Multi-Asset

FFAQX 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.

Benchmark⁴: Blended Benchmark
Additional Benchmark: MSCI All Country World Index-NR
Fund Inception Date: 08/15/2003
Dividend Frequency, if any: Semiannually
Number of HoldingsAs of 01/31/2026 (Updated Monthly): 253

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio^5,6: 0.73%
Net Expense Ratio^5,6,7: 0.67%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: FFAQX
Fund Number: 8481
CUSIP Code: 35473A622

Average Annual Total Returns As of 01/31/2026

View performance section for additional info As of 01/31/2026

Class R6

With Sales Charge (POP)

Without Sales Charge (NAV)

16.26%1 Year
13.42%3 Years
8.82%5 Years
8.23%10 Years
6.86%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 01/31/2026 - Market Value Equity as a % of Total (Updated Monthly)

Top Sectors
Information Technology19.06%
Financials14.88%
Consumer Discretionary7.43%
Health Care7.40%
Communication Services5.77%

Additional Fund Info

Share Class Inception Date: 08/01/2017
Investment Style: Target Risk
Lipper Classification: Flexible Portfolio Funds
Morningstar Category⁸: 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

12/31/2025

Markets: Global equities finished the fourth quarter of 2025 modestly higher, as investors weighed easing inflation trends and expectations for lower policy rates in 2026 against slowing growth and persistent geopolitical risks. US stocks advanced into year-end, while other regions were more mixed—benefiting from pockets of technology- and artificial intelligence (AI)-led strength, but constrained by currency moves, uneven domestic demand and sector-specific headwinds. The US Federal Reserve (Fed) made two reductions over the fourth quarter, though in December they emphasized caution and signaled potentially limited further easing.
Contributors: Security selection supported relative performance across every asset class in the fourth quarter. Stock selection in the consumer discretionary, materials and financials sectors led equity contributors to relative results. Security selection also boosted relative returns in fixed income, with UK Gilts and Canadian government bonds strengthening performance. From an asset class perspective, the fund’s equity overweight and modest underweight to fixed income lifted relative returns.
Detractors: Stock selection in the health care and consumer staples sectors curbed relative results. In fixed income, selection in mortgage-backed securities weighed on relative returns. Hedging some investments back to the US dollar (through currency forwards) modestly dampened relative performance.
Outlook: We retain measured conviction toward equities into 2026 as influential pillars of support for risk assets—such as inflation, policy and corporate fundamentals—remain healthy. These dynamics are fueling our belief that equities will likely continue to deliver positive returns for investors, despite stretched valuations.

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

February 6, 2026

Allocation Views: Confidence, not complacency

January 23, 2026

Hedge Fund Strategy Outlook: First quarter 2026

January 21, 2026

From cyclical recovery to structural opportunity—why emerging markets look different this time

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

Performance

Average Annual Total Returns

⁴

As of 01/31/2026

Month End

Quarter End

As of

Class R6 - With Sales Charge (POP) (%)

Month End

As of 01/31/2026

Class R6 - Without Sales Charge (NAV) (%)

Month End

As of 01/31/2026

Blended Benchmark (%) ⁴

Month End

As of 01/31/2026

MSCI All Country World Index-NR (%)

Month End

As of 01/31/2026

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 01/31/2026

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

5 Years: 5 Years: 4 out of 5 stars
395 Funds in category

10 Years: 10 Years: 3 out of 5 stars
The Morningstar Rating™ for this share class is based on Morningstar's extended performance calculation. This means that, for a share class that doesn't have a 1-, 3-, 5-, or 10-year performance history, the rating shown is a hypothetical Morningstar Rating based first on the oldest active surviving share class of the fund and then any dormant or liquidated share classes. If more than one share class has the earliest inception date, Morningstar selects the share class that is freely available to investors, that is not currency-hedged, and has the lowest fee.
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 01/31/2026

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 of01/31/2026 (Updated Monthly)

Total Net Assets: $2.89 Billion

Positions

As of 01/31/2026 (Updated Monthly)

Number of Holdings

Fund: 253
Benchmark: 2,515

Portfolio Statistics

As of 01/31/2026 (Updated Monthly)

Effective Duration

Fund: 4.93 Years
Benchmark: —

Weighted Average Coupon ⁹

Fund: 2.51%
Benchmark: —

Price to Earnings (12-Month Trailing)

Fund: 20.14x
Benchmark: 23.38x

Average Weighted Maturity

Fund: 6.01 Years
Benchmark: —

Price to Book

Fund: 3.44x
Benchmark: 3.65x

Asset Allocation

As of 01/31/2026 - Market Value % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	69.50%
Fixed Income	28.64%
Cash & Cash Equivalents	1.86%

Holdings
As of 12/31/2025 (Updated Monthly)

NVIDIA Corp COM USD.001

Apple Inc COM USD.00001

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

Alphabet Inc COM USD.001 CL A

Franklin BSP Lending Fund IF USD NPV CL R6 TIS A/C # 47536

Johnson & Johnson COM USD1

Franklin Systematic Style Premia ETF ETF USD 1

Microsoft Corp COM USD0.001

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

Booking Holdings Inc COM USD.008

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

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: SemiannuallyThis fund is an ex-Dividend fund
Capital Gain Distributions: June, December

Proposed 2026 distribution dates for Franklin, Templeton and Mutual Series funds (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/19/2025

06/13/2025

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Pricing

Pricing History

As of 02/10/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/10/2026

Share Prices

As of 02/10/2026

NAV ¹(Net Asset Value): $18.38
NAV Change ¹: $-0.02
NAV Change (%) ¹: -0.11%
POP ¹⁰(Public Offering Price): $18.38

52-Week Range

Highest NAV As of 01/29/2026: $18.43
Lowest NAV As of 04/08/2025: $15.00

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 - Class R6	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Global Allocation Fund	Download Document
Checkbox	Semi-Annual Report - Franklin Global Allocation Fund - Class R6	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.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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.

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.

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.

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.
©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.
Average Coupon is calculated without the deduction of fees and expenses.
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.

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FFAQX Franklin Global Allocation Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class R6

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation 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

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³

Asset Allocation