,399,911

$283,917,259

$(331,706,204)

$16,782,845

$42,761,373

$852,155,184

$42,275,653

#### Total

#### Affiliated

#### Securities

#### ....
$840,399,911

$283,917,259

$(331,706,204)

$16,782,845

$42,761,373

$852,155,184

$42,275,653

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Non-Controlled

#### Affiliates
Franklin

Growth

Fund,

Class

R6

.

249,254,536

33,435,386

(23,509,331)

1,534,955

1,760,283

262,475,829

1,929,827

33,435,385

a

Franklin

Growth

Opportunities

Fund,

Class

R6

............

262,809,393

35,926,551

(24,034,038)

795,718

(16,171,302)

259,326,322

4,794,349

35,926,551

a

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

1,104

42,420,714

(41,815,797)

—

—

606,021

606,021

22,111

Franklin

Mutual

Shares

Fund,

Class

R6

.....................

240,349,025

17,781,808

(22,426,143)

544,974

8,439,597

244,689,261

9,462,075

17,781,808

a

Templeton

Growth

Fund,

Inc.,

Class

R6

.....................

231,465,919

33,398,021

(22,966,114)

3,975,928

15,445,791

261,319,545

9,188,451

33,398,021

a

#### Total

#### Non-Controlled

#### Affiliates
$983,879,977

$162,962,480

$(134,751,423)

$6,851,575

$9,474,369

$1,028,416,978

$120,563,876

#### Total

#### Affiliated

#### Securities

#### ....
$983,879,977

$162,962,480

$(134,751,423)

$6,851,575

$9,474,369

$1,028,416,978

$120,563,876

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Controlled

#### Affiliates
Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

40,250,539

21,421,103

(5,590,617)

40,655

12,922,200

69,043,880

5,242,512

1,998,660

Franklin

International

Core

Equity

(IU)

Fund

................

120,278,099

43,249,438

(54,071,077)

4,610,395

15,868,030

129,934,885

9,561,066

16,652,176

a

Franklin

U.S.

Core

Equity

(IU)

Fund

329,433,361

32,499,054

(49,723,903)

7,222,929

35,217,959

354,649,400

17,975,134

12,685,808

a

#### Total

#### Controlled

#### Affiliates

#### ....
$489,961,999

$97,169,595

$(109,385,597)

$11,873,979

$64,008,189

$553,628,165

$31,336,644

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

#### Controlled

#### Affiliates
(continued)

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

$

14,291,640

$

3,173,141

$

(5,050,943)

$

(835,271)

$

2,098,513

$

13,677,080

1,533,305

$

629,579

ClearBridge

International

Growth

Fund,

Class

IS

............

18,192,123

6,082,200

(7,706,529)

834,326

2,148,214

19,550,334

263,695

1,355,619

a

Franklin

BSP

Lending

Fund,

Class

R6

.....................

—

35,100,000

—

—

107,380

35,207,380

3,485,879

529,890

Franklin

Growth

Fund,

Class

R6

.

189,184,355

23,636,739

(71,061,239)

30,868,534

(25,418,473)

147,209,916

1,082,346

18,710,270

a

Franklin

High

Yield

Corporate

ETF

16,562,939

2,413,485

(19,282,959)

393,679

(87,144)

—

—

811,072

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

35,400

114,316,386

(104,165,392)

—

—

10,186,394

10,186,394

675,886

Franklin

International

Aggregate

Bond

ETF

................

6,203,125

5,326,677

(11,603,419)

(131,841)

205,458

—

—

18,891

Franklin

Investment

Grade

Corporate

ETF

............

41,402,203

12,595,986

(13,563,697)

(410,955)

1,796,621

41,820,158

1,931,647

2,063,878

Franklin

Systematic

Style

Premia

ETF

....................

14,172,820

1,108,479

(1,939,238)

47,371

1,675,647

15,065,079

559,832

399,272

Franklin

U.S.

Core

Bond

ETF

...

86,630,085

26,449,231

(29,577,564)

(1,665,874)

4,153,512

85,989,390

3,976,388

3,866,396

Franklin

U.S.

Equity

Index

ETF

.

140,725,006

40,283,190

(46,294,287)

3,165,549

16,856,589

154,736,047

2,588,425

1,662,417

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

99,353,811

22,399,221

(29,045,152)

4,299,747

11,530,291

108,537,918

1,565,526

1,213,483

Franklin

U.S.

Treasury

Bond

ETF

43,483,203

13,682,966

(14,500,573)

(562,509)

1,507,925

43,611,012

2,125,293

1,894,646

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

54,606,915

(429,254)

(8,895)

(1,222,961)

52,945,805

639,133

2,598,560

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

109,700,695

18,797,806

(20,378,651)

(959,601)

15,163,177

122,323,426

3,114,933

6,666,389

a

Templeton

Developing

Markets

Trust,

Class

R6

............

26,018,653

21,599,446

(14,308,036)

360,761

11,529,149

45,199,973

1,727,167

1,317,673

Templeton

Foreign

Fund,

Class

R6

27,717,356

7,243,848

(11,468,241)

1,123,963

5,486,867

30,103,793

3,254,464

1,194,961

#### Total

#### Non-Controlled

#### Affiliates
$833,673,414

$408,815,716

$(400,375,174)

$36,518,984

$47,530,765

$926,163,705

$45,608,882

#### Total

#### Affiliated

#### Securities

#### ....
$1,323,635,413

$505,985,311

$(509,760,771)

$48,392,963

$111,538,954

$1,479,791,870

$76,945,526

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Controlled

#### Affiliates
Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

36,748,019

17,765,563

(5,682,042)

63,610

11,459,984

60,355,134

4,582,774

1,769,013

Franklin

International

Core

Equity

(IU)

Fund

................

109,837,445

39,037,497

(53,929,611)

5,937,846

12,705,537

113,588,714

8,358,257

14,651,709

a

Franklin

U.S.

Core

Equity

(IU)

Fund

389,883,942

40,937,286

(75,789,671)

8,759,220

39,101,098

402,891,875

20,420,267

14,543,222

a

#### Total

#### Controlled

#### Affiliates

#### ....
$536,469,406

$97,740,346

$(135,401,324)

$14,760,676

$63,266,619

$576,835,723

$30,963,944

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### 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.

Management

fees

paid

by

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

#### Controlled

#### Affiliates
(continued)

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

$

40,115,920

$

4,070,595

$

(7,661,294)

$

(1,976,886)

$

5,459,302

$

40,007,637

4,485,161

$

1,763,293

ClearBridge

International

Growth

Fund,

Class

IS

............

16,612,800

5,516,106

(7,752,737)

895,734

1,818,962

17,090,865

230,522

1,186,490

a

Franklin

BSP

Lending

Fund,

Class

R6

.....................

—

40,300,000

—

—

126,161

40,426,161

4,002,590

611,132

Franklin

Growth

Fund,

Class

R6

.

172,741,512

21,799,513

(70,726,178)

34,234,179

(29,321,206)

128,727,820

946,458

16,360,734

a

Franklin

High

Yield

Corporate

ETF

46,494,463

1,442,838

(28,509,087)

(296,498)

1,151,534

20,283,250

830,770

2,395,945

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

43,970

152,332,751

(143,972,732)

—

—

8,403,989

8,403,989

777,006

Franklin

International

Aggregate

Bond

ETF

................

17,413,179

5,394,236

(22,954,836)

(1,746,515)

1,893,936

—

—

48,986

Franklin

Investment

Grade

Corporate

ETF

............

116,218,058

17,104,816

(18,844,128)

(836,997)

4,211,606

117,853,355

5,443,573

5,587,152

Franklin

Systematic

Style

Premia

ETF

....................

17,060,933

700,287

(2,291,932)

146,688

1,880,852

17,496,828

650,198

463,721

Franklin

U.S.

Core

Bond

ETF

...

243,173,310

35,778,896

(43,814,351)

(7,475,328)

13,894,475

241,557,002

11,170,266

10,457,836

Franklin

U.S.

Equity

Index

ETF

.

39,598,162

37,964,584

(39,513,045)

7,230,957

(1,964,070)

43,316,588

724,600

477,581

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

90,722,941

20,506,335

(30,215,708)

5,286,175

8,602,073

94,901,816

1,368,842

1,075,578

Franklin

U.S.

Treasury

Bond

ETF

122,059,932

18,397,717

(20,855,165)

(2,104,303)

4,603,452

122,101,633

5,950,372

5,119,399

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

47,893,200

(540,910)

(14,492)

(1,049,972)

46,287,826

558,762

2,272,092

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

100,168,991

16,282,890

(22,049,007)

(1,066,179)

13,613,205

106,949,900

2,723,450

5,851,697

a

Templeton

Developing

Markets

Trust,

Class

R6

............

23,754,799

15,110,683

(9,629,233)

316,396

9,959,933

39,512,578

1,509,842

1,152,085

Templeton

Foreign

Fund,

Class

R6

25,310,968

6,049,947

(10,966,682)

1,671,418

4,250,898

26,316,549

2,845,032

1,044,659

#### Total

#### Non-Controlled

#### Affiliates
$1,071,489,938

$446,645,394

$(480,297,025)

$34,264,349

$39,131,141

$1,111,233,797

$56,645,386

#### Total

#### Affiliated

#### Securities

#### ....
$1,607,959,344

$544,385,740

$(615,698,349)

$49,025,025

$102,397,760

$1,688,069,520

$87,609,330

a

Dividend

income

includes

capital

gain

distributions

received,

if

any,

from

underlying

funds,

and

are

presented

in

corresponding

line

item

in

the

Statement

of

Operations.

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

December

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Franklin

Conservative

Allocation

Fund,

Franklin

Moderate

Allocation

Fund

and

Franklin

Growth

Allocation

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Funds

do

not

exceed

0.45%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Franklin

Global

Allocation

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.70%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Global

#### Allocation

#### Fund

#### Controlled

#### Affiliates
Dividends

Franklin

BSP

Lending

Fund,

Class

R6

...............

$

—

$

66,700,000

$

—

$

—

$

208,268

$

66,908,268

6,624,581

$

1,010,428

#### Non-Controlled

#### Affiliates
Dividends

Franklin

BSP

Private

Credit

Fund,

Class

Advisor

........

$

32,922,201

$

—

$

(8,686,335)

$

81,206

$

(2,459,735)

$

21,857,337

2,251,013

$

3,224,217

\*

Franklin

FTSE

India

ETF

.....

6,255,395

—

—

—

113,885

6,369,280

165,050

35,643

Franklin

High

Yield

Corporate

ETF

...................

4,893,350

—

—

—

111,725

5,005,075

205,000

327,014

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

............

25,651,499

581,297,200

(534,572,166)

—

—

72,376,533

72,376,533

3,651,839

Franklin

Systematic

Style

Premia

ETF

...................

53,199,750

—

—

—

6,675,000

59,874,750

2,225,000

1,586,870

#### Total

#### Non-Controlled

#### Affiliates
$122,922,195

$

581,297,200

$

(543,258,501)

$

81,206

$

4,440,875

$165,482,975

$

8,825,583

#### Total

#### Affiliated

#### Securities

#### ...
$122,922,195

647,997,200

(543,258,501)

81,206

$4,649,143

$232,391,243

9,836,011

\*Dividend

income

includes

capital

gain

distributions

received,

if

any,

from

underlying

funds,

and

are

presented

in

corresponding

line

item

in

the

Statement

of

Operations.

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

April

30,

2026. 4. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

December

31,

2025

and

2024,

was

as

follows:

At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

as

follows:

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$31,117,324

$21,816,881

$6,067,446

$12,836,918

Long

term

capital

gain

....................

19,737,881

—

67,608,617

46,561,125

$50,855,205

$21,816,881

$73,676,063

$59,398,043

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$72,264,321

$30,134,484

$33,553,253

$30,309,417

Long

term

capital

gain

....................

66,399,894

—

95,574,373

—

$138,664,215

$30,134,484

$129,127,626

$30,309,417

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$57,839,519

$36,918,487

Long

term

capital

gain

......................................................

88,568,264

—

$146,407,783

$36,918,487

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$769,809,483

$667,579,949

$2,340,902,411

$1,050,653,191

Unrealized

appreciation

.....................

$145,173,859

$368,235,745

$565,002,385

$466,867,842

Unrealized

depreciation

.....................

(43,537,660)

(7,398,716)

(71,337,492)

(12,951,777)

Net

unrealized

appreciation

(depreciation)

.......

$101,636,199

$360,837,029

$493,664,893

$453,916,065

Distributable

earnings:

Undistributed

ordinary

income

................

$126,155

$643,582

$35,101,080

$1,169,616

Undistributed

long

term

capital

gains

...........

13,202,578

108,824,830

27,319,871

47,181,352

Total

distributable

earnings

..................

$13,328,733

$109,468,412

$62,420,951

$48,350,968

3. #### Transactions

#### with

#### Affiliates
(continued)

h. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

wash

sales,

passive

foreign

investment

company

shares,

tax

straddles

and

regulated

investment

companies.

Franklin

Conservative

Allocation

Fund,

Franklin

Corefolio

Allocation

Fund,

Franklin

Growth

Allocation

Fund

and

Franklin

Moderate

Allocation

Fund,

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

December

31,

2025,

were

as

follows:

6. #### Concentration

#### of

#### Risk
Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

Franklin

Global

Allocation

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

#### Franklin

#### Moderate

#### Allocation

#### Fund
a

a

Cost

of

investments

..........................................................................

$1,345,963,233

Unrealized

appreciation

........................................................................

$420,490,910

Unrealized

depreciation

........................................................................

(45,189,672)

Net

unrealized

appreciation

(depreciation)

..........................................................

$375,301,238

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$1,335,079

Undistributed

long

term

capital

gains

..............................................................

41,432,733

Total

distributable

earnings

.....................................................................

$42,767,812

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
Purchases

..............................

$201,607,910

$120,541,765

$873,236,027

$406,787,725

Sales

..................................

$245,097,411

$92,935,625

$1,067,588,096

$431,283,771

#### Franklin

#### Moderate

#### Allocation

#### Fund
Purchases

.................................................................................

$417,534,790

Sales

.....................................................................................

$495,978,813

4. #### Income

#### Taxes
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the Fund's

returns

and

net

asset

value.

7. #### Other

#### Derivative

#### Information
At

December

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

For

the

year

ended

December

31,

2025,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

year

ended

December

31,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

the

average

month

end

contract

value

for forward

exchange

contracts

were

as

follows:

See

Note

1(c) regarding

derivative

financial

instruments.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Franklin

#### Global

#### Allocation

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

2,140,666

Total

....................

$—

$2,140,666

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Franklin

#### Global

#### Allocation

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(15,957,342)

Forward

exchange

contracts

$(13,193,346)

Equity

contracts

..............

Futures

contracts

$14,103

Futures

contracts

—

Total

.......................

$(15,943,239)

$(13,193,346)

#### Franklin

#### Global

#### Allocation

#### Fund
Futures

contracts

............................................................................

$5,006,712

Forward

exchange

contracts

....................................................................

$379,145,892

6. #### Concentration

#### of

#### Risk
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

8. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matured

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Effective

January

30,

2026,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

29,

2027,

for

a

total

of

$2.995

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

year ended

December

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

9. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

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

December

31,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

:

Capital

Markets

........................

$

846,899,602

$

20,464,829

$

—

$

867,364,431

Short

Term

Investments

...................

4,081,251

—

—

4,081,251

Total

Investments

in

Securities

...........

$850,980,853

$20,464,829

$—

$871,445,682

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

1,027,810,957

—

—

1,027,810,957

Short

Term

Investments

...................

606,021

—

—

606,021

Total

Investments

in

Securities

...........

$1,028,416,978

$—

$—

$1,028,416,978

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Global

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

6,373,449

$

19,244,030

$

—

$

25,617,479

Air

Freight

&

Logistics

...................

6,491,472

—

—

6,491,472

Automobiles

..........................

26,761,341

38,034,263

—

64,795,604

Banks

...............................

42,266,661

65,966,800

—

108,233,461

Beverages

...........................

5,647,225

3,031,453

—

8,678,678

Biotechnology

.........................

53,424,865

—

—

53,424,865

Broadline

Retail

.......................

38,994,732

—

—

38,994,732

Capital

Markets

........................

21,082,346

25,380,203

—

46,462,549

Chemicals

...........................

3,029,019

3,445,265

—

6,474,284

Commercial

Services

&

Supplies

...........

6,674,980

—

—

6,674,980

Communications

Equipment

..............

30,586,027

—

—

30,586,027

Consumer

Staples

Distribution

&

Retail

......

39,230,497

10,545,304

—

49,775,801

Diversified

Telecommunication

Services

.....

2,974,366

7,741,179

—

10,715,545

Electric

Utilities

........................

9,047,698

3,656,176

—

12,703,874

Electrical

Equipment

....................

—

12,714,542

—

12,714,542

Electronic

Equipment,

Instruments

&

Components

........................

3,502,575

—

—

3,502,575

Entertainment

.........................

3,072,536

19,509,858

—

22,582,394

Financial

Services

......................

56,987,026

—

—

56,987,026

Food

Products

........................

279,555

—

—

279,555

Ground

Transportation

..................

10,923,840

—

—

10,923,840

Health

Care

Equipment

&

Supplies

.........

43,355,123

3,503,568

—

46,858,691

Health

Care

Providers

&

Services

..........

3,493,980

—

—

3,493,980

Hotel

&

Resort

REITs

...................

3,554,652

—

—

3,554,652

Hotels,

Restaurants

&

Leisure

.............

52,393,545

3,853,300

—

56,246,845

Household

Durables

....................

3,450,867

5,363,910

—

8,814,777

Household

Products

....................

6,211,209

—

—

6,211,209

Insurance

............................

3,122,192

26,826,944

—

29,949,136

Interactive

Media

&

Services

..............

103,723,410

3,831,482

—

107,554,892

IT

Services

...........................

26,170,249

3,644,235

—

29,814,484

Life

Sciences

Tools

&

Services

............

8,312,161

—

—

8,312,161

Machinery

............................

15,138,055

14,730,706

—

29,868,761

Marine

Transportation

...................

—

17,855,861

—

17,855,861

Metals

&

Mining

.......................

7,029,740

43,243,161

—

50,272,901

Oil,

Gas

&

Consumable

Fuels

.............

30,537,469

21,325,804

—

51,863,273

Personal

Care

Products

.................

2,963,757

5,114,595

—

8,078,352

Pharmaceuticals

.......................

68,150,461

28,275,718

—

96,426,179

Professional

Services

...................

—

17,503,678

—

17,503,678

Residential

REITs

......................

19,602,686

—

—

19,602,686

Retail

REITs

..........................

7,815,159

—

—

7,815,159

Semiconductors

&

Semiconductor

Equipment

.

192,089,906

39,426,067

—

231,515,973

Software

.............................

138,174,457

2,874,033

—

141,048,490

Specialized

REITs

......................

6,674,825

—

—

6,674,825

Specialty

Retail

........................

14,781,137

4,461,851

—

19,242,988

Technology

Hardware,

Storage

&

Peripherals

.

90,065,404

15,366,707

—

105,432,111

Textiles,

Apparel

&

Luxury

Goods

..........

23,734,511

2,368,200

—

26,102,711

Tobacco

.............................

31,534,485

—

—

31,534,485

Trading

Companies

&

Distributors

..........

18,015,922

—

—

18,015,922

Wireless

Telecommunication

Services

.......

—

14,440,799

—

14,440,799

Management

Investment

Companies

:

Capital

Markets

........................

113,072,557

66,908,268

—

179,980,825

9. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

10. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Preferred

Stocks

.........................

$

—

$

21,480,227

$

—

$

21,480,227

Corporate

Bonds

........................

—

187,675,106

—

187,675,106

Foreign

Government

and

Agency

Securities

....

—

413,823,506

—

413,823,506

U.S.

Government

and

Agency

Securities

.......

—

108,201,157

—

108,201,157

Mortgage-Backed

Securities

................

—

82,445,352

—

82,445,352

Short

Term

Investments

...................

72,376,533

—

—

72,376,533

Total

Investments

in

Securities

...........

$1,472,894,662

$1,363,813,308

b

$—

$2,836,707,970

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

—

2,140,666

—

2,140,666

Total

Other

Financial

Instruments

.........

$—

$2,140,666

$—

$2,140,666

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

:

Capital

Markets

........................

1,459,175,482

35,207,380

—

1,494,382,862

Short

Term

Investments

...................

10,186,394

—

—

10,186,394

Total

Investments

in

Securities

...........

$1,469,361,876

$35,207,380

$—

$1,504,569,256

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

:

Capital

Markets

........................

1,672,434,321

40,426,161

—

1,712,860,482

Short

Term

Investments

...................

8,403,989

—

—

8,403,989

Total

Investments

in

Securities

...........

$1,680,838,310

$40,426,161

$—

$1,721,264,471

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$504,759,920,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

9. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

11. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Abbreviations

#### Counterparty

#### BZWS
Barclays

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### Cu

#### r

#### rency

#### AUD
Australian

Dollar

#### BRL
Brazilian

Real

#### CAD
Canadian

Dollar

#### CNY
Chinese

Yuan

#### EUR
Euro

#### GBP
British

Pound

#### JPY
Japanese

Yen

#### NZD
New

Zealand

Dollar

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### ETF
Exchange-Traded

Fund

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

Franklin

Fund

Allocator

Series

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Fund

Allocator

Series

and

Shareholders

of

Franklin

Conservative

Allocation

Fund,

Franklin

Corefolio

Allocation

Fund,

Franklin

Global

Allocation

Fund,

Franklin

Growth

Allocation

Fund

and

Franklin

Moderate

Allocation

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Franklin

Conservative

Allocation

Fund,

Franklin

Corefolio

Allocation

Fund,

Franklin

Global

Allocation

Fund,

Franklin

Growth

Allocation

Fund

and

Franklin

Moderate

Allocation

Fund

(five

of

the

funds

constituting

Franklin

Fund

Allocator

Series,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agents

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

February

19,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Fund

Allocator

Series

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

below hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

December

31,

2025:

Note

(1) -

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obiligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

Under

Section

853

of

the

Internal

Revenue

Code,

the

Funds

below intend

to

elect

to

pass

through

to

their

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Funds

during

the

fiscal

year

ended

December

31,

2025

:

#### Pursuant

#### to:

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$21,958,760

$68,275,660

$66,399,894

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$2,326,463

$5,094,631

$13,317,843

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$4,205,298

$6,840,652

$31,297,377

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$3,636,884

$1,376,491

$48,476,323

Section

163(j)

Interest

Dividends

Earned

§163(j)

$354,810

$13,385

$29,732,918

Interest

Earned

from

Federal

Obligations

Note

(1) —

—

$5,904,153

#### Pursuant

#### to:

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$98,485,378

$92,565,158

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$7,719,681

$6,666,836

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$13,883,012

$12,094,107

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$8,503,347

$15,620,755

Section

163(j)

Interest

Dividends

Earned

§163(j)

$550,949

$679,443

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund
Foreign

Taxes

Paid

$302,088

—

$2,227,813

$993,743

$869,505

Foreign

Source

Income

Earned

$1,999,002

—

$16,424,486

$6,404,555

$5,715,965

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

FAS-AFSOI

02/26©

2026

Franklin

Templeton.

