XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	485BPOS
Document Period End Date	dei_DocumentPeriodEndDate	May 31, 2018
Registrant Name	dei_EntityRegistrantName	FRANKLIN ALTERNATIVE STRATEGIES FUNDS
Central Index Key	dei_EntityCentralIndexKey	0001535538
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Sep. 27, 2018
Document Effective Date	dei_DocumentEffectiveDate	Oct. 01, 2018
Prospectus Date	rr_ProspectusDate	Oct. 01, 2018

XML

Fund Summary

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund

Investment Goal

Total return through a combination of current income, capital preservation and capital appreciation.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 51 in the Fund's Prospectus and under “Buying and Selling Shares” on page 82 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A - "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees {- Franklin K2 Long Short Credit Fund} - Franklin K2 Long Short Credit Fund-07 - Franklin K2 Long Short Credit Fund	Class A	[1]	Class C	[2]	Class R	Class R6	Advisor Class
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)	5.50%		none		none	none	none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)	none		1.00%		none	none	none

<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>

Annual Operating Expenses {- Franklin K2 Long Short Credit Fund} - Franklin K2 Long Short Credit Fund-07 - Franklin K2 Long Short Credit Fund		Class A		Class C	Class R		Class R6	Advisor Class
Management fees	[1]	1.90%		1.90%	1.90%		1.90%	1.90%
Distribution and service (12b-1) fees		0.25%	[2]	1.00%	0.50%	[2]	none	none
Other expenses of the Fund		0.53%		0.53%	0.53%		0.51%	0.53%
Dividend expense and security borrowing fees for securities sold short		0.89%		0.89%	0.89%		0.89%	0.89%
Acquired fund fees and expenses	[3]	0.02%		0.02%	0.02%		0.02%	0.02%
Total annual Fund operating expenses	[3]	3.59%		4.34%	3.84%		3.32%	3.34%
Fee waiver and/or expense reimbursement	[4]	(0.48%)		(0.48%)	(0.48%)		(0.48%)	(0.48%)
Total annual Fund operating expenses after fee waiver and/or expense reimbursement	[3],[4]	3.11%		3.86%	3.36%		2.84%	2.86%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example {- Franklin K2 Long Short Credit Fund} - Franklin K2 Long Short Credit Fund-07 - Franklin K2 Long Short Credit Fund - USD ($)	Class A	Class C	Class R	Class R6	Advisor Class
1 year	$ 847	$ 488	$ 339	$ 287	$ 289
3 years	1,548	1,272	1,128	977	983
5 years	2,269	2,167	1,937	1,690	1,700
10 years	$ 4,162	$ 4,458	$ 4,040	$ 3,580	$ 3,599

If you do not sell your shares:

Expense Example, No Redemption {- Franklin K2 Long Short Credit Fund}	Franklin K2 Long Short Credit Fund-07 Franklin K2 Long Short Credit Fund Class C USD ($)
1 Year	$ 388
3 Years	1,272
5 Years	2,167
10 Years	$ 4,458

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 251.81% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment goal by allocating its assets across multiple non-traditional or “alternative” strategies in the fixed-income and credit areas, including, but not limited to, some or all of the following: Credit Long Short, Structured Credit and Emerging Market Fixed Income, each of which is described below. The Fund is structured as a multi-manager fund (meaning the Fund’s assets are managed by multiple sub-advisors) and the Fund’s investment manager, K2/D&S Management Co., L.L.C. (doing business as K2 Advisors; "K2 Advisors" or the "Investment Manager"), has overall responsibility for the Fund’s investments. The Investment Manager allocates the Fund’s assets among multiple sub-advisors who, as of the date of this prospectus, are unaffiliated with K2 Advisors (Sub-Advisors).

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in credit-related investments. For purposes of this 80% policy, “credit-related investments” include, but are not limited to: U.S. or foreign debt obligations of any credit quality, maturity or duration; all varieties of fixed income, variable rate and floating rate debt securities and investments; and derivatives, such as swap agreements, futures contracts and options, and other transactions and instruments that provide exposure to credit-related investments. The Fund invests in a wide range of securities and other investments including, but not limited to: corporate bonds; mortgage-backed securities and asset-backed securities; U.S. Government and agency securities; collateralized debt and loan obligations; foreign government and supranational debt securities; loans and loan participations and derivatives with similar economic characteristics. The Fund may also invest in repurchase agreements, reverse repurchase agreements, mortgage real estate investment trusts (REITs) and other similar transactions.

