Strategy. The Fund seeks to achieve its investment goals by allocating its assets among the broad asset classes of equity and fixed income investments through a variety of investment strategies or sleeves managed by the investment manager or its affiliates. The Fund is structured as a multi-manager fund (meaning the Funds assets are managed by multiple sub-advisors), with the investment manager having overall responsibility for the Funds investments. The investment manager allocates assets among various asset classes and strategy sleeves to seek to diversify the Funds portfolio, to add incremental return, and to reduce the Funds risk of being significantly impacted by changes in a specific asset class or by changing market conditions. The investment manager may, at times, implement a … Show more… The Fund seeks to achieve its investment goals by allocating its assets among the broad asset classes of equity and fixed income investments through a variety of investment strategies or sleeves managed by the investment manager or its affiliates. The Fund is structured as a multi-manager fund (meaning the Funds assets are managed by multiple sub-advisors), with the investment manager having overall responsibility for the Funds investments. The investment manager allocates assets among various asset classes and strategy sleeves to seek to diversify the Funds portfolio, to add incremental return, and to reduce the Funds risk of being significantly impacted by changes in a specific asset class or by changing market conditions. The investment manager may, at times, implement a risk overlay strategy, which seeks to neutralize certain market risks that may exist in the Fund primarily through the use of equity and interest rate/bond futures. Under normal market conditions, the Fund allocates approximately 60% of its assets to the equity asset class and 40% of its assets to the fixed income asset class by allocating the Funds assets among the various sleeves. The Funds asset allocation may change from time to time based on market conditions and the investment managers strategic and tactical asset allocation views. The Funds equity and fixed income investments typically will not vary by more than 10% from the stated allocations; however, appreciation and/or depreciation in the value of the Funds investments may cause the relative percentages to vary by more than 10%. The investment manager rebalances the Fund's portfolio to bring the Fund back to its typical allocation on a periodic basis, typically when market values deviate from target weights beyond predefined thresholds or when the managers view on asset classes changes. In addition, during adverse market conditions, the investment manager, in its sole discretion, may tactically manage the Funds risk exposure on a Fund level, which could cause the Funds allocations to vary by more than 10% from the stated allocations. The investment manager uses a variety of techniques to adjust the Funds exposure to certain asset classes to manage risk including allocating additional assets or reducing assets allocated to certain sleeves, holding additional cash and cash equivalents in the Funds portfolio, or using certain equity, interest rate and currency derivative instruments. The Fund may invest in securities of U.S. and foreign companies in both the equity and fixed income sleeves, although the Fund currently does not anticipate investing more than 30% of its net assets in securities of issuers domiciled outside the United States. Through its sleeves, the Fund may invest in a variety of equity securities of any capitalization size and a variety of government and corporate fixed income investments that have variable or fixed interest rates and may be of any duration or maturity. In addition, the portfolio managers of the Fund's sleeves may focus on investing in fixed income securities that could include bonds, notes, debentures, bankers acceptances and commercial paper; loans and loan participations; floating rate notes and mortgage-backed or asset-backed securities. The Fund may also invest a small portion of its assets in other mutual funds, which include other Franklin Templeton affiliated mutual funds, and Franklin Templeton affiliated and third-party exchange-traded funds (ETFs) (underlying funds), in order to gain exposure to certain asset classes or for tactical positioning. The Fund generally invests in investment grade debt securities, but may invest a small portion of its total assets in bonds rated below investment grade. The Fund regularly uses currency-related derivatives, including forward foreign currency exchange contracts, currency futures contracts, currency swaps and currency options to hedge (protect) against currency risks. The Fund also may, from time to time, use a variety of equity-related derivatives, which may include purchasing or selling call and put options on equity securities and equity security indices, futures on equity securities and equity indexes and options on equity index futures, for various purposes including enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks relating to changes in certain equity markets. In addition, the Fund may, from time to time, use interest rate and credit derivatives, including interest rate swaps, interest rate/bond futures contracts and credit default swaps for various purposes including enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks