Franklin Retirement Advantage Plus 2040 Fund Class R3 Shares PAAUX

The investment seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2040 (the target date). It is designed to provide diversification among different asset classes by investing its assets in other mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are referred to as underlying funds.