SUPPLEMENT DATED OCTOBER 26, 2026

TO THE PROSPECTUS

OF EACH FUND LISTED IN SCHEDULE A

I. Effective immediately, the following replaces the third, fourth, and fifth paragraphs, the table, and the footnotes to the table under the heading “Investments” in the “Investments, risks and performance” section of the Prospectus of each Fund listed in Schedule A, other than Franklin Retirement Advantage Plus Maturity Fund (“Maturity Fund”):

On January 29, 2027, the Investment Manager expects to begin implementing a revised glide path for the fund. The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2026 (prior to the implementation of the revised glide path), its projected approximate allocations to these asset classes and underlying funds once the implementation of the revised glide path is complete (currently anticipated to be on or around February 3, 2027), and its projected approximate allocations to these asset classes and underlying funds as of September 30, 2027. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change following the implementation of the revised glide path.

The table also shows the approximate allocations of other Franklin Retirement Advantage Plus Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a

fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.

 

* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations may be more or less than these percentages.

** As of September 30, 2026.

*** Equity, fixed income and alternatives allocations are hypothetical estimates based on Franklin Dynamic Asset Allocation Growth Fund’s, Franklin Dynamic Asset Allocation Balanced Fund’s, Franklin Dynamic Asset Allocation Conservative Fund’s and Franklin Multi-Asset Income Fund’s current strategic allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, an assumption that Franklin Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary.

The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects these changes to be infrequent and generally in response to longer-term structural changes (e.g., in the average retirement age, life expectancy, savings growth rate and Social Security benefits, among other changes) that lead the fund’s portfolio managers to determine that a change is advisable. The investment managers of Franklin Dynamic Asset Allocation Growth Fund, Franklin Dynamic Asset Allocation Balanced Fund, Franklin Dynamic Asset Allocation Conservative Fund and Franklin Multi-Asset Income Fund will rebalance those funds’ investments towards their target allocations from time to time.

II. Effective immediately, the following replaces in its entirety the disclosure under the heading “Investments” in the “Investments, risks and performance” section of the Prospectus of Maturity Fund:

The fund employs an asset allocation strategy designed for investors who are already in retirement or who plan to retire (or otherwise begin withdrawing the invested funds) in the near future. It is assumed investors will make gradual withdrawals from the fund. The fund is designed to provide diversification among different asset classes. On January 29, 2027, the Investment Manager expects to begin implementing a revised glide path for the Franklin Retirement Advantage Plus Funds, which includes changes in your fund’s allocations to equity and fixed income investments (but does not include changes in your fund’s allocation to alternatives investments). The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2026 (prior to the implementation of the revised glide path) and its projected approximate allocations to these asset classes and underlying funds once the implementation of the revised glide path is complete (currently anticipated to be on or around February 3, 2027). By comparing the percentage allocations of your fund in the table, you can see how its allocations and the underlying funds in which it invests are expected to change following the implementation of the revised glide path. Following the implementation of the revised glide path, the fund’s

target allocations among asset classes and underlying funds are not expected to change over time.

*As of September 30, 2026.

**Equity, fixed income and alternatives allocations are hypothetical estimates based on Franklin Dynamic Asset Allocation Balanced Fund’s, Franklin Dynamic Asset Allocation Conservative Fund’s and Franklin Multi-Asset Income Fund’s current strategic allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. The investment managers of Franklin Dynamic Asset Allocation Balanced Fund, Franklin Dynamic Asset Allocation Conservative Fund and Franklin Multi-Asset Income Fund may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and, consequently, actual allocations will vary.

The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the fund’s target allocations, and the underlying funds in which it invests, at any time, although the Investment Manager generally expects these changes to be infrequent and generally in response to longer-term structural changes (e.g., in the average retirement age, life expectancy, savings growth rate and Social Security benefits, among other changes) that lead the fund’s portfolio managers to determine that a change is advisable. The investment managers of Franklin Dynamic Asset Allocation Balanced Fund, Franklin Dynamic Asset Allocation Conservative Fund and Franklin Multi-Asset Income Fund will rebalance those funds’ investments towards their target allocations from time to time. More information about the underlying funds is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”

Prior to the implementation of the revised glide path discussed above, the fund invested in Franklin Dynamic Asset Allocation Balanced Fund (“Balanced Fund”), Franklin Multi-Asset Income Fund (“Multi-Asset Income Fund”), Putnam Short Term Investment Fund (“Short Term Investment Fund”), Franklin BSP Lending Fund (“BSP Lending Fund”) and Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”) only. Following the implementation of the revised glide path, which is expected to begin on January 29, 2027 and is expected to be completed on or around February 3, 2027, the fund will also invest in Franklin Dynamic Asset Allocation Conservative Fund (“Conservative Fund”).

Balanced Fund

Conservative Fund

Multi-Asset Income Fund

Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments.

Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size.

Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size.

In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes.

For a further discussion of each fund’s investment strategy, please turn to the section “What are the funds’ and each underlying fund’s main investment strategies and related risks?” beginning on page 128.

Short Term Investment Fund

Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments.

Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less.

In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk,

prepayment risk, and general market conditions when deciding whether to buy or sell securities.

For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section “What are the funds’ and each underlying fund’s main investment strategies and related risks?” beginning on page 128.

BSP Lending Fund

BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).

For a further discussion of BSP Lending Fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.

Clarion Partners Real Estate Fund

Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub‑adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.

For a further discussion of Clarion Partners Real Estate Fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.