relating to changes in interest rates. The use of such derivative transactions may allow the Fund to obtain net long or net short exposures to selected markets, interest rates, countries, currencies or durations. The investment managers risk overlay strategy may involve investing in derivatives in an effort to provide a hedge against negative market events. When implemented, the risk overlay strategy will reduce the Fund's ability to benefit from positive market movements. In determining an optimal mix of the equity and fixed income asset classes for the Fund, the investment manager assesses changing economic, market and industry conditions. The investment manager allocates among strategy sleeves utilizing a top-down approach, generating the Fund's strategy weightings by taking into account market conditions, risk factors, diversification, liquidity, transparency and other investment options, among other things. Allocations to the individually managed sleeves discussed below typically will not exceed 20%, but will vary with market conditions; however, under normal market conditions, no sleeve constitutes a majority of the Funds assets. The investment manager may select additional strategies managed by the investment manager or other Franklin Templeton affiliated managers for investment, other than those listed below, without notice to, or approval by, shareholders. Unless indicated, the individual strategy sleeves are managed by the investment manager. ClearBridge Large Cap Growth Strategy . The strategy seeks long-term growth of capital by taking a concentrated, long-term approach to generating growth by owning three types of growth companies across the spectrum of growth and volatility that can thrive through varying market environments. ClearBridge Large Cap Value Strategy. The strategy seeks long-term growth of capital by exploiting market inefficiencies to identify strong businesses at attractive valuations that it can hold for long time periods. Franklin Emerging Markets Core Equity Strategy . This strategy seeks capital appreciation by investing in equity securities of issuers located in emerging market countries. The investable universe typically includes equity securities of companies in the MSCI Emerging Market Equity Index. The investment manager uses a multi-factor process to determine securities that have favorable exposure to quality, value, momentum and alternative factors. Franklin International Core Equity Strategy . This strategy seeks capital appreciation by investing predominately in non-U.S. equity securities of any capitalization. The investible universe typically includes both growth and value companies in the MSCI EAFE index. The investment manager uses a multi-factor process to determine securities that have favorable exposure to quality, value, momentum and alternative factors. Franklin International Growth Strategy . The strategy seeks capital appreciation by investing predominantly in the equity securities of mid and large capitalization companies outside the U.S. with long-term growth potential. Franklin U.S. Core Equity Strategy . This strategy seeks capital appreciation by investing in U.S. equity securities. The investable universe typically includes equity securities of companies in the Russell 1000 Index. The investment manager uses a multi-factor process to determine securities that have favorable exposure to quality, value, momentum and alternative factors. Franklin U.S. Smart Beta Equity Strategy . The strategy seeks long-term capital appreciation by investing substantially in U.S. equities using a proprietary, systematic model to screen, weigh and select securities, starting with those in a broad-market U.S. equity index (currently the Russell 1000 Index). Templeton Foreign Strategy . The strategy seeks long-term capital growth by investing predominantly in foreign securities which are equity securities of companies located outside of the U.S., including developing markets. Brandywine Global Opportunities Bond Strategy . The strategy seeks to maximize total return by investing at least 80% of its net assets in fixed income securities of issuers located in developed market countries. The Fund will invest in both investment grade and below investment grade fixed income securities. Franklin Investment Grade Corporate Strategy . The strategy seeks as high a level of current income as is consistent with prudent investing, while seeking preservation of capital, by investing predominantly in investment grade corporate debt securities and investments. Franklin U.S. Core Bond Strategy. This strategy seeks total return by investing substantially in bonds of U.S. issuers, including government, corporate debt, mortgage-backed and asset-backed securities. The strategy focuses predominately on investment grade debt securities and is generally expected to have sector, credit and duration exposures comparable to the Bloomberg U.S. Aggregate Bond Index. Franklin U.S. Treasury Securities Strategy . This strategy seeks income by investing in direct obligations of the U.S. Treasury of any maturity and investments that provide exposure to direct obligations of the U.S. Treasury. Putnam Core Bond Strategy . The strategy seeks high current income consistent with what the portfolio managers believe to be prudent risk, by investing in mortgage-backed securities, corporate bonds, and other government obligations. Show less