Franklin Retirement Advantage Pl 2050 A (PRRJX)

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 2050 (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.