The fund seeks the highest level of long-term total return consistent with an acceptable level of risk.[a] The manager allocates assets among broad asset classes by investing primarily in a distinctly weighted combination of other mutual funds, predominately other Franklin Templeton affiliated mutual funds and exchange-traded funds. Under normal market conditions, the portfolio managers will allocate 80% to equity funds and 20% to fixed-income funds.[b] The fund is designed for investors seeking a higher level of risk with a longer investment horizon.

All investments involve risks, including possible loss of principal. Investments in underlying funds are subject to the same risks as, and indirectly bear the fees and expenses of, the underlying funds. Equity securities are subject to price fluctuation and possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. The investment style may become out of favor, which may have a negative impact on performance. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. These and other risks are discussed in the fund's prospectus.

Important Information

The information provided is not a complete analysis of every material fact regarding any country, market, industry, security or fund. Because market and economic conditions are subject to change, comments, opinions and analyses are rendered as of the date of this material and may change without notice. A portfolio manager's assessment of a particular security, investment or strategy is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy; it is intended only to provide insight into the fund's portfolio selection process. Holdings are subject to change.

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.

Franklin Distributors, LLC. Member FINRA/SIPC.

While Franklin Templeton and our Specialist Investment Managers have environmental, social, and governance ("ESG") goals and capabilities at the firm-wide level, the product referenced is not specifically managed to an underlying ESG goal or objective and ESG considerations are not governed by the prospectus or product mandate. Some products and strategies may consider ESG factors as part of the investment approach or analysis, without having specific ESG mandates. For more detailed information, please refer to the prospectus.

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[a] The risk/reward potential is based on the fund's goal and level of risk. It is not indicative of the fund's actual or implied performance or portfolio composition, which may change on a continuous basis.

[b] On January 1, 2013, the Franklin Growth Allocation Fund implemented changes to its target allocations; short-term investment allocations were combined into the fixed-income fund target allocation. Formerly, the Fund's target allocation was 80% equity funds, 15% fixed income funds and 5% short-term investments. The Fund's investment goal remains the same.

[c] Gross expenses are the fund's total annual operating expenses as of the fund's prospectus available at the time of publication. Net expenses are capped under a contractual agreement, which cannot be terminated prior to 04/30/2025 without Board consent. Actual expenses may be higher and may impact portfolio returns.

[d] Performance quotations for this class reflect the following methods of calculation: a) For periods prior to the fund's Advisor Class inception date, a restated figure is used based on the fund's oldest share class, Class A performance, excluding the effect of Class A's maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and b) for periods after the fund's Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.