All

rights

reserved.

#### Franklin

#### Fund

#### Allocator

#### Series

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

December

31,

2025

#### Franklin

#### LifeSmart

#### TM

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2030

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2050

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2060

#### Retirement

#### Target

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 63
Notes

to

Financial

Statements

#### 77
Report

of

Independent

Registered

Public

Accounting

Firm

#### 106
Tax

Information

#### 108
Changes

In

and

Disagreements

with

Accountants

#### 110
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.45

$10.15

$9.59

$11.50

$11.62

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.50 0.52 0.52 0.53 0.36 Net

realized

and

unrealized

gains

(losses)

...........

0.51 0.31 0.57 (1.88)

0.25 Total

from

investment

operations

....................

1.01 0.83 1.09 (1.35)

0.61 Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.53)

(0.53)

(0.47)

(0.43)

Net

realized

gains

.............................

—

—

—

(0.09)

(0.30)

Total

distributions

...............................

(0.53)

(0.53)

(0.53)

(0.56)

(0.73)

Net

asset

value,

end

of

year

.......................

$10.93

$10.45

$10.15

$9.59

$11.50

Total

return

d

...................................

9.91%

8.32%

11.61%

(11.83)%

5.41%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.99%

0.99%

0.94%

0.98%

0.95%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.30%

0.30%

0.30%

f

0.30%

f

0.30%

f

Net

investment

income

c

...........................

4.71%

4.97%

5.32%

5.20%

3.05%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$37,981

$37,045

$38,172

$36,999

$46,058

Portfolio

turnover

rate

............................

32.82%

38.32%

26.44%

35.25%

121.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.32

$10.03

$9.48

$11.36

$11.48

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.41 0.43 0.44 0.44 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.51 0.31 0.56 (1.86)

0.27 Total

from

investment

operations

....................

0.92 0.74 1.00 (1.42)

0.52 Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.45)

(0.45)

(0.37)

(0.34)

Net

realized

gains

.............................

—

—

—

(0.09)

(0.30)

Total

distributions

...............................

(0.45)

(0.45)

(0.45)

(0.46)

(0.64)

Net

asset

value,

end

of

year

.......................

$10.79

$10.32

$10.03

$9.48

$11.36

Total

return

d

...................................

9.08%

7.48%

10.88%

(12.53)%

4.56%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.74%

1.74%

1.69%

1.73%

1.70%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.05%

1.05%

1.05%

f

1.05%

f

1.05%

f

Net

investment

income

c

...........................

3.94%

4.21%

4.52%

4.29%

2.20%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$2,830

$2,928

$3,415

$4,145

$6,803

Portfolio

turnover

rate

............................

32.82%

38.32%

26.44%

35.25%

121.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.42

$10.12

$9.56

$11.47

$11.59

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.48 0.49 0.50 0.50 0.33 Net

realized

and

unrealized

gains

(losses)

...........

0.50 0.32 0.56 (1.88)

0.26 Total

from

investment

operations

....................

0.98 0.81 1.06 (1.38)

0.59 Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.51)

(0.50)

(0.44)

(0.41)

Net

realized

gains

.............................

—

—

—

(0.09)

(0.30)

Total

distributions

...............................

(0.51)

(0.51)

(0.50)

(0.53)

(0.71)

Net

asset

value,

end

of

year

.......................

$10.89

$10.42

$10.12

$9.56

$11.47

Total

return

....................................

9.66%

7.97%

11.36%

(12.03)%

5.15%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.24%

1.25%

1.19%

1.23%

1.19%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.55%

0.55%

0.55%

e

0.55%

e

0.54%

e

Net

investment

income

c

...........................

4.47%

4.69%

5.06%

4.96%

2.80%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,205

$1,444

$1,643

$1,748

$2,197

Portfolio

turnover

rate

............................

32.82%

38.32%

26.44%

35.25%

121.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.51

$10.21

$9.64

$11.55

$11.67

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.54 0.55 0.56 0.55 0.34 Net

realized

and

unrealized

gains

(losses)

...........

0.51 0.32 0.57 (1.87)

0.31 Total

from

investment

operations

....................

1.05 0.87 1.13 (1.32)

0.65 Less

distributions

from:

Net

investment

income

..........................

(0.57)

(0.57)

(0.56)

(0.50)

(0.47)

Net

realized

gains

.............................

—

—

—

(0.09)

(0.30)

Total

distributions

...............................

(0.57)

(0.57)

(0.56)

(0.59)

(0.77)

Net

asset

value,

end

of

year

.......................

$10.99

$10.51

$10.21

$9.64

$11.55

Total

return

....................................

10.20%

8.73%

12.00%

(11.56)%

5.63%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.80%

0.82%

0.63%

0.64%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

—%

—%

—%

e

—%

e

—%

e

Net

investment

income

c

...........................

5.06%

5.27%

5.65%

5.43%

2.88%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$120

$103

$104

$67

$56

Portfolio

turnover

rate

............................

32.82%

38.32%

26.44%

35.25%

121.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.50

$10.19

$9.63

$11.55

$11.66

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.52 0.54 0.56 0.56 0.39 Net

realized

and

unrealized

gains

(losses)

...........

0.52 0.33 0.55 (1.89)

0.26 Total

from

investment

operations

....................

1.04 0.87 1.11 (1.33)

0.65 Less

distributions

from:

Net

investment

income

..........................

(0.56)

(0.56)

(0.55)

(0.50)

(0.46)

Net

realized

gains

.............................

—

—

—

(0.09)

(0.30)

Total

distributions

...............................

(0.56)

(0.56)

(0.55)

(0.59)

(0.76)

Net

asset

value,

end

of

year

.......................

$10.98

$10.50

$10.19

$9.63

$11.55

Total

return

....................................

10.25%

8.57%

11.96%

(11.62)%

5.58%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.74%

0.74%

0.67%

0.73%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.05%

0.05%

0.05%

e

0.05%

e

0.05%

e

Net

investment

income

c

...........................

4.89%

5.20%

5.67%

5.45%

3.34%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$2,480

$3,331

$3,638

$2,414

$2,837

Portfolio

turnover

rate

............................

32.82%

38.32%

26.44%

35.25%

121.26%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 92.2%

#### Domestic

#### Equity

#### 24.5%
a

ClearBridge

Tactical

Dividend

Income

Fund

,

Class

IS

........................

134,029

$

3,349,386

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

121,266

2,392,582

JPMorgan

Equity

Premium

Income

ETF

..................................

58,400

3,342,816

JPMorgan

Nasdaq

Equity

Premium

Income

ETF

............................

31,400

1,824,968

10,909,752

#### Domestic

#### Fixed

#### Income

#### 36.0%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

160,254

3,469,499

a

Franklin

U.S.

Core

Bond

ETF

..........................................

401,844

8,689,876

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

189,375

3,885,975

16,045,350

#### Foreign

#### Equity

#### 10.2%
a

Franklin

International

Core

Dividend

Tilt

Index

ETF

..........................

84,775

3,296,900

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

48,132

1,259,607

4,556,507

#### Foreign

#### Fixed

#### Income

#### 21.5%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

196,270

1,750,729

a

BrandywineGLOBAL

High

Yield

Fund

,

Class

IS

.............................

437,554

4,441,171

a

Franklin

High

Yield

Corporate

ETF

......................................

141,355

3,451,182

9,643,082

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 39,497,871

####)
................................................................

#### 41,154,691

#### Units
a

#### a
a

b

#### Index-Linked

#### Notes

#### 5.7%

#### Capital

#### Markets

#### 5.7%
c,d

UBS

AG

into

S&P

500

Index

,

Senior

Note

,

6.22 %

,

5/07/27

.....................

1,999

2,538,077

#### Total

#### Index-Linked

#### Notes

#### (Cost

#### $

#### 2,099,709

####)
.....................................

#### 2,538,077

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 41,597,580

####)
................................

#### 43,692,768

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 2.1%

#### Shares
a

#### Money

#### Market

#### Funds

#### 2.1%
a,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

952,400

952,400

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 952,400

####)
.....................................

#### 952,400

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 952,400

####)
..................................

#### 952,400

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 42,549,980

####)
100.0 #### %
...................................

#### $44,645,168

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

#### (29,543)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $44,615,625
See

Abbreviations

on

.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

See

Note

1(b)

regarding

index-linked

notes.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

Security

pays

variable

interest

based

on

the

distributions

of

the

strategy

index

and

proceeds

earned

from

related

equity

derivatives.

The

coupon

rate

shown

represents

the

combined

rate

at

period

end.

Cash

payment

at

maturity

or

upon

early

redemption

is

based

on

the

performance

of

the

strategy

index.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.16

$11.59

$10.58

$13.00

$12.99

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.35 0.31 0.27 0.25 0.22 Net

realized

and

unrealized

gains

(losses)

...........

1.24 0.61 1.03 (2.27)

1.02 Total

from

investment

operations

....................

1.59 0.92 1.30 (2.02)

1.24 Less

distributions

from:

Net

investment

income

..........................

(0.48)

(0.35)

(0.29)

(0.16)

(0.34)

Net

realized

gains

.............................

(0.27)

—

—

(0.24)

(0.89)

Total

distributions

...............................

(0.75)

(0.35)

(0.29)

(0.40)

(1.23)

Net

asset

value,

end

of

year

.......................

$13.00

$12.16

$11.59

$10.58

$13.00

Total

return

d

...................................

13.25%

8.00%

12.47%

(15.58)%

9.62%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.19%

1.20%

0.99%

0.98%

0.98%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.48%

0.49%

0.48%

0.47%

f

0.46%

Net

investment

income

c

...........................

2.79%

2.55%

2.42%

2.19%

1.63%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$22,783

$22,170

$26,265

$27,491

$36,698

Portfolio

turnover

rate

............................

20.07%

38.80%

17.72%

35.46%

79.95%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.06

$11.49

$10.50

$12.91

$12.91

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.25 0.21 0.13 0.15 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.23 0.62 1.07 (2.24)

1.02 Total

from

investment

operations

....................

1.48 0.83 1.20 (2.09)

1.13 Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.26)

(0.21)

(0.08)

(0.24)

Net

realized

gains

.............................

(0.27)

—

—

(0.24)

(0.89)

Total

distributions

...............................

(0.64)

(0.26)

(0.21)

(0.32)

(1.13)

Net

asset

value,

end

of

year

.......................

$12.90

$12.06

$11.49

$10.50

$12.91

Total

return

d

...................................

12.48%

7.22%

11.52%

(16.23)%

8.85%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.94%

1.94%

1.74%

1.73%

1.72%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.23%

1.24%

1.23%

1.22%

f

1.21%

Net

investment

income

c

...........................

1.98%

1.76%

1.20%

1.36%

0.79%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,931

$2,357

$3,412

$3,796

$6,235

Portfolio

turnover

rate

............................

20.07%

38.80%

17.72%

35.46%

79.95%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.16

$11.59

$10.57

$13.00

$12.98

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.31 0.28 0.19 0.23 0.17 Net

realized

and

unrealized

gains

(losses)

...........

1.25 0.61 1.08 (2.29)

1.03 Total

from

investment

operations

....................

1.56 0.89 1.27 (2.06)

1.20 Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.32)

(0.25)

(0.13)

(0.29)

Net

realized

gains

.............................

(0.27)

—

—

(0.24)

(0.89)

Total

distributions

...............................

(0.71)

(0.32)

(0.25)

(0.37)

(1.18)

Net

asset

value,

end

of

year

.......................

$13.01

$12.16

$11.59

$10.57

$13.00

Total

return

....................................

13.07%

7.74%

12.16%

(15.86)%

9.37%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.43%

1.45%

1.24%

1.23%

1.22%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.73%

0.74%

0.73%

0.72%

e

0.71%

Net

investment

income

c

...........................

2.48%

2.32%

1.72%

2.01%

1.23%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$298

$360

$392

$650

$758

Portfolio

turnover

rate

............................

20.07%

38.80%

17.72%

35.46%

79.95%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.50

$11.91

$10.86

$13.04

$13.03

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.34 0.33 0.16 0.29 0.19 Net

realized

and

unrealized

gains

(losses)

...........

1.33 0.65 1.21 (2.29)

1.09 Total

from

investment

operations

....................

1.67 0.98 1.37 (2.00)

1.28 Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.39)

(0.32)

(0.19)

(0.38)

Net

realized

gains

.............................

(0.27)

—

—

(0.24)

(0.89)

Total

distributions

...............................

(0.78)

(0.39)

(0.32)

(0.43)

(1.27)

Capital

contributions

.............................

—

—

—

0.25 —

Net

asset

value,

end

of

year

.......................

$13.39

$12.50

$11.91

$10.86

$13.04

Total

return

....................................

13.60%

8.37%

12.75%

(13.38)%

d

9.93%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

4.50%

1.53%

1.24%

1.31%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.18%

0.19%

0.18%

0.16%

f

0.16%

Net

investment

income

c

...........................

2.50%

2.67%

1.38%

2.54%

1.40%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$5

$9

$18

$4

$5

Portfolio

turnover

rate

............................

20.07%

38.80%

17.72%

35.46%

79.95%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(15.38)%.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.20

$11.63

$10.62

$13.05

$13.03

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.40 0.33 0.30 0.28 0.26 Net

realized

and

unrealized

gains

(losses)

...........

1.24 0.62 1.03 (2.28)

1.02 Total

from

investment

operations

....................

1.64 0.95 1.33 (2.00)

1.28 Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.38)

(0.32)

(0.19)

(0.37)

Net

realized

gains

.............................

(0.27)

—

—

(0.24)

(0.89)

Total

distributions

...............................

(0.78)

(0.38)

(0.32)

(0.43)

(1.26)

Net

asset

value,

end

of

year

.......................

$13.06

$12.20

$11.63

$10.62

$13.05

Total

return

....................................

13.65%

8.25%

12.70%

(15.37)%

9.95%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.94%

0.95%

0.74%

0.73%

0.73%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.23%

0.24%

0.23%

0.22%

e

0.21%

Net

investment

income

c

...........................

3.11%

2.76%

2.73%

2.44%

1.88%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$710

$535

$729

$620

$826

Portfolio

turnover

rate

............................

20.07%

38.80%

17.72%

35.46%

79.95%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.1%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

9,735

$

261,969

#### Domestic

#### Equity

#### 29.9%
a

Franklin

Growth

Fund

,

Class

R6

........................................

8,841

1,202,443

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

190,804

3,764,567

a

Franklin

U.S.

Equity

Index

ETF

.........................................

6,750

403,515

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

12,778

885,899

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

5,221

432,497

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

25,472

1,000,278

7,689,199

#### Domestic

#### Fixed

#### Income

#### 43.9%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

127,453

2,759,357

a

Franklin

U.S.

Core

Bond

ETF

..........................................

261,863

5,662,787

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

139,873

2,870,194

11,292,338

#### Foreign

#### Equity

#### 15.0%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

3,316

245,880

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

61,791

813,782

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

120,260

1,634,337

iShares

Core

MSCI

EAFE

ETF

.........................................

2,679

239,663

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

20,357

532,747

a

Templeton

Foreign

Fund

,

Class

R6

......................................

40,934

378,636

3,845,045

#### Foreign

#### Fixed

#### Income

#### 9.3%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

109,941

980,673

a

Franklin

High

Yield

Corporate

ETF

......................................

41,488

1,012,930

Vanguard

Total

International

Bond

ETF

...................................

8,325

402,264

2,395,867

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 21,656,037

####)
................................................................

#### 25,484,418
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.1%
a

#### Money

#### Market

#### Funds

#### 1.1%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

290,235

290,235

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 290,235

####)
.....................................

#### 290,235

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 290,235

####)
..................................

#### 290,235

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 21,946,272

####)
100.2 #### %
...................................

#### $25,774,653

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2 ####)

#### %
...........................................

#### (46,951)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $25,727,702
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.92

$12.21

$11.04

$13.67

$13.80

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.35 0.30 0.27 0.23 0.23 Net

realized

and

unrealized

gains

(losses)

...........

1.53 0.85 1.23 (2.43)

1.31 Total

from

investment

operations

....................

1.88 1.15 1.50 (2.20)

1.54 Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.38)

(0.32)

(0.14)

(0.37)

Net

realized

gains

.............................

(0.77)

(0.06)

(0.01)

(0.29)

(1.30)

Total

distributions

...............................

(1.16)

(0.44)

(0.33)

(0.43)

(1.67)

Net

asset

value,

end

of

year

.......................

$13.64

$12.92

$12.21

$11.04

$13.67

Total

return

d

...................................

14.82%

9.41%

13.70%

(16.06)%

11.21%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.75%

0.78%

0.75%

0.76%

0.76%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.49%

0.50%

0.49%

0.48%

f

0.47%

Net

investment

income

c

...........................

2.55%

2.31%

2.32%

1.97%

1.57%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$95,874

$92,992

$96,649

$97,043

$118,521

Portfolio

turnover

rate

............................

20.97%

37.51%

20.95%

33.70%

69.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.63

$11.94

$10.81

$13.40

$13.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.23 0.20 0.18 0.13 0.10 Net

realized

and

unrealized

gains

(losses)

...........

1.49 0.83 1.19 (2.36)

1.30 Total

from

investment

operations

....................

1.72 1.03 1.37 (2.23)

1.40 Less

distributions

from:

Net

investment

income

..........................

(0.28)

(0.28)

(0.23)

(0.07)

(0.26)

Net

realized

gains

.............................

(0.77)

(0.06)

(0.01)

(0.29)

(1.30)

Total

distributions

...............................

(1.05)

(0.34)

(0.24)

(0.36)

(1.56)

Net

asset

value,

end

of

year

.......................

$13.30

$12.63

$11.94

$10.81

$13.40

Total

return

d

...................................

13.93%

8.64%

12.79%

(16.66)%

10.40%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.50%

1.53%

1.50%

1.51%

1.50%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.24%

1.25%

1.24%

1.23%

f

1.21%

Net

investment

income

c

...........................

1.77%

1.56%

1.56%

1.16%

0.70%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$10,287

$11,299

$11,928

$12,140

$17,778

Portfolio

turnover

rate

............................

20.97%

37.51%

20.95%

33.70%

69.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.87

$12.16

$11.00

$13.61

$13.75

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.31 0.27 0.24 0.19 0.18 Net

realized

and

unrealized

gains

(losses)

...........

1.51 0.85 1.22 (2.40)

1.31 Total

from

investment

operations

....................

1.82 1.12 1.46 (2.21)

1.49 Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.35)

(0.29)

(0.11)

(0.33)

Net

realized

gains

.............................

(0.77)

(0.06)

(0.01)

(0.29)

(1.30)

Total

distributions

...............................

(1.12)

(0.41)

(0.30)

(0.40)

(1.63)

Net

asset

value,

end

of

year

.......................

$13.57

$12.87

$12.16

$11.00

$13.61

Total

return

....................................

14.43%

9.19%

13.37%

(16.21)%

10.89%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.00%

1.03%

1.00%

1.01%

1.01%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.74%

0.75%

0.74%

0.73%

e

0.72%

Net

investment

income

c

...........................

2.28%

2.09%

2.06%

1.61%

1.26%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,592

$1,707

$1,778

$1,954

$3,069

Portfolio

turnover

rate

............................

20.97%

37.51%

20.95%

33.70%

69.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.98

$12.26

$11.09

$13.72

$13.85

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.45 0.30 0.30 0.29 0.19 Net

realized

and

unrealized

gains

(losses)

...........

1.48 0.90 1.23 (2.45)

1.39 Total

from

investment

operations

....................

1.93 1.20 1.53 (2.16)

1.58 Less

distributions

from:

Net

investment

income

..........................

(0.43)

(0.42)

(0.35)

(0.18)

(0.41)

Net

realized

gains

.............................

(0.77)

(0.06)

(0.01)

(0.29)

(1.30)

Total

distributions

...............................

(1.20)

(0.48)

(0.36)

(0.47)

(1.71)

Net

asset

value,

end

of

year

.......................

$13.71

$12.98

$12.26

$11.09

$13.72

Total

return

....................................

15.15%

9.79%

13.99%

(15.71)%

11.49%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.97%

0.47%

0.41%

0.38%

0.39%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.19%

0.19%

0.17%

0.14%

e

0.15%

Net

investment

income

c

...........................

3.28%

2.39%

2.61%

2.48%

1.34%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$99

$27

$566

$670

$544

Portfolio

turnover

rate

............................

20.97%

37.51%

20.95%

33.70%

69.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.96

$12.25

$11.08

$13.71

$13.83

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.38 0.33 0.30 0.27 0.26 Net

realized

and

unrealized

gains

(losses)

...........

1.53 0.85 1.23 (2.44)

1.32 Total

from

investment

operations

....................

1.91 1.18 1.53 (2.17)

1.58 Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.41)

(0.35)

(0.17)

(0.40)

Net

realized

gains

.............................

(0.77)

(0.06)

(0.01)

(0.29)

(1.30)

Total

distributions

...............................

(1.19)

(0.47)

(0.36)

(0.46)

(1.70)

Net

asset

value,

end

of

year

.......................

$13.68

$12.96

$12.25

$11.08

$13.71

Total

return

....................................

15.04%

9.65%

13.94%

(15.79)%

11.53%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.50%

0.53%

0.50%

0.51%

0.51%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.24%

0.25%

0.24%

0.23%

e

0.22%

Net

investment

income

c

...........................

2.81%

2.53%

2.61%

2.25%

1.80%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$2,642

$2,465

$2,910

$2,572

$3,055

Portfolio

turnover

rate

............................

20.97%

37.51%

20.95%

33.70%

69.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.3%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

41,833

$

1,125,726

#### Domestic

#### Equity

#### 35.9%
a

Franklin

Growth

Fund

,

Class

R6

........................................

45,628

6,205,806

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

984,126

19,416,811

a

Franklin

U.S.

Equity

Index

ETF

.........................................

34,925

2,087,817

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

65,936

4,571,343

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

26,927

2,230,614

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

131,277

5,155,236

39,667,627

#### Domestic

#### Fixed

#### Income

#### 36.7%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

456,690

9,887,338

a

Franklin

U.S.

Core

Bond

ETF

..........................................

