Franklin Global Allocation A FFALX

Comanagers Gene Podkaminer and Todd Brighton departed this offering in May 2023. Three additional managers—added in October 2022—remain in place, and the fund’s People rating remains Average. The team that runs this fund began restructuring in October 2022. Ed Perks, a comanager here since February 2021 and head of the firm’s multi-asset team since 2017, left both roles in October 2022 to form a separate team focused on Franklin Income FKINX and Franklin Managed Income FBLAX. Perks had also shared final say on the team’s tactical allocation calls, which are implemented at this fund and others, with Podkaminer, who had served as head of research for the multi-asset team since 2018. Podkaminer then shared that responsibility with Wylie Tollette, Perks’ replacement as multi-asset lead and comanager of this fund, until Podkaminer left the firm in May. Brighton, whom Franklin had initially indicated would stay on here, had already had his role on the fund reduced as Kimberly Strand (also added to the manager roster in October 2022) gradually took over stock-selection duties. Brighton continues to comanage Franklin Income and Franklin Managed Income with Perks. Richard Hsu, named to this fund in October 2022, continues to manage its fixed-income portfolio.