UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-07851

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, 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: 12/31

Date of reporting period: 12/31/23

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

ANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

Fund

Allocator

Series

December

31,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

Franklin

LifeSmart

TM

Retirement

Income

Fund

2020

Retirement

Target

Fund

2025

Retirement

Target

Fund

2030

Retirement

Target

Fund

2035

Retirement

Target

Fund

2040

Retirement

Target

Fund

2045

Retirement

Target

Fund

2050

Retirement

Target

Fund

2055

Retirement

Target

Fund

2060

Retirement

Target

Fund

.

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

Franklin

Fund

Allocator

Series

1

franklintempleton.com

Annual

Report

SHAREHOLDER

LETTER

Dear

Shareholder,

We

are

pleased

to

provide

the

annual

report

of

Franklin

Fund

Allocator

Series

for

the

12-month

reporting

period

ended

December

31,

2023.

Please

read

on

for

a

detailed

look

at

prevailing

economic

and

market

conditions

during

the

Funds’

reporting

period

and

to

learn

how

those

conditions

have

affected

Fund

performance.

As

always,

we

remain

committed

to

providing

you

with

excellent

service

and

a

full

spectrum

of

investment

choices.

We

also

remain

committed

to

supplementing

the

support

you

receive

from

your

financial

advisor.

One

way

we

accomplish

this

is

through

our

website,

www.franklintempleton.com

.

Here

you

can

gain

immediate

access

to

market

and

investment

information,

including:

•

Fund

prices

and

performance.

•

Market

insights

and

commentaries

from

our

portfolio

managers,

and

•

A

host

of

educational

resources.

We

look

forward

to

helping

you

meet

your

financial

goals.

Sincerely,

Gregory

E.

Johnson

Chairman

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

2

Contents

Funds’

Overview

3

Franklin

LifeSmart

™

Retirement

Income

Fund

5

Franklin

LifeSmart

™

2020

Retirement

Target

Fund

11

Franklin

LifeSmart

™

2025

Retirement

Target

Fund

16

Franklin

LifeSmart

™

2030

Retirement

Target

Fund

21

Franklin

LifeSmart

™

2035

Retirement

Target

Fund

26

Franklin

LifeSmart

™

2040

Retirement

Target

Fund

31

Franklin

LifeSmart

™

2045

Retirement

Target

Fund

36

Franklin

LifeSmart

™

2050

Retirement

Target

Fund

41

Franklin

LifeSmart

™

2055

Retirement

Target

Fund

46

Franklin

LifeSmart

™

2060

Retirement

Target

Fund

51

Financial

Highlights

and

Schedules

of

Investments

56

Financial

Statements

124

Notes

to

Financial

Statements

138

Report

of

Independent

Registered

Public

Accounting

Firm

169

Tax

Information

171

Board

Members

and

Officers

173

Shareholder

Information

178

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

Funds’

Overview

Q.

What

is

the

investment

Strategy

of

the

Funds’?

A.

For

Franklin

LifeSmart

TM

Retirement

Income

Fund,

the

Fund

seeks

to

make

monthly

distributions,

while

preserving

the

investors'

capital

over

the

long

term.

Under

normal

market

conditions,

40%

of

the

Fund’s

assets

are

allocated

to

equity

investments

and

60%

of

the

Fund’s

assets

are

allocated

to

fixed-income

investments.

The

underlying

funds

and

the

percentage

allocations

to

each

asset

class

may

be

changed

from

time

to

time

by

the

Fund’s

investment

manager

without

the

approval

of

shareholders,

and,

under

normal

market

conditions,

the

percentage

allocations

for

equity

and

fixed-income

funds

may

vary

up

to

10%

from

the

stated

allocations.

When

selecting

equity

funds,

the

investment

manager

considers

the

underlying

funds’

foreign

and

domestic

exposure,

market

capitalization

ranges,

and

investment

style

(growth

vs.

value).