938,133

20,287,126

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

501,138

10,283,352

40,457,816

#### Foreign

#### Equity

#### 17.9%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

17,096

1,267,464

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

318,792

4,198,495

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

619,926

8,424,800

iShares

Core

MSCI

EAFE

ETF

.........................................

13,892

1,242,778

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

105,027

2,748,553

a

Templeton

Foreign

Fund

,

Class

R6

......................................

211,017

1,951,911

19,834,001

#### Foreign

#### Fixed

#### Income

#### 7.8%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

393,876

3,513,375

a

Franklin

High

Yield

Corporate

ETF

......................................

148,653

3,629,363

Vanguard

Total

International

Bond

ETF

...................................

29,850

1,442,352

8,585,090

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 88,098,615

####)
................................................................

#### 109,670,260
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.8%
a

#### Money

#### Market

#### Funds

#### 0.8%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

930,755

930,755

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 930,755

####)
.....................................

#### 930,755

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 930,755

####)
..................................

#### 930,755

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 89,029,370

####)
100.1 #### %
...................................

#### $110,601,015

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (106,641)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $110,494,374
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.90

$12.85

$11.42

$14.21

$14.40

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.35 0.29 0.27 0.22 0.24 Net

realized

and

unrealized

gains

(losses)

...........

1.87 1.10 1.42 (2.58)

1.61 Total

from

investment

operations

....................

2.22 1.39 1.69 (2.36)

1.85 Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.34)

(0.26)

(0.13)

(0.41)

Net

realized

gains

.............................

(0.39)

—

—

(0.30)

(1.63)

Total

distributions

...............................

(0.84)

(0.34)

(0.26)

(0.43)

(2.04)

Net

asset

value,

end

of

year

.......................

$15.28

$13.90

$12.85

$11.42

$14.21

Total

return

d

...................................

16.18%

10.88%

14.97%

(16.57)%

12.91%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.83%

0.89%

0.87%

0.94%

0.93%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.48%

0.50%

0.50%

0.48%

f

0.46%

Net

investment

income

c

...........................

2.36%

2.14%

2.25%

1.78%

1.57%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$67,559

$56,797

$51,566

$44,099

$49,835

Portfolio

turnover

rate

............................

23.91%

37.55%

22.74%

48.44%

82.69%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

#### d
Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

#### e
Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

#### f
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.65

$12.63

$11.23

$14.00

$14.22

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.23 0.19 0.17 0.12 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.83 1.07 1.40 (2.53)

1.61 Total

from

investment

operations

....................

2.06 1.26 1.57 (2.41)

1.72 Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.24)

(0.17)

(0.06)

(0.31)

Net

realized

gains

.............................

(0.39)

—

—

(0.30)

(1.63)

Total

distributions

...............................

(0.73)

(0.24)

(0.17)

(0.36)

(1.94)

Net

asset

value,

end

of

year

.......................

$14.98

$13.65

$12.63

$11.23

$14.00

Total

return

d

...................................

15.26%

10.01%

14.11%

(17.18)%

12.13%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.58%

1.64%

1.62%

1.69%

1.68%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.23%

1.25%

1.25%

1.23%

f

1.21%

Net

investment

income

c

...........................

1.57%

1.40%

1.47%

0.99%

0.74%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$10,925

$11,084

$10,343

$9,642

$12,281

Portfolio

turnover

rate

............................

23.91%

37.55%

22.74%

48.44%

82.69%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.86

$12.82

$11.39

$14.19

$14.38

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.30 0.27 0.24 0.18 0.20 Net

realized

and

unrealized

gains

(losses)

...........

1.86 1.08 1.42 (2.58)

1.61 Total

from

investment

operations

....................

2.16 1.35 1.66 (2.40)

1.81 Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.31)

(0.23)

(0.10)

(0.37)

Net

realized

gains

.............................

(0.39)

—

—

(0.30)

(1.63)

Total

distributions

...............................

(0.80)

(0.31)

(0.23)

(0.40)

(2.00)

Net

asset

value,

end

of

year

.......................

$15.22

$13.86

$12.82

$11.39

$14.19

Total

return

....................................

15.79%

10.58%

14.73%

(16.84)%

12.65%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.08%

1.14%

1.11%

1.19%

1.18%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.73%

0.75%

0.75%

0.74%

e

0.71%

Net

investment

income

c

...........................

2.07%

1.95%

2.00%

1.51%

1.29%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,171

$2,133

$1,613

$1,295

$1,512

Portfolio

turnover

rate

............................

23.91%

37.55%

22.74%

48.44%

82.69%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.10

$13.03

$11.57

$14.28

$14.46

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.39 0.31 0.38 0.36 0.18 Net

realized

and

unrealized

gains

(losses)

...........

1.90 1.14 1.38 (2.67)

1.72 Total

from

investment

operations

....................

2.29 1.45 1.76 (2.31)

1.90 Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.38)

(0.30)

(0.16)

(0.45)

Net

realized

gains

.............................

(0.39)

—

—

(0.30)

(1.63)

Total

distributions

...............................

(0.88)

(0.38)

(0.30)

(0.46)

(2.08)

Capital

contributions

.............................

—

—

—

0.06 —

Net

asset

value,

end

of

year

.......................

$15.51

$14.10

$13.03

$11.57

$14.28

Total

return

....................................

16.46%

11.21%

15.37%

(15.68)%

d

13.24%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.83%

0.69%

0.61%

1.18%

0.45%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.18%

0.20%

0.20%

0.15%

f

0.15%

Net

investment

income

c

...........................

2.61%

2.29%

3.08%

3.02%

1.20%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$88

$99

$245

$51

$40

Portfolio

turnover

rate

............................

23.91%

37.55%

22.74%

48.44%

82.69%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(16.08)%.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.97

$12.92

$11.48

$14.27

$14.44

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.40 0.33 0.30 0.25 0.28 Net

realized

and

unrealized

gains

(losses)

...........

1.87 1.10 1.43 (2.59)

1.62 Total

from

investment

operations

....................

2.27 1.43 1.73 (2.34)

1.90 Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.38)

(0.29)

(0.15)

(0.44)

Net

realized

gains

.............................

(0.39)

—

—

(0.30)

(1.63)

Total

distributions

...............................

(0.88)

(0.38)

(0.29)

(0.45)

(2.07)

Net

asset

value,

end

of

year

.......................

$15.36

$13.97

$12.92

$11.48

$14.27

Total

return

....................................

16.42%

11.09%

15.26%

(16.34)%

13.28%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.58%

0.64%

0.61%

0.69%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.23%

0.25%

0.25%

0.23%

e

0.21%

Net

investment

income

c

...........................

2.66%

2.41%

2.47%

2.05%

1.81%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$3,689

$2,163

$1,936

$1,770

$1,937

Portfolio

turnover

rate

............................

23.91%

37.55%

22.74%

48.44%

82.69%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.8%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

31,186

$

839,215

#### Domestic

#### Equity

#### 41.6%
a

Franklin

Growth

Fund

,

Class

R6

........................................

40,384

5,492,575

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

870,941

17,183,657

a

Franklin

U.S.

Equity

Index

ETF

.........................................

30,871

1,845,468

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

58,370

4,046,792

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

23,831

1,974,185

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

116,149

4,561,156

35,103,833

#### Domestic

#### Fixed

#### Income

#### 29.3%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

278,954

6,039,354

a

Franklin

U.S.

Core

Bond

ETF

..........................................

573,050

12,392,206

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

306,093

6,281,028

24,712,588

#### Foreign

#### Equity

#### 20.8%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

15,137

1,122,260

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

281,890

3,712,493

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

548,891

7,459,430

iShares

Core

MSCI

EAFE

ETF

.........................................

12,282

1,098,748

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

92,861

2,430,183

a

Templeton

Foreign

Fund

,

Class

R6

......................................

186,885

1,728,683

17,551,797

#### Foreign

#### Fixed

#### Income

#### 6.1%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

240,654

2,146,634

a

Franklin

High

Yield

Corporate

ETF

......................................

90,789

2,216,614

Vanguard

Total

International

Bond

ETF

...................................

18,250

881,840

5,245,088

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 65,795,410

####)
................................................................

#### 83,452,521
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.2%
a

#### Money

#### Market

#### Funds

#### 1.2%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

1,045,377

1,045,377

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,045,377

####)
...................................

#### 1,045,377

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,045,377

####)
.................................

#### 1,045,377

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 66,840,787

####)
100.0 #### %
...................................

#### $84,497,898

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

#### (65,591)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $84,432,307
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.50

$13.28

$11.75

$14.67

$15.18

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.32 0.27 0.26 0.20 0.24 Net

realized

and

unrealized

gains

(losses)

...........

2.17 1.36 1.62 (2.66)

1.90 Total

from

investment

operations

....................

2.49 1.63 1.88 (2.46)

2.14 Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.34)

(0.31)

(0.11)

(0.42)

Net

realized

gains

.............................

(0.79)

(0.07)

(0.04)

(0.35)

(2.23)

Total

distributions

...............................

(1.16)

(0.41)

(0.35)

(0.46)

(2.65)

Net

asset

value,

end

of

year

.......................

$15.83

$14.50

$13.28

$11.75

$14.67

Total

return

d

...................................

17.54%

12.27%

16.17%

(16.69)%

14.20%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.73%

0.77%

0.79%

0.77%

0.81%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.52%

0.52%

0.50%

0.49%

f

0.47%

Net

investment

income

c

...........................

2.09%

1.92%

2.12%

1.60%

1.45%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$128,099

$112,783

$102,932

$91,064

$104,174

Portfolio

turnover

rate

............................

22.89%

33.89%

23.54%

29.56%

69.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.00

$12.83

$11.36

$14.23

$14.79

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.19 0.16 0.16 0.10 0.09 Net

realized

and

unrealized

gains

(losses)

...........

2.08 1.31 1.57 (2.57)

1.88 Total

from

investment

operations

....................

2.27 1.47 1.73 (2.47)

1.97 Less

distributions

from:

Net

investment

income

..........................

(0.26)

(0.23)

(0.22)

(0.05)

(0.30)

Net

realized

gains

.............................

(0.79)

(0.07)

(0.04)

(0.35)

(2.23)

Total

distributions

...............................

(1.05)

(0.30)

(0.26)

(0.40)

(2.53)

Net

asset

value,

end

of

year

.......................

$15.22

$14.00

$12.83

$11.36

$14.23

Total

return

d

...................................

16.58%

11.48%

15.36%

(17.36)%

13.36%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.48%

1.52%

1.54%

1.53%

1.55%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.27%

1.27%

1.25%

1.24%

f

1.21%

Net

investment

income

c

...........................

1.32%

1.14%

1.36%

0.81%

0.60%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$16,289

$15,892

$16,352

$14,549

$18,502

Portfolio

turnover

rate

............................

22.89%

33.89%

23.54%

29.56%

69.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.48

$13.26

$11.73

$14.66

$15.17

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.28 0.25 0.23 0.17 0.18 Net

realized

and

unrealized

gains

(losses)

...........

2.16 1.35 1.62 (2.66)

1.91 Total

from

investment

operations

....................

2.44 1.60 1.85 (2.49)

2.09 Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.31)

(0.28)

(0.09)

(0.37)

Net

realized

gains

.............................

(0.79)

(0.07)

(0.04)

(0.35)

(2.23)

Total

distributions

...............................

(1.13)

(0.38)

(0.32)

(0.44)

(2.60)

Net

asset

value,

end

of

year

.......................

$15.79

$14.48

$13.26

$11.73

$14.66

Total

return

....................................

17.19%

12.03%

15.90%

(16.93)%

13.87%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.98%

1.02%

1.04%

1.02%

1.05%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.77%

0.77%

0.75%

0.74%

e

0.71%

Net

investment

income

c

...........................

1.86%

1.72%

1.85%

1.38%

1.08%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$6,908

$5,604

$4,150

$3,881

$4,113

Portfolio

turnover

rate

............................

22.89%

33.89%

23.54%

29.56%

69.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.68

$13.43

$11.88

$14.81

$15.31

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.39 0.34 0.32 0.25 0.18 Net

realized

and

unrealized

gains

(losses)

...........

2.18 1.37 1.62 (2.68)

2.02 Total

from

investment

operations

....................

2.57 1.71 1.94 (2.43)

2.20 Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.39)

(0.35)

(0.15)

(0.47)

Net

realized

gains

.............................

(0.79)

(0.07)

(0.04)

(0.35)

(2.23)

Total

distributions

...............................

(1.21)

(0.46)

(0.39)

(0.50)

(2.70)

Net

asset

value,

end

of

year

.......................

$16.04

$14.68

$13.43

$11.88

$14.81

Total

return

....................................

17.87%

12.71%

16.50%

(16.38)%

14.46%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.77%

0.68%

0.73%

0.79%

0.38%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.17%

0.18%

0.19%

0.15%

e

0.14%

Net

investment

income

c

...........................

2.52%

2.32%

2.54%

1.98%

1.10%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$349

$222

$160

$91

$93

Portfolio

turnover

rate

............................

22.89%

33.89%

23.54%

29.56%

69.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.69

$13.45

$11.89

$14.84

$15.33

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.37 0.32 0.30 0.23 0.27 Net

realized

and

unrealized

gains

(losses)

...........

2.20 1.36 1.64 (2.69)

1.93 Total

from

investment

operations

....................

2.57 1.68 1.94 (2.46)

2.20 Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.37)

(0.34)

(0.14)

(0.46)

Net

realized

gains

.............................

(0.79)

(0.07)

(0.04)

(0.35)

(2.23)

Total

distributions

...............................

(1.20)

(0.44)

(0.38)

(0.49)

(2.69)

Net

asset

value,

end

of

year

.......................

$16.06

$14.69

$13.45

$11.89

$14.84

Total

return

....................................

17.85%

12.53%

16.51%

(16.54)%

14.46%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.48%

0.52%

0.54%

0.52%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.26%

0.27%

0.25%

0.24%

e

0.21%

Net

investment

income

c

...........................

2.40%

2.19%

2.36%

1.85%

1.67%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$6,313

$4,776

$3,932

$3,496

$3,911

Portfolio

turnover

rate

............................

22.89%

33.89%

23.54%

29.56%

69.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.2%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

58,925

$

1,585,672

#### Domestic

#### Equity

#### 47.6%
a

Franklin

Growth

Fund

,

Class

R6

........................................

86,301

11,737,775

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,862,521

36,747,533

a

Franklin

U.S.

Equity

Index

ETF

.........................................

66,112

3,952,175

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

124,849

8,655,781

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

50,963

4,221,770

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

248,391

9,754,323

75,069,357

#### Domestic

#### Fixed

#### Income

#### 22.2%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

395,896

8,571,148

a

Franklin

U.S.

Core

Bond

ETF

..........................................

813,259

17,586,726

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

434,418

8,914,257

35,072,131

#### Foreign

#### Equity

#### 23.7%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

32,389

2,401,312

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

603,190

7,944,009

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,174,488

15,961,293

iShares

Core

MSCI

EAFE

ETF

.........................................

26,324

2,354,945

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

198,723

5,200,572

a

Templeton

Foreign

Fund

,

Class

R6

......................................

399,779

3,697,952

37,560,083

#### Foreign

#### Fixed

#### Income

#### 4.7%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

341,445

3,045,691

a

Franklin

High

Yield

Corporate

ETF

......................................

128,862

3,146,166

Vanguard

Total

International

Bond

ETF

...................................

25,900

1,251,488

7,443,345

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 117,329,446

####)
...............................................................

#### 156,730,588
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.8%
a

#### Money

#### Market

#### Funds

#### 0.8%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

1,323,896

1,323,896

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,323,896

####)
...................................

#### 1,323,896

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,323,896

####)
.................................

#### 1,323,896

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 118,653,342

####)
100.0 #### %
..................................

#### $158,054,484

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

#### (95,320)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $157,959,164
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.49

$13.15

$11.50

$14.42

$15.30

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.29 0.25 0.26 0.16 0.24 Net

realized

and

unrealized

gains

(losses)

...........

2.35 1.53 1.71 (2.63)

2.19 Total

from

investment

operations

....................

2.64 1.78 1.97 (2.47)

2.43 Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.30)

(0.28)

(0.10)

(0.43)

Net

realized

gains

.............................

(0.64)

(0.14)

(0.04)

(0.35)

(2.88)

Total

distributions

...............................

(0.98)

(0.44)

(0.32)

(0.45)

(3.31)

Net

asset

value,

end

of

year

.......................

$16.15

$14.49

$13.15

$11.50

$14.42

Total

return

d

...................................

18.59%

13.58%

17.32%

(17.06)%

15.99%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.87%

0.96%

0.99%

1.10%

1.11%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.49%

0.52%

0.52%

0.50%

f

0.46%

Net

investment

income

c

...........................

1.92%

1.76%

2.09%

1.31%

1.43%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$60,297

$50,894

$43,076

$32,112

$35,193

Portfolio

turnover

rate

............................

24.11%

31.39%

26.09%

30.11%

86.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.12

$12.83

$11.23

$14.10

$15.02

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.17 0.14 0.15 0.06 0.10 Net

realized

and

unrealized

gains

(losses)

...........

2.28 1.48 1.68 (2.56)

2.18 Total

from

investment

operations

....................

2.45 1.62 1.83 (2.50)

2.28 Less

distributions

from:

Net

investment

income

..........................

(0.23)

(0.19)

(0.19)

(0.02)

(0.32)

Net

realized

gains

.............................

(0.64)

(0.14)

(0.04)

(0.35)

(2.88)

Total

distributions

...............................

(0.87)

(0.33)

(0.23)

(0.37)

(3.20)

Net

asset

value,

end

of

year

.......................

$15.70

$14.12

$12.83

$11.23

$14.10

Total

return

d

...................................

17.73%

12.69%

16.44%

(17.70)%

15.25%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.62%

1.71%

1.75%

1.85%

1.85%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.24%

1.27%

1.27%

1.25%

f

1.21%

Net

investment

income

c

...........................

1.15%

0.98%

1.29%

0.53%

0.62%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$9,070

$8,041

$7,737

$6,697

$7,989

Portfolio

turnover

rate

............................

24.11%

31.39%

26.09%

30.11%

86.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.48

$13.15

$11.50

$14.41

$15.28

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.28 0.22 0.21 0.12 0.18 Net

realized

and

unrealized

gains

(losses)

...........

2.32 1.51 1.73 (2.62)

2.21 Total

from

investment

operations

....................

2.60 1.73 1.94 (2.50)

2.39 Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.26)

(0.25)

(0.06)

(0.38)

Net

realized

gains

.............................

(0.64)

(0.14)

(0.04)

(0.35)

(2.88)

Total

distributions

...............................

(0.95)

(0.40)

(0.29)

(0.41)

(3.26)

Net

asset

value,

end

of

year

.......................

$16.13

$14.48

$13.15

$11.50

$14.41

Total

return

....................................

18.35%

13.22%

17.00%

(17.29)%

15.78%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.12%

1.21%

1.24%

1.35%

1.35%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.74%

0.77%

0.77%

0.75%

e

0.71%

Net

investment

income

c

...........................

1.80%

1.51%

1.75%

0.96%

1.09%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$2,395

$1,260

$1,121

$1,114

$1,806

Portfolio

turnover

rate

............................

24.11%

31.39%

26.09%

30.11%

86.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.63

$13.28

$11.60

$14.54

$15.40

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.35 0.30 0.30 0.19 0.17 Net

realized

and

unrealized

gains

(losses)

...........

2.37 1.53 1.74 (2.64)

2.33 Total

from

investment

operations

....................

2.72 1.83 2.04 (2.45)

2.50 Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.34)

(0.32)

(0.14)

(0.48)

Net

realized

gains

.............................

(0.64)

(0.14)

(0.04)

(0.35)

(2.88)

Total

distributions

...............................

(1.02)

(0.48)

(0.36)

(0.49)

(3.36)

Net

asset

value,

end

of

year

.......................

$16.33

$14.63

$13.28

$11.60

$14.54

Total

return

....................................

18.99%

13.85%

17.76%

(16.86)%

16.42%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.65%

0.59%

0.59%

0.57%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.19%

0.22%

0.22%

0.20%

e

0.14%

Net

investment

income

c

...........................

2.24%

2.08%

2.40%

1.54%

1.01%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$462

$339

$272

$213

$310

Portfolio

turnover

rate

............................

24.11%

31.39%

26.09%

30.11%

86.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.59

$13.25

$11.58

$14.52

$15.37

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.36 0.29 0.29 0.19 0.29 Net

realized

and

unrealized

gains

(losses)

...........

2.35 1.53 1.73 (2.65)

2.21 Total

from

investment

operations

....................

2.71 1.82 2.02 (2.46)

2.50 Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.34)

(0.31)

(0.13)

(0.47)

Net

realized

gains

.............................

(0.64)

(0.14)

(0.04)

(0.35)

(2.88)

Total

distributions

...............................

(1.02)

(0.48)

(0.35)

(0.48)

(3.35)

Net

asset

value,

end

of

year

.......................

$16.28

$14.59

$13.25

$11.58

$14.52

Total

return

....................................

18.93%

13.75%

17.65%

(16.87)%

16.40%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.62%

0.71%

0.74%

0.85%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.24%

0.27%

0.27%

0.25%

e

0.22%

Net

investment

income

c

...........................

2.29%

2.02%

2.35%

1.54%

1.75%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$2,685

$1,649

$1,430

$1,156

$937

Portfolio

turnover

rate

............................

24.11%

31.39%

26.09%

30.11%

86.92%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.7%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

27,337

$

735,639

#### Domestic

#### Equity

#### 52.5%
a

Franklin

Growth

Fund

,

Class

R6

........................................

45,292

6,160,129

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

752,351

14,843,878

a

Franklin

U.S.

Equity

Index

ETF

.........................................

108,300

6,474,174

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

65,492

4,540,560

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

26,745

2,215,565

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

130,364

5,119,378

39,353,684

#### Domestic

#### Fixed

#### Income

#### 17.3%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

146,253

3,166,378

a

Franklin

U.S.

Core

Bond

ETF

..........................................

300,452

6,497,275

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

160,521

3,293,891

12,957,544

#### Foreign

#### Equity

#### 26.3%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

16,992

1,259,790

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

316,769

4,171,842

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

616,221

8,374,445

iShares

Core

MSCI

EAFE

ETF

.........................................

13,759

1,230,880

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

104,369

2,731,336

a

Templeton

Foreign

Fund

,

Class

R6

......................................

209,868

1,941,276

19,709,569

#### Foreign

#### Fixed

#### Income

#### 1.6%
a

Franklin

High

Yield

Corporate

ETF

......................................

47,598

1,162,105

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 54,774,620

####)
................................................................

