# EDGAR Filing Document

**Accession Number:** 0001022804
**File Stem:** 0001655589-26-000681
**Filing Date:** 2026-5
**Character Count:** 28673
**Document Hash:** 7b8b12b81cd0bc07d8e259bec2d53026
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001655589-26-000681.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001655589-26-000681

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-13601
- **FILM NUMBER:** 26927857

**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 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           |

![](img_cf1de16c98164f1.jpg)<br>

## FRANKLIN COREFOLIO ALLOCATION FUND

## FRANKLIN FUND ALLOCATOR SERIES

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| | |
|:---|:---|
| **SUMMARY PROSPECTUS** | &nbsp;&nbsp;&nbsp;&nbsp;May 1, 2026<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class R** | **Class R6** | **Advisor Class** |
| FTCOX | FTCLX | FFAYX | FTLQX | FCAZX |

---

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, statement of additional information, reports to shareholders and other information about the Fund online at www.franklintempleton.com/prospectus. You can also get this information at no cost by calling (800) DIAL BEN/342-5236 or by sending an e-mail request to prospectus.us.franklintempleton@fisglobal.com. The Fund's prospectus and statement of additional information, both dated May 1, 2026, as may be supplemented, are all incorporated by reference into this Summary Prospectus.

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

Investment Goal

Capital appreciation.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $25,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund's distributor. More information about these and other discounts is available from your financial professional and under "Your Account" on page 33 in the Fund's Prospectus and under "Buying and Selling Shares" on page 77 of the Fund's Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

#### Shareholder Fees
(fees paid directly from your investment)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Class A** | **Class C** | **Class R** | **Class R6** | **Advisor <br>Class** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as percentage of offering price) | Maximum Sales Charge (Load) <br>Imposed on Purchases (as percentage of offering price) | 5.50% |  |  |  |  |
| Maximum Deferred Sales Charge <br>(Load) (as percentage of the lower of original purchase price or sale proceeds) | Maximum Deferred Sales Charge <br>(Load) (as percentage of the lower of original purchase price or sale proceeds) | None<br><sup>1</sup>  | 1.00% |  |  |  |
| <sup>1.</sup> | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. |

---

<br>  <br> 2 Summary Prospectus www.franklintempleton.com

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

#### Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class R6** | **Advisor <br>Class** |
| Management fees |  |  |  |  |  |
| Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.50% |  |  |
| Other expenses | 0.13% | 0.13% | 0.13% | 0.17% | 0.13% |
| Acquired fund fees and expenses | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
| Total annual Fund operating expenses<sup>1</sup> | 0.99% | 1.74% | 1.24% | 0.78% | 0.74% |
| Fee waiver and/or expense reimbursement<sup>2</sup> |  |  |  | -0.09% |  |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement** | **0.99%** | **1.74%** | **1.24%** | **0.69%** | **0.74%** |

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<sup>1.</sup> Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

<sup>2.</sup> Transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03% until April 30, 2027. During its term, this fee agreement may not be terminated or amended without approval of the board of trustees except to add series and classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders).

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $645 | $847 | $1066 | $1696 |
| **Class C** | $277 | $549 | $945 | $1855 |
| **Class R** | $126 | $393 | $680 | $1500 |
| **Class R6** | $70 | $240 | $424 | $957 |
| **Advisor Class** | $76 | $237 | $412 | $919 |
| If you do not sell your shares: |  |  |  |  |
| **Class C** | $177 | $549 | $945 | $1855 |

---

Portfolio Turnover

A mutual fund generally pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate

<br>  <br> www.franklintempleton.com Summary Prospectus 3

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 9.28% of the average value of its portfolio.

Principal Investment Strategies

The Fund is a "fund of funds" meaning that it seeks to achieve its investment goal by investing its assets in a combination of the Franklin Growth Fund, Franklin Growth Opportunities Fund, Franklin Mutual Shares Fund and Templeton Growth Fund (underlying funds) on a fixed percentage basis.

The Fund makes equal allocations (approximately 25%) to each of the underlying funds. The administrator rebalances the Fund's investments in the underlying funds whenever the actual allocations exceed plus or minus 3% of the pre-determined fixed allocation percentages. The Fund's Board may approve additional or different underlying funds for investment (without the approval of shareholders). These underlying funds, in turn, invest primarily in U.S. and foreign equity securities.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

**Investing in Underlying Funds:** Because the Fund invests in underlying funds, and the Fund's performance is directly related to the performance of the underlying funds held by it, the ability of the Fund to achieve its investment goal is directly related to the ability of the underlying funds to meet their investment goals. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying funds.

