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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-09318
FRANKLIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware13-2670991
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

One Franklin Parkway, San Mateo, CA 94403
(Address of principal executive offices) (Zip code)

(650) 312-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareBENNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No
Number of shares of the registrant’s common stock outstanding at July 21, 2023: 498,977,820.



INDEX TO FORM 10-Q

2

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
 Three Months Ended
June 30,
Nine Months Ended
June 30,
(in millions, except per share data)2023202220232022
Operating Revenues
Investment management fees$1,613.4 $1,636.1 $4,818.5 $5,045.8 
Sales and distribution fees304.0 335.6 897.3 1,104.0 
Shareholder servicing fees38.8 46.9 115.5 146.8 
Other12.8 12.7 32.0 39.7 
Total operating revenues1,969.0 2,031.3 5,863.3 6,336.3 
Operating Expenses
Compensation and benefits841.2 766.7 2,667.7 2,321.8 
Sales, distribution and marketing406.8 440.3 1,202.0 1,432.8 
Information systems and technology127.3 125.9 376.7 376.6 
Occupancy56.9 53.8 171.1 163.1 
Amortization of intangible assets85.4 81.8 254.6 200.5 
General, administrative and other136.5 158.1 427.2 416.1 
Total operating expenses1,654.1 1,626.6 5,099.3 4,910.9 
Operating Income314.9 404.7 764.0 1,425.4 
Other Income (Expenses)
Investment and other income, net51.2 13.0 267.9 97.7 
Interest expense(34.9)(28.9)(99.3)(71.1)
Investment and other income (losses) of consolidated investment products, net1.7 (74.4)75.3 33.3 
Expenses of consolidated investment products(0.8)(1.3)(15.7)(10.1)
Other income (expenses), net17.2 (91.6)228.2 49.8 
Income before taxes332.1 313.1 992.2 1,475.2 
Taxes on income84.1 89.5 237.3 347.7 
Net income248.0 223.6 754.9 1,127.5 
Less: net income (loss) attributable to
Redeemable noncontrolling interests26.8 (0.5)108.5 (50.2)
Nonredeemable noncontrolling interests(6.3)(32.3)59.1 118.5 
Net Income Attributable to Franklin Resources, Inc.$227.5 $256.4 $587.3 $1,059.2 
Earnings per Share
Basic$0.44 $0.50 $1.14 $2.07 
Diluted0.44 0.50 1.14 2.07 

See Notes to Consolidated Financial Statements.

3

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
(in millions)Three Months Ended
June 30,
Nine Months Ended
June 30,
2023202220232022
Net Income$248.0 $223.6 $754.9 $1,127.5 
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax16.5 (100.6)159.7 (123.8)
Net unrealized losses on defined benefit plans, net of tax(0.6)(2.4)(1.4)(2.2)
Net unrealized gains on investments, net of tax  0.2  
Total other comprehensive income (loss)15.9 (103.0)158.5 (126.0)
Total comprehensive income263.9 120.6 913.4 1,001.5 
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests26.8 (0.5)108.5 (50.2)
Nonredeemable noncontrolling interests(6.3)(32.3)59.1 118.5 
Comprehensive Income Attributable to Franklin Resources, Inc.$243.4 $153.4 $745.8 $933.2 

See Notes to Consolidated Financial Statements.

4

FRANKLIN RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
(in millions, except share and per share data)June 30,
2023
September 30,
2022
Assets
Cash and cash equivalents$3,728.6 $4,134.9 
Receivables1,341.9 1,264.8 
Investments (including $867.3 and $613.5 at fair value at June 30, 2023 and September 30, 2022)
2,249.1 1,651.3 
Assets of consolidated investment products
Cash and cash equivalents659.0 647.6 
Investments, at fair value9,639.0 7,898.1 
Property and equipment, net806.1 743.3 
Goodwill6,012.3 5,778.6 
Intangible assets, net4,994.9 5,082.1 
Operating lease right-of-use assets431.0 464.5 
Other372.7 395.4 
Total Assets$30,234.6 $28,060.6 
Liabilities
Compensation and benefits$1,461.2 $1,464.4 
Accounts payable and accrued expenses563.5 466.2 
Income taxes448.6 523.1 
Debt3,358.7 3,376.4 
Liabilities of consolidated investment products
Accounts payable and accrued expenses565.4 646.9 
Debt7,988.7 5,457.7 
Deferred tax liabilities450.7 347.8 
Operating lease liabilities494.8 528.4 
Other1,313.7 1,425.0 
Total liabilities16,645.3 14,235.9 
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests1,050.1 1,525.8 
Stockholders’ Equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued
  
