Multi-Asset

FFAAX Franklin Global Allocation Fund

Strategically aligned with the investment team's Investment Strategy and Research Committee.
Globally diversified allocation strategy designed to deliver total return from capital appreciation and income.
Actively managed at the asset class, sector, and security level to navigate changing market environments.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks the highest level of long-term total return that is consistent with an acceptable level of risk by investing in a diversified portfolio of debt and equity securities and, to a lesser extent, alternative strategies. The fund may shift its investments from one asset class to another based on the investment manager's analysis of the best opportunities for the fund's portfolio in a given market. Under normal market conditions, at least 40% of the fund's net assets are invested in non-US investments, including in emerging markets.

Benchmark ⁴: Blended Benchmark
Additional Benchmark: MSCI All Country World Index-NR
Fund Inception Date: 08/15/2003
Dividend Frequency, if any: Semiannually
Number of Holdings As of 10/31/2025 (Updated Monthly): 253

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio^5,6: 0.77%
Net Expense Ratio^5,6,7: 0.74%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.00%

Identifiers

Ticker: FFAAX
Fund Number: 671
CUSIP Code: 35472P794

Average Annual Total Returns As of 10/31/2025

View performance section for additional info As of 10/31/2025

Advisor Class

With Sales Charge (POP)

Without Sales Charge (NAV)

15.72%1 Year
14.96%3 Years
11.18%5 Years
6.80%10 Years
6.74%Since Inception
08/15/2003

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 Sectors

View portfolio section for additional info

As of 10/31/2025 - Market Value Equity as a % of Total (Updated Monthly)

Information Technology19.11%

Financials13.37%

Consumer Discretionary7.47%

Health Care6.86%

Communication Services6.38%

Additional Fund Info

Share Class Inception Date: 08/15/2003
Investment Style: Target Risk
Lipper Classification: Flexible Portfolio Funds
Morningstar Category: Global Moderate 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.

Commentary Highlights

September 30, 2025

Markets: Global equity markets advanced through the third quarter of 2025 as tariff anxieties gradually eased, central banks tilted more accommodative and technology leadership persisted. July’s tone improved on clearer trade signals and resilient US earnings; August added gains despite episodic volatility around new tariff measures; and September capped the quarter with a US Federal Reserve (Fed) interest-rate cut that steadied rate-sensitive assets and lifted risk appetite. The Fed lowered its target rate by 25 basis points (bps), while the European Central Bank held policy steady and the Bank of Japan kept rates unchanged but continued edging toward normalization.
Contributors: Security selection strengthened relative returns across every asset class in the third quarter. Stock selection in the health care sector was a key driver of relative results. Security selection also supported relative performance in fixed income, including in sovereign emerging market, high-yield and corporate investment-grade bonds. From an asset class perspective, the fund’s equity overweight, off-benchmark exposure to alternatives, cash underweight and slight underweight to fixed income all contributed. Hedging some investments back to the US dollar (through currency forwards) also supported relative performance.
Detractors: Stock selection in the consumer discretionary and information technology (IT) sectors weighed on relative results, although the fund’s IT sector positions still delivered double digit gains for the quarter. In fixed income, the fund was overweight sovereign developed market bonds outside the United States, which detracted as rising yields in several countries and political and fiscal uncertainty created headwinds.
Outlook: We prefer to take a measured approach in assessing the strength of financial markets, examining the underlying macroeconomic and corporate environment. Our analysis finds a broadly positive setup for stocks, where improving business activity and solid economic growth have provided the platform for a strong second-quarter earnings season.

For complete information, please see the full commentary

Franklin Templeton Investment Solutions

Managed Fund Since 2025

Managed Fund Since 2024

Managed Fund Since 2025

Latest Insights

November 7, 2025

Allocation Views: Measured conviction

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

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 ⁴

As of 10/31/2025

Advisor Class - Without Sales Charge (NAV)

Measured against: Blended Benchmark

Statistics

Beta

Historical Tracking Error

Information Ratio

Standard Deviation (%)

Advisor Class

Blended Benchmark

Sharpe Ratio (%)

Advisor Class

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 10/31/2025

3 Years: 3 Years: 5 out of 5 stars
410 Funds in category

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

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

Rating Category: Global Moderate 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 10/31/2025

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 of10/31/2025 (Updated Monthly)