The Fund may invest in securities and other investments that are traded in the United States or in markets outside of the United States, including those located in emerging markets. Up to 15% of the Fund’s net assets may be invested in illiquid investments. The Fund may invest in debt securities of any credit quality or rating, including high yield (“junk”) bonds, distressed debt securities (securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy) and securities that are in default. The Fund may engage in active and frequent trading as part of its investment strategies.

In pursuing its investment goal, the Fund takes long and/or short positions in a wide range of asset classes, including credit, fixed income, and currencies, among others. The Fund may gain long or short exposure to select instruments by utilizing derivatives, engaging in short sales or entering into a series of purchase and sale contracts or repurchase agreements. Long positions benefit from an increase in the price of the underlying instrument, while short positions benefit from a decrease in that price. In a short sale, the Fund borrows or purchases the instrument from a counterparty, such as a bank, broker or other institution. After selling a borrowed or purchased instrument, the Fund “covers” the short sale by buying the instrument and returning it to the counterparty at a later date. If the instrument has appreciated in value, the Fund will realize a loss. If the instrument has depreciated in value, the Fund will realize a gain.

Utilizing short sales, repurchase agreements or certain derivative instruments may involve costs and create leverage in the Fund’s portfolio. The Fund may also engage in reverse repurchase agreements with brokers, dealers, banks or other financial institutions, which would also create leverage in the Fund’s portfolio. In a reverse repurchase agreement, the Fund sells a security and agrees to repurchase it at a mutually agreed upon date and price, reflecting the interest rate effective for the term of the agreement. The Fund then invests the proceeds of the reverse repurchase agreement in other instruments to generate profits. The use of leverage exaggerates the effect of any increase or decrease in the market price of securities in the Fund’s portfolio.

The Fund may also use derivatives for both hedging and non-hedging (investment) purposes, although no Sub-Advisor is required to hedge any of the Fund’s positions or to use derivatives. The Fund’s derivative investments may include, among other instruments: (i) forward currency contracts; (ii) futures contracts (including interest rate/bond futures, credit index and currency futures) and options thereon; (iii) put and call options on currencies, securities, indices and exchange-traded funds; and (iv) swaps (including total return, credit default, currency and interest rate swaps) and options thereon. The use of these derivative transactions may allow the Fund to obtain net long or short exposures to select instruments, currencies, interest rates, countries, duration or credit risks. These derivatives may be used to enhance Fund returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments. The results of such transactions may also represent, from time to time, a material component of the Fund’s investment returns. As a result of the Fund’s use of derivatives, the Fund may have economic leverage, which means the sum of the Fund’s investment exposures through its use of derivatives may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time.

The Investment Manager may from time to time use derivatives to adjust the Fund's exposure to certain asset classes in a manner consistent with its conditional risk overlay strategy (CRO Strategy).

Investment Management

The Investment Manager is responsible for allocating and re-allocating the Fund’s assets among the Sub-Advisors, for managing any portion of the Fund’s assets not otherwise allocated to a Sub-Advisor and for cash management. The Investment Manager’s quantitative and qualitative oversight of the Fund’s investment program aims to allocate assets among various strategies and select Sub-Advisors that it believes are well-positioned to capture unique investment opportunities while preserving capital.

The Investment Manager allocates among various investment strategies utilizing a top-down approach, generating the Fund’s strategy and sub-advisor weightings by taking into account market conditions, risk factors, diversification, liquidity, transparency, and other investment options, among other things. The Investment Manager allocates the Fund’s assets to specific Sub-Advisors utilizing a bottom-up approach, selecting Sub-Advisors and their weighting within the Fund’s portfolio by taking into account their correlation to various markets and to each other, risk profiles and their return expectations. From time to time, the Fund may have little or no assets allocated to any one particular strategy or Sub-Advisor in light of economic or other conditions, as determined by the Investment Manager in its sole discretion.

The Investment Manager intends to primarily allocate the Fund’s assets to Sub-Advisors that implement some or all of the following strategies:

Credit Long Short. Credit Long Short strategies are designed to profit from pricing inefficiencies in corporate fixed income and related securities. The strategies focus on total return through current income, capital preservation, and capital appreciation. Sub-Advisors take long and/or short positions in debt securities and other related instruments based on a fundamental analysis of the creditworthiness of a specific issuer or sector. By utilizing both long and short investments, Sub-Advisors seek to isolate issuer-specific exposure while limiting general market risks. A Sub-Advisor that employs this strategy may attempt to profit from investing in all aspects of a company’s capital structure or by investing in securities of companies undergoing corporate events through both long and short positions.

