Multi-Asset

FMTIX Franklin Moderate Allocation Fund

Single-Fund Solution. Access to our world class investment management groups — Franklin, Templeton and Franklin Mutual Series — in one investment vehicle.
Diversification. Broad range of underlying funds provides diversification across style, sector and region.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks the highest level of long-term total return consistent with an acceptable level of risk. The manager allocates assets among broad asset classes by investing primarily in a distinctly weighted combination of other funds, predominately other Franklin Templeton affiliated mutual funds and exchange-traded funds. Under normal market conditions, the portfolio managers will allocate 60% to equity funds and 40% to fixed-income funds. The fund is designed for investors seeking a moderate level of risk with an intermediate investment horizon.

Benchmark: Linked Franklin Moderate Allocation Fund Benchmark-NR
Additional Benchmark: MSCI All Country World Index-NR
Additional Benchmark: Bloomberg Multiverse Index
Fund Inception Date: 12/31/1996
Dividend Frequency, if any: Quarterly
Portfolio Turnover: 25%

Sales Charges, Expenses & Fees

As of 05/01/2026

Gross Expense Ratio^4,5: 0.82%
Net Expense Ratio^4,5,6: 0.82%
Maximum Initial Charge: 5.50%
CDSC⁷: N/A
12b-1 Fee: 0.25%

Identifiers

Ticker: FMTIX
Fund Number: 485
CUSIP Code: 35472P307

Average Annual Total Returns As of 05/31/2026

View performance section for additional info As of 05/31/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

12.66%1 Year
12.52%3 Years
5.69%5 Years
7.67%10 Years
6.58%Since Inception
12/31/1996

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.

Top Asset Allocation

View portfolio section for additional info

As of 05/31/2026 % of Total (Updated Monthly)

Top Asset Allocation
Equity62.98%
Fixed Income31.03%
Alternatives3.40%
Cash & Cash Equivalents2.59%

Additional Fund Info

Share Class Inception Date: 12/31/1996
Investment Style: Target Risk
Lipper Classification: Mixed-Asset Target Allocation Moderate Funds
Morningstar Category⁸: 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

March 31, 2026

Global equity markets fell in the first quarter of 2026, as geopolitical tensions drove volatility. Non-US stock markets began the year strongly, helped by a weaker US dollar and continued enthusiasm for semiconductor and artificial intelligence (AI) supply chains. In contrast, US equities were hampered by a trend for investors to shift from expensive mega-cap growth stocks to markets with lower valuations. The quarter became more challenging in March, as conflict in Iran drove a sharp rise in oil and gas prices, reigniting inflation concerns.
Fixed income markets in the first quarter were defined by a tug of war between carry and rising macro uncertainty. Over the period, US Treasury yields moved higher across the curve.

For complete information, please see the full commentary:

Franklin Templeton Investment Solutions

Managed Fund Since 2026

Managed Fund Since 2025

Managed Fund Since 2012

Latest Insights

May 8, 2026

Allocation Views: Looking through the energy cost shock—stronger earnings, lower tail risks

April 7, 2026

Hedge Fund Strategy Outlook: Second quarter 2026

March 26, 2026

Improving outcomes with private assets in target date funds

March 25, 2026

Portable alpha: Putting capital to its highest and best use

Performance

Calendar Year Returns

^10,11

As of 05/31/2026

Month End

Quarter End

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

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

Linked Franklin Moderate Allocation Fund Benchmark-NR (%)

MSCI All Country World Index-NR (%)

Bloomberg Multiverse Index (%)

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 05/31/2026

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

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

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

Rating Category: 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.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box

As of 05/31/2026

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.

©2026 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 of05/31/2026 (Updated Monthly)

Total Net Assets: $1.78 Billion

Positions

As of 05/31/2026 (Updated Monthly)

Number of Issuers

Fund: 24
Benchmark: 2,513

Asset Allocation

As of 05/31/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	62.98%
Fixed Income	31.03%
Alternatives	3.40%
Cash & Cash Equivalents	2.59%

Holdings
As of 04/30/2026 (Updated Monthly)