When

selecting

fixed-income

funds,

the

investment

manager

considers

the

need

for

reduced

market

risks

and

lower

volatility,

appropriate

to

the

Fund’s

risk

profile,

and

considers

the

credit

quality,

duration

and

maturity

of

the

underlying

funds’

portfolios.

For

all

Franklin

LifeSmart

TM

Retirement

Target

Funds,

the

Funds'

seek

the

highest

level

of

long-term

total

return

consistent

with

their

asset

allocation.

Under

normal

market

conditions,

the

investment

manager

uses

a

predetermined

glide

path

as

a

guide

in

allocating

the

Funds'

assets

among

underlying

funds

in

the

broad

asset

classes

(the

Neutral

Glide

Path).

However,

when

the

investment

manager’s

proprietary

risk

indicator

model

signals

a

sustained

level

of

market

turbulence

or

a

prolonged

down

(or

bear)

market,

the

investment

manager

may,

in

its

sole

discretion

and

without

shareholder

notification,

employ

a

defensive

glide

path,

which

has

higher

fixed

income

and

lower

equity

allocations

than

the

Neutral

Glide

Path

(the

Defensive

Glide

Path).

Then,

if

the

market

stabilizes,

the

investment

manager

may,

in

its

sole

discretion

and

without

shareholder

notification,

shift

the

Funds'

portfolio

back

to

the

Neutral

Glide

Path.

These

glide

path

shifts

are

executed

through

purchases

and

sales

of

underlying

funds

and

ETFs

to

increase

or

decrease

the

Funds’

equity

and

fixed

income

allocations.

The

target

asset

allocations

in

the

Neutral

and

Defensive

Glide

Paths

change

over

time,

reducing

their

exposure

to

equity

investments

and

becoming

increasingly

conservative

until

approximately

seven

years

after

the

stated

target

date.

At

seven

years

after

the

target

date,

the

Funds'

final

asset

allocation

mix

will

be

40%

equity

funds

and

60%

fixed-

income

funds

under

the

Neutral

Glide

Path

and

30%

equity

funds

and

70%

fixed-income

funds

under

the

Defensive

Glide

Path.

When

selecting

equity

funds,

the

investment

manager

considers

the

underlying

funds’

foreign

and

domestic

exposure,

market

capitalization

ranges,

and

investment

style

(growth

vs.

value).

When

selecting

fixed-income

funds,

the

investment

manager

considers

the

need

for

reduced

market

risks

and

lower

volatility,

appropriate

to

the

Funds'

risk

profile,

and

considers

the

credit

quality,

duration

and

maturity

of

the

underlying

funds’

portfolios.

Q.

What

were

the

overall

market

conditions

during

the

Funds'

reporting

period?

A.

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

World

Index,

posted

a

strong

total

return

for

the

12

months

ended

December

31,

2023.

While

inflation

remained

elevated

in

most

parts

of

the

world,

it

moderated

substantially,

bolstering

equities.

This

inflationary

pressure

led

many

of

the

world’s

central

banks

to

tighten

monetary

policy,

driving

interest

rates

significantly

higher

and

pressuring

economic

growth.

However,

monetary

tightening

eased

as

the

year

progressed,

and

investors

foresaw

an

end

to

major

central

banks’

rate-hiking

cycles.

Equity

performance

varied

notably

by

region,

as

the

impact

of

changing

economic

conditions

differed

depending

on

local

circumstances.

The

Franklin

LifeSmart

TM

Retirement

Target

Funds

did

not

use

derivatives

during

the

reporting

period.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

We

began

2023

cautious

of

the

impact

of

higher

interest

rates

and

high

levels

of

inflation.

The

Fund

was

underweight

to

equities

for

the

first

part

of

the

year.

When

concerns

regarding

regional

banks

came

to

the

forefront

in

March,

the

positioning

was

held

and

continued

through

much

of

the

year.

Positioning

was

maintained

until

the

end

of

October,

when

the

Fund’s

equity

weight

was

neutralized.

This

was

due

to

inflation

falling

and

a

view

that

the

U.S.