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 499,012,841 and 499,575,175 shares issued and outstanding at June 30, 2023 and September 30, 2022
49.9 50.0 
Retained earnings12,360.7 12,045.6 
Accumulated other comprehensive loss(462.5)(621.0)
Total Franklin Resources, Inc. stockholders’ equity11,948.1 11,474.6 
Nonredeemable noncontrolling interests591.1 824.3 
Total stockholders’ equity12,539.2 12,298.9 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$30,234.6 $28,060.6 

See Notes to Consolidated Financial Statements.

5

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
Unaudited
Franklin Resources, Inc.Non-
redeemable
Non-
controlling
Interests
Total
Stockholders’
Equity
Common StockCapital
in
Excess
of Par
Value
Retained
Earnings
Accum-
ulated
Other
Compre-
hensive
Loss
Stockholders’
Equity
(in millions)
for the nine months ended
June 30, 2023
SharesAmount
Balance at October 1, 2022499.6 $50.0 $ $12,045.6 $(621.0)$11,474.6 $824.3 $12,298.9 
Net income165.6 165.6 4.7 170.3 
Other comprehensive income124.7 124.7 124.7 
Dividends declared on common stock ($0.30 per share)
(153.6)(153.6)(153.6)
Repurchase of common stock
(0.5)(0.1)(69.1)55.0 (14.2)(14.2)
Issuance of common stock
1.2 0.1 33.5 33.6 33.6 
Stock-based compensation
35.6 35.6 35.6 
Net subscriptions and other95.9 95.9 
Net deconsolidation of investment products(35.7)(35.7)
Balance at December 31, 2022500.3 $50.0 $ $12,112.6 $(496.3)$11,666.3 $889.2 $12,555.5 
Net income194.2 194.2 60.7 254.9 
Other comprehensive income17.9 17.9 17.9 
Dividends declared on common stock ($0.30 per share)
(153.8)(153.8)(153.8)
Repurchase of common stock(0.1) (66.0)62.4 (3.6)(3.6)
Issuance of common stock0.7 0.1 25.2 25.3 25.3 
Stock-based compensation40.8 40.8 40.8 
Net distributions and other(14.9)(14.9)
Net deconsolidation of investment products(324.2)(324.2)
Adjustment to fair value of redeemable noncontrolling interests44.7 44.7 44.7 
Balance at March 31, 2023500.9 $50.1 $ $12,260.1 $(478.4)$11,831.8 $610.8 $12,442.6 
Net income (loss)227.5 227.5 (6.3)221.2 
Other comprehensive income15.9 15.9 15.9 
Dividends declared on common stock ($0.30 per share)
(152.9)(152.9)(152.9)
Repurchase of common stock(2.0)(0.2)(15.9)(34.8)(50.9)(50.9)
Issuance of common stock0.1  3.6 3.6 3.6 
Stock-based compensation12.3 12.3 12.3 
Net distributions and other(12.7)(12.7)
Net deconsolidation of investment products(0.7)(0.7)
Adjustment to fair value of redeemable noncontrolling interests60.8 60.8 60.8 
Balance at June 30, 2023499.0 $49.9 $ $12,360.7 $(462.5)$11,948.1 $591.1 $12,539.2 
See Notes to Consolidated Financial Statements.

