Franklin Moderate Allocation A (Franklin Moderate Allocation Fu) fond

The fund is a "fund of funds" meaning that it seeks to achieve its investment goal by investing its assets primarily in other funds, predominantly other Franklin Templeton and Legg Mason mutual funds and ETFs. The investment manager uses the following as a general guide in allocating the fund's assets among the broad asset classes: 60% equity funds; and 40% fixed-income funds. These percentages may be changed from time to time by the fund's investment manager without the approval of shareholders, and may vary up to 10% from these percentages of the fund's assets.