#### 73,918,541
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.4%
a

#### Money

#### Market

#### Funds

#### 1.4%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

1,023,690

1,023,690

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,023,690

####)
...................................

#### 1,023,690

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,023,690

####)
.................................

#### 1,023,690

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 55,798,310

####)
100.1 #### %
...................................

#### $74,942,231

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (32,973)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $74,909,258
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$15.48

$13.90

$12.00

$15.19

$15.80

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.27 0.23 0.25 0.14 0.23 Net

realized

and

unrealized

gains

(losses)

...........

2.78 1.81 1.97 (2.84)

2.45 Total

from

investment

operations

....................

3.05 2.04 2.22 (2.70)

2.68 Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.32)

(0.25)

(0.08)

(0.45)

Net

realized

gains

.............................

(0.82)

(0.14)

(0.07)

(0.41)

(2.84)

Total

distributions

...............................

(1.15)

(0.46)

(0.32)

(0.49)

(3.29)

Net

asset

value,

end

of

year

.......................

$17.38

$15.48

$13.90

$12.00

$15.19

Total

return

d

...................................

20.16%

14.69%

18.65%

(17.67)%

17.06%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.79%

0.84%

0.89%

0.91%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.50%

0.52%

0.51%

0.50%

f

0.46%

Net

investment

income

c

...........................

1.64%

1.52%

1.93%

1.13%

1.32%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$103,545

$87,733

$75,190

$62,061

$72,764

Portfolio

turnover

rate

............................

22.67%

30.84%

28.98%

26.96%

70.40%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.81

$13.31

$11.51

$14.61

$15.33

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.14 0.11 0.14 0.04 0.08 Net

realized

and

unrealized

gains

(losses)

...........

2.64 1.74 1.89 (2.71)

2.38 Total

from

investment

operations

....................

2.78 1.85 2.03 (2.67)

2.46 Less

distributions

from:

Net

investment

income

..........................

(0.21)

(0.21)

(0.16)

(0.02)

(0.34)

Net

realized

gains

.............................

(0.82)

(0.14)

(0.07)

(0.41)

(2.84)

Total

distributions

...............................

(1.03)

(0.35)

(0.23)

(0.43)

(3.18)

Net

asset

value,

end

of

year

.......................

$16.56

$14.81

$13.31

$11.51

$14.61

Total

return

d

...................................

19.29%

13.89%

17.71%

(18.25)%

16.10%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.54%

1.59%

1.64%

1.66%

1.66%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.25%

1.28%

1.26%

1.25%

f

1.21%

Net

investment

income

c

...........................

0.88%

0.74%

1.14%

0.36%

0.48%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$12,693

$11,573

$11,414

$10,537

$13,509

Portfolio

turnover

rate

............................

22.67%

30.84%

28.98%

26.96%

70.40%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$15.38

$13.82

$11.93

$15.11

$15.74

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.24 0.18 0.21 0.10 0.19 Net

realized

and

unrealized

gains

(losses)

...........

2.74 1.80 1.97 (2.81)

2.43 Total

from

investment

operations

....................

2.98 1.98 2.18 (2.71)

2.62 Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.28)

(0.22)

(0.06)

(0.41)

Net

realized

gains

.............................

(0.82)

(0.14)

(0.07)

(0.41)

(2.84)

Total

distributions

...............................

(1.11)

(0.42)

(0.29)

(0.47)

(3.25)

Net

asset

value,

end

of

year

.......................

$17.25

$15.38

$13.82

$11.93

$15.11

Total

return

....................................

19.88%

14.35%

18.39%

(17.87)%

16.73%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.04%

1.09%

1.14%

1.16%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.75%

0.77%

0.76%

0.75%

e

0.71%

Net

investment

income

c

...........................

1.44%

1.20%

1.63%

0.81%

1.08%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,111

$1,574

$2,009

$2,178

$3,348

Portfolio

turnover

rate

............................

22.67%

30.84%

28.98%

26.96%

70.40%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.22

$14.54

$12.55

$15.34

$15.93

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.35 0.31 0.34 0.24 0.15 Net

realized

and

unrealized

gains

(losses)

...........

2.90 1.87 2.01 (2.81)

2.60 Total

from

investment

operations

....................

3.25 2.18 2.35 (2.57)

2.75 Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.36)

(0.29)

(0.11)

(0.50)

Net

realized

gains

.............................

(0.82)

(0.14)

(0.07)

(0.41)

(2.84)

Total

distributions

...............................

(1.19)

(0.50)

(0.36)

(0.52)

(3.34)

Capital

contributions

.............................

—

—

—

0.30 —

Net

asset

value,

end

of

year

.......................

$18.28

$16.22

$14.54

$12.55

$15.34

Total

return

....................................

20.52%

15.05%

18.88%

(14.60)%

d

17.37%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.49%

0.50%

0.67%

1.25%

0.41%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.20%

0.23%

0.21%

0.19%

0.14%

Net

investment

income

c

...........................

2.02%

1.93%

2.50%

1.85%

0.87%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,333

$798

$140

$15

$4

Portfolio

turnover

rate

............................

22.67%

30.84%

28.98%

26.96%

70.40%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(16.64)%.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$15.67

$14.06

$12.14

$15.34

$15.93

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.32 0.27 0.28 0.18 0.28 Net

realized

and

unrealized

gains

(losses)

...........

2.80 1.84 1.99 (2.86)

2.46 Total

from

investment

operations

....................

3.12 2.11 2.27 (2.68)

2.74 Less

distributions

from:

Net

investment

income

..........................

(0.36)

(0.36)

(0.28)

(0.11)

(0.49)

Net

realized

gains

.............................

(0.82)

(0.14)

(0.07)

(0.41)

(2.84)

Total

distributions

...............................

(1.18)

(0.50)

(0.35)

(0.52)

(3.33)

Net

asset

value,

end

of

year

.......................

$17.61

$15.67

$14.06

$12.14

$15.34

Total

return

....................................

20.43%

15.01%

18.88%

(17.40)%

17.32%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.54%

0.59%

0.64%

0.66%

0.67%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.25%

0.27%

0.26%

0.25%

e

0.22%

Net

investment

income

c

...........................

1.93%

1.77%

2.17%

1.37%

1.63%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,608

$1,895

$1,574

$1,279

$1,584

Portfolio

turnover

rate

............................

22.67%

30.84%

28.98%

26.96%

70.40%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.1%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

44,934

$

1,209,174

#### Domestic

#### Equity

#### 58.5%
a

Franklin

Growth

Fund

,

Class

R6

........................................

82,395

11,206,557

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,368,614

27,002,752

a

Franklin

U.S.

Equity

Index

ETF

.........................................

197,050

11,779,649

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

119,167

8,261,848

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

48,655

4,030,573

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

237,184

9,314,202

71,595,581

#### Domestic

#### Fixed

#### Income

#### 10.2%
a

Franklin

U.S.

Core

Bond

ETF

..........................................

580,136

12,545,441

#### Foreign

#### Equity

#### 29.4%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

30,918

2,292,237

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

575,710

7,582,107

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,121,153

15,236,472

iShares

Core

MSCI

EAFE

ETF

.........................................

25,102

2,245,625

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

189,678

4,963,871

a

Templeton

Foreign

Fund

,

Class

R6

......................................

381,698

3,530,708

35,851,020

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 84,685,272

####)
................................................................

#### 121,201,216
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.0%
a

#### Money

#### Market

#### Funds

#### 1.0%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

1,181,507

1,181,507

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,181,507

####)
...................................

#### 1,181,507

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,181,507

####)
.................................

#### 1,181,507

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 85,866,779

####)
100.1 #### %
...................................

#### $122,382,723

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (92,487)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $122,290,236
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$15.25

$13.52

$11.55

$14.60

$15.76

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.25 0.22 0.23 0.14 0.24 Net

realized

and

unrealized

gains

(losses)

...........

2.90 1.88 1.97 (2.71)

2.51 Total

from

investment

operations

....................

3.15 2.10 2.20 (2.57)

2.75 Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.33)

(0.19)

(0.08)

(0.43)

Net

realized

gains

.............................

(0.76)

(0.04)

(0.04)

(0.40)

(3.48)

Total

distributions

...............................

(1.07)

(0.37)

(0.23)

(0.48)

(3.91)

Net

asset

value,

end

of

year

.......................

$17.33

$15.25

$13.52

$11.55

$14.60

Total

return

d

...................................

21.17%

15.53%

19.28%

(17.52)%

17.58%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.97%

1.06%

1.16%

1.31%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.49%

0.52%

0.50%

0.49%

f

0.45%

Net

investment

income

c

...........................

1.51%

1.46%

1.89%

1.11%

1.42%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$52,763

$43,472

$31,778

$24,594

$30,413

Portfolio

turnover

rate

............................

25.54%

25.21%

27.46%

43.95%

85.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.98

$13.30

$11.37

$14.40

$15.61

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.11 0.09 0.13 0.04 0.10 Net

realized

and

unrealized

gains

(losses)

...........

2.84 1.86 1.94 (2.66)

2.49 Total

from

investment

operations

....................

2.95 1.95 2.07 (2.62)

2.59 Less

distributions

from:

Net

investment

income

..........................

(0.18)

(0.23)

(0.10)

(0.01)

(0.32)

Net

realized

gains

.............................

(0.76)

(0.04)

(0.04)

(0.40)

(3.48)

Total

distributions

...............................

(0.94)

(0.27)

(0.14)

(0.41)

(3.80)

Net

asset

value,

end

of

year

.......................

$16.99

$14.98

$13.30

$11.37

$14.40

Total

return

d

...................................

20.25%

14.70%

18.38%

(18.13)%

16.66%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.72%

1.81%

1.91%

2.06%

2.02%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.24%

1.27%

1.25%

1.24%

f

1.20%

Net

investment

income

c

...........................

0.72%

0.64%

1.10%

0.36%

0.57%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$9,176

$8,609

$7,947

$6,564

$8,038

Portfolio

turnover

rate

............................

25.54%

25.21%

27.46%

43.95%

85.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$15.28

$13.54

$11.57

$14.61

$15.76

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.20 0.17 0.20 0.10 0.17 Net

realized

and

unrealized

gains

(losses)

...........

2.90 1.90 1.97 (2.68)

2.54 Total

from

investment

operations

....................

3.10 2.07 2.17 (2.58)

2.71 Less

distributions

from:

Net

investment

income

..........................

(0.26)

(0.29)

(0.16)

(0.06)

(0.38)

Net

realized

gains

.............................

(0.76)

(0.04)

(0.04)

(0.40)

(3.48)

Total

distributions

...............................

(1.02)

(0.33)

(0.20)

(0.46)

(3.86)

Net

asset

value,

end

of

year

.......................

$17.36

$15.28

$13.54

$11.57

$14.61

Total

return

....................................

20.84%

15.29%

18.96%

(17.64)%

17.23%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.22%

1.31%

1.41%

1.56%

1.51%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.74%

0.77%

0.75%

0.74%

e

0.70%

Net

investment

income

c

...........................

1.23%

1.17%

1.60%

0.84%

0.97%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,473

$2,261

$1,868

$1,608

$1,857

Portfolio

turnover

rate

............................

25.54%

25.21%

27.46%

43.95%

85.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$15.41

$13.65

$11.66

$14.72

$15.87

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.31 0.31 0.34 0.20 0.14 Net

realized

and

unrealized

gains

(losses)

...........

2.92 1.86 1.92 (2.76)

2.68 Total

from

investment

operations

....................

3.23 2.17 2.26 (2.56)

2.82 Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.37)

(0.23)

(0.12)

(0.49)

Net

realized

gains

.............................

(0.76)

(0.04)

(0.04)

(0.40)

(3.48)

Total

distributions

...............................

(1.11)

(0.41)

(0.27)

(0.52)

(3.97)

Capital

contributions

.............................

—

—

—

0.02 —

Net

asset

value,

end

of

year

.......................

$17.53

$15.41

$13.65

$11.66

$14.72

Total

return

....................................

21.51%

15.92%

19.60%

(17.18)%

d

17.84%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.96%

0.92%

0.78%

0.43%

0.51%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.19%

0.21%

0.21%

0.19%

f

0.14%

Net

investment

income

c

...........................

1.87%

2.05%

2.69%

1.66%

0.85%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$345

$222

$91

$5

$2

Portfolio

turnover

rate

............................

25.54%

25.21%

27.46%

43.95%

85.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(17.32)%.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$15.40

$13.64

$11.65

$14.72

$15.87

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.29 0.25 0.27 0.17 0.28 Net

realized

and

unrealized

gains

(losses)

...........

2.92 1.91 1.98 (2.73)

2.53 Total

from

investment

operations

....................

3.21 2.16 2.25 (2.56)

2.81 Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.36)

(0.22)

(0.11)

(0.48)

Net

realized

gains

.............................

(0.76)

(0.04)

(0.04)

(0.40)

(3.48)

Total

distributions

...............................

(1.10)

(0.40)

(0.26)

(0.51)

(3.96)

Net

asset

value,

end

of

year

.......................

$17.51

$15.40

$13.64

$11.65

$14.72

Total

return

....................................

21.48%

15.87%

19.56%

(17.30)%

17.77%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.72%

0.81%

0.91%

1.06%

1.03%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.24%

0.27%

0.25%

0.25%

e

0.20%

Net

investment

income

c

...........................

1.75%

1.68%

2.16%

1.41%

1.62%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,531

$1,655

$1,330

$978

$942

Portfolio

turnover

rate

............................

25.54%

25.21%

27.46%

43.95%

85.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.8%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

24,163

$

650,226

#### Domestic

#### Equity

#### 62.4%
a

Franklin

Growth

Fund

,

Class

R6

........................................

47,603

6,474,499

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

790,687

15,600,256

a

Franklin

U.S.

Equity

Index

ETF

.........................................

113,830

6,804,758

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

68,837

4,772,469

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

28,111

2,328,682

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

137,038

5,381,482

41,362,146

#### Domestic

#### Fixed

#### Income

#### 4.1%
a

Franklin

U.S.

Core

Bond

ETF

..........................................

126,784

2,741,704

#### Foreign

#### Equity

#### 31.3%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

17,861

1,324,187

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

332,682

4,381,427

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

647,646

8,801,507

iShares

Core

MSCI

EAFE

ETF

.........................................

14,507

1,297,796

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

109,595

2,868,098

a

Templeton

Foreign

Fund

,

Class

R6

......................................

220,534

2,039,942

20,712,957

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 45,904,995

####)
................................................................

#### 65,467,033
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.3%
a

#### Money

#### Market

#### Funds

#### 1.3%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

877,395

877,395

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 877,395

####)
.....................................

#### 877,395

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 877,395

####)
..................................

#### 877,395

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 46,782,390

####)
100.1 #### %
...................................

#### $66,344,428

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (55,634)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $66,288,794
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.81

$12.23

$10.48

$13.21

$13.41

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.22 0.19 0.21 0.13 0.20 Net

realized

and

unrealized

gains

(losses)

...........

2.68 1.73 1.79 (2.46)

2.12 Total

from

investment

operations

....................

2.90 1.92 2.00 (2.33)

2.32 Less

distributions

from:

Net

investment

income

..........................

(0.27)

(0.29)

(0.17)

(0.07)

(0.40)

Net

realized

gains

.............................

(0.63)

(0.05)

(0.08)

(0.33)

(2.12)

Total

distributions

...............................

(0.90)

(0.34)

(0.25)

(0.40)

(2.52)

Net

asset

value,

end

of

year

.......................

$15.81

$13.81

$12.23

$10.48

$13.21

Total

return

d

...................................

21.49%

15.73%

19.32%

(17.54)%

17.34%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.12%

1.23%

1.43%

1.65%

1.79%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.49%

0.52%

0.50%

f

0.49%

f

0.46%

f

Net

investment

income

c

...........................

1.49%

1.40%

1.90%

1.16%

1.38%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$41,843

$30,422

$24,201

$17,210

$17,727

Portfolio

turnover

rate

............................

22.11%

27.08%

29.62%

28.43%

87.74%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.43

$11.92

$10.22

$12.92

$13.18

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.10 0.08 0.12 0.05 0.09 Net

realized

and

unrealized

gains

(losses)

...........

2.60 1.69 1.75 (2.41)

2.08 Total

from

investment

operations

....................

2.70 1.77 1.87 (2.36)

2.17 Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.21)

(0.09)

(0.01)

(0.31)

Net

realized

gains

.............................

(0.63)

(0.05)

(0.08)

(0.33)

(2.12)

Total

distributions

...............................

(0.79)

(0.26)

(0.17)

(0.34)

(2.43)

Net

asset

value,

end

of

year

.......................

$15.34

$13.43

$11.92

$10.22

$12.92

Total

return

d

...................................

20.61%

14.86%

18.48%

(18.19)%

16.49%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.86%

1.98%

2.19%

2.40%

2.54%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.24%

1.27%

1.25%

f

1.24%

f

1.21%

f

Net

investment

income

c

...........................

0.70%

0.62%

1.12%

0.42%

0.60%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$8,774

$7,828

$7,243

$5,880

$6,236

Portfolio

turnover

rate

............................

22.11%

27.08%

29.62%

28.43%

87.74%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.73

$12.16

$10.42

$13.15

$13.36

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.18 0.16 0.18 0.10 0.17 Net

realized

and

unrealized

gains

(losses)

...........

2.66 1.72 1.79 (2.45)

2.10 Total

from

investment

operations

....................

2.84 1.88 1.97 (2.35)

2.27 Less

distributions

from:

Net

investment

income

..........................

(0.23)

(0.26)

(0.15)

(0.05)

(0.36)

Net

realized

gains

.............................

(0.63)

(0.05)

(0.08)

(0.33)

(2.12)

Total

distributions

...............................

(0.86)

(0.31)

(0.23)

(0.38)

(2.48)

Net

asset

value,

end

of

year

.......................

$15.71

$13.73

$12.16

$10.42

$13.15

Total

return

....................................

21.19%

15.47%

19.07%

(17.79)%

17.07%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.36%

1.47%

1.68%

1.89%

2.04%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.74%

0.77%

0.75%

e

0.74%

e

0.71%

e

Net

investment

income

c

...........................

1.22%

1.17%

1.64%

0.94%

1.16%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,108

$1,684

$1,321

$996

$936

Portfolio

turnover

rate

............................

22.11%

27.08%

29.62%

28.43%

87.74%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.12

$12.49

$10.69

$13.24

$13.43

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.29 0.27 0.31 0.15 0.13 Net

realized

and

unrealized

gains

(losses)

...........

2.72 1.74 1.77 (2.44)

2.24 Total

from

investment

operations

....................

3.01 2.01 2.08 (2.29)

2.37 Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.33)

(0.20)

(0.09)

(0.44)

Net

realized

gains

.............................

(0.63)

(0.05)

(0.08)

(0.33)

(2.12)

Total

distributions

...............................

(0.94)

(0.38)

(0.28)

(0.42)

(2.56)

Capital

contributions

.............................

—

—

—

0.16 —

Net

asset

value,

end

of

year

.......................

$16.19

$14.12

$12.49

$10.69

$13.24

Total

return

....................................

21.79%

16.13%

19.74%

(15.90)%

d

17.72%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.97%

1.90%

2.37%

0.59%

0.67%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.19%

0.22%

0.20%

f

0.15%

f

0.12%

f

Net

investment

income

c

...........................

1.91%

1.96%

2.64%

1.29%

0.87%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$188

$76

$27

$4

$8

Portfolio

turnover

rate

............................

22.11%

27.08%

29.62%

28.43%

87.74%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(17.14)%.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.84

$12.25

$10.50

$13.22

$13.42

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.26 0.23 0.23 0.16 0.24 Net

realized

and

unrealized

gains

(losses)

...........

2.69 1.73 1.80 (2.46)

2.11 Total

from

investment

operations

....................

2.95 1.96 2.03 (2.30)

2.35 Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.32)

(0.20)

(0.09)

(0.43)

Net

realized

gains

.............................

(0.63)

(0.05)

(0.08)

(0.33)

(2.12)

Total

distributions

...............................

(0.93)

(0.37)

(0.28)

(0.42)

(2.55)

Net

asset

value,

end

of

year

.......................

$15.86

$13.84

$12.25

$10.50

$13.22

Total

return

....................................

21.83%

16.07%

19.56%

(17.30)%

17.60%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.87%

0.98%

1.21%

1.39%

1.54%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.24%

0.27%

0.25%

e

0.24%

e

0.21%

e

Net

investment

income

c

...........................

1.76%

1.68%

2.05%

1.43%

1.61%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,120

$809

$579

$519

$505

Portfolio

turnover

rate

............................

22.11%

27.08%

29.62%

28.43%

87.74%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.9%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

19,613

$

527,786

#### Domestic

#### Equity

#### 64.1%
a

Franklin

Growth

Fund

,

Class

R6

........................................

39,883

5,424,458

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

662,505

13,071,220

a

Franklin

U.S.

Equity

Index

ETF

.........................................

95,375

5,701,518

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

57,649

3,996,805

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

23,551

1,950,954

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

114,795

4,507,982

34,652,937

#### Domestic

#### Fixed

#### Income

#### 1.6%
a

Franklin

U.S.

Core

Bond

ETF

..........................................

40,871

883,835

#### Foreign

#### Equity

#### 32.2%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

14,960

1,109,154

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

278,742

3,671,031

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

542,539

7,373,102

iShares

Core

MSCI

EAFE

ETF

.........................................

12,130

1,085,150

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

91,816

2,402,814

a

Templeton

Foreign

Fund

,

Class

R6

......................................

184,788

1,709,290

17,350,541

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 38,870,006

####)
................................................................

#### 53,415,099
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.3%
a

#### Money

#### Market

#### Funds

#### 1.3%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

678,389

678,389

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 678,389

####)
.....................................

#### 678,389

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 678,389

####)
..................................

#### 678,389

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 39,548,395

####)
100.2 #### %
...................................

#### $54,093,488

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2 ####)

#### %
...........................................

#### (60,902)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $54,032,586
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.88

$10.48

$9.00

$11.26

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.20 0.17 0.19 0.14 0.27 Net

realized

and

unrealized

gains

(losses)

...........

2.28 1.48 1.49 (2.15)

1.58 Total

from

investment

operations

....................

2.48 1.65 1.68 (2.01)

1.85 Less

distributions

from:

Net

investment

income

..........................

(0.22)

(0.22)

(0.17)

(0.07)

(0.32)

Net

realized

gains

.............................

(0.43)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.65)

(0.25)

(0.20)

(0.25)

(0.59)

Net

asset

value,

end

of

year

.......................

$13.71

$11.88

$10.48

$9.00

$11.26

Total

return

e

...................................

21.30%

15.71%

18.80%

(17.81)%

18.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

2.54%

2.63%

4.63%

7.64%

13.83%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.49%

0.52%

0.51%

h

0.44%

h

0.21%

Net

investment

income

d

...........................