6


Franklin Resources, Inc.Non-
redeemable
Non-
controlling
Interests
Total
Stockholders’
Equity
Common StockCapital
in
Excess
of Par
Value
Retained
Earnings
Accum-
ulated
Other
Compre-
hensive
Loss
Stockholders’
Equity
(in millions)
for the nine months ended
June 30, 2022
SharesAmount
Balance at October 1, 2021501.8 $50.2 $ $11,550.8 $(377.6)$11,223.4 $587.2 $11,810.6 
Net income453.2 453.2 84.1 537.3 
Other comprehensive loss(12.0)(12.0)(12.0)
Dividends declared on common stock ($0.29 per share)
(148.9)(148.9)(148.9)
Repurchase of common stock(0.7) (58.8)37.1 (21.7)(21.7)
Issuance of common stock1.4 0.1 47.6 47.7 47.7 
Stock-based compensation11.2 11.2 11.2 
Net distributions and other(27.8)(27.8)
Balance at December 31, 2021502.5 $50.3 $ $11,892.2 $(389.6)$11,552.9 $643.5 $12,196.4 
Net income349.6 349.6 66.7 416.3 
Other comprehensive loss(11.0)(11.0)(11.0)
Dividends declared on common stock ($0.29 per share)
(148.3)(148.3)(148.3)
Repurchase of common stock(2.7)(0.4)(66.7)(13.7)(80.8)(80.8)
Issuance of common stock0.6 0.1 18.5 18.6 18.6 
Stock-based compensation48.2 48.2 48.2 
Net distributions and other(21.7)(21.7)
Net deconsolidation of investment products(39.6)(39.6)
Adjustment to fair value of redeemable noncontrolling interests
(188.5)(188.5)(188.5)
Balance at March 31, 2022500.4 $50.0 $ $11,891.3 $(400.6)$11,540.7 $648.9 $12,189.6 
Net income (loss)256.4 256.4 (32.3)224.1 
Other comprehensive loss(103.0)(103.0)(103.0)
Dividends declared on common stock ($0.29 per share)
(147.7)(147.7)(147.7)
Repurchase of common stock(2.0)(0.2)(48.3)(2.5)(51.0)(51.0)
Issuance of common stock  1.8 1.8 1.8 
Stock-based compensation46.5 46.5 46.5 
Net distributions and other(24.8)(24.8)
Net deconsolidation of investment products(0.3)(0.3)
Acquisition149.9 149.9 
Balance at June 30, 2022498.4 $49.8 $ $11,997.5 $(503.6)$11,543.7 $741.4 $12,285.1 
See Notes to Consolidated Financial Statements.

7


FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Nine Months Ended
June 30,
(in millions)20232022
Net Income$754.9 $1,127.5 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation137.9 160.9 
Amortization of deferred sales commissions37.2 49.6 
Depreciation and other amortization78.3 68.8 
Amortization of intangible assets254.6 200.5 
Net (gains) losses on investments(62.3)32.9 
Income from investments in equity method investees(111.1)(51.6)
Net losses on investments of consolidated investment products116.0 22.0 
Net purchase of investments by consolidated investment products(833.2)(312.2)
Deferred income taxes50.8 55.9 
Other99.2 33.0 
Changes in operating assets and liabilities:
Increase in receivables and other assets(69.8)(97.3)
Decrease (increase) in investments, net6.4 (33.2)
Increase (decrease) in accrued compensation and benefits(84.3)45.1 
Decrease in income taxes payable(58.9)(176.3)
Increase (decrease) in accounts payable, accrued expenses and other liabilities48.3 (9.1)
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products1.3 (26.2)
Net cash provided by operating activities365.3 1,090.3 
Purchase of investments(665.1)(676.5)
Liquidation of investments551.3 872.0 
Purchase of investments by consolidated collateralized loan obligations(3,465.6)(3,198.4)
Liquidation of investments by consolidated collateralized loan obligations1,230.3 1,501.4 
Additions of property and equipment, net(121.5)(55.6)
Acquisitions, net of cash acquired(500.5)(1,354.7)
Payments of contingent consideration asset5.5 20.9 
Payments of deferred consideration liability(241.8) 
Net (deconsolidation) consolidation of investment products(43.8)211.0 
Net cash used in investing activities(3,251.2)(2,679.9)
[Table continued on next page]

See Notes to Consolidated Financial Statements.

