Multi-Asset

SCHAX Franklin Multi-Asset Growth Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Seeks to achieve capital appreciation. Uses a "fund of funds" approach to provide exposure to multiple asset classes and strategies, including non-traditional, with equity ranges of between 70% and 100% and 0% to 30% in fixed income strategies. Active monitoring and rebalancing serves to periodically adjust Fund allocation and holdings.

Benchmark: Russell 3000 Index
Additional Benchmark: Bloomberg U.S. Aggregate Index
Additional Benchmark: Composite Index
Fund Inception Date: 02/05/1996
Dividend Frequency, if any: Annually
Portfolio Turnover: 64%

Sales Charges, Expenses & Fees

As of 06/01/2025

Gross Expense Ratio⁴: 1.07%
Net Expense Ratio^4,5: 1.07%
Maximum Initial Charge: 5.50%
CDSC⁶: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: SCHAX
Fund Number: 7537
CUSIP Code: 52467P762

Average Annual Total Returns As of 09/30/2025

View performance section for additional info As of 09/30/2025

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

7.45%1 Year
17.06%3 Years
10.96%5 Years
8.74%10 Years
6.16%Since Inception
02/05/1996

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Asset Allocation

View portfolio section for additional info

As of 09/30/2025 % of Total (Updated Monthly)

US Large Cap Equity Funds70.60%

International/Global Equity Funds11.10%

US Small/Mid-Cap Equity Funds5.48%

Fixed Income Funds3.88%

Alternatives1.98%

Cash6.96%

Additional Fund Info

Share Class Inception Date: 02/05/1996
Investment Style: Asset Allocation
Lipper Classification: Mixed-Asset Target Allocation Aggregate Growth Funds
Morningstar Category: Aggressive Allocation

Manager and Commentary

About the Team

Franklin Templeton Investment Solutions

Franklin Templeton Investment Solutions (FTIS) is a leader in multi-asset, quantitative, and hedged solutions, leveraging a global network of investment teams to offer innovative and diversified strategies. With a focus on long-term investing, we combine deep research, active management, and data-driven insights to create solutions which seek to meet the evolving needs of investors worldwide.

Franklin Templeton Investment Solutions

Managed Fund Since 2021

Managed Fund Since 2025

Latest Insights

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

October 10, 2025

Allocation Views: Responsibly bullish

July 17, 2025

Hedge Fund Strategy Outlook: Third quarter 2025

July 10, 2025

The “Big Beautiful Bill:” Beauty is in the eye of the bondholder

Performance

Risk Measures

As of 09/30/2025

Class A - Without Sales Charge (NAV)

Measured against: Russell 3000 Index

Statistics

Alpha (%)

Beta

R-Squared

Historical Tracking Error

Information Ratio

Upside Capture Ratio

Downside Capture Ratio

Standard Deviation (%)

Class A

Sharpe Ratio (%)

Class A

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 09/30/2025

3 Years: 3 Years: 4 out of 5 stars
94 Funds in category

5 Years: 5 Years: 5 out of 5 stars
90 Funds in category

10 Years: 10 Years: 3 out of 5 stars
73 Funds in category

Rating Category: Aggressive Allocation

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 09/30/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of09/30/2025 (Updated Monthly)

Total Net Assets: $922.57 Million

Positions

As of 09/30/2025 (Updated Monthly)

Number of Holdings

Fund: 19
Benchmark: 2,983

Asset Allocation

As of 09/30/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
US Large Cap Equity Funds	70.60%
International/Global Equity Funds	11.10%
US Small/Mid-Cap Equity Funds	5.48%
Fixed Income Funds	3.88%
Alternatives	1.98%
Cash	6.96%

Holdings
As of 09/30/2025 (Updated Monthly)

Franklin US Large Cap Equity Fund

ClearBridge Large Cap Growth Fund

Putnam Large Cap Value Fund

ClearBridge Appreciation Fund

Franklin International Equity Fund

Putnam Large Cap Growth Fund

Templeton Developing Markets Trust

Franklin U.S. Core Bond ETF

ClearBridge International Growth Fund Class IS

Templeton Foreign Fund

Distributions & Tax

Federal ID Number 133862582

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jun 12	0.010453	0.004059	0.27247	—	—	—	—	—	—
Dec 27	0.445301	0.172911	0.36608	—	—	—	0.005944	—	—
	0.455754	0.17697	0.63855	—	—	—	0.005944	—	—

Jun 12

Dec 27

Supplemental Tax Information

Foreign Source Income: 9.01%
Foreign Source Qualified Dividends: 3.50%
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 26.42%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 10/31/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 10/31/2025

Share Prices

As of 10/31/2025

NAV ¹(Net Asset Value): $18.99
NAV Change ¹: $0.06
NAV Change (%) ¹: 0.32%
POP ⁷(Public Offering Price): $20.10

52-Week Range

Highest NAV: $19.13
Lowest NAV: $15.28

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Multi-Asset Growth Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Multi-Asset Growth Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Multi-Asset Allocation Funds	Download Document
Checkbox	Semi-Annual Report - Franklin Multi-Asset Growth Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Multi-Asset Allocation Funds	Download Document
Checkbox	Prospectus - Franklin Multi-Asset Allocation Funds	Download Document
Checkbox	Summary Prospectus - Franklin Multi-Asset Growth Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Variable Equity Trust Book 1Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Sustainable Retirement Funds	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Multi-Asset Allocation FundsMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Investments in underlying funds are subject to the same risks as, and indirectly bear the fees and expenses of, the underlying funds. Active and frequent trading may increase a shareholder’s tax liability and transaction costs. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. The allocation of assets among different strategies, asset classes and investments may not prove beneficial or produce the desired results. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Bloomberg U.S. Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.
Source: FTSE.

The Composite Index is a hypothetical representation of the performance of the fund’s major asset classes. It consists of 45% Russell 1000 Index, 20% Russell 2000 Index, 20% MSCI EAFE Index, 10% Bloomberg U.S. Aggregate Bond Index and 5% Bloomberg U.S. High Yield - 2% Issuer Cap Index.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The MSCI EAFE Index is a free float-adjusted market-capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The Bloomberg U.S. Aggregate Bond Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity. The Bloomberg U.S. High Yield - 2% Issuer Cap is the 2% Issuer Cap component of the Bloomberg U.S. Corporate High Yield Index, which covers the universe of fixed-rate, non-investment-grade debt.
Source: FTSE. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Bloomberg Indices.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Prior to August 7, 2021, the Fund was known as QS Growth Fund.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

SCHAX Franklin Multi-Asset Growth Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 09/30/2025

Class A

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Risk Measures

Ratings ³

Portfolio

Assets

Positions

Asset Allocation

Holdings
As of 09/30/2025 (Updated Monthly)

Distributions & Tax

Federal ID Number 133862582

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

SCHAX Franklin Multi-Asset Growth Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class A

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Risk Measures

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 133862582

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³