Strategy. The fund is a fund of fundsit invests primarily in other funds. These underlying funds are mutual funds and exchange-traded funds (ETFs) managed by the manager or its affiliates, including other Legg Mason and Franklin Templeton investment managers, or ETFs that are based on an index and managed by unaffiliated investment advisers. When selecting investments to fulfill a desired strategic asset class exposure, the portfolio managers expect to allocate to Legg Mason and Franklin Templeton affiliated mutual funds and ETFs, provided that appropriate products are available. Franklin Advisers, Inc. (Franklin Advisers), one of the funds subadvisers, is responsible for implementation of the funds overall asset allocation and the Dynamic Risk Management strategy described below. Western Asset Management Company, LLC (Western … Show more… The fund is a fund of fundsit invests primarily in other funds. These underlying funds are mutual funds and exchange-traded funds (ETFs) managed by the manager or its affiliates, including other Legg Mason and Franklin Templeton investment managers, or ETFs that are based on an index and managed by unaffiliated investment advisers. When selecting investments to fulfill a desired strategic asset class exposure, the portfolio managers expect to allocate to Legg Mason and Franklin Templeton affiliated mutual funds and ETFs, provided that appropriate products are available. Franklin Advisers, Inc. (Franklin Advisers), one of the funds subadvisers, is responsible for implementation of the funds overall asset allocation and the Dynamic Risk Management strategy described below. Western Asset Management Company, LLC (Western Asset), the funds other subadviser, is responsible for the funds Event Risk Management strategy described below and manages the portion of the funds cash and short-term instruments allocated to it. The fund seeks to achieve its objectives by investing in a broad range of asset classes and investment styles, combined with multiple layers of risk management strategies. Target allocation Under normal market conditions, the funds target allocation for long-term investments (the Target Allocation) is 70% in equity funds and 30% in fixed income funds that are not money market funds (long-term fixed income funds). While changes to the Target Allocation are not expected to be frequent or substantial, the funds Target Allocation may range from 60% of its net assets in equity funds and 40% of its net assets in long-term fixed income funds to 75% of its net assets in equity funds and 25% of its net assets in long-term fixed income funds as, in Franklin Advisers opinion, market conditions warrant. As of December 31, 2021, the funds allocation to long-term investments was approximately 70% in equity funds and approximately 29% in long-term fixed income funds. The underlying funds have a variety of investment styles and focuses. The underlying equity funds include large, mid and small cap funds, growth and value-oriented funds, international funds and ETFs that are based on equity indexes. The underlying long-term fixed income funds include funds that invest in U.S. and non-U.S. issuers, corporate, mortgage-backed and government securities, investment grade securities, securities rated below investment grade (commonly known as junk bonds) and ETFs that are based on fixed income indexes. As of December 31, 2021, approximately 10% of the funds net assets were allocated to international funds (although certain other underlying funds may invest in foreign securities). Franklin Advisers may invest the funds assets in underlying Legg Mason and Franklin Templeton-affiliated funds that have a limited performance history. In addition to these long-term investments, the fund may invest in short-term defensive instruments, including money market funds, Treasury bills and cash, and may enter into derivative transactions involving options, futures and swaps as a part of its risk management strategies. Risk management Franklin Advisers will implement a combination of risk management strategies that will attempt to reduce downside volatility within the fund. These strategies include Dynamic Risk Management and Event Risk Management, as described below. Through both strategies, the fund gives up some of the potential for high total return that could be achieved if the fund were to follow its Target Allocation under positive market conditions. In exchange, these strategies are intended to result in less significant declines in the funds net asset value under negative market conditions. The funds net asset value will fluctuate and is not guaranteed. Dynamic Risk Management. The Dynamic Risk Management strategy seeks to reduce the funds market risk exposure and volatility. As frequently as daily, the Dynamic Risk Management strategy may increase the funds exposure to short-term defensive instruments in response to certain levels of negative fund returns and/or volatility as described below. At other times in response to certain levels of positive fund returns and/or volatility, Dynamic Risk Management may reverse the process, also as described below, to return to the funds Target Allocation. The maximum daily allocation to short-term defensive instruments will be 95% of the funds net assets. As of December 31, 2021, the fund had less than 0.25% of its net assets allocated to short-term defensive instruments. In response to certain levels of negative fund returns and/or volatility, Franklin Advisers may increase the funds exposure to short-term defensive instruments (de-risking) based on a formula that takes into account the funds current net asset value, macro-economic conditions, and the funds underlying volatility. In order to implement this strategy, Franklin Advisers anticipates that it will initially attempt to sell shares of unaffiliated ETFs and other liquid securities or engage in short sale transactions involving index options and index futures contracts. Then, Franklin Advisers would sell shares of underlying affiliated ETFs or redeem underlying open-end mutual fund shares as needed. In response to certain levels of positive fund performance, the fund may purchase affiliated ETFs or underlying open-end mutual fund shares or cover short futures positions (when the fund is not managed strictly according to the standard Target Allocation). Franklin Advisers, in its discretion, will determine the levels and timing for Dynamic Risk Management. If Franklin Advisers determines that de-risking is no longer appropriate, the fund will reverse this process, sell short-term defensive instruments and purchase equity funds and long-term fixed income funds in accordance with the funds Target Allocation. Franklin Advisers may from time to time make tactical increases or decreases to the funds investment in a particular asset class beyond the Target Allocation based on a broad range of market and economic trends and quantitative factors. Franklin Advisers may also allow the relative weightings of the funds investments in asset classes to vary from its Target Allocation in response to the markets. When varying exposures among underlying funds, Franklin Advisers will examine relative values and prospects among the underlying funds asset classes, as well as the capacity of the underlying funds to absorb additional cash flow. Event Risk Management. The Event Risk Management strategy seeks to reduce the impact to the fund of market declines during a short period of time caused by, for example, sudden and substantial movements in the equity markets, interest rates or credit spreads. As of December 31, 2021, the fund had approximately 0.60% of its net assets invested in this strategy (as measured by the premiums paid on options or initial margin on futures contracts). However, the fund may invest up to 7% of its net assets at the time of purchase in this strategy (as measured by the premiums paid on options or initial margin on futures contracts). If the funds holdings in this strategy increase in value to over 7% of its net assets as a result of market movements, the fund will reduce, at least monthly, the amount of its assets invested in this strategy to no more than 7% of its net assets. The value of the funds assets invested in this strategy may be substantially higher than the value of the premiums paid or initial margin amounts on the instruments used to implement the strategy. If the value of the instruments in the Event Risk Management strategy declines after the fund has engaged in de-risking, the funds net asset value could decline even if the broader markets rise in value. Conversely, if the value of the instruments in the Event Risk Management strategy increases after the fund has engaged in de-risking, the funds net asset value could increase even if the broader markets fall in value. Western Assets views and outlook regarding potential unexpected market movements will determine the investments and strategies it employs in implementing the Event Risk Management strategy. During normal market conditions, the fund will implement the Event Risk Management strategy through investments in options, futures, swaps or other instruments. Since the Event Risk Management strategy seeks to primarily benefit from large and unexpected market movements, there may be times when the investment and transaction costs related to hedging will result in losses to the fund. The Event Risk Management strategy will be actively managed in an effort to reduce these costs when possible. Show less