8


FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
[Table continued from previous page]
 Nine Months Ended
June 30,
(in millions)20232022
Issuance of common stock$13.4 $13.6 
Dividends paid on common stock(454.8)(437.1)
Repurchase of common stock(70.0)(154.0)
Proceeds from repurchase agreement174.8  
Proceeds from debt of consolidated investment products3,213.6 4,345.2 
Payments on debt of consolidated investment products(926.9)(2,469.3)
Payments on contingent consideration liabilities(7.6)(4.1)
Noncontrolling interests482.5 194.9 
Net cash provided by financing activities2,425.0 1,489.2 
Effect of exchange rate changes on cash and cash equivalents66.0 (68.1)
Decrease in cash and cash equivalents(394.9)(168.5)
Cash and cash equivalents, beginning of period4,782.5 4,647.2 
Cash and Cash Equivalents, End of Period$4,387.6 $4,478.7 
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes$225.4 $456.7 
Cash paid for interest55.5 61.8 
Cash paid for interest by consolidated investment products
232.2 107.0 

See Notes to Consolidated Financial Statements.

9

FRANKLIN RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
(Unaudited)
Note 1 Basis of Presentation
The unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. Management also believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. These financial statements should be read together with the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2022 (“fiscal year 2022”).
Note 2 Acquisition
BNY Alcentra Group Holdings, Inc.

On November 1, 2022, the Company acquired all of the outstanding ownership interests in BNY Alcentra Group Holdings, Inc. (together with its subsidiaries “Alcentra”) from The Bank of New York Mellon Corporation. Total purchase price consisted of cash consideration of $594.1 million, which includes $188.3 million for certain securities held in Alcentra’s collateralized loan obligations (“CLOs”); deferred consideration of $62.0 million due November 1, 2023; and contingent consideration to be paid upon the achievement of certain performance thresholds over the next four years of up to $350.0 million that has an acquisition-date fair value of $24.6 million. The consideration paid was funded from existing cash. During the quarter ended March 31, 2023, cash consideration increased by $6.8 million due to a net working capital adjustment and deferred consideration increased by $1.6 million.

The following table summarizes the initial and revised estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date:

(in millions)Initial Estimated Fair ValueAdjustmentsRevised Estimated Fair Value
as of November 1, 2022
Cash and cash equivalents$93.6 $ $93.6 
Receivables57.2 (8.8)48.4 
Investments285.3 1.6 286.9 
Goodwill152.6 52.7 205.3 
Indefinite-lived intangible assets89.9  89.9 
Definite-lived intangible assets55.7  55.7 
Other assets9.0 3.1 12.1 
Deferred tax liabilities (36.7)(36.7)
Compensation and benefits and other liabilities(71.0)(3.5)(74.5)
Total Identifiable Net Assets$672.3 $8.4 $680.7 

The adjustments to the initial estimated fair values are a result of new information obtained about the facts that existed as of the acquisition date. The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the acquisition date. At this time, the Company does not expect material changes to the assets acquired or liabilities assumed.
10

The goodwill is primarily attributable to expected growth opportunities from the combined operations and is not deductible for tax purposes. The definite-lived intangible assets relate to acquired investment management contracts and trade names, which are amortized over their estimated useful lives ranging from 3.0 years to 10.0 years. Amortization expense related to the definite-lived intangible assets was $3.5 million and $9.3 million for the three and nine months ended June 30, 2023. These assets had a weighted-average remaining useful life of 4.8 years at June 30, 2023, with estimated remaining amortization expense as follows:

(in millions)
for the fiscal years ending September 30,Amount
2023 (remainder of year)$3.5 
202414.0 
202514.0 
20263.9 
20272.9 
Thereafter8.1 
Total$46.4 

Costs incurred in connection with the acquisition were $14.1 million for the nine months ended June 30, 2023.

Alcentra contributed $116.7 million of operating revenue and did not have a material impact to net income attributable to Franklin Resources, Inc. for the nine months ended June 30, 2023. Consequently, the Company has not presented pro forma combined results of operations for this acquisition.