The risks described below are the applicable principal risks for the Fund based on the principal risks of the underlying funds in which the Fund invests. For purposes of the discussion below, "Fund" means the Fund and/or one or more of the underlying funds in which the Fund invests.

**Market:** The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund's investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or

<br>  <br> 4 Summary Prospectus www.franklintempleton.com

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.

Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain investments of the Fund as well as the Fund's performance and liquidity.

Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

**Growth Style Investing:** Growth stock prices reflect projections of future earnings or revenues, and can, therefore, fall dramatically if the company fails to meet those projections. Growth stocks may be more expensive relative to their current earnings or assets compared to value or other stocks, and if earnings growth expectations moderate, their valuations may return to more typical norms, causing their stock prices to fall. Prices of these companies' securities may be more volatile than other securities, particularly over the short term. In addition, investment styles can go in and out of favor, which could cause additional volatility in the prices of the Fund's portfolio holdings.

**Focus:** To the extent that the Fund focuses on particular countries, regions, industries, sectors or types of investments from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

**Value Style Investing:** A value stock may not increase in price as anticipated by the investment manager if other investors fail to recognize the company's value and bid up the price, the markets favor faster-growing companies, or the factors that the investment manager believes will increase the price of the security do not occur or do not have the anticipated effect.

**Foreign Securities (non-U.S.):** Investing in foreign securities typically involves different risks than investing in U.S. securities, and includes risks associated with: (i) internal and external political and economic developments – e.g., the political,

<br>  <br> www.franklintempleton.com Summary Prospectus 5

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the U.S. or some foreign countries may be subject to trading restrictions or economic sanctions; diplomatic and political developments could affect the economies, industries, and securities and currency markets of the countries in which the Fund is invested, which can include rapid and adverse political changes; social instability; regional conflicts; sanctions imposed by the United States, other nations or other governmental entities, including supranational entities; terrorism; and war; (ii) trading practices – e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; (iii) availability of information – e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; (iv) limited markets – e.g., the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (v) currency exchange rate fluctuations and policies – e.g., fluctuations may negatively affect investments denominated in foreign currencies and any income received or expenses paid by the Fund in that foreign currency. The risks of foreign investments may be greater in developing or emerging market countries.

**Small and Mid Capitalization Companies:** Securities issued by small and mid capitalization companies may be more volatile in price than those of larger companies and may involve substantial risks. Such risks may include greater sensitivity to economic conditions, less certain growth prospects, lack of depth of management and funds for growth and development, and limited or less developed product lines and markets. In addition, small and mid capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans. The markets for securities issued by small and mid capitalization companies also tend to be less liquid than the markets for securities issued by larger companies.

**Derivative Instruments:** The performance of derivative instruments depends largely on the performance of an underlying instrument, such as a currency, security, interest rate or index, and such instruments often have risks similar to their underlying instrument, in addition to other risks. Derivative instruments involve costs and can create economic leverage in the Fund's portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that exceeds the Fund's initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically

<br>  <br> 6 Summary Prospectus www.franklintempleton.com

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

with the currency, security, interest rate or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform.

**Management:** The underlying funds are subject to management risk because they are each an actively managed investment portfolio. Each underlying fund's investment manager applies investment techniques and risk analyses in making investment decisions for the underlying fund, but there can be no guarantee that these decisions will produce the desired results.

**Cybersecurity:** Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholders information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

<br>  <br> www.franklintempleton.com Summary Prospectus 7

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

#### Class A Annual Total Returns
![PerformanceBarChartData(2016:7.64, 2017:20.07, 2018:-7.1, 2019:25.79, 2020:18.28, 2021:15.76, 2022:-20.84, 2023:25.36, 2024:14.88, 2025:14.27)](img_5cb3793e00314f1.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter:  | 2020, Q2 | 20.01% |
| Worst Quarter:  | 2020, Q1 | -20.11% |

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<br>  <br> 8 Summary Prospectus www.franklintempleton.com