1.54%

1.49%

1.93%

1.47%

2.34%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$9,584

$5,929

$3,364

$1,631

$325

Portfolio

turnover

rate

............................

19.70%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.82

$10.45

$8.99

$11.25

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.10 0.08 0.13 0.07 0.28 Net

realized

and

unrealized

gains

(losses)

...........

2.28 1.47 1.47 (2.13)

1.56 Total

from

investment

operations

....................

2.38 1.55 1.60 (2.06)

1.84 Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.15)

(0.11)

(0.02)

(0.32)

Net

realized

gains

.............................

(0.43)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.57)

(0.18)

(0.14)

(0.20)

(0.59)

Net

asset

value,

end

of

year

.......................

$13.63

$11.82

$10.45

$8.99

$11.25

Total

return

e

...................................

20.52%

14.79%

17.90%

(18.23)%

18.43%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

3.29%

3.39%

5.05%

8.76%

14.00%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

1.24%

1.27%

1.27%

h

1.10%

h

0.21%

Net

investment

income

d

...........................

0.77%

0.73%

1.32%

0.80%

2.49%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,139

$767

$475

$176

$68

Portfolio

turnover

rate

............................

19.70%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.86

$10.48

$9.00

$11.25

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.17 0.17 0.16 0.09 0.23 Net

realized

and

unrealized

gains

(losses)

...........

2.29 1.43 1.49 (2.11)

1.61 Total

from

investment

operations

....................

2.46 1.60 1.65 (2.02)

1.84 Less

distributions

from:

Net

investment

income

..........................

(0.20)

(0.19)

(0.14)

(0.05)

(0.32)

Net

realized

gains

.............................

(0.43)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.63)

(0.22)

(0.17)

(0.23)

(0.59)

Net

asset

value,

end

of

year

.......................

$13.69

$11.86

$10.48

$9.00

$11.25

Total

return

e

...................................

21.15%

15.29%

18.54%

(17.91)%

18.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

2.79%

2.67%

4.79%

7.79%

12.86%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.74%

0.77%

0.76%

h

0.61%

h

0.21%

Net

investment

income

d

...........................

1.33%

1.45%

1.68%

1.00%

2.02%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$226

$121

$54

$32

$37

Portfolio

turnover

rate

............................

19.70%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.91

$10.50

$9.02

$11.26

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.27 0.20 0.20 0.13 0.16 Net

realized

and

unrealized

gains

(losses)

...........

2.26 1.49 1.50 (2.13)

1.69 Total

from

investment

operations

....................

2.53 1.69 1.70 (2.00)

1.85 Less

distributions

from:

Net

investment

income

..........................

(0.25)

(0.25)

(0.19)

(0.08)

(0.32)

Net

realized

gains

.............................

(0.43)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.68)

(0.28)

(0.22)

(0.26)

(0.59)

Capital

contributions

.............................

—

—

—

0.02 —

Net

asset

value,

end

of

year

.......................

$13.76

$11.91

$10.50

$9.02

$11.26

Total

return

e

...................................

21.68%

16.08%

19.08%

(17.45)%

f

18.56%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

3.15%

2.52%

4.35%

6.87%

13.90%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.19%

0.22%

0.21%

0.20%

i

0.15%

Net

investment

income

d

...........................

2.03%

1.75%

2.10%

1.39%

1.38%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$79

$16

$11

$9

$11

Portfolio

turnover

rate

............................

19.70%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(17.62)%.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.88

$10.48

$9.00

$11.25

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.22 0.19 0.20 0.13 0.20 Net

realized

and

unrealized

gains

(losses)

...........

2.30 1.48 1.50 (2.12)

1.64 Total

from

investment

operations

....................

2.52 1.67 1.70 (1.99)

1.84 Less

distributions

from:

Net

investment

income

..........................

(0.25)

(0.24)

(0.19)

(0.08)

(0.32)

Net

realized

gains

.............................

(0.43)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.68)

(0.27)

(0.22)

(0.26)

(0.59)

Net

asset

value,

end

of

year

.......................

$13.72

$11.88

$10.48

$9.00

$11.25

Total

return

e

...................................

21.60%

15.96%

19.07%

(17.59)%

18.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

2.30%

2.50%

4.51%

7.40%

14.59%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.24%

0.27%

0.25%

h

0.25%

h

0.20%

Net

investment

income

d

...........................

1.74%

1.63%

2.06%

1.35%

1.75%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,642

$1,239

$1,054

$888

$1,096

Portfolio

turnover

rate

............................

19.70%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

December

31,

2025

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.7%

#### Alternative

#### Strategies

#### 0.9%
a

Franklin

Systematic

Style

Premia

ETF

....................................

4,269

$

114,879

#### Domestic

#### Equity

#### 64.0%
a

Franklin

Growth

Fund

,

Class

R6

........................................

9,346

1,271,157

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

155,294

3,063,945

a

Franklin

U.S.

Equity

Index

ETF

.........................................

22,275

1,331,600

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

13,430

931,102

a,b

Putnam

Large

Cap

Growth

Fund

,

Class

R6

................................

5,518

457,102

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

26,893

1,056,107

8,111,013

#### Domestic

#### Fixed

#### Income

#### 1.6%
a

Franklin

U.S.

Core

Bond

ETF

..........................................

9,575

207,059

#### Foreign

#### Equity

#### 32.2%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

3,506

259,932

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

65,468

862,216

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

127,202

1,728,679

iShares

Core

MSCI

EAFE

ETF

.........................................

2,864

256,214

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

21,518

563,116

a

Templeton

Foreign

Fund

,

Class

R6

......................................

43,508

402,445

4,072,602

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 10,308,459

####)
................................................................

#### 12,505,553
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.0%
a

#### Money

#### Market

#### Funds

#### 1.0%
a,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

.............

127,274

127,274

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 127,274

####)
.....................................

#### 127,274

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 127,274

####)
..................................

#### 127,274

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 10,435,733

####)
99.7 #### %
....................................

#### $12,632,827

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
.............................................

#### 38,338

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $12,671,165
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$6,542,023

$579,200

$2,297,192

$1,629,182

Cost

-

Non-controlled

affiliates

(Note

f)

.....

36,007,957

21,367,072

86,732,178

65,211,605

Value

-

Unaffiliated

issuers

...............

$7,705,861

$641,927

$2,685,130

$1,980,588

Value

-

Non-controlled

affiliates

(Note

f)

.....

36,939,307

25,132,726

107,915,885

82,517,310

Receivables:

Capital

shares

sold

.....................

3,592

9,722

24,965

Dividends

............................

41,351

—

—

—

Affiliates

.............................

14,272

—

—

—

Total

assets

.......................

44,700,874

25,778,245

110,610,737

84,522,863

Liabilities:

Payables:

Capital

shares

redeemed

................

19,111

504

7,616

620

Management

&

Asset

allocation

fees

........

—

3,277

13,630

6,389

Distribution

fees

.......................

11,055

6,591

29,807

24,458

Transfer

agent

fees

.....................

10,984

5,091

27,715

22,233

Registration

and

filing

fees

...............

5,275

5,074

4,631

4,863

Professional

fees

......................

33,571

26,213

25,733

25,696

Trustees'

fees

and

expenses

..............

Accrued

expenses

and

other

liabilities

........

5,218

3,757

7,183

6,274

Total

liabilities

......................

85,249

50,543

116,363

90,556

Net

assets,

at

value

..............

$44,615,625

$25,727,702

$110,494,374

$84,432,307

Net

assets

consist

of:

Paid-in

capital

..........................

$46,690,092

$22,118,798

$89,782,662

$66,346,532

Total

distributable

earnings

(losses)

..........

(2,074,467)

3,608,904

20,711,712

18,085,775

Net

assets,

at

value

..............

$44,615,625

$25,727,702

$110,494,374

$84,432,307

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$37,980,689

$22,783,135

$95,874,478

$67,558,813

Shares

outstanding

.....................

3,474,505

1,752,039

7,031,210

4,422,527

Net

asset

value

per

share

a

,b

...............

$10.93

$13.00

$13.64

$15.28

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

...............

$11.57

$13.76

$14.43

$16.17

#### Class

#### C:
Net

assets,

at

value

....................

$2,829,553

$1,931,054

$10,286,915

$10,924,655

Shares

outstanding

.....................

262,164

149,717

773,451

729,201

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$10.79

$12.90

$13.30

$14.98

#### Class

#### R:
Net

assets,

at

value

....................

$1,205,254

$298,299

$1,592,040

$2,171,114

Shares

outstanding

.....................

110,680

22,928

117,297

142,618

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.89

$13.01

$13.57

$15.22

#### Class

#### R6:
Net

assets,

at

value

....................

$120,331

$5,494

$98,813

$88,481

Shares

outstanding

.....................

10,948

7,208

5,705

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.99

$13.39

$13.71

$15.51

#### Advisor

#### Class:
Net

assets,

at

value

....................

$2,479,798

$709,720

$2,642,128

$3,689,244

Shares

outstanding

.....................

225,938

54,356

193,083

240,135

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.98

$13.06

$13.68

$15.36

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$2,838,837

$852,548

$1,593,399

$915,443

Cost

-

Non-controlled

affiliates

(Note

f)

.....

115,814,505

54,945,762

84,273,380

45,866,947

Value

-

Unaffiliated

issuers

...............

$3,606,433

$1,230,880

$2,245,625

$1,297,796

Value

-

Non-controlled

affiliates

(Note

f)

.....

154,448,051

73,711,351

120,137,098

65,046,632

Receivables:

Capital

shares

sold

.....................

49,306

63,348

71,501

22,629

Total

assets

.......................

158,103,790

75,005,579

122,454,224

66,367,057

Liabilities:

Payables:

Capital

shares

redeemed

................

1,690

13,519

54,665

2,570

Management

&

Asset

allocation

fees

........

17,029

4,973

7,145

Distribution

fees

.......................

43,905

21,400

33,506

19,985

Transfer

agent

fees

.....................

45,193

19,513

31,201

19,244

Registration

and

filing

fees

...............

4,568

4,991

4,617

4,993

Professional

fees

......................

25,676

25,662

25,671

25,774

Trustees'

fees

and

expenses

..............

Accrued

expenses

and

other

liabilities

........

6,542

6,240

7,166

5,383

Total

liabilities

......................

144,626

96,321

163,988

78,263

Net

assets,

at

value

..............

$157,959,164

$74,909,258

$122,290,236

$66,288,794

Net

assets

consist

of:

Paid-in

capital

..........................

$116,528,907

$54,396,113

$82,608,038

$45,009,904

Total

distributable

earnings

(losses)

..........

41,430,257

20,513,145

39,682,198

21,278,890

Net

assets,

at

value

..............

$157,959,164

$74,909,258

$122,290,236

$66,288,794

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$128,099,435

$60,297,184

$103,544,705

$52,763,359

Shares

outstanding

.....................

8,094,063

3,732,937

5,957,698

3,045,264

Net

asset

value

per

share

a

,b

...............

$15.83

$16.15

$17.38

$17.33

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

...............

$16.75

$17.09

$18.39

$18.34

#### Class

#### C:
Net

assets,

at

value

....................

$16,289,329

$9,069,835

$12,693,378

$9,175,997

Shares

outstanding

.....................

1,070,156

577,564

766,700

539,984

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$15.22

$15.70

$16.56

$16.99

#### Class

#### R:
Net

assets,

at

value

....................

$6,908,316

$2,394,850

$2,110,872

$2,472,917

Shares

outstanding

.....................

437,407

148,449

122,362

142,434

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$15.79

$16.13

$17.25

$17.36

#### Class

#### R6:
Net

assets,

at

value

....................

$349,088

$462,214

$1,332,965

$345,259

Shares

outstanding

.....................

21,761

28,309

72,922

19,698

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$16.04

$16.33

$18.28

$17.53

#### Advisor

#### Class:
Net

assets,

at

value

....................

$6,312,996

$2,685,175

$2,608,316

$1,531,262

Shares

outstanding

.....................

393,164

164,905

148,096

87,426

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$16.06

$16.28

$17.61

$17.51

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

..................................................

$788,170

$200,899

Cost

-

Non-controlled

affiliates

(Note

f)

.......................................

38,760,225

10,234,834

Value

-

Unaffiliated

issuers

.................................................

$1,085,150

$256,214

Value

-

Non-controlled

affiliates

(Note

f)

.......................................

53,008,338

12,376,613

Receivables:

Capital

shares

sold

.......................................................

24,707

26,232

Affiliates

...............................................................

6,599

51,606

Total

assets

.........................................................

54,124,794

12,710,665

Liabilities:

Payables:

Capital

shares

redeemed

..................................................

19,430

Distribution

fees

.........................................................

17,101

3,043

Transfer

agent

fees

.......................................................

18,941

6,987

Reports

to

shareholders

fees

...............................................

4,437

2,246

Registration

and

filing

fees

.................................................

4,915

—

Professional

fees

........................................................

25,711

25,391

Trustees'

fees

and

expenses

................................................

Accrued

expenses

and

other

liabilities

..........................................

1,650

1,704

Total

liabilities

........................................................

92,208

39,500

Net

assets,

at

value

................................................

$54,032,586

$12,671,165

Net

assets

consist

of:

Paid-in

capital

............................................................

$38,199,692

$10,226,635

Total

distributable

earnings

(losses)

............................................

15,832,894

2,444,530

Net

assets,

at

value

................................................

$54,032,586

$12,671,165

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Class

#### A:
Net

assets,

at

value

......................................................

$41,843,417

$9,584,082

Shares

outstanding

.......................................................

2,646,709

698,857

Net

asset

value

per

share

a

,b

.................................................

$15.81

$13.71

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

...............

$16.73

$14.51

#### Class

#### C:
Net

assets,

at

value

......................................................

$8,773,786

$1,139,100

Shares

outstanding

.......................................................

572,104

83,592

Net

asset

value

and

maximum

offering

price

per

share

a

,b

...........................

$15.34

$13.63

#### Class

#### R:
Net

assets,

at

value

......................................................

$2,107,648

$226,304

Shares

outstanding

.......................................................

134,185

16,536

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$15.71

$13.69

#### Class

#### R6:
Net

assets,

at

value

......................................................

$188,141

$79,373

Shares

outstanding

.......................................................

11,621

5,768

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$16.19

$13.76

#### Advisor

#### Class:
Net

assets,

at

value

......................................................

$1,119,594

$1,642,306

Shares

outstanding

.......................................................

70,614

119,669

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$15.86

$13.72

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

for

the

year

ended

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.....................

$559,334

$21,712

$94,567

$69,732

Non-controlled

affiliates

(Note

f)

..........

1,710,386

803,109

3,200,693

2,133,477

Interest:

Unaffiliated

issuers

.....................

—

698

2,607

1,361

Total

investment

income

................

2,269,720

825,519

3,297,867

2,204,570

Expenses:

Management

&

Asset

allocation

fees

(Note

a)

..

113,395

63,249

271,642

193,993

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

95,690

55,862

234,746

154,052

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

29,558

20,662

105,867

109,131

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

6,863

1,467

8,188

10,459

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

44,545

21,497

99,904

79,543

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

3,437

1,985

11,271

14,008

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

1,606

1,743

2,691

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

Advisor

Class

.........................

3,100

578

2,654

3,753

Custodian

fees

.........................

1,363

837

Reports

to

shareholders

fees

...............

10,381

7,047

13,682

10,667

Registration

and

filing

fees

.................

85,226

77,830

78,845

78,459

Professional

fees

........................

57,462

48,986

49,085

49,142

Trustees'

fees

and

expenses

...............

752

534

1,425

1,068

Other

.................................

15,302

15,124

16,319

15,807

Total

expenses

......................

467,590

315,702

897,008

723,933

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(312,851)

(179,891)

(291,457)

(270,026)

Net

expenses

......................

154,739

135,811

605,551

453,907

Net

investment

income

.............

2,114,981

689,708

2,692,316

1,750,663

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

285,441

40,004

212,781

154,668

Non-controlled

affiliates

(Note

f)

.........

(208,079)

513,199

2,829,766

763,432

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

f)

.........

106,425

464,802

2,397,338

2,121,667

Net

realized

gain

(loss)

...............

183,787

1,018,005

5,439,885

3,039,767

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

103,983

3,396

29,175

56,293

Non-controlled

affiliates

(Note

f)

.........

1,851,956

1,430,993

6,727,830

6,721,116

Net

change

in

unrealized

appreciation

(depreciation)

......................

1,955,939

1,434,389

6,757,005

6,777,409

Net

realized

and

unrealized

gain

(loss)

.........

2,139,726

2,452,394

12,196,890

9,817,176

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$4,254,707

$3,142,102

$14,889,206

$11,567,839

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.....................

$136,505

$49,571

$90,249

$52,568

Non-controlled

affiliates

(Note

f)

..........

3,719,884

1,584,502

2,289,588

1,151,965

Interest:

Unaffiliated

issuers

.....................

2,487

1,769

2,229

1,545

Total

investment

income

................

3,858,876

1,635,842

2,382,066

1,206,078

Expenses:

Management

&

Asset

allocation

fees

(Note

a)

..

369,837

169,588

278,705

151,381

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

300,281

137,557

236,484

119,224

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

158,889

85,147

118,873

88,704

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

31,143

9,591

9,012

11,741

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

146,619

79,745

136,716

95,806

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

19,381

12,331

17,165

17,725

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

7,609

2,787

2,611

4,695

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

1,118

673

924

1,187

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

6,655

2,920

3,166

2,766

Custodian

fees

.........................

1,411

781

1,503

835

Reports

to

shareholders

fees

...............

11,985

10,945

13,682

11,536

Registration

and

filing

fees

.................

78,737

78,113

83,911

85,049

Professional

fees

........................

49,132

49,179

49,097

49,351

Trustees'

fees

and

expenses

...............

1,811

969

1,422

904

Other

.................................

16,380

15,253

15,469

14,771

Total

expenses

......................

1,200,988

655,579

968,740

655,675

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(318,238)

(261,740)

(328,754)

(291,012)

Net

expenses

......................

882,750

393,839

639,986

364,663

Net

investment

income

.............

2,976,126

1,242,003

1,742,080

841,415

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

317,273

147,800

288,491

146,360

Non-controlled

affiliates

(Note

f)

.........

2,319,907

437,289

1,550,379

441,097

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

f)

.........

4,537,617

2,281,290

4,150,445

2,398,166

Net

realized

gain

(loss)

...............

7,174,797

2,866,379

5,989,315

2,985,623

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

174,930

117,097

197,408

133,943

Non-controlled

affiliates

(Note

f)

.........

13,669,515

7,438,243

12,615,353

7,700,172

Net

change

in

unrealized

appreciation

(depreciation)

......................

13,844,445

7,555,340

12,812,761

7,834,115

Net

realized

and

unrealized

gain

(loss)

.........

21,019,242

10,421,719

18,802,076

10,819,738

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$23,995,368

$11,663,722

$20,544,156

$11,661,153

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.......................................................

$42,398

$9,429

Non-controlled

affiliates

(Note

f)

............................................

878,442

195,163

Total

investment

income

..................................................

920,840

204,592

Expenses:

Management

&

Asset

allocation

fees

(Note

a)

....................................

116,629

25,290

Distribution

fees:

(Note

3c)

Class

A

...............................................................

88,794

18,909

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

...............................................................

82,182

9,504

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

...............................................................

9,473

828

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

94,252

45,100

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

...............................................................

21,612

5,687

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

...............................................................

4,992

984

Class

R6

..............................................................

1,745

608

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

...........................................................

2,373

8,365

Custodian

fees

...........................................................

617

1,466

Reports

to

shareholders

fees

.................................................

12,147

8,367

Registration

and

filing

fees

...................................................

86,431

71,282

Professional

fees

..........................................................

49,196

50,535

Trustees'

fees

and

expenses

.................................................

744

Other

...................................................................

14,565

14,080

Total

expenses

........................................................

585,752

261,375

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

.............................

(294,033)

(207,997)

Net

expenses

........................................................

291,719

53,378

Net

investment

income

...............................................

629,121

151,214

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

112,086

15,105

Non-controlled

affiliates

(Note

f)

...........................................

135,494

(7,607)

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

f)

...........................................

2,008,753

468,237

Net

realized

gain

(loss)

.................................................

2,256,333

475,735

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

102,860

30,583

Non-controlled

affiliates

(Note

f)

...........................................

6,157,192

1,350,291

Net

change

in

unrealized

appreciation

(depreciation)

...........................

6,260,052

1,380,874

Net

realized

and

unrealized

gain

(loss)

...........................................

8,516,385

1,856,609

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$9,145,506

$2,007,823

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,114,981

$2,231,694

$689,708

$682,966

Net

realized

gain

(loss)

............

183,787

(516,959)

1,018,005

908,663

Net

change

in

unrealized

appreciation

(depreciation)

.................

1,955,939

1,870,194

1,434,389

533,415

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

4,254,707

3,584,929

3,142,102

2,125,044

Distributions

to

shareholders:

Class

A

........................

(1,898,234)

(1,905,349)

(1,279,612)

(690,697)

Class

C

........................

(124,377)

(133,213)

(98,697)

(56,591)

Class

R

........................

(62,818)

(66,791)

(14,848)

(9,696)

Class

R6

.......................

(5,707)

(5,531)

(242) (246) Advisor

Class

...................

(135,532)

(163,095)

(37,931)

(17,717)

Total

distributions

to

shareholders

.....

(2,226,668)

(2,273,979)

(1,431,330)

(774,947)

Capital

share

transactions:

(Note

2)

Class

A

........................

(782,996)

(2,230,836)

(907,916)

(5,265,482)

Class

C

........................

(229,075)

(582,119)

(563,064)

(1,190,939)

Class

R

........................

(299,949)

(233,898)

(79,111)

(46,260)

Class

R6

.......................

13,011

(4,140)

(4,141)

(9,805)

Advisor

Class

...................

(963,510)

(381,854)

140,146

(222,270)

Total

capital

share

transactions

.......

(2,262,519)

(3,432,847)

(1,414,086)

(6,734,756)

Net

increase

(decrease)

in

net

assets

.....................

(234,480)

(2,121,897)

296,686

(5,384,659)

Net

assets:

Beginning

of

year

..................

44,850,105

46,972,002

25,431,016

30,815,675

End

of

year

......................

$44,615,625

$44,850,105

$25,727,702

$25,431,016

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,692,316

$2,529,379

$1,750,663

$1,439,094

Net

realized

gain

(loss)

............

5,439,885

4,433,973

3,039,767

2,575,780

Net

change

in

unrealized

appreciation

(depreciation)

.................

