Franklin Multi-Asset Defensive Growth A SBCPX

The fund is a fund of funds—it invests in other mutual funds and may also invest in exchange-traded funds (“ETFs”). It is managed as an asset allocation program and allocates its assets among mutual funds and ETFs managed by the manager and its affiliates. The portfolio managers will allocate between 15% to 45% of the fund's assets to underlying funds that invest in equity and equity-like strategies and between 55% to 85% of the fund's assets to underlying funds that invest in fixed income strategies.