Federal

Reserve’s

rate

hiking

cycle

was

coming

to

an

end.

This

more

positive

view

continued

with

an

overweight

to

equities

at

the

end

of

November.

Q.

What

were

the

leading

contributors

to

performance?

A.

For

Franklin

LifeSmart

TM

Retirement

Income

Fund,

during

the

12-month

period,

the

Fund’s

underweight

to

emerging

markets

equities

and

an

underweight

to

fixed

income

contributed

to

relative

performance.

Fund

selection

within

fixed

income

also

supported

returns.

Among

international

equities,

ClearBridge

Tactical

Dividend

Income

Fund

contributed

due

in

part

to

sector

positioning.

In

U.S.

fixed

income,

Franklin

High

Yield

Corporate

ETF

contributed

as

high-yield

credits

tended

to

perform

better

than

their

higher-rated

counterparts.

Similarly,

Western

Asset

Short

Duration

High

Income

Fund

also

benefited

returns.

Franklin

Fund

Allocator

Series

4

franklintempleton.com

Annual

Report

For

all

Franklin

LifeSmart

TM

Retirement

Target

Funds,

during

the

12-month

period,

the

Funds'

underweight

to

emerging

markets

equities

and

an

underweight

to

fixed

income

contributed

to

relative

performance.

Fund

selection

within

fixed

income

as

well

as

within

international

and

emerging

markets

equities

also

supported

returns.

Among

international

equities,

Franklin

International

Core

Equity

Fund

contributed

due

in

part

to

sector

positioning.

In

U.S.

fixed

income,

Franklin

High

Yield

Corporate

ETF

contributed

as

high-yield

credits

tended

to

perform

better

than

their

higher-rated

counterparts.

In

international

fixed

income,

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

benefited

returns.

Q.

What

were

the

leading

detractors

from

performance?

A.

For

Franklin

LifeSmart

TM

Retirement

Income

Fund,

during

the

12-month

period,

fund

selection,

among

U.S.

equities

in

particular,

detracted

from

relative

performance.

Franklin

U.S.

Core

Equity

Fund

weighed

on

returns

due

in

part

to

its

value

style

bias,

which

underperformed

growth.

JPMorgan

Equity

Premium

Income

ETF

also

detracted,

driven

by

sector

positioning.

In

U.S.

fixed

income,

Franklin

U.S.

Government

Securities

Fund

limited

results.

Exposures

to

cash

also

had

a

negative

impact

amid

the

generally

improving

global

economic

outlook

towards

the

end

of

the

calendar

year.

For

all

Franklin

LifeSmart

TM

Retirement

Target

Funds,

during

the

12-month

period,

fund

selection,

among

U.S.

equities

in

particular,

detracted

from

relative

performance.

Franklin

U.S.

Core

Equity

Fund

and

ClearBridge

Large

Cap

Value

Fund

weighed

on

returns

due

in

part

to

their

value

style

biases,

which

underperformed

growth.

Exposures

to

cash

and

alternatives

also

had

a

negative

impact

amid

the

generally

improving

global

economic

outlook

towards

the

end

of

the

calendar

year.

Q.

Were

there

any

significant

changes

to

the

Funds

during

the

reporting

period?

A.

For

all

Franklin

LifeSmart

TM

Retirement

Target

Funds,

the

Funds

were

underweight

equities

for

much

of

the

year.

The

underweight

was

reduced

in

the

third

quarter

and

neutralized

in

the

fourth

quarter.

Equities

were

moved

to

an

overweight

position

in

December.

In

the

fourth

quarter,

we

decreased

our

EAFE

equity

exposure

and

increased

our

U.S.

equity

exposure

to

be

in

line

with

ISRC

recommendations.

The

Funds

added

a

position

in

ClearBridge

International

Growth

Fund,

funded

from

Franklin

International

Growth

Fund

to

shift

the

international

carveout

more

towards

core

positioning.

Within

fixed

income,

allocations

were

adjusted

to

increase

the

duration

of

the

portfolio.

