Franklin Global Allocation Fund Q3 2024 Commentary

Fund Details

Inception Date

08/15/2003

Benchmark

Blended Benchmark

MSCI All Country World Index-NR

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.

Performance Data[1]

Average Annual Total Returns[2](%)

	1 Mth	3 Mths	1 Year	3 Years	5 Years	10 Years	Since Inception	Inception Date
Advisor Class – With Sales Charges a	1.46	4.77	25.27	6.55	6.72	5.11	6.46	08/15/2003
Advisor Class – Without Sales Charges a	1.46	4.77	25.27	6.55	6.72	5.11	6.46	08/15/2003
Class A – With Sales Charges a	-4.16	-1.00	18.09	4.32	5.26	4.26	5.89	08/15/2003
Class A – Without Sales Charges a	1.40	4.75	24.96	6.30	6.46	4.85	6.17	08/15/2003
Blended Benchmark	1.79	5.39	22.52	5.35	7.94	6.72	6.80	–
MSCI All Country World Index-NR	2.32	6.61	31.76	8.09	12.18	9.38	8.79	–
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 for periods of less than one year are not annualized. All classes of shares may not be available to all investors or through all distribution channels. For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/(800) 342-5236 or visit www.franklintempleton.com. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Share Class Details
			Sales Charges				Expenses
	CUSIP	Ticker	Max	CDSC		Gross		Net
Advisor Class	35472P794	FFAAX	–		–	0.75%		0.72%
Class A	35472P844	FFALX	5.50%		–	1.00%		0.97%

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.

Net Returns include income net of tax withholding when dividends are paid. 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.

[DATA SERVICE SOURCE REQUIRED]

Portfolio Diversification

Top Holdings % of Total
Top Holdings	%
UNITED STATES TREASURY NOTE/BOND	6.01
APPLE INC	3.16
BUNDESREPUBLIK DEUTSCHLAND BUNDESANLEIHE	3.11
MICROSOFT CORP	2.38
NVIDIA CORP	2.30
U K TREASURY NOTE/BOND	2.29
FRANKLIN SYSTEMATIC STYLE PREMIA ETF	1.90
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF	1.84
ABBVIE INC	1.59
ALPHABET INC	1.54

Footnotes

Effective May 1, 2024, the fund changed the fixed income component of its Blended Benchmark to the Bloomberg Multiverse (100% hedged to USD) Index.
Periods shorter than one year are shown as cumulative total returns.

What Are The 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 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

The information provided is not a complete analysis of every material fact regarding any country, market, industry, security or fund. Because market and economic conditions are subject to change, comments, opinions and analyses are rendered as of the date of this material and may change without notice. A portfolio manager’s assessment of a particular security, investment or strategy is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy; it is intended only to provide insight into the fund’s portfolio selection process. Holdings are subject to change.

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.

Franklin Distributors, LLC. Member FINRA/SIPC.

Effective February 1, 2021, the fund modified its principal investment goal and strategies.

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

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

a. Gross expenses are the fund’s total annual operating expenses as of the fund’s prospectus available at the time of publication. Actual expenses may be higher and may impact portfolio returns. Net expenses reflect contractual fee waivers, expense caps and/or reimbursements, which cannot be terminated prior to 04/30/2025 without Board consent. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice.

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