Total Net Assets: $2.87 Billion

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 253
Benchmark: 2,511

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Effective Duration

Fund: 5.08 Years
Benchmark: —

Weighted Average Coupon

Fund: 3.48%
Benchmark: —

Price to Earnings (12-Month Trailing)

Fund: 19.49x
Benchmark: 23.33x

Average Weighted Maturity

Fund: 6.24 Years
Benchmark: —

Price to Book

Fund: 3.30x
Benchmark: 3.61x

Sector Allocation

As of 10/31/2025 - Market Value Equity as a % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total	Benchmark
Information Technology	19.11%	17.11%
Financials	13.37%	10.08%
Consumer Discretionary	7.47%	6.31%
Health Care	6.86%	5.13%
Communication Services	6.38%	5.24%
Industrials	4.98%	6.37%
Consumer Staples	3.55%	3.05%
Energy	2.11%	2.04%
Materials	2.09%	2.06%
Utilities	0.61%	1.54%
Real Estate	0.51%	1.07%

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

Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO

NVIDIA Corp COM USD.001

Apple Inc COM USD.00001

Microsoft Corp COM USD0.001

Franklin Systematic Style Premia ETF ETF USD 1

Alphabet Inc COM USD.001 CL A

Johnson & Johnson COM USD1

United Kingdom Gilt 4.125% 01/29/2027 REG S

Booking Holdings Inc COM USD.008

AbbVie Inc COM USD NPV

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 20-0046338

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 14	—	—	—	—	—	—	—	—	—
Jun 18	0.1285	0.096324	—	—	—	—	—	—	—
Dec 19	0.092611	0.069422	—	—	—	—	0.011611	—	—
	0.221111	0.165746	—	—	—	—	0.011611	—	—

Jun 14

Jun 18

Dec 19

Supplemental Tax Information

Foreign Source Income: 52.36%
Foreign Source Qualified Dividends: 42.73%
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.: 14.12%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 32.61%
Section 163(j): 62.01%
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 11/13/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/13/2025

Share Prices

As of 11/13/2025

NAV ¹(Net Asset Value): $17.61
NAV Change ¹: $-0.17
NAV Change (%) ¹: -0.96%
POP ⁸(Public Offering Price): $17.61

52-Week Range

Highest NAV As of 10/28/2025: $17.79
Lowest NAV As of 04/08/2025: $14.64

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Global Allocation Fund	Download Document
Checkbox	Product Commentary - Franklin Global Allocation Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Global Allocation Fund - Advisor Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Global Allocation Fund	Download Document
Checkbox	Semi-Annual Report - Franklin Global Allocation Fund - Advisor Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Fund Allocator Series	Download Document
Checkbox	Prospectus - Franklin Global Allocation Fund	Download Document
Checkbox	Summary Prospectus - Franklin Global Allocation Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Global Allocation FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Fund Allocator SeriesMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Fund Allocator SeriesMailed 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. 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. The investment style may become out of favor, which may have a negative impact on performance. 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. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. To the extent the fund invests in alternative strategies, it may be exposed to potentially significant fluctuations in value. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. 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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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 Blended Benchmark consists of 60% MSCI All Country World Index-NR, 30% Bloomberg Multiverse (100% hedged to USD) Index and 10% cash and cash equivalents. MSCI All Country World Index is a market capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. The Bloomberg Multiverse (100% hedged to USD) Index provides a broad-based measure of the global fixed income bond market.
Source: 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.

The MSCI All Country World Index is a market capitalization-weighted index that is designed to measure equity market performance of developed and emerging markets.
Source: 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.
Net Returns (NR) include income net of tax withholding when dividends are paid.

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.

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.
Effective May 1, 2024, the fund changed the fixed income component of its Blended Benchmark to the Bloomberg Multiverse (100% hedged to USD) Index.
The expense ratio for this fund includes estimated indirect expenses of its underlying funds.
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.
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.

FFAAX Franklin Global Allocation Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 10/31/2025

Advisor Class

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest Insights

Performance

Risk Measures ⁴

Ratings ³

Portfolio

Assets

Positions

Portfolio Statistics

Sector Allocation

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

Distributions & Tax

Federal ID Number 20-0046338

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

FFAAX Franklin Global Allocation Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Advisor Class

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Risk Measures 4

Ratings 3

Portfolio

Sector Allocation Market value figures reflect the trading value of the investments. Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Distributions & Tax

Federal ID Number 20-0046338

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Risk Measures ⁴

Ratings ³

Sector Allocation