6,757,005

3,160,731

6,777,409

3,082,274

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

14,889,206

10,124,083

11,567,839

7,097,148

Distributions

to

shareholders:

Class

A

........................

(7,854,828)

(3,186,835)

(3,558,073)

(1,382,415)

Class

C

........................

(808,768)

(306,056)

(525,881)

(200,470)

Class

R

........................

(130,705)

(53,349)

(112,376)

(46,815)

Class

R6

.......................

(6,228)

(8,582)

(4,821)

(5,112)

Advisor

Class

...................

(215,380)

(96,504)

(190,897)

(57,714)

Total

distributions

to

shareholders

.....

(9,015,909)

(3,651,326)

(4,392,048)

(1,692,526)

Capital

share

transactions:

(Note

2)

Class

A

........................

(2,256,019)

(9,171,472)

5,049,742

1,016,986

Class

C

........................

(1,545,530)

(1,287,961)

(1,169,588)

(130,280)

Class

R

........................

(200,767)

(156,278)

(154,654)

380,496

Class

R6

.......................

71,557

(570,013)

(19,256)

(162,531)

Advisor

Class

...................

61,242

(627,860)

1,273,213

65,138

Total

capital

share

transactions

.......

(3,869,517)

(11,813,584)

4,979,457

1,169,809

Net

increase

(decrease)

in

net

assets

.....................

2,003,780

(5,340,827)

12,155,248

6,574,431

Net

assets:

Beginning

of

year

..................

108,490,594

113,831,421

72,277,059

65,702,628

End

of

year

......................

$110,494,374

$108,490,594

$84,432,307

$72,277,059

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,976,126

$2,503,630

$1,242,003

$976,774

Net

realized

gain

(loss)

............

7,174,797

6,132,004

2,866,379

2,728,323

Net

change

in

unrealized

appreciation

(depreciation)

.................

13,844,445

6,862,482

7,555,340

3,432,608

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

23,995,368

15,498,116

11,663,722

7,137,705

Distributions

to

shareholders:

Class

A

........................

(9,002,452)

(3,130,673)

(3,505,201)

(1,496,476)

Class

C

........................

(1,100,534)

(343,708)

(489,032)

(189,699)

Class

R

........................

(465,252)

(138,931)

(129,038)

(34,731)

Class

R6

.......................

(22,341)

(6,304)

(26,685)

(10,637)

Advisor

Class

...................

(432,172)

(136,989)

(152,027)

(53,374)

Total

distributions

to

shareholders

.....

(11,022,751)

(3,756,605)

(4,301,983)

(1,784,917)

Capital

share

transactions:

(Note

2)

Class

A

........................

4,733,544

325,122

3,403,629

3,503,497

Class

C

........................

(931,513)

(1,899,153)

132,781

(447,766)

Class

R

........................

766,528

1,046,435

929,609

28,794

Class

R6

.......................

103,328

47,651

81,347

39,736

Advisor

Class

...................

1,037,285

489,343

816,827

69,999

Total

capital

share

transactions

.......

5,709,172

9,398

5,364,193

3,194,260

Net

increase

(decrease)

in

net

assets

.....................

18,681,789

11,750,909

12,725,932

8,547,048

Net

assets:

Beginning

of

year

..................

139,277,375

127,526,466

62,183,326

53,636,278

End

of

year

......................

$157,959,164

$139,277,375

$74,909,258

$62,183,326

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$1,742,080

$1,418,610

$841,415

$681,812

Net

realized

gain

(loss)

............

5,989,315

5,495,609

2,985,623

2,654,429

Net

change

in

unrealized

appreciation

(depreciation)

.................

12,812,761

6,255,792

7,834,115

3,630,892

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

20,544,156

13,170,011

11,661,153

6,967,133

Distributions

to

shareholders:

Class

A

........................

(6,517,959)

(2,530,504)

(3,121,292)

(986,261)

Class

C

........................

(773,525)

(272,032)

(522,275)

(156,345)

Class

R

........................

(130,216)

(42,933)

(145,821)

(47,290)

Class

R6

.......................

(73,113)

(24,180)

(18,555)

(4,386)

Advisor

Class

...................

(158,956)

(57,444)

(91,478)

(41,947)

Total

distributions

to

shareholders

.....

(7,653,769)

(2,927,093)

(3,899,421)

(1,236,229)

Capital

share

transactions:

(Note

2)

Class

A

........................

4,834,670

4,000,159

3,163,265

7,396,617

Class

C

........................

(212,323)

(1,138,997)

(560,793)

(337,740)

Class

R

........................

325,080

(591,754)

(85,412)

147,665

Class

R6

.......................

416,062

588,876

87,920

124,093

Advisor

Class

...................

464,099

144,270

(297,214)

144,102

Total

capital

share

transactions

.......

5,827,588

3,002,554

2,307,766

7,474,737

Net

increase

(decrease)

in

net

assets

.....................

18,717,975

13,245,472

10,069,498

13,205,641

Net

assets:

Beginning

of

year

..................

103,572,261

90,326,789

56,219,296

43,013,655

End

of

year

......................

$122,290,236

$103,572,261

$66,288,794

$56,219,296

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$629,121

$473,701

$151,214

$95,470

Net

realized

gain

(loss)

............

2,256,333

1,977,328

475,735

321,453

Net

change

in

unrealized

appreciation

(depreciation)

.................

6,260,052

2,865,574

1,380,874

445,234

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

9,145,506

5,316,603

2,007,823

862,157

Distributions

to

shareholders:

Class

A

........................

(2,152,917)

(721,918)

(405,060)

(110,189)

Class

C

........................

(451,317)

(149,574)

(44,272)

(10,383)

Class

R

........................

(112,008)

(36,454)

(8,749)

(1,943)

Class

R6

.......................

(8,204)

(1,691)

(2,395)

(330) Advisor

Class

...................

(58,051)

(20,004)

(76,019)

(27,802)

Total

distributions

to

shareholders

.....

(2,782,497)

(929,641)

(536,495)

(150,647)

Capital

share

transactions:

(Note

2)

Class

A

........................

6,547,884

2,990,907

2,548,523

2,068,674

Class

C

........................

(149,537)

(312,039)

235,711

226,134

Class

R

........................

163,952

181,382

81,573

58,905

Class

R6

.......................

94,872

45,344

57,653

3,820

Advisor

Class

...................

193,011

156,708

204,843

45,013

Total

capital

share

transactions

.......

6,850,182

3,062,302

3,128,303

2,402,546

Net

increase

(decrease)

in

net

assets

.....................

13,213,191

7,449,264

4,599,631

3,114,056

Net

assets:

Beginning

of

year

..................

40,819,395

33,370,131

8,071,534

4,957,478

End

of

year

......................

$54,032,586

$40,819,395

$12,671,165

$8,071,534

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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, ten

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. Certain

or

all

Funds

invest

primarily

in

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

by

Franklin

Templeton

(FT

Underlying

Funds).

The

Funds

offer five classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

accounting

policies

of

the

Underlying

Funds

are

outlined

in

their

respective

shareholder

reports.

A

copy

of

the

Underlying

Funds'

shareholder

reports

is

available

on

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

at

sec.gov.

The

Underlying

Funds'

shareholder

reports

are

not

covered

by

this

report.

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### 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

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.

Investments

in

the

Underlying

Funds

are

valued

at

their

closing

NAV

each

trading

day. ETFs

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Debt

securities

generally

trade

in

the over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

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.

b. #### Index-Linked

#### Notes
Certain

or

all

Funds

invest

in

index-linked

notes.

Index-linked

notes

are

senior,

unsecured,

subordinated

debt

securities

issued

by

a

financial

institution,

and

the

value

is

based

on

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

the

price

movements

of

the

underlying

index.

Index-linked

notes

are

designed

to

provide

investors

access

to

the

returns

of

various

market

benchmarks

and

intended

to

replicate

the

economic

effects

that

would

apply

had

the

Fund

directly

purchased

the

underlying

referenced

asset

or

basket

of

assets.

The

risks

of

investing

in

index-linked

notes

include

unfavorable

price

movements

in

the

underlying

index

and

the

credit

risk

of

the

issuing

financial

institution.

There

may

be

no

guarantee

of

a

return

of

principal

with

index-linked

notes

and

the

appreciation

potential

may

be

limited.

Index-linked

notes

may

be

more

volatile

and

less

liquid

than

other

investments

held

by

the

Funds.

c. #### Income

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Dividend

income

and

realized

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Franklin

LifeSmart

TM

Retirement

Income

Fund

employs

a

managed

distribution

policy.

Under

this

policy,

the

Fund

will

distribute

level

monthly

distributions

in

any

given

year

regardless

of

the

performance

of

the

Fund;

however,

the

twelfth

monthly

payment

may

be

greater

than

the

initially

anticipated

amount

if

additional

income

or

capital

gains

are

required

to

be

distributed.

These

distributions

may

include

income

and

capital

gains

generated

by

the

Underlying

Funds,

as

well

as

a

possible

return

of

capital

component,

if

necessary,

to

meet

the

annual

distribution

rate.

The

annual

payout

rate

may

be

adjusted

higher

or

lower

from

year

to

year

in

response

to

market

conditions.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

The

Funds

indirectly

bear

their

proportionate

share

of

expenses

from

the

Underlying

Funds

and

ETFs.

Since

the

Underlying

Funds

and

ETFs

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

and

ETFs

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Index-Linked

#### Notes
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

...................................

465,543

$4,956,123

167,883

$2,113,551

Shares

issued

in

reinvestment

of

distributions

..........

173,811

1,863,220

100,052

1,278,527

Shares

redeemed

...............................

(708,309)

(7,602,339)

(339,752)

(4,299,994)

Net

increase

(decrease)

..........................

(68,955)

$(782,996)

(71,817)

$(907,916)

Year

ended

December

31,

2024

Shares

sold

a

...................................

331,077

$3,459,146

307,385

$3,687,346

Shares

issued

in

reinvestment

of

distributions

..........

178,817

1,865,598

56,868

689,303

Shares

redeemed

...............................

(726,012)

(7,555,580)

(807,167)

(9,642,131)

Net

increase

(decrease)

..........................

(216,118)

$(2,230,836)

(442,914)

$(5,265,482)

Class

C

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

39,015

$409,436

15,768

$196,229

Shares

issued

in

reinvestment

of

distributions

..........

11,695

123,898

7,835

98,697

Shares

redeemed

a

..............................

(72,106)

(762,409)

(69,318)

(857,990)

Net

increase

(decrease)

..........................

(21,396)

$(229,075)

(45,715)

$(563,064)

Year

ended

December

31,

2024

Shares

sold

...................................

40,039

$410,612

22,509

$268,364

Shares

issued

in

reinvestment

of

distributions

..........

12,879

132,712

4,713

56,591

Shares

redeemed

a

..............................

(109,857)

(1,125,443)

(128,596)

(1,515,894)

Net

increase

(decrease)

..........................

(56,939)

$(582,119)

(101,374)

$(1,190,939)

Class

R

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Accounting

#### Estimates
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

6,942

$73,401

7,278

$92,778

Shares

issued

in

reinvestment

of

distributions

..........

5,883

62,818

1,160

14,848

Shares

redeemed

...............................

(40,767)

(436,168)

(15,129)

(186,737)

Net

increase

(decrease)

..........................

(27,942)

$(299,949)

(6,691)

$(79,111)

Year

ended

December

31,

2024

Shares

sold

...................................

27,766

$286,143

13,604

$160,399

Shares

issued

in

reinvestment

of

distributions

..........

6,419

66,791

800

9,696

Shares

redeemed

...............................

(57,887)

(586,832)

(18,592)

(216,355)

Net

increase

(decrease)

..........................

(23,702)

$(233,898)

(4,188)

$(46,260)

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

1,018

$11,260

1,648

$22,036

Shares

issued

in

reinvestment

of

distributions

..........

529

5,707

Shares

redeemed

...............................

(367) (3,956)

(1,965)

(26,419)

Net

increase

(decrease)

..........................

1,180

$13,011

(299) $(4,141)

Year

ended

December

31,

2024

Shares

sold

...................................

—

$—

$3,873

Shares

issued

in

reinvestment

of

distributions

..........

526

5,515

Shares

redeemed

...............................

(931) (9,655)

(1,158)

(13,924)

Net

increase

(decrease)

..........................

(405) $(4,140)

(828) $(9,805)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

13,188

$143,305

16,443

$215,450

Shares

issued

in

reinvestment

of

distributions

..........

12,290

132,099

2,945

37,931

Shares

redeemed

...............................

(116,919)

(1,238,914)

(8,882)

(113,235)

Net

increase

(decrease)

..........................

(91,441)

$(963,510)

10,506

$140,146

Year

ended

December

31,

2024

Shares

sold

...................................

105,270

$1,125,024

3,537

$41,749

Shares

issued

in

reinvestment

of

distributions

..........

15,075

157,886

1,456

17,717

Shares

redeemed

...............................

(159,943)

(1,664,764)

(23,785)

(281,736)

Net

increase

(decrease)

..........................

(39,598)

$(381,854)

(18,792)

$(222,270)

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

...................................

570,321

$7,623,950

794,871

$11,696,538

Shares

issued

in

reinvestment

of

distributions

..........

579,916

7,833,416

236,078

3,550,343

Shares

redeemed

...............................

(1,314,742)

(17,713,385)

(693,698)

(10,197,139)

Net

increase

(decrease)

..........................

(164,505)

$(2,256,019)

337,251

$5,049,742

Year

ended

December

31,

2024

Shares

sold

a

...................................

793,798

$10,179,063

663,169

$9,025,455

Shares

issued

in

reinvestment

of

distributions

..........

245,068

3,177,790

100,024

1,381,171

Shares

redeemed

...............................

(1,758,678)

(22,528,325)

(690,146)

(9,389,640)

Net

increase

(decrease)

..........................

(719,812)

$(9,171,472)

73,047

$1,016,986

Class

C

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

101,067

$1,331,978

167,466

$2,404,750

Shares

issued

in

reinvestment

of

distributions

..........

61,477

807,747

35,835

525,881

Shares

redeemed

a

..............................

(283,563)

(3,685,255)

(286,021)

(4,100,219)

Net

increase

(decrease)

..........................

(121,019)

$(1,545,530)

(82,720)

$(1,169,588)

Year

ended

December

31,

2024

Shares

sold

...................................

138,478

$1,741,384

153,773

$2,051,583

Shares

issued

in

reinvestment

of

distributions

..........

24,141

305,745

14,813

200,386

Shares

redeemed

a

..............................

(266,797)

(3,335,090)

(175,813)

(2,382,249)

Net

increase

(decrease)

..........................

(104,178)

$(1,287,961)

(7,227)

$(130,280)

Class

R

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

14,773

$197,654

33,429

$499,455

Shares

issued

in

reinvestment

of

distributions

..........

9,733

130,705

7,514

112,376

Shares

redeemed

...............................

(39,904)

(529,126)

(52,266)

(766,485)

Net

increase

(decrease)

..........................

(15,398)

$(200,767)

(11,323)

$(154,654)

Year

ended

December

31,

2024

Shares

sold

...................................

30,244

$392,755

56,056

$755,329

Shares

issued

in

reinvestment

of

distributions

..........

4,137

53,349

3,403

46,815

Shares

redeemed

...............................

(47,938)

(602,382)

(31,387)

(421,648)

Net

increase

(decrease)

..........................

(13,557)

$(156,278)

28,072

$380,496

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

6,401

$89,185

2,362

$34,377

Shares

issued

in

reinvestment

of

distributions

..........

6,228

4,821

Shares

redeemed

...............................

(1,735)

(23,856)

(4,001)

(58,454)

Net

increase

(decrease)

..........................

5,121

$71,557

(1,323)

$(19,256)

Year

ended

December

31,

2024

Shares

sold

...................................

$7,789

3,570

$50,956

Shares

issued

in

reinvestment

of

distributions

..........

667

8,582

5,112

Shares

redeemed

...............................

(45,083)

(586,384)

(15,698)

(218,599)

Net

increase

(decrease)

..........................

(44,106)

$(570,013)

(11,759)

$(162,531)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

55,731

$764,441

88,390

$1,312,826

Shares

issued

in

reinvestment

of

distributions

..........

14,312

194,306

12,533

190,216

Shares

redeemed

...............................

(67,122)

(897,505)

(15,580)

(229,829)

Net

increase

(decrease)

..........................

2,921

$61,242

85,343

$1,273,213

Year

ended

December

31,

2024

Shares

sold

...................................

50,892

$656,810

38,290

$523,974

Shares

issued

in

reinvestment

of

distributions

..........

6,805

88,598

4,133

57,448

Shares

redeemed

...............................

(105,137)

(1,373,268)

(37,513)

(516,284)

Net

increase

(decrease)

..........................

(47,440)

$(627,860)

4,910

$65,138

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

...................................

1,009,539

$15,348,303

576,879

$8,720,046

Shares

issued

in

reinvestment

of

distributions

..........

581,356

8,958,144

225,572

3,505,021

Shares

redeemed

...............................

(1,273,945)

(19,572,903)

(582,919)

(8,821,438)

Net

increase

(decrease)

..........................

316,950

$4,733,544

219,532

$3,403,629

Year

ended

December

31,

2024

Shares

sold

a

...................................

1,052,543

$15,059,271

596,372

$8,552,544

Shares

issued

in

reinvestment

of

distributions

..........

214,224

3,112,782

103,177

1,496,384

Shares

redeemed

...............................

(1,241,143)

(17,846,931)

(460,826)

(6,545,431)

Net

increase

(decrease)

..........................

25,624

$325,122

238,723

$3,503,497

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

136,277

$2,000,917

79,923

$1,184,525

Shares

issued

in

reinvestment

of

distributions

..........

74,604

1,100,364

32,590

489,032

Shares

redeemed

a

..............................

(276,262)

(4,032,794)

(104,456)

(1,540,776)

Net

increase

(decrease)

..........................

(65,381)

$(931,513)

8,057

$132,781

Year

ended

December

31,

2024

Shares

sold

...................................

203,586

$2,780,766

77,400

$1,070,589

Shares

issued

in

reinvestment

of

distributions

..........

24,499

343,515

13,423

189,699

Shares

redeemed

a

..............................

(367,193)

(5,023,434)

(124,298)

(1,708,054)

Net

increase

(decrease)

..........................

(139,108)

$(1,899,153)

(33,475)

$(447,766)

Class

R

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

91,018

$1,361,208

63,160

$949,139

Shares

issued

in

reinvestment

of

distributions

..........

30,275

465,252

8,307

129,038

Shares

redeemed

...............................

(70,865)

(1,059,932)

(10,011)

(148,568)

Net

increase

(decrease)

..........................

50,428

$766,528

61,456

$929,609

Year

ended

December

31,

2024

Shares

sold

...................................

91,912

$1,302,455

20,540

$292,949

Shares

issued

in

reinvestment

of

distributions

..........

9,573

138,931

2,397

34,731

Shares

redeemed

...............................

(27,442)

(394,951)

(21,153)

(298,886)

Net

increase

(decrease)

..........................

74,043

$1,046,435

1,784

$28,794

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

6,152

$96,237

4,460

$71,342

Shares

issued

in

reinvestment

of

distributions

..........

1,424

22,341

1,692

26,685

Shares

redeemed

...............................

(961) (15,250)

(1,043)

(16,680)

Net

increase

(decrease)

..........................

6,615

$103,328

5,109

$81,347

Year

ended

December

31,

2024

Shares

sold

...................................

3,025

$44,663

2,080

$30,883

Shares

issued

in

reinvestment

of

distributions

..........

6,304

726

10,637

Shares

redeemed

...............................

(224) (3,316)

(119) (1,784)

Net

increase

(decrease)

..........................

3,230

$47,651

2,687

$39,736

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

75,449

$1,133,472

75,842

$1,175,789

Shares

issued

in

reinvestment

of

distributions

..........

27,060

424,203

9,664

152,027

Shares

redeemed

...............................

(34,402)

(520,390)

(33,633)

(510,989)

Net

increase

(decrease)

..........................

68,107

$1,037,285

51,873

$816,827

Year

ended

December

31,

2024

Shares

sold

...................................

56,540

$829,117

21,702

$310,310

Shares

issued

in

reinvestment

of

distributions

..........

9,071

133,564

3,653

53,374

Shares

redeemed

...............................

(32,880)

(473,338)

(20,271)

(293,685)

Net

increase

(decrease)

..........................

32,731

$489,343

5,084

$69,999

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

...................................

773,892

$12,642,815

444,760

$7,182,966

Shares

issued

in

reinvestment

of

distributions

..........

388,280

6,451,954

190,228

3,119,308

Shares

redeemed

...............................

(872,493)

(14,260,099)

(439,716)

(7,139,009)

Net

increase

(decrease)

..........................

289,679

$4,834,670

195,272

$3,163,265

Year

ended

December

31,

2024

Shares

sold

a

...................................

936,906

$14,324,401

918,879

$13,714,472

Shares

issued

in

reinvestment

of

distributions

..........

162,028

2,509,138

65,002

985,848

Shares

redeemed

...............................

(840,118)

(12,833,380)

(484,335)

(7,303,703)

Net

increase

(decrease)

..........................

258,816

$4,000,159

499,546

$7,396,617

Class

C

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

94,003

$1,460,189

101,666

$1,609,561

Shares

issued

in

reinvestment

of

distributions

..........

49,145

772,371

32,847

522,275

Shares

redeemed

a

..............................

(158,074)

(2,444,883)

(169,070)

(2,692,629)

Net

increase

(decrease)

..........................

(14,926)

$(212,323)

(34,557)

$(560,793)

Year

ended

December

31,

2024

Shares

sold

...................................

126,729

$1,826,699

95,059

$1,373,778

Shares

issued

in

reinvestment

of

distributions

..........

18,392

271,953

10,550

156,343

Shares

redeemed

a

..............................

(220,736)

(3,237,649)

(128,432)

(1,867,861)

Net

increase

(decrease)

..........................

(75,615)

$(1,138,997)

(22,823)

$(337,740)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

33,800

$547,245

16,994

$270,045

Shares

issued

in

reinvestment

of

distributions

..........

7,910

130,216

8,914

145,821

Shares

redeemed

...............................

(21,677)

(352,381)

(31,413)

(501,278)

Net

increase

(decrease)

..........................

20,033

$325,080

(5,505)

$(85,412)

Year

ended

December

31,

2024

Shares

sold

...................................

38,035

$574,744

20,693

$302,044

Shares

issued

in

reinvestment

of

distributions

..........

2,793

42,933

3,119

47,290

Shares

redeemed

...............................

(83,923)

(1,209,431)

(13,821)

(201,669)

Net

increase

(decrease)

..........................

