Franklin LifeSmart 2040 Ret Trgt R (Franklin LifeSmart 2040 Retirem) fond

Under normal market conditions, the investment manager allocates the fund's assets among the broad asset classes of equity and fixed income investments and strategies by investing primarily in a distinctly-weighted combination of underlying funds, predominantly other Franklin Templeton affiliated mutual funds and ETFs and third-party ETFs, based on each underlying fund's predominant asset class and strategy.