In connection with the acquisition, the Company on December 15, 2022 entered into repurchase agreements with a third-party financing company for certain securities held by the Company in Alcentra’s CLOs. As of June 30, 2023, other liabilities includes repurchase agreements of $172.9 million with maturity values of €132.3 million and $42.4 million in local currency. The Company has pledged Alcentra investments with a carrying value of $179.3 million as collateral as of June 30, 2023. The repurchase agreements have contractual maturity dates ranging between 2029 to 2034.
Note 3 Earnings per Share
The components of basic and diluted earnings per share were as follows: 
(in millions, except per share data)Three Months Ended
June 30,
Nine Months Ended
June 30,
2023202220232022
Net income attributable to Franklin Resources, Inc.$227.5 $256.4 $587.3 $1,059.2 
Less: allocation of earnings to participating nonvested stock and stock unit awards
10.2 11.2 26.7 45.6 
Net Income Available to Common Stockholders$217.3 $245.2 $560.6 $1,013.6 
Weighted-average shares outstanding – basic490.7 487.5 490.3 489.1 
Dilutive effect of nonparticipating nonvested stock unit awards
0.7 0.4 0.7 0.6 
Weighted-Average Shares Outstanding – Diluted491.4 487.9 491.0 489.7 
Earnings per Share
Basic$0.44 $0.50 $1.14 $2.07 
Diluted0.44 0.50 1.14 2.07 
Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were insignificant for the three and nine months ended June 30, 2023 and 2022.
11

Note 4 Revenues
Operating revenues by geographic area were as follows:
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States
Europe,
Middle East
and Africa,
Excluding
Luxembourg
Total
for the three months ended June 30, 2023
Investment management fees
$1,232.3 $192.3 $64.3 $53.9 $70.6 $1,613.4 
Sales and distribution fees
213.5 75.4 5.1 10.0  304.0 
Shareholder servicing fees
30.3 8.0 0.5   38.8 
Other
11.9 0.5 0.4   12.8 
Total
$1,488.0 $276.2 $70.3 $63.9 $70.6 $1,969.0 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States
Europe,
Middle East
and Africa,
Excluding
Luxembourg
Total
for the nine months ended June 30, 2023
Investment management fees
$3,672.9 $570.7 $214.4 $162.0 $198.5 $4,818.5 
Sales and distribution fees
634.1 217.4 15.1 30.7  897.3 
Shareholder servicing fees
90.2 23.5 1.6 0.2  115.5 
Other
30.1 0.8 0.8  0.3 32.0 
Total
$4,427.3 $812.4 $231.9 $192.9 $198.8 $5,863.3 

(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States
Europe,
Middle East
and Africa,
Excluding
Luxembourg
Total
for the three months ended June 30, 2022
Investment management fees
$1,234.7 $211.6 $71.2 $59.4 $59.2 $1,636.1 
Sales and distribution fees
238.1 80.2 5.8 11.5  335.6 
Shareholder servicing fees
37.5 8.5 0.4 0.1 0.4 46.9 
Other
12.0 0.3 0.2  0.2 12.7 
Total
$1,522.3 $300.6 $77.6 $71.0 $59.8 $2,031.3 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States
Europe,
Middle East
and Africa,
Excluding
Luxembourg
Total
for the nine months ended June 30, 2022
Investment management fees
$3,720.8 $707.2 $242.5 $194.3 $181.0 $5,045.8 
Sales and distribution fees
778.1 268.3 20.0 37.6  1,104.0 
Shareholder servicing fees
116.4 27.9 1.1 0.2 1.2 146.8 
Other
38.2 0.8 0.5  0.2 39.7 
Total
$4,653.5 $1,004.2 $264.1 $232.1 $182.4 $6,336.3 
Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold.
Revenues earned from sponsored funds were 83% of the Company’s total operating revenues for the three and nine months ended June 30, 2023 and 83% and 81% for the three and nine months ended June 30, 2022.
12

Note 5 Investments
The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 7 Consolidated Investment Products for information related to the investments held by these entities.
Investments consisted of the following:
(in millions)June 30,
2023
September 30,
2022
Investments, at fair value
Sponsored funds and separate accounts$616.6 $413.0 
Investments related to long-term incentive plans202.3 143.3 
Other equity and debt investments48.4 57.2 
Total investments, at fair value867.3 613.5 
Investments in equity method investees1,118.5 771.5 
Other investments263.3 266.3 
Total$2,249.1 $1,651.3 
Note 6 Fair Value Measurements
The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 7 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities.
The assets and liabilities measured at fair value on a recurring basis were as follows: 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient
Total
as of June 30, 2023
Assets
Investments, at fair value
Sponsored funds and separate accounts$333.3 $220.7 $17.9 $44.7 $616.6 
Investments related to long-term incentive plans179.9   22.4 202.3 
Other equity and debt investments3.4 7.5 4.3 33.2 48.4 
Contingent consideration asset  4.4  4.4 
Total Assets Measured at Fair Value$516.6 $