FFAS-Franklin U.S. Core Equity (IU) Fund OEMF USD 1 CL A Income

Franklin U.S. Core Bond ETF ETF USD NPV TIS A/C# 28565

Franklin Investment Grade Corporate ETF ETF USD NPV TIS A/C #21558

FCF-FRANKLIN GROWTH FUND OEMF USD NPV CL R6 TIS A/C# 4306

Putnam Large Cap Value Fund OEMF USD 1 CL R6 Income

Franklin U.S. Large Cap Multifactor Index ETF ETF USD NPV TIS A/C #25773

Franklin U.S. Treasury Bond ETF ETF USD NPV TIS A/C # 29614

Putnam Large Cap Growth Fund OEMF USD 1 CL R6 Income

FFAS-Franklin International Core Equity (IU) Fund OEMF USD 1 CL USD INC Income

FFAS-FRANKLIN EMERGING MARKET CORE EQUITY (IU) FUND OEMF USD 1 CL USD INC Income

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 94-3244135

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
Mar 28	0.0606	0.012484	—	—	—	—	—	—	—
Jun 13	0.1536	0.031642	0.3768	—	—	—	—	—	—
Jun 27	0.0951	0.019591	—	—	—	—	—	—	—
Sep 29	0.0774	0.015944	—	—	—	—	—	—	—
Dec 29	0.198278	0.040846	0.5042	—	—	—	0.008678	—	—
	0.584978	0.120507	0.881	—	—	—	0.008678	—	—

Mar 28

Jun 13

Jun 27

Sep 29

Dec 29

Supplemental Tax Information

Foreign Source Income: 9.74%
Foreign Source Qualified Dividends: 6.88%
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: 11.36%
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 06/09/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices and Breakpoints

As of 06/09/2026

Share Prices

As of 06/09/2026

NAV ¹(Net Asset Value): $17.48
NAV Change ¹: $0.02
NAV Change (%) ¹: 0.11%
POP ⁹(Public Offering Price): $18.50

POP and Sales Charge at Breakpoints

Less than $25,000

$25,000 - $49,999

$50,000 - $99,999

$100,000 - $249,999

52-Week Range

Highest NAV As of 06/02/2026: $17.80
Lowest NAV As of 06/20/2025: $15.77

Documents

Fund Literature

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

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Moderate Allocation Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Fund Allocator Series	Download Document
Checkbox	Semi-Annual Report - Franklin Moderate Allocation Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Fund Allocator Series	Download Document
Checkbox	Prospectus - Franklin Fund Allocator Series	Download Document
Checkbox	Summary Prospectus - Franklin Moderate Allocation Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Fund Allocator SeriesMailed 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. The allocation of assets among different strategies, asset classes and investments may not prove beneficial or produce the desired results. Investments in underlying funds are subject to the same risks as, and indirectly bear the fees and expenses of, the underlying funds. 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. 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. These and other risks are discussed in the fund’s prospectus.

Important 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.

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.

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

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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.

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.

The Linked Franklin Moderate Allocation Fund Benchmark-NR reflects the performance of 38.5% S&P 500 Index, 16.5% MSCI EAFE Index, 35% Bloomberg U.S. Aggregate Index and 10% Payden & Rygel 90 Day U.S. T-Bill Index from fund inception to 12/31/2000; 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR, 35% Bloomberg U.S. Aggregate Index and 10% Payden & Rygel 90 Day U.S. T-Bill Index from 1/1/2001 to 12/31/2012; 38.5% S&P 500 Index, 16.5% MSCI EAFE Index-NR and 45% Bloomberg U.S. Aggregate Index from 1/1/2013 to 12/31/14; 60% MSCI AC World Index-NR and 40% Bloomberg Multiverse Index from 1/1/2015 to 4/30/2026; and 48% Russell 3000, 12% MSCI ACWI ex-US index, 32% Bloomberg Barclays U.S. Aggregate Bond index, 2% Bloomberg Barclays U.S. Corporate High Yield Bond index, 6% Bloomberg Global Aggrefate ex-USD (Hedged to USD) thereafter.
Sources: Bloomberg, 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.

The Bloomberg Multiverse Index provides a broad-based measure of the global fixed income bond market.
Source: Bloomberg Indices.

Click here for funds sales charge and breakpoint information.

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.
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.
For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
©2026 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.
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.
As of January 1, 2013, the Fund changed its target allocations, with short-term investments (formerly a targeted allocation of 10%) now combined into the fixed income fund target allocation; such a change can impact performance.
Prior to 9/10/18, these shares were offered at a higher initial sales charge of 5.75%; thus actual returns would have differed. Total returns with sales charges have been restated to reflect the current maximum initial sales charge of 5.50%.

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FMTIX Franklin Moderate Allocation 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

Calendar Year Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 94-3244135

Pricing

Daily Fund Prices and Breakpoints

Documents

Risks

Important Information

Footnotes

Ratings ³