We

also

increased

the

position

in

Franklin

U.S.

Core

Bond

ETF,

funded

from

Western

Asset

Core

Plus

Bond

Fund

to

reduce

rate

sensitivity

within

the

carveout.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

December

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

5

franklintempleton.com

Annual

Report

Franklin

LifeSmart

™

Retirement

Income

Fund

Fund

Overview

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+11.61%

cumulative

total

return

for

the

12

months

ended

December

31,

2023.

In

comparison,

the

Fund’s

equity

benchmark,

the

MSCI

All

Country

World

Index

(ACWI)-NR,

which

measures

equity

market

performance

in

global

developed

and

emerging

markets,

posted

a

+22.20%

cumulative

total

return.

1

The

Fund’s

fixed

income

benchmark,

the

Bloomberg

Multiverse

Index,

a

broad-based

measure

of

the

global

fixed

income

bond

market,

posted

a

+6.05%

cumulative

total

return.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

6.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

The

Fund

was

able

to

successfully

meet

its

monthly

distributions

under

its

managed

distribution

policy

without

the

return

of

capital

and

without

an

associated

impact

from

return

of

capital

on

the

Fund’s

net

asset

value

per

share.

The

policy

had

no

material

impact

on

the

Fund’s

investment

strategy.

Thank

you

for

your

continued

participation

in

Franklin

LifeSmart™

Retirement

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Thomas

A.

Nelson,

CFA

Wylie

Tollette,

CFA

Berkeley

Belknap

Portfolio

Management

Team

Portfolio

Composition*

12/31/23

%

of

Total

Net

Assets

Domestic

Fixed

Income

53.6%

Domestic

Equity

29.1%

Foreign

Equity

5.9%

Index-Linked

Notes

4.8%

Foreign

Fixed

Income

4.4%

Short-Term

Investments

&

Other

Net

Assets

2.2%

*

The

portfolio

composition

is

based

on

the

Schedule

of

Investments

(SOI),

which

classifies

each

underlying

fund

and

other

fund

investments

into

a

broad

asset

class

based

on

its

predominant

investments

under

normal

market

conditions.

Top

10

Holdings

12/31/23

%

of

Total

Net

Assets

a

a

Western

Asset

Income

Fund,

Class

IS

14.5%

ClearBridge

Tactical

Dividend

Income

Fund,

Class

IS

11.8%

Franklin

U.S.

Core

Bond

ETF

11.1%

Western

Asset

Short

Duration

High

Income

Fund,

Class

I

10.7%

JPMorgan

Equity

Premium

Income

ETF

10.2%

Franklin

U.S.

Government

Securities

Fund,

Class

R6

6.7%

Franklin

Investment

Grade

Corporate

ETF

5.7%

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

4.9%

UBS

AG

into

S&P

500

Index,

Senior

Note

4.8%

JPMorgan

Nasdaq

Equity

Premium

Income

ETF

4.8%

1.

Source:

Morningstar.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

61

.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

December

31,

2023

Franklin

LifeSmart™

Retirement

Income

Fund

6

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

12/31/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class

:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

1-Year

+11.61%

+5.45%

5-Year

+25.85%

+3.53%

10-Year

+35.95%

+2.54%

Advisor

1-Year

+11.96%

+11.96%

5-Year

+27.43%

+4.97%

10-Year

+39.55%

+3.39%

30-Day

Standardized

Yield

6

Share

Class

Distribution

Rate

5

(with

fee

waiver)

(without

fee

waiver)

A

1.93%

4.97%

4.60%

Advisor

2.04%

5.47%

5.08%

See

page

9

for

Performance

Summary

footnotes.

Franklin

LifeSmart™

Retirement

Income

Fund

Performance

Summary

7

franklintempleton.com

Annual

Report

See

page

9

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(12/31/13–12/31/23)

Advisor

Class

(12/31/13–12/31/23)

Franklin

LifeSmart™

Retirement

Income

Fund

Performance

Summary

8

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

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.

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.

