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.