(43,095)

$(591,754)

9,991

$147,665

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

24,216

$424,209

6,232

$104,803

Shares

issued

in

reinvestment

of

distributions

..........

4,151

73,113

1,108

18,555

Shares

redeemed

...............................

(4,637)

(81,260)

(2,076)

(35,438)

Net

increase

(decrease)

..........................

23,730

$416,062

5,264

$87,920

Year

ended

December

31,

2024

Shares

sold

...................................

39,406

$585,100

8,229

$130,275

Shares

issued

in

reinvestment

of

distributions

..........

1,490

24,180

4,386

Shares

redeemed

...............................

(1,303)

(20,404)

(717) (10,568)

Net

increase

(decrease)

..........................

39,593

$588,876

7,797

$124,093

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

32,466

$541,292

37,899

$592,440

Shares

issued

in

reinvestment

of

distributions

..........

9,398

158,956

5,502

91,478

Shares

redeemed

...............................

(14,712)

(236,149)

(63,418)

(981,132)

Net

increase

(decrease)

..........................

27,152

$464,099

(20,017)

$(297,214)

Year

ended

December

31,

2024

Shares

sold

...................................

20,429

$316,149

42,164

$655,452

Shares

issued

in

reinvestment

of

distributions

..........

3,662

57,444

2,734

41,863

Shares

redeemed

...............................

(15,085)

(229,323)

(34,910)

(553,213)

Net

increase

(decrease)

..........................

9,006

$144,270

9,988

$144,102

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

...................................

656,721

$9,653,163

241,139

$3,063,079

Shares

issued

in

reinvestment

of

distributions

..........

144,532

2,152,806

31,267

405,060

Shares

redeemed

...............................

(356,787)

(5,258,085)

(72,719)

(919,616)

Net

increase

(decrease)

..........................

444,466

$6,547,884

199,687

$2,548,523

Year

ended

December

31,

2024

Shares

sold

a

...................................

558,090

$7,458,291

211,735

$2,449,876

Shares

issued

in

reinvestment

of

distributions

..........

52,557

721,865

9,293

110,189

Shares

redeemed

...............................

(387,248)

(5,189,249)

(42,794)

(491,391)

Net

increase

(decrease)

..........................

223,399

$2,990,907

178,234

$2,068,674

Class

C

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

94,623

$1,348,830

30,966

$391,009

Shares

issued

in

reinvestment

of

distributions

..........

31,669

451,224

3,485

44,272

Shares

redeemed

a

..............................

(136,933)

(1,949,591)

(15,746)

(199,570)

Net

increase

(decrease)

..........................

(10,641)

$(149,537)

18,705

$235,711

Year

ended

December

31,

2024

Shares

sold

...................................

111,393

$1,444,771

27,650

$318,959

Shares

issued

in

reinvestment

of

distributions

..........

11,242

149,565

882

10,383

Shares

redeemed

a

..............................

(147,567)

(1,906,375)

(9,111)

(103,208)

Net

increase

(decrease)

..........................

(24,932)

$(312,039)

19,421

$226,134

Class

R

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

35,529

$520,593

6,627

$84,831

Shares

issued

in

reinvestment

of

distributions

..........

7,616

112,008

677

8,749

Shares

redeemed

...............................

(31,609)

(468,649)

(941) (12,007)

Net

increase

(decrease)

..........................

11,536

$163,952

6,363

$81,573

Year

ended

December

31,

2024

Shares

sold

...................................

41,759

$553,696

7,289

$85,313

Shares

issued

in

reinvestment

of

distributions

..........

2,671

36,453

1,943

Shares

redeemed

...............................

(30,399)

(408,767)

(2,451)

(28,351)

Net

increase

(decrease)

..........................

14,031

$181,382

5,002

$58,905

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Funds are

also

officers,

directors, and/or trustees

of

certain

of

the

FT

Underlying

Funds

and

of

the

following

subsidiaries:

a. #### Management

#### and

#### Asset

#### Allocation

#### Fees
The

Funds,

except

Franklin

LifeSmart

TM

Retirement

Income

Fund,

pay

an

asset

allocation

fee,

calculated

daily

and

paid

monthly,

to

Advisers

of

0.25%

per

year

of

the

average

daily

net

assets

of

each

of

the

Funds

for

investment

advisory

services,

consisting

principally

of

determining

the

allocation

of

assets

of

the

Funds

among

the

Underlying

Funds

and

ETFs.

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

8,966

$136,882

5,029

$65,661

Shares

issued

in

reinvestment

of

distributions

..........

506

7,826

1,712

Shares

redeemed

...............................

(3,222)

(49,836)

(706) (9,720)

Net

increase

(decrease)

..........................

6,250

$94,872

4,450

$57,653

Year

ended

December

31,

2024

Shares

sold

...................................

3,695

$51,908

$3,764

Shares

issued

in

reinvestment

of

distributions

..........

1,538

Shares

redeemed

...............................

(566) (8,102)

—

—

Net

increase

(decrease)

..........................

3,238

$45,344

$3,820

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

...................................

16,216

$249,785

14,907

$199,610

Shares

issued

in

reinvestment

of

distributions

..........

3,871

58,051

838

11,056

Shares

redeemed

...............................

(7,938)

(114,825)

(444) (5,823)

Net

increase

(decrease)

..........................

12,149

$193,011

15,301

$204,843

Year

ended

December

31,

2024

Shares

sold

...................................

17,903

$250,755

3,997

$47,272

Shares

issued

in

reinvestment

of

distributions

..........

1,452

20,004

1,920

Shares

redeemed

...............................

(8,161)

(114,051)

(348) (4,179)

Net

increase

(decrease)

..........................

11,194

$156,708

3,811

$45,013

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Franklin

LifeSmart

TM

Retirement

Income

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

of

0.25%

per

year

of

the

average

daily

net

assets

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds

and

is

not

paid

by

the

Funds

for

the services.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

Class

A

....................................................................................

0.35%

Class

C

....................................................................................

1.00%

Class

R

....................................................................................

0.50%

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$4,870

$473

$7,306

$11,345

CDSC

retained

...........................

$204

$337

$599

$5,615

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$17,597

$13,007

$23,679

$16,529

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### and

#### Asset

#### Allocation

#### Fees
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

December

31,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
CDSC

retained

...........................

$1,195

$491

$1,520

$1,610

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

.............

$18,545

$10,639

CDSC

retained

.............................................................

$1,436

$365

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Transfer

agent

fees

........................

$29,442

$15,877

$63,452

$59,027

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Transfer

agent

fees

........................

$97,368

$67,646

$105,381

$90,188

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Transfer

agent

fees

..........................................................

$95,596

$49,451

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
The

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Advisers

(or

an

affiliate

of

Advisers).

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

Underlying

Fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

Underlying

Fund.

The

Funds

do

not

invest

in

FT

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

and

asset

allocation

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

Underlying

Funds,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

the

Underlying

Funds.

Investments

in

FT

Underlying

Funds

for

the

year

ended

December

31,

2025,

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

$

2,022,702

$

145,000

$

(596,911)

$

(148,816)

$

328,754

$

1,750,729

196,270

$

83,873

BrandywineGLOBAL

High

Yield

Fund,

Class

IS

............

8,372,835

716,166

(4,497,979)

(98,861)

(50,990)

4,441,171

437,554

469,654

ClearBridge

Tactical

Dividend

Income

Fund,

Class

IS

.......

4,967,756

327,552

(1,924,866)

212,124

(233,180)

3,349,386

134,029

183,440

a

Franklin

High

Yield

Corporate

ETF

1,965,814

1,734,200

(308,906)

(26,770)

86,844

3,451,182

141,355

182,956

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

1,066,597

7,895,769

(8,009,966)

—

—

952,400

952,400

41,090

Franklin

International

Core

Dividend

Tilt

Index

ETF

.............

1,227,409

1,804,955

(266,952)

12,983

518,505

3,296,900

84,775

94,523

Franklin

Investment

Grade

Corporate

ETF

............

3,455,370

289,686

(370,965)

(94,768)

190,176

3,469,499

160,254

164,299

Franklin

U.S.

Core

Bond

ETF

...

6,317,383

2,993,475

(830,983)

(139,054)

349,055

8,689,876

401,844

325,044

Franklin

U.S.

Core

Equity

(IU)

Fund

958,533

1,378,152

(190,484)

9,648

236,733

2,392,582

121,266

78,057

a

Franklin

U.S.

Government

Securities

Fund,

Class

R6

.....

3,953,901

190,649

(4,177,057)

(262,002)

294,509

—

—

74,218

Franklin

U.S.

Treasury

Bond

ETF

—

4,098,585

(261,092)

3,979

44,503

3,885,975

189,375

82,918

Templeton

Developing

Markets

Trust,

Class

R6

............

418,046

678,142

(96,563)

6,985

252,997

1,259,607

48,132

36,739

a

Templeton

Foreign

Fund,

Class

R6

810,980

26,609

(988,112)

316,473

(165,950)

—

—

—

#### Total

#### Non-Controlled

#### Affiliates
$35,537,326

$22,278,940

$(22,520,836)

$(208,079)

$1,851,956

$36,939,307

$1,816,811

#### Total

#### Affiliated

#### Securities

#### ....
$35,537,326

$22,278,940

$(22,520,836)

$(208,079)

$1,851,956

$36,939,307

$1,816,811

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

918,807

141,655

(158,883)

(44,685)

123,779

980,673

109,941

40,947

ClearBridge

International

Growth

Fund,

Class

IS

............

269,385

50,109

(114,011)

18,033

22,364

245,880

3,316

17,050

a

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

$

645,141

$

222,787

$

(225,161)

$

9,122

$

161,893

$

813,782

61,791

$

25,632

Franklin

Growth

Fund,

Class

R6

.

1,675,891

274,286

(805,079)

256,757

(199,412)

1,202,443

8,841

152,677

a

Franklin

High

Yield

Corporate

ETF

1,064,912

93,306

(166,523)

(6,050)

27,285

1,012,930

41,488

66,381

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

20,292

3,710,042

(3,440,099)

—

—

290,235

290,235

12,869

Franklin

International

Aggregate

Bond

ETF

................

398,421

32,126

(433,203)

(24,690)

27,346

—

—

1,072

Franklin

International

Core

Equity

(IU)

Fund

................

1,781,603

356,870

(789,005)

146,100

138,769

1,634,337

120,260

208,355

a

Franklin

Investment

Grade

Corporate

ETF

............

2,661,381

354,278

(327,441)

(16,306)

87,445

2,759,357

127,453

125,606

Franklin

Systematic

Style

Premia

ETF

....................

263,249

6,104

(37,973)

3,819

26,770

261,969

9,735

6,943

Franklin

U.S.

Core

Bond

ETF

...

5,569,089

676,390

(721,393)

(125,403)

264,104

5,662,787

261,863

235,097

Franklin

U.S.

Core

Equity

(IU)

Fund

3,782,224

484,009

(964,976)

160,348

302,962

3,764,567

190,804

138,410

a

Franklin

U.S.

Equity

Index

ETF

.

382,516

411,809

(432,492)

67,142

(25,460)

403,515

6,750

4,547

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

879,776

120,324

(254,714)

61,147

79,366

885,899

12,778

10,278

Franklin

U.S.

Treasury

Bond

ETF

2,795,131

402,824

(381,515)

(27,049)

80,803

2,870,194

139,873

115,213

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

448,858

(6,573)

(9,796)

432,497

5,221

21,208

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

972,028

150,597

(242,410)

(11,258)

131,321

1,000,278

25,472

55,087

a

Templeton

Developing

Markets

Trust,

Class

R6

............

417,074

170,295

(204,098)

4,861

144,615

532,747

20,357

15,525

a

Templeton

Foreign

Fund,

Class

R6

410,420

42,845

(162,771)

41,303

46,839

378,636

40,934

15,014

#### Total

#### Non-Controlled

#### Affiliates
$24,907,340

$8,149,514

$(9,868,320)

$513,199

$1,430,993

$25,132,726

$1,267,911

#### Total

#### Affiliated

#### Securities

#### ....
$24,907,340

$8,149,514

$(9,868,320)

$513,199

$1,430,993

$25,132,726

$1,267,911

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

3,278,382

548,793

(595,880)

(182,999)

465,079

3,513,375

393,876

146,006

ClearBridge

International

Growth

Fund,

Class

IS

............

1,377,313

260,226

(577,354)

87,694

119,585

1,267,464

17,096

88,096

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

3,299,462

1,146,183

(1,131,052)

50,402

833,500

4,198,495

318,792

132,142

Franklin

Growth

Fund,

Class

R6

.

8,577,095

1,313,473

(4,012,002)

1,754,772

(1,427,532)

6,205,806

45,628

787,962

a

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

High

Yield

Corporate

ETF

$

3,799,579

$

336,757

$

(584,582)

$

(21,077)

$

98,686

$

3,629,363

148,653

$

237,762

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

3,765

14,411,456

(13,484,466)

—

—

930,755

930,755

53,855

Franklin

International

Aggregate

Bond

ETF

................

1,422,804

124,190

(1,556,928)

(134,326)

144,260

—

—

3,881

Franklin

International

Core

Equity

(IU)

Fund

................

9,108,851

1,839,495

(3,982,302)

679,370

779,386

8,424,800

619,926

1,073,825

a

Franklin

Investment

Grade

Corporate

ETF

............

9,497,342

1,467,584

(1,331,267)

(75,687)

329,366

9,887,338

456,690

450,008

Franklin

Systematic

Style

Premia

ETF

....................

1,125,755

24,917

(156,776)

16,068

115,762

1,125,726

41,833

29,835

Franklin

U.S.

Core

Bond

ETF

...

19,872,748

2,793,107

(2,869,258)

(513,878)

1,004,407

20,287,126

938,133

842,102

Franklin

U.S.

Core

Equity

(IU)

Fund

19,356,229

2,177,153

(4,578,171)

685,124

1,776,476

19,416,811

984,126

713,110

a

Franklin

U.S.

Equity

Index

ETF

.

1,965,211

1,869,846

(1,981,007)

285,478

(51,711)

2,087,817

34,925

23,478

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

4,502,731

545,567

(1,218,549)

189,767

551,827

4,571,343

65,936

52,942

Franklin

U.S.

Treasury

Bond

ETF

9,974,752

1,610,514

(1,491,442)

(185,270)

374,798

10,283,352

501,138

412,718

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

2,319,651

(38,284)

(542) (50,211)

2,230,614

26,927

109,379

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

4,973,056

729,481

(1,177,234)

(45,493)

675,426

5,155,236

131,277

283,441

a

Templeton

Developing

Markets

Trust,

Class

R6

............

2,132,981

875,731

(1,036,012)

27,869

747,984

2,748,553

105,027

80,088

a

Templeton

Foreign

Fund,

Class

R6

2,098,352

213,102

(812,779)

212,494

240,742

1,951,911

211,017

77,401

#### Total

#### Non-Controlled

#### Affiliates
$106,366,408

$34,607,226

$(42,615,345)

$2,829,766

$6,727,830

$107,915,885

$5,598,031

#### Total

#### Affiliated

#### Securities

#### ....
$106,366,408

$34,607,226

$(42,615,345)

$2,829,766

$6,727,830

$107,915,885

$5,598,031

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

1,725,932

488,877

(220,277)

(68,320)

220,422

2,146,634

240,654

84,691

ClearBridge

International

Growth

Fund,

Class

IS

............

1,061,794

298,236

(401,075)

49,423

113,882

1,122,260

15,137

77,603

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,541,869

1,175,125

(737,613)

41,355

691,757

3,712,493

281,890

112,388

Franklin

Growth

Fund,

Class

R6

.

6,610,430

1,514,206

(2,862,938)

609,928

(379,051)

5,492,575

40,384

697,402

a

Franklin

High

Yield

Corporate

ETF

2,000,043

371,244

(198,445)

(3,340)

47,112

2,216,614

90,789

136,452

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

2,084

13,132,396

(12,089,103)

—

—

1,045,377

1,045,377

43,043

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

International

Aggregate

Bond

ETF

................

$

749,001

$

129,661

$

(883,889)

$

(61,297)

$

66,524

$

—

—

$

2,196

Franklin

International

Core

Equity

(IU)

Fund

................

7,022,113

2,093,606

(2,802,034)

352,459

793,286

7,459,430

548,891

934,943

a

Franklin

Investment

Grade

Corporate

ETF

............

4,999,546

1,378,864

(481,204)

(29,633)

171,781

6,039,354

278,954

258,843

Franklin

Systematic

Style

Premia

ETF

....................

749,842

57,599

(62,112)

741

93,145

839,215

31,186

22,242

Franklin

U.S.

Core

Bond

ETF

...

10,461,695

2,743,656

(1,089,948)

(189,789)

466,592

12,392,206

573,050

483,868

Franklin

U.S.

Core

Equity

(IU)

Fund

14,910,025

2,857,640

(2,657,984)

(25,123)

2,099,099

17,183,657

870,941

615,438

a

Franklin

U.S.

Equity

Index

ETF

.

1,513,174

1,468,699

(1,347,951)

112,181

99,365

1,845,468

30,871

19,902

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

3,468,263

683,338

(722,907)

(4,293)

622,391

4,046,792

58,370

44,880

Franklin

U.S.

Treasury

Bond

ETF

5,251,179

1,500,154

(574,332)

(83,335)

187,362

6,281,028

306,093

237,250

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

2,034,306

(14,041)

(110) (45,970)

1,974,185

23,831

96,805

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

3,830,736

875,082

(665,616)

(29,251)

550,205

4,561,156

116,149

247,868

a

Templeton

Developing

Markets

Trust,

Class

R6

............

1,643,183

873,531

(733,146)

23,460

623,155

2,430,183

92,861

70,781

a

Templeton

Foreign

Fund,

Class

R6

1,617,683

296,756

(554,191)

68,376

300,059

1,728,683

186,885

68,549

#### Total

#### Non-Controlled

#### Affiliates
$70,158,592

$33,972,976

$(29,098,806)

$763,432

$6,721,116

$82,517,310

$4,255,144

#### Total

#### Affiliated

#### Securities

#### ....
$70,158,592

$33,972,976

$(29,098,806)

$763,432

$6,721,116

$82,517,310

$4,255,144

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

2,494,370

623,311

(293,098)

(91,749)

312,857

3,045,691

341,445

120,341

ClearBridge

International

Growth

Fund,

Class

IS

............

2,334,167

508,827

(802,682)

117,146

243,854

2,401,312

32,389

166,633

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

5,595,906

2,172,112

(1,428,976)

54,490

1,550,477

7,944,009

603,190

243,244

Franklin

Growth

Fund,

Class

R6

.

14,531,587

2,388,957

(5,738,897)

1,604,637

(1,048,509)

11,737,775

86,301

1,490,366

a

Franklin

High

Yield

Corporate

ETF

2,890,347

455,163

(263,741)

(10,061)

74,458

3,146,166

128,862

195,848

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

4,644

14,807,924

(13,488,672)

—

—

1,323,896

1,323,896

79,820

Franklin

International

Aggregate

Bond

ETF

................

1,081,979

147,253

(1,237,027)

(86,713)

94,508

—

—

3,185

Franklin

International

Core

Equity

(IU)

Fund

................

15,436,666

3,608,038

(5,618,958)

778,200

1,757,347

15,961,293

1,174,488

2,008,930

a

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

Investment

Grade

Corporate

ETF

............

$

7,225,226

$

1,781,565

$

(644,402)

$

(38,990)

$

247,749

$

8,571,148

395,896

$

371,450

Franklin

Systematic

Style

Premia

ETF

....................

1,445,360

125,407

(165,204)

3,766

176,343

1,585,672

58,925

42,025

Franklin

U.S.

Core

Bond

ETF

...

15,118,556

3,544,865

(1,476,171)

(255,149)

654,625

17,586,726

813,259

694,470

Franklin

U.S.

Core

Equity

(IU)

Fund

32,785,330

4,078,541

(4,681,704)

18,781

4,546,585

36,747,533

1,862,521

1,323,483

a

Franklin

U.S.

Equity

Index

ETF

.

3,327,740

2,674,391

(2,545,120)

170,418

324,746

3,952,175

66,112

43,070

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

7,627,539

1,005,854

(1,337,959)

12,393

1,347,954

8,655,781

124,849

97,100

Franklin

U.S.

Treasury

Bond

ETF

7,588,620

1,955,258

(779,107)

(128,920)

278,406

8,914,257

434,418

340,524

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

4,372,520

(52,542)

(98,705)

4,221,770

50,963

207,017

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

8,423,320

1,370,686

(1,186,601)

(48,765)

1,195,683

9,754,323

248,391

531,857

a

Templeton

Developing

Markets

Trust,

Class

R6

............

3,617,465

1,636,975

(1,473,716)

45,682

1,374,166

5,200,572

198,723

151,499

a

Templeton

Foreign

Fund,

Class

R6

3,556,166

419,839

(1,089,268)

174,244

636,971

3,697,952

399,779

146,639

#### Total

#### Non-Controlled

#### Affiliates
$135,084,988

$47,677,486

$(44,303,845)

$2,319,907

$13,669,515

$154,448,051

$8,257,501

#### Total

#### Affiliated

#### Securities

#### ....
$135,084,988

$47,677,486

$(44,303,845)

$2,319,907

$13,669,515

$154,448,051

$8,257,501

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

1,159,418

336,037

(414,374)

47,843

130,866

1,259,790

16,992

86,783

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,780,521

1,330,928

(755,068)

19,049

796,412

4,171,842

316,769

125,870

Franklin

Growth

Fund,

Class

R6

.

7,218,172

1,685,364

(3,000,713)

353,422

(96,116)

6,160,129

45,292

782,162

a

Franklin

High

Yield

Corporate

ETF

982,203

297,030

(139,818)

(2,047)

24,737

1,162,105

47,598

70,002

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

2,091

9,492,882

(8,471,283)

—

—

1,023,690

1,023,690

38,004

Franklin

International

Core

Equity

(IU)

Fund

................

7,667,478

2,357,804

(2,904,169)

286,691

966,641

8,374,445

616,221

1,048,339

a

Franklin

Investment

Grade

Corporate

ETF

............

2,455,772

973,918

(335,949)

(16,759)

89,396

3,166,378

146,253

132,951

Franklin

Systematic

Style

Premia

ETF

....................

646,455

68,486

(61,617)

612

81,703

735,639

27,337

19,497

Franklin

U.S.

Core

Bond

ETF

...

5,139,148

1,966,650

(746,390)

(129,303)

267,170

6,497,275

300,452

248,384

Franklin

U.S.

Core

Equity

(IU)

Fund

12,567,362

2,251,798

(1,773,767)

(35,774)

1,834,259

14,843,878

752,351

530,724

a

Franklin

U.S.