Investments

in

equity-linked

notes

often

have

risks

similar

to

their

underlying

securities,

which

could

include

management

risk,

market

risk

and,

as

applicable,

foreign

securities

and

currency

risks

.

Derivative

instruments

can

be

illiquid,

may

disproportionately

increase

losses,

and

have

a

potentially

large

impact

on

performance.

Managed

Distribution

Policy

Risks

-

The

Fund

is

not

guaranteed

to

achieve

its

investment

goal

nor

is

there

any

guarantee

that

the

Fund

will

provide

sufficient

income

at

or

through

the

investor's

retirement.

In

addition,

some

of

its

distributions

may

be

treated

in

part

as

a

return

of

capital,

which

will

decrease

shareholders'

cost

basis

in

the

Fund

and

affect

the

amount

of

any

capital

gain

or

loss

that

they

realize

when

selling

or

exchanging

Fund

shares.

The

annual

payout

rate

may

be

adjusted

higher

or

lower

from

year

to

year

and

could

vary

substantially

over

time.

It

is

possible

for

the

Fund

to

suffer

substantial

investment

losses

and

simultaneously

experience

additional

asset

reductions

as

a

result

of

its

distributions

to

shareholders

under

the

managed

distribution

policy.

Investors

who

hold

the

Fund

within

a

tax-advantaged

retirement

account

should

consult

their

tax

advisors

to

discuss

tax

consequences

of

receiving

cash

distributions.

In

addition,

use

of

the

Fund

or

election

of

the

option

to

receive

distribution

payments

in

cash

may

be

restricted

in

certain

retirement

plans

by

the

terms

of

the

governing

plan

documents

and/or

the

discretion

of

the

plan

administrator.

Investors

are

strongly

advised

to

consult

with

their

financial

advisor

for

assistance

before

selecting

the

appropriate

Fund,

based

on

their

goals

and

personal

situations,

including

time

horizon,

retirement

income

needs,

risk

tolerance,

and

tax

bracket.

Net

Asset

Value

Share

Class

(Symbol)

12/31/23

12/31/22

Change

A

(FTRAX)

$10.15

$9.59

+$0.56

C

(FRTCX)

$10.03

$9.47

+$0.56

R

(FBRLX)

$10.12

$9.56

+$0.56

R6

(FLMTX)

$10.20

$9.63

+$0.57

Advisor

(FLRDX)

$10.19

$9.62

+$0.57

Distributions

(1/1/23–12/31/23)

Share

Class

Net

Investment

Income

A

$0.5273

C

$0.4505

R

$0.5021

R6

$0.5573

Advisor

$0.5525

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.76%

1.44%

Advisor

0.51%

1.19%

Franklin

LifeSmart™

Retirement

Income

Fund

Performance

Summary

9

franklintempleton.com

Annual

Report

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

4/30/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

Effective

1/29/21,

the

Fund

change

its

strategic

asset

allocation

40%

to

equity

funds

and

60%

to

fixed

income

funds

aligning

it

to

the

landing

point

of

the

glide

path

(the

strategic

asset

allocation

of

a

target

date

fund

over

time)

of

other

Franklin

LifeSmart

retirement

funds.

Previously,

as

of

5/1/16,

the

Fund

changed

its

name

from

Franklin

LifeSmart

2015

Retirement

Target

Date

Fund

in

connection

with

changes

to

its

strategies

including,

among

other

things,

the

addition

of

an

income

generation

strategy

to

support

the

Fund’s

managed

distribution

policy.

Prior

to

that,

as

of

October

2013,

the

Fund’s

glide

path

was

modified,

and

among

other

changes,

reflects

a

lower

starting

allocation

to

equity

funds.

Such

changes

can

impact

performance.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

period

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

December

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

12/31/23.

6.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

7

.

Source:

FactSet.

The

MSCI

All

Country

World

Index

(ACWI)-NR

is

a

free

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

equity

market

performance

of

global

developed

and

emerging

markets.

Net

Return

(NR)

reflects

no

deduction