Effective 5/1/19, this fund made changes to its glide path and asset allocation. Additionally, the fund revised its fee waiver and expense reimbursement arrangements to include acquired fund fees and expenses, which is likely to result in lower fund net expense ratios. The fund’s managers believe these changes will help make the fund more competitive. Please see the prospectus supplement for more information. If you have questions, please contact your financial advisor or Shareholder Services.
Beginning on 10/19/18, Class C shares held for 10 years or more will automatically convert to Class A shares. Thereafter, Class C shares held for 10 years or more will automatically convert to Class A shares on a monthly basis. This conversion allows shareholders to take advantage of the lower expenses offered by Class A shares. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Franklin Templeton.
Effective 9/10/18, certain sales charges and commissions paid to dealers on Class A and A1 shares of our mutual funds changed. Please see the prospectus supplement for more information. If you have additional questions, please contact your financial advisor or call Franklin Templeton.
The fund's investment goal is to seek the highest level of long-term total return consistent with its asset allocation. Total return consists of both capital appreciation and income, with the fund placing an increasing emphasis on fixed income as the target date 2045 approaches, and reaching its final and most conservative asset allocation approximately five years after the target year.
Along with an expectation to retire in or near the year 2045 and delay withdrawals until required minimum distribution age, the fund is designed for investors that want:
We do not publish a style box for this fund.
Through a dynamic asset allocation approach, the fund provides investors with a target retirement date solution that seeks to: