Power Corporation of Canada, Great-West Lifeco Inc., and PAFI, LLC report beneficial ownership of Franklin Resources, Inc. common stock on an amended Schedule 13G. Through PAFI, LLC, the group reports beneficial ownership of 25,340,031 shares of common stock, with shared voting and dispositive power over all such shares and no sole voting or dispositive power.
This position represents 4.99% of Franklin Resources’ common stock, calculated using 508,076,910 shares outstanding as of July 22, 2026, plus the 25,340,031 shares held by PAFI, LLC. The reporting entities indicate they may be deemed a "group" under Section 13(d)(3) due to their relationships and control structure, including oversight by the Desmarais Family Residuary Trust.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:25,340,031 sharesPercent of class owned:4.99%Shares outstanding:508,076,910 shares+4 more
7 metrics
Shares beneficially owned25,340,031 sharesFranklin Resources common stock held through PAFI, LLC
Percent of class owned4.99%Percentage of Franklin Resources common stock beneficially owned by reporting persons
Shares outstanding508,076,910 sharesFranklin Resources common stock outstanding as of July 22, 2026
Shared voting power25,340,031 sharesShares over which each reporting person has shared voting power
Shared dispositive power25,340,031 sharesShares over which each reporting person has shared dispositive power
CUSIP354613101CUSIP for Franklin Resources, Inc. common stock
Par value per share$0.10Par value of Franklin Resources, Inc. common stock
"Shared Voting Power 25,340,031.00 7 | Sole Dispositive Power 0.00 8 | Shared"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"8 | Shared Dispositive Power 25,340,031.00 9 25,340,031.00"
beneficially ownedregulatory
"this filing reflects the securities beneficially owned by the Reporting Persons."
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
parent holding companyregulatory
"Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company"
Section 13(d)(3)regulatory
"may be deemed to constitute a "group" with one another for purposes of Section 13(d)(3)"
FAQ
How many Franklin Resources (BEN) shares do the reporting persons beneficially own?
The reporting persons beneficially own 25,340,031 shares of Franklin Resources common stock through PAFI, LLC. They report shared voting and dispositive power over all of these shares and no sole voting or dispositive power.
What percentage of Franklin Resources (BEN) does the 25,340,031-share position represent?
The reported holding represents 4.99% of Franklin Resources’ common stock. This percentage is based on 508,076,910 shares outstanding as of July 22, 2026, plus the 25,340,031 shares owned by PAFI, LLC.
Who are the reporting persons in this Schedule 13G/A for Franklin Resources (BEN)?
The reporting persons are Power Corporation of Canada, Great-West Lifeco Inc., and PAFI, LLC. These entities are related, with PAFI, LLC an indirect wholly owned subsidiary of Great-West Lifeco Inc. and an indirect subsidiary of Power Corporation of Canada.
Which entity directly holds the Franklin Resources (BEN) shares reported on this Schedule 13G/A?
The 25,340,031 shares of Franklin Resources common stock are owned directly by PAFI, LLC. Power Corporation of Canada and Great-West Lifeco Inc. each state they may be deemed to have shared voting and dispositive power over these shares.
How is control over the reporting persons of Franklin Resources (BEN) described?
The filing states the Desmarais Family Residuary Trust may be deemed to control the reporting persons. Decisions on voting the reporting persons’ shares are made by a majority of trustees, with specific rights reserved to Paul Desmarais, Jr. and Andre Desmarais.
Are any other persons entitled to dividends or sale proceeds from Franklin Resources (BEN) shares?
The reporting persons state that no persons other than those set forth in the filing are known to have the right to receive, or to direct the receipt of, dividends or proceeds from the sale of the Franklin Resources common stock.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Franklin Resources, Inc.
(Name of Issuer)
Common Stock, $0.10 par value
(Title of Class of Securities)
354613101
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
354613101
1
Names of Reporting Persons
Power Corporation of Canada
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,340,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,340,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,340,031.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.99 %
12
Type of Reporting Person (See Instructions)
HC, CO
Comment for Type of Reporting Person: (1) Represents 25,340,031 shares of Common Stock, par value $0.10 per share (the "Common Shares"), of Franklin Resources, Inc. (the "Issuer") owned directly by PAFI, LLC, an indirect wholly owned subsidiary of Great-West Lifeco Inc. and indirect subsidiary of Power Corporation of Canada.
(2) Power Corporation of Canada may be deemed to have shared voting and dispositive power over the 25,340,031 Common Shares owned directly by PAFI, LLC.
(3) The percentage reported in this Schedule 13G is based on the sum of (i) 508,076,910 Common Shares outstanding as of July 22, 2026 according to the Issuer's Form 10-Q filed with the Securities and Exchange Commission on July 31, 2026 and (ii) 25,340,031 Common Shares owned directly by PAFI, LLC on and following June 30, 2026 and reported in this Schedule 13G.
SCHEDULE 13G
CUSIP Number(s):
354613101
1
Names of Reporting Persons
Great-West Lifeco Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,340,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,340,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,340,031.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.99 %
12
Type of Reporting Person (See Instructions)
HC, CO
Comment for Type of Reporting Person: (1) Represents 25,340,031 Common Shares of the Issuer owned directly by PAFI, LLC, an indirect wholly owned subsidiary of Great-West Lifeco Inc. and subsidiary of Power Corporation of Canada.
(2) Great-West Lifeco Inc., a subsidiary of Power Corporation of Canada, may be deemed to have shared voting and dispositive power over the 25,340,031 Common Shares owned directly by PAFI, LLC.
(3) The percentage reported in this Schedule 13G is based on the sum of (i) 508,076,910 Common Shares outstanding as of July 22, 2026 according to the Issuer's Form 10-Q filed with the Securities and Exchange Commission on July 31, 2026 and (ii) 25,340,031 Common Shares owned directly by PAFI, LLC on and following June 30, 2026 and reported in this Schedule 13G.
SCHEDULE 13G
CUSIP Number(s):
354613101
1
Names of Reporting Persons
PAFI, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
COLORADO
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,340,031.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,340,031.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,340,031.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.99 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (1) Represents 25,340,031 Common Shares of the Issuer owned directly by PAFI, LLC, an indirect wholly owned subsidiary of Great-West Lifeco Inc. and subsidiary of Power Corporation of Canada.
(2) PAFI, LLC may be deemed to have shared voting and dispositive power over the 25,340,031 Common Shares it owns directly.
(3) The percentage reported in this Schedule 13G is based on the sum of (i) 508,076,910 Common Shares outstanding as of July 22, 2026 according to the Issuer's Form 10-Q filed with the Securities and Exchange Commission on July 31, 2026 and (ii) 25,340,031 Common Shares owned directly by PAFI, LLC on and following June 30, 2026 and reported in this Schedule 13G.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Franklin Resources, Inc.
(b)
Address of issuer's principal executive offices:
One Franklin Parkway, San Mateo, CA 94403
Item 2.
(a)
Name of person filing:
This Schedule 13G is filed by Power Corporation of Canada, Great-West Lifeco Inc. and PAFI, LLC (collectively, the "Reporting Persons") with respect to the Common Shares of the Issuer.
The Desmarais Family Residuary Trust (the "Trust"), which was created on October 8, 2013 under the Last Will and Testament of Paul G. Desmarais, may be deemed to control the Reporting Persons. As of the date hereof, the trustees of the Trust are Paul Desmarais, Jr., Andre Desmarais, Sophie Desmarais, Gary A. Doer and Gregory Flemming. Decisions with respect to voting the shares of the Reporting Persons controlled by the Trust are determined (subject to the rights of Paul Desmarais, Jr. and Andre Desmarais to direct the sale or pledge of up to 13,581,200 and 14,000,000 of the subordinate voting shares of Power Corporation of Canada) by a majority of the trustees, excluding Sophie Desmarais; provided that if there is no such majority, Paul Desmarais, Jr. and Andre Desmarais, acting together, may make such decisions. The Trust was formed under the laws of Quebec and has its address at 759 Square Victoria, Montreal (Quebec), Canada H2Y 2J7.
In accordance with Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release") this filing reflects the securities beneficially owned by the Reporting Persons. The filing does not reflect securities beneficially owned, if any, by other any subsidiaries of the Reporting Persons whose ownership of securities is disaggregated from that of the Reporting Persons in accordance with the Release.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each Reporting Person is as follows:
Power Corporation of Canada
751 Victoria Square,
Montreal, Quebec, Canada H2Y2J3.
Great-West Lifeco Inc.
100 Osborne Street North
Winnipeg, Manitoba, Canada R3C 3A5
PAFI, LLC
8515 E. Orchard Road
Greenwood Village, CO 80111
(c)
Citizenship:
Power Corporation of Canada and Great-West Lifeco Inc. are organized under the laws of Canada.
PAFI, LLC is organized under the laws of the State of Colorado.
(d)
Title of class of securities:
Common Stock, $0.10 par value
(e)
CUSIP No.:
354613101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) - (c) is set forth in Rows (5) - (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(b)
Percent of class:
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(ii) Shared power to vote or to direct the vote:
(iii) Sole power to dispose or to direct the disposition of:
(iv) Shared power to dispose or to direct the disposition of:
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
No persons other than those set forth herein are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock of Franklin Resources, Inc.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See attached Exhibit 99.1.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Due to the relationships between them, the Reporting Persons may be deemed to constitute a "group" with one another for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Power Corporation of Canada
Signature:
/s/ Stephane Lemay
Name/Title:
Stephane Lemay / Vice President, General Counsel and Secretary
Date:
08/13/2026
Great-West Lifeco Inc.
Signature:
/s/ Sharon C. Geraghty
Name/Title:
Sharon C. Geraghty / Executive Vice President and General Counsel