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

#### Average Annual Total Returns
(figures reflect sales charges)

For periods ended December 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **1 Year** | **5 Years** | **10 Years** | **Since Inception** |
| **Franklin Corefolio Allocation Fund - Class A** | **Franklin Corefolio Allocation Fund - Class A** |  |  |  |  |
|  | Return before taxes | 7.97% | 7.34% | 9.79% |  |
|  | Return after taxes on distributions | 6.08% | 5.83% | 8.24% |  |
|  | Return after taxes on distributions and sale of Fund shares | 5.90% | 5.47% | 7.60% |  |
| **Franklin Corefolio Allocation Fund - Class C** | **Franklin Corefolio Allocation Fund - Class C** | 12.43% | 7.75% | 9.60% |  |
| **Franklin Corefolio Allocation Fund - Class R** | **Franklin Corefolio Allocation Fund - Class R** | 13.97% | 8.29% | 10.15% |  |
| **Franklin Corefolio Allocation Fund - Class R6** | **Franklin Corefolio Allocation Fund - Class R6** | 14.64% | 8.92% |  | 10.14%<br><sup>1</sup> |
| **Franklin Corefolio Allocation Fund - Advisor Class**  | **Franklin Corefolio Allocation Fund - Advisor Class**  | 14.54% | 8.83% | 10.70% |  |
| Russell 3000<sup>®</sup> Index (index reflects no deduction for fees, expenses or taxes) | Russell 3000<sup>®</sup> Index (index reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.28% |  |
| S&P 500<sup>®</sup> Index (index reflects no deduction for fees, expenses or taxes) | S&P 500<sup>®</sup> Index (index reflects no deduction for fees, expenses or taxes) | 17.88% | 14.43% | 14.82% |  |
| MSCI World Index (index reflects no deduction for fees, expenses or taxes) | MSCI World Index (index reflects no deduction for fees, expenses or taxes) | 21.60% | 12.66% | 12.74% |  |
| <sup>1.</sup> | Since inception August 1, 2017. | Since inception August 1, 2017. | Since inception August 1, 2017. | Since inception August 1, 2017. |  |

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No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A shares maximum front-end sales charge of 5.50%. Prior to September 10, 2018, Class A shares were subject to a maximum front-end sales charge of 5.75%. If the prior maximum front-end sales charge of 5.75% was reflected, performance for Class A shares in the average annual total returns table would be lower.

The after-tax returns presented in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.

Investment Manager

The Fund does not have an investment manager, nor does it pay investment management fees. Franklin Templeton Services, LLC (FT Services), the Fund's

<br>  <br> www.franklintempleton.com Summary Prospectus 9

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

administrator, monitors the percentage of the Fund's assets allocated to the underlying funds and periodically rebalances the Fund's portfolio. Thomas A. Nelson, CFA, Berkeley Belknap and Laura Green, CFA, Portfolio Managers of Franklin Advisers, Inc., assist FT Services, at no charge to the Fund, in monitoring the underlying funds and the Fund's investment in the underlying funds and assists in the periodic rebalancing. Effective June 1, 2026, Thomas A. Nelson, CFA, Laura Green, CFA, and Brett S. Goldstein, CFA, Portfolio Managers of Franklin Advisers, Inc., assist FT Services, at no charge to the Fund, in monitoring the underlying funds and the Fund's investment in the underlying funds and assists in the periodic rebalancing.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund on any business day online through our website at www.franklintempleton.com, by mail (Franklin Templeton Investor Services, P.O. Box 33030, St. Petersburg, FL 33733), or by telephone at (800) 632-2301. For Class A, C and R, the minimum initial purchase for most accounts is $1,000 (or $25 under an automatic investment plan). Class R6 and Advisor Class are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor, as described under "Your Account — Choosing a Share Class — Qualified Investors — Class R6" and "— Advisor Class" in the Fund's prospectus. There is no minimum investment for subsequent purchases.

Taxes

The Fund's distributions are generally taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions would generally be taxed when withdrawn from the tax-advantaged account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

<br>  <br> 10 Summary Prospectus www.franklintempleton.com

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FRANKLIN COREFOLIO ALLOCATION FUND<br>SUMMARY PROSPECTUS

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|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Franklin Distributors, LLC<br>**One Franklin Parkway** | &nbsp;&nbsp;San Mateo, CA 94403-1906<br>franklintempleton.com | &nbsp;&nbsp;**Franklin Corefolio Allocation Fund** |
| &nbsp;&nbsp;![](img_36c66457b6404f1.jpg) |  |  |  |

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| &nbsp;&nbsp;&nbsp;470 PSUM 05/26 |
| &nbsp;&nbsp;&nbsp;Investment Company Act file #811-07851<br>© 2026 Franklin Templeton. All rights reserved.<br>![](img_a1d8985ddcae4f1.jpg)10% Total Recycled Fiber 00070400 |

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