RTF P1 10/16

SUPPLEMENT DATED OCTOBER 28, 2016

TO THE EFFECTIVE PROSPECTUS

OF

EACH OF THE LISTED FUNDS

Franklin Fund Allocator Series

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

 (together, the LifeSmart^TM Funds)

 The Prospectus was amended as follows:

I.   Effective September 1, 2016,  the Citigroup 90-Day Treasury Bill Index replaced the Payden & Rygel 90 Day U.S. Treasury Bill Index for the LifeSmart^TM Funds.

 The “Fund Summary – Performance – Average Annual Total Returns” tables are revised to add the following:

Franklin LifeSmart^TM Retirement Income Fund:

	1 Year	5 Years	Since Inception 8/1/2006
Citigroup 90-Day Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)	0.03%	0.05%	0.96%

Franklin LifeSmart^TM 2020 Retirement Target Fund:

	1 Year	Since Inception 7/1/2013
Citigroup 90-Day Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)1	0.03%	0.03%

Franklin LifeSmart^TM 2025 Retirement Target Fund:

	1 Year	5 Years	Since Inception 8/1/2006
Citigroup 90-Day  Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)1	0.03%	0.05%	0.96%

Franklin LifeSmart^TM 2030 Retirement Target Fund:

	1 Year	Since Inception 7/1/2013
Citigroup 90-Day Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)1	0.03%	0.03%

Franklin LifeSmart^TM 2035 Retirement Target Fund:

	1 Year	5 Years	Since Inception 8/1/2006
Citigroup 90-Day Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)1	0.03%	0.05%	0.96%

Franklin LifeSmart^TM 2040 Retirement Target Fund:

	1 Year	Since Inception 7/1/2013
Citigroup 90-DayTreasury Bill Index (index reflects no deduction for fees, expenses or taxes)1	0.03%	0.03%

Franklin LifeSmart^TM 2045 Retirement Target Fund:

	1 Year	5 Years	Since Inception 8/1/2006
Citigroup 90-Day Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)1	0.03%	0.05%	0.96%

Franklin LifeSmart^TM 2050 Retirement Target Fund:

	1 Year	Since Inception 7/1/2013
Citigroup 90-Day  Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)1	0.03%	0.03%

1. Performance figures are as of December 31, 2015. The Citigroup 90-Day Treasury Bill Index replaces the Payden & Rygel 90 Day U.S. Treasury Bill Index for the LifeSmart^TM Funds. The investment manager believes the composition of the Citigroup 90-Day Treasury Bill Index accurately reflects the Fund’s holdings.

Please keep this supplement with your Prospectus for future reference.