Equity

Index

ETF

.

5,368,067

1,876,078

(1,625,199)

(63,313)

918,541

6,474,174

108,300

68,303

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

$

3,789,141

$

738,294

$

(677,966)

$

(13,623)

$

704,714

$

4,540,560

65,492

$

49,949

Franklin

U.S.

Treasury

Bond

ETF

2,579,304

1,055,025

(390,431)

(45,651)

95,644

3,293,891

160,521

121,846

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

2,285,988

(17,588)

(204) (52,631)

2,215,565

26,745

108,641

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

4,184,970

996,632

(642,842)

(34,704)

615,322

5,119,378

130,364

277,827

a

Templeton

Developing

Markets

Trust,

Class

R6

............

1,797,269

989,593

(779,745)

24,160

700,059

2,731,336

104,369

79,531

a

Templeton

Foreign

Fund,

Class

R6

1,766,373

334,361

(567,874)

46,890

361,526

1,941,276

209,868

76,979

#### Total

#### Non-Controlled

#### Affiliates
$60,103,744

$29,036,868

$(23,304,793)

$437,289

$7,438,243

$73,711,351

$3,865,792

#### Total

#### Affiliated

#### Securities

#### ....
$60,103,744

$29,036,868

$(23,304,793)

$437,289

$7,438,243

$73,711,351

$3,865,792

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

2,145,437

498,250

(679,941)

88,107

240,384

2,292,237

30,918

158,112

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

5,141,151

2,154,015

(1,202,802)

34,506

1,455,237

7,582,107

575,710

228,182

Franklin

Growth

Fund,

Class

R6

.

13,352,489

2,309,883

(4,931,487)

1,014,461

(538,789)

11,206,557

82,395

1,422,917

a

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

3,409

11,548,729

(10,370,631)

—

—

1,181,507

1,181,507

60,967

Franklin

International

Core

Equity

(IU)

Fund

................

14,188,351

3,574,783

(4,830,525)

513,389

1,790,474

15,236,472

1,121,153

1,904,654

a

Franklin

Systematic

Style

Premia

ETF

....................

1,076,165

109,609

(111,919)

1,252

134,067

1,209,174

44,934

32,047

Franklin

U.S.

Core

Bond

ETF

...

9,431,153

4,625,253

(1,758,566)

(85,432)

333,033

12,545,441

580,136

466,564

Franklin

U.S.

Core

Equity

(IU)

Fund

23,247,645

2,737,878

(2,280,546)

(4,742)

3,302,517

27,002,752

1,368,614

963,268

a

Franklin

U.S.

Equity

Index

ETF

.

9,930,026

2,985,163

(2,713,894)

(84,172)

1,662,526

11,779,649

197,050

124,644

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

7,009,943

945,153

(960,238)

(11,741)

1,278,731

8,261,848

119,167

91,057

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

4,146,535

(19,318)

(766) (95,878)

4,030,573

48,655

197,641

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

7,741,603

1,411,232

(905,039)

(39,338)

1,105,744

9,314,202

237,184

505,410

a

Templeton

Developing

Markets

Trust,

Class

R6

............

3,323,480

1,583,387

(1,266,400)

35,479

1,287,925

4,963,871

189,678

144,563

a

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Templeton

Foreign

Fund,

Class

R6

$

3,268,624

$

445,965

$

(932,639)

$

89,376

$

659,382

$

3,530,708

381,698

$

140,007

#### Total

#### Non-Controlled

#### Affiliates
$99,859,476

$39,075,835

$(32,963,945)

$1,550,379

$12,615,353

$120,137,098

$6,440,033

#### Total

#### Affiliated

#### Securities

#### ....
$99,859,476

$39,075,835

$(32,963,945)

$1,550,379

$12,615,353

$120,137,098

$6,440,033

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

1,244,154

304,050

(413,098)

43,753

145,328

1,324,187

17,861

91,862

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,981,930

1,318,849

(782,937)

20,923

842,662

4,381,427

332,682

132,519

Franklin

Growth

Fund,

Class

R6

.

7,746,621

1,347,436

(2,903,129)

216,574

66,997

6,474,499

47,603

822,079

a

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

1,844

8,420,427

(7,544,876)

—

—

877,395

877,395

33,143

Franklin

International

Core

Equity

(IU)

Fund

................

8,228,200

2,142,311

(2,903,272)

193,959

1,140,309

8,801,507

647,646

1,102,092

a

Franklin

Systematic

Style

Premia

ETF

....................

587,301

63,104

(73,482)

888

72,415

650,226

24,163

17,233

Franklin

U.S.

Core

Bond

ETF

...

1,729,570

2,024,355

(1,064,982)

(29,998)

82,759

2,741,704

126,784

98,000

Franklin

U.S.

Core

Equity

(IU)

Fund

13,487,178

1,598,634

(1,407,625)

703

1,921,366

15,600,256

790,687

557,233

a

Franklin

U.S.

Equity

Index

ETF

.

5,761,110

1,843,204

(1,717,088)

(47,378)

964,910

6,804,758

113,830

72,159

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

4,065,922

557,015

(587,790)

(4,373)

741,695

4,772,469

68,837

52,718

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

2,407,998

(23,522)

(55,929)

2,328,682

28,111

114,188

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

4,492,188

896,000

(628,244)

(20,654)

642,192

5,381,482

137,038

292,499

a

Templeton

Developing

Markets

Trust,

Class

R6

............

1,927,623

943,402

(770,235)

23,807

743,501

2,868,098

109,595

83,514

a

Templeton

Foreign

Fund,

Class

R6

1,895,517

285,167

(575,467)

42,758

391,967

2,039,942

220,534

80,892

#### Total

#### Non-Controlled

#### Affiliates
$54,149,158

$24,151,952

$(21,395,747)

$441,097

$7,700,172

$65,046,632

$3,550,131

#### Total

#### Affiliated

#### Securities

#### ....
$54,149,158

$24,151,952

$(21,395,747)

$441,097

$7,700,172

$65,046,632

$3,550,131

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

916,277

329,440

(277,901)

16,231

125,107

1,109,154

14,960

76,477

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,198,072

1,298,040

(504,483)

9,352

670,050

3,671,031

278,742

106,463

Franklin

Growth

Fund,

Class

R6

.

5,705,557

1,513,781

(1,978,482)

103,627

79,975

5,424,458

39,883

688,752

a

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

$

1,420

$

7,495,193

$

(6,818,224)

$

—

$

—

$

678,389

678,389

$

26,846

Franklin

International

Core

Equity

(IU)

Fund

................

6,059,827

2,235,663

(1,910,556)

64,214

923,954

7,373,102

542,539

907,850

a

Franklin

Systematic

Style

Premia

ETF

....................

423,518

84,588

(37,419)

57,000

527,786

19,613

13,988

Franklin

U.S.

Core

Bond

ETF

...

626,816

1,314,315

(1,081,841)

3,124

21,421

883,835

40,871

35,357

Franklin

U.S.

Core

Equity

(IU)

Fund

9,933,899

2,217,561

(612,139)

(11,870)

1,543,769

13,071,220

662,505

455,818

a

Franklin

U.S.

Equity

Index

ETF

.

4,241,056

1,901,051

(1,169,761)

(57,624)

786,796

5,701,518

95,375

57,932

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

2,993,513

722,134

(301,410)

(10,617)

593,185

3,996,805

57,649

42,320

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

—

2,012,420

(13,552)

(47,946)

1,950,954

23,551

95,666

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

3,308,306

1,044,549

(330,046)

(12,446)

497,619

4,507,982

114,795

241,999

a

Templeton

Developing

Markets

Trust,

Class

R6

............

1,421,049

916,347

(538,047)

13,402

590,063

2,402,814

91,816

69,947

a

Templeton

Foreign

Fund,

Class

R6

1,396,537

367,338

(388,754)

17,970

316,199

1,709,290

184,788

67,780

#### Total

#### Non-Controlled

#### Affiliates
$39,225,847

$23,452,420

$(15,962,615)

$135,494

$6,157,192

$53,008,338

$2,887,195

#### Total

#### Affiliated

#### Securities

#### ....
$39,225,847

$23,452,420

$(15,962,615)

$135,494

$6,157,192

$53,008,338

$2,887,195

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

180,502

103,129

(52,225)

1,926

26,600

259,932

3,506

17,670

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

434,220

381,468

(99,489)

(3,202)

149,219

862,216

65,468

23,725

Franklin

Growth

Fund,

Class

R6

.

1,125,755

510,748

(397,903)

2,963

29,594

1,271,157

9,346

160,569

a

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

.................

2,511,428

(2,384,499)

—

—

127,274

127,274

6,465

Franklin

International

Core

Equity

(IU)

Fund

................

1,195,263

711,043

(375,199)

8,430

189,142

1,728,679

127,202

208,294

a

Franklin

Systematic

Style

Premia

ETF

....................

81,748

22,741

(1,825)

(1) 12,216

114,879

4,269

3,045

Franklin

U.S.

Core

Bond

ETF

...

123,377

307,118

(228,548)

749

4,363

207,059

9,575

7,677

Franklin

U.S.

Core

Equity

(IU)

Fund

1,958,206

856,561

(89,428)

(3,025)

341,631

3,063,945

155,294

103,785

a

Franklin

U.S.

Equity

Index

ETF

.

834,348

549,327

(213,952)

(15,688)

177,565

1,331,600

22,275

12,780

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

588,159

251,327

(36,096)

(1,462)

129,174

931,102

13,430

9,310

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

LifeSmart

TM

Retirement

Income

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund do

not

exceed

0.05%

and

for

Class

R6

do

not

exceed

0.00%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Funds,

except

Franklin

LifeSmart

TM

Retirement

Income

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

and

acquired

fund

fees

and

expenses

for

each

class

of

the

Funds do

not

exceed

0.45%

and

for

Class

R6

do

not

exceed

0.40%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.00%

based

on

the

average

net

assets

of

the

class

until

April

30,

2026. #### h

#### .

#### Other

#### Affiliated

#### Transactions
At

December

31,

2025, Templeton

International

Inc.

owned

10.5%

of

Franklin

LifeSmart

TM

2060

Retirement

Target

Fund's

outstanding

shares.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Putnam

Large

Cap

Growth

Fund,

Class

R6

................

$

—

$

470,973

$

(1,712)

$

(34) $

(12,125)

$

457,102

5,518

$

22,304

a

Putnam

Large

Cap

Value

Fund,

Class

R6

................

652,646

355,471

(56,775)

(2,590)

107,355

1,056,107

26,893

55,637

a

Templeton

Developing

Markets

Trust,

Class

R6

............

281,047

253,355

(100,622)

1,514

127,822

563,116

21,518

16,281

a

Templeton

Foreign

Fund,

Class

R6

276,020

135,927

(80,050)

2,813

67,735

402,445

43,508

15,858

#### Total

#### Non-Controlled

#### Affiliates
$7,731,636

$7,420,616

$(4,118,323)

$(7,607)

$1,350,291

$12,376,613

$663,400

#### Total

#### Affiliated

#### Securities

#### ....
$7,731,636

$7,420,616

$(4,118,323)

$(7,607)

$1,350,291

$12,376,613

$663,400

a

Dividend

income

includes

capital

gain

distributions

received,

if

any,

from

underlying

funds,

and

are

presented

in

corresponding

line

item

in

the

Statement

of

Operations.

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

December

31,

2025

and

2024,

was

as

follows:

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

695,856

Long

term

................................................................................

3,337,481

Total

capital

loss

carryforwards

...............................................................

$4,033,337

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$2,226,668

$2,273,979

$899,407

$774,947

Long

term

capital

gain

....................

—

—

531,923

—

$2,226,668

$2,273,979

$1,431,330

$774,947

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$2,913,363

$3,615,421

$2,383,977

$1,692,526

Long

term

capital

gain

....................

6,102,546

35,905

2,008,071

—

$9,015,909

$3,651,326

$4,392,048

$1,692,526

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$3,848,898

$3,746,968

$1,675,777

$1,615,293

Long

term

capital

gain

....................

7,173,853

9,637

2,626,206

169,624

$11,022,751

$3,756,605

$4,301,983

$1,784,917

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$2,382,940

$2,571,496

$1,262,704

$1,201,149

Long

term

capital

gain

....................

5,270,829

355,597

2,636,717

35,080

$7,653,769

$2,927,093

$3,899,421

$1,236,229

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

as

follows:

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$1,022,428

$929,641

$230,233

$150,028

Long

term

capital

gain

....................

1,760,069

—

306,262

619

$2,782,497

$929,641

$536,495

$150,647

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$43,146,826

$23,077,222

$92,287,727

$68,411,744

Unrealized

appreciation

.....................

$3,217,927

$4,175,426

$22,742,107

$18,159,123

Unrealized

depreciation

.....................

(1,719,585)

(1,477,995)

(4,428,819)

(2,072,969)

Net

unrealized

appreciation

(depreciation)

.......

$1,498,342

$2,697,431

$18,313,288

$16,086,154

Distributable

earnings:

Undistributed

ordinary

income

................

$460,527

$946

$38,903

$10,634

Undistributed

long

term

capital

gains

...........

—

910,529

2,359,519

1,988,991

Total

distributable

earnings

..................

$460,527

$911,475

$2,398,422

$1,999,625

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$120,986,994

$56,670,545

$86,772,668

$47,304,930

Unrealized

appreciation

.....................

$40,343,251

$19,232,232

$36,622,040

$19,617,967

Unrealized

depreciation

.....................

(3,275,761)

(960,546)

(1,011,985)

(578,469)

Net

unrealized

appreciation

(depreciation)

.......

$37,067,490

$18,271,686

$35,610,055

$19,039,498

Distributable

earnings:

Undistributed

ordinary

income

................

$39,097

$28,483

$22,445

$10,391

Undistributed

long

term

capital

gains

...........

4,323,671

2,212,975

4,049,699

2,229,001

Total

distributable

earnings

..................

$4,362,768

$2,241,458

$4,072,144

$2,239,392

4. #### Income

#### Taxes
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

regulated

investment

companies

and

complex

securities.

The

Funds

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

net

investment

income

and realized

capital

gains.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

December

31,

2025,

were

as

follows:

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
a

a

a

Cost

of

investments

.........................................................

$40,101,385

$10,612,009

Unrealized

appreciation

.......................................................

$14,593,039

$2,209,219

Unrealized

depreciation

.......................................................

(600,936)

(188,401)

Net

unrealized

appreciation

(depreciation)

.........................................

$13,992,103

$2,020,818

Distributable

earnings:

Undistributed

ordinary

income

..................................................

$13,111

$4,058

Undistributed

long

term

capital

gains

.............................................

1,827,680

419,653

Total

distributable

earnings

....................................................

$1,840,791

$423,711

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Purchases

..............................

$14,576,595

$5,036,579

$22,603,581

$22,483,373

Sales

..................................

$16,505,593

$6,806,384

$31,040,897

$18,380,103

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Purchases

..............................

$35,432,442

$20,235,062

$28,721,556

$16,455,430

Sales

..................................

$33,558,255

$16,197,333

$25,057,323

$15,316,027

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Purchases

................................................................

$16,618,715

$5,104,396

Sales

....................................................................

$10,230,080

$1,969,118

4. #### Income

#### Taxes
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

6. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matured

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Effective

January

30,

2026,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

29,

2027,

for

a

total

of

$2.995

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

year ended

December

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

7. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

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 December

31,

2025,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

$

41,154,691

$

—

$

—

$

41,154,691

Index-Linked

Notes

:

Capital

Markets

........................

—

—

2,538,077

2,538,077

Short

Term

Investments

...................

952,400

—

—

952,400

Total

Investments

in

Securities

...........

$42,107,091

$—

$2,538,077

$44,645,168

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

25,484,418

—

—

25,484,418

Short

Term

Investments

...................

290,235

—

—

290,235

Total

Investments

in

Securities

...........

$25,774,653

$—

$—

$25,774,653

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

$

109,670,260

$

—

$

—

$

109,670,260

Short

Term

Investments

...................

930,755

—

—

930,755

Total

Investments

in

Securities

...........

$110,601,015

$—

$—

$110,601,015

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

83,452,521

—

—

83,452,521

Short

Term

Investments

...................

1,045,377

—

—

1,045,377

Total

Investments

in

Securities

...........

$84,497,898

$—

$—

$84,497,898

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

156,730,588

—

—

156,730,588

Short

Term

Investments

...................

1,323,896

—

—

1,323,896

Total

Investments

in

Securities

...........

$158,054,484

$—

$—

$158,054,484

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

73,918,541

—

—

73,918,541

Short

Term

Investments

...................

1,023,690

—

—

1,023,690

Total

Investments

in

Securities

...........

$74,942,231

$—

$—

$74,942,231

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

121,201,216

—

—

121,201,216

Short

Term

Investments

...................

1,181,507

—

—

1,181,507

Total

Investments

in

Securities

...........

$122,382,723

$—

$—

$122,382,723

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

65,467,033

—

—

65,467,033

Short

Term

Investments

...................

877,395

—

—

877,395

Total

Investments

in

Securities

...........

$66,344,428

$—

$—

$66,344,428

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

53,415,099

—

—

53,415,099

Short

Term

Investments

...................

678,389

—

—

678,389

Total

Investments

in

Securities

...........

$54,093,488

$—

$—

$54,093,488

7. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year.

At

December

31,

2025,

the

reconciliation

is

as

follows:

Level

financial

instruments,

for

the

Franklin

LifeSmart™

Retirement

Income

Fund,

include

the

fair

value

of

assets

and/

or

liabilities

derived

from

recent

transactions,

private

transaction

prices,

or

non-public

third-party

pricing

information

that

is

unobservable.

8. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

9. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

$

12,505,553

$

—

$

—

$

12,505,553

Short

Term

Investments

...................

127,274

—

—

127,274

Total

Investments

in

Securities

...........

$12,632,827

$—

$—

$12,632,827

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

#### Balance

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (#### Amortiza

#### -

#### tion

####)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Year

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Year

#### End

#### a

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Index-Linked

Notes

:

Capital

Markets

.....

$

2,335,071

$

—

$

—

$

—

$

—

$

—

$

—

$

203,006

$

2,538,077

$

203,006

Total

Investments

in

Securities

............

$2,335,071

$—

$—

$—

$—

$—

$—

$203,006

$2,538,077

$203,006

7. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Abbreviations

#### Selected

#### Portfolio

#### ETF
Exchange-Traded

Fund

Franklin

Fund

Allocator

Series

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Fund

Allocator

Series

and

Shareholders

of

Franklin

LifeSmart

Retirement

Income

Fund,

Franklin

LifeSmart

2020

Retirement

Target

Fund,

Franklin

LifeSmart

2025

Retirement

Target

Fund,

Franklin

LifeSmart

2030

Retirement

Target

Fund,

Franklin

LifeSmart

2035

Retirement

Target

Fund,

Franklin

LifeSmart

2040

Retirement

Target

Fund,

Franklin

LifeSmart

2045

Retirement

Target

Fund,

Franklin

LifeSmart

2050

Retirement

Target

Fund,

Franklin

LifeSmart

2055

Retirement

Target

Fund

and

Franklin

LifeSmart

2060

Retirement

Target

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(ten

of

the

funds

constituting

Franklin

Fund

Allocator

Series,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

periods indicated

in

the

table

below

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

(a) The

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(b) The

financial

highlights

for

each

of

the

four

years

in

the

period

ended

December

31,

2025

and

for

the

period

January

29,

2021

(commencement

of

operations)

through

December

31,

2021

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Franklin

LifeSmart

Retirement

Income

Fund

(a) Franklin

LifeSmart

2020

Retirement

Target

Fund

(a) Franklin

LifeSmart

2025

Retirement

Target

Fund

(a) Franklin

LifeSmart

2030

Retirement

Target

Fund

(a) Franklin

LifeSmart

2035

Retirement

Target

Fund

(a) Franklin

LifeSmart

2040

Retirement

Target

Fund

(a) Franklin

LifeSmart

2045

Retirement

Target

Fund

(a) Franklin

LifeSmart

2050

Retirement

Target

Fund

(a) Franklin

LifeSmart

2055

Retirement

Target

Fund

(a) Franklin

LifeSmart

2060

Retirement

Target

Fund

(b) Franklin

Fund

Allocator

Series

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian

and

transfer

agents.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

February

19,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Fund

Allocator

Series

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

below hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

December

31,

2025:

#### Pursuant

#### to:

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

—

$590,747

$6,400,018

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$180,753

$64,398

$332,110

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$271,439

$139,671

$719,216

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

—

$3,112

Section

163(j)

Interest

Dividends

Earned

§163(j)

$38,427

$11,807

$46,914

#### Pursuant

#### to:

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$2,158,195

$7,402,886

$2,711,002

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$279,193

$603,936

$319,555

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$606,936

$1,314,993

$684,936

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$70,017

$401,659

$208,856

Section

163(j)

Interest

Dividends

Earned

§163(j)

$37,438

$67,325

$32,423

#### Pursuant

#### to:

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$5,376,046

$2,687,571

$1,799,441

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$582,037

$336,916

$269,632

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$1,251,813

$725,362

$581,323

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$230,010

$182,937

$190,369

Section

163(j)

Interest

Dividends

Earned

§163(j)

$50,297

$27,213

$21,124

#### Pursuant

#### to:

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$311,667

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$59,347

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$127,720

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$32,747

Section

163(j)

Interest

Dividends

Earned

§163(j)

$5,300

Franklin

Fund

Allocator

Series

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

Under

Section

853

of

the

Internal

Revenue

Code,

the

Funds

below intend

to

elect

to

pass

through

to

their

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Funds

during

the

fiscal

year

ended

December

31,

2025:

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
Foreign

Taxes

Paid

$6,578

$12,073

$62,231

$55,023

$117,716

Foreign

Source

Income

Earned

$64,725

$80,292

$412,414

$348,352

$752,699

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Foreign

Taxes

Paid

$61,744

$112,274

$64,879

$54,345

$12,679

Foreign

Source

Income

Earned

$387,786

$702,801

$407,996

$326,456

$72,676

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

RTF-AFSOI

02/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940,
 as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the
 disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under
 the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](ffas-efp22365_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ffas-efp22365_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ffas-efp22365_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin Fund Allocator Series** | **Franklin Fund Allocator Series** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | February 26, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | February 26, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | February 26, 2026 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Fund Allocator Series;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | February 26, 2026 |
| /s/ Christopher Kings | /s/ Christopher Kings |
| Christopher Kings | Christopher Kings |
| Chief Executive Officer – Finance and Administration | Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Fund Allocator Series**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | February 26, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Fund Allocator Series (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **December 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Fund Allocator Series | Franklin Fund Allocator Series |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: February 26, 2026 | Date: February 26, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.