Structured Credit. Structured Credit strategies are designed to profit from trading in structured credit and other related securities. Investments include interest-rate sensitive securities such as residential and commercial mortgage-backed securities including agency residential mortgage-backed securities, REITS, credit default swaps on various indices, including tranches thereof, collateralized loan obligations and asset-backed securities (including those backed by student loans and aircraft operating leases).

Sub-Advisors attempt to take advantage of pricing inefficiencies in specific securities through both primary and secondary markets. Sub-Advisors employ both fundamental and technical analysis in identifying mispricings. These strategies typically feature long positions in individual securities and short positions in index products, which are intended to hedge out some portion of the broad market risk.

Emerging Market Fixed Income. Emerging Market Fixed Income strategies invest in corporate and/or sovereign securities in emerging markets countries with a focus on fixed income. Investments may also include foreign exchange and interest-rate sensitive securities, such as interest rate futures, swaps and swaptions. Sub-Advisors combine top-down country analysis with security-specific financial and legal analysis to identify mispriced assets. These strategies aim to manage and exploit the increased volatility characteristic of emerging markets.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Multi-Manager Approach

The Fund’s performance depends on the skill of the Investment Manager in selecting, overseeing, and allocating Fund assets to the Sub-Advisors. The Sub-Advisors’ investment styles may not always be complementary. Sub-Advisors make investment decisions independently of one another, and may make decisions that conflict with each other. Moreover, the Fund’s multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. The Sub-Advisors may underperform the market generally or underperform other investment managers that could have been selected for the Fund.

Some Sub-Advisors may have little or no experience managing the assets of a registered investment company which, unlike the private investment funds these Sub-Advisors have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

Management and Asset Allocation

The Fund is actively managed and could experience losses if the Investment Manager’s and Sub-Advisors’ judgment about markets, future volatility, interest rates, industries, sectors and regions or the attractiveness, relative values, liquidity, effectiveness or potential appreciation of particular investments made for the Fund’s portfolio prove to be incorrect. The Investment Manager’s allocation of Fund assets among different asset classes, Sub-Advisors and direct investments may not prove beneficial in light of subsequent market events. There can be no guarantee that these techniques or the Investment Manager’s and Sub-Advisors’ investment decisions will produce the desired results.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

High-Yield Debt Securities

Issuers of lower-rated or “high-yield” debt securities (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt securities. High-yield debt securities are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt securities generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.

Floating Rate Corporate Investments

The senior secured corporate loans and corporate debt securities in which the Fund invests may be rated below investment grade and are often issued in connection with highly leveraged transactions. Such transactions include leveraged buyout loans, leveraged recapitalization loans, and other types of acquisition financing. Loan investments issued in such transactions are subject to greater credit risks than other investments including a greater possibility that the borrower may default or enter bankruptcy. Although loan investments are generally subject to certain restrictive covenants in favor of the investors, many of these loans may from time to time be “covenant lite” loans which generally entail higher risk, since they tend to have fewer or no financial maintenance covenants and restrictions that would normally serve as early warning signs of a borrower’s financial troubles.

Liquidity

From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Variable Rate Securities

Variable rate securities (which include floating rate debt securities) generally are less price sensitive to interest rate changes than fixed rate debt securities. However, the market value of variable rate debt securities may decline or not appreciate as quickly as expected when prevailing interest rates rise if the interest rates of the variable rate securities do not rise as much, or as quickly, as interest rates in general. Conversely, variable rate securities will not generally increase in market value if interest rates decline. However, when interest rates fall, there may be a reduction in the payments of interest received by the Fund from its variable rate securities.

Derivative Instruments

The performance of derivative instruments depends largely on the performance of an underlying currency, security or index, and such instruments often have risks similar to their underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund's portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that exceeds the Fund's initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform.

Borrowing and Leverage

Borrowing for investment purposes and leverage exaggerates the effect of any increase or decrease in the market price of securities in the Fund’s portfolio and may increase the volatility of the Fund. Increased operating costs, including the financing cost associated with any leverage, may reduce the Fund’s total return. Unless the income and capital appreciation, if any, on securities acquired with borrowed funds exceed the cost of borrowing, the use of leverage will diminish the investment performance of the Fund. The use of leverage increases the risk of loss in the Fund and, in some cases, may be theoretically unlimited.

Short Sales

Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. This would occur if the securities lender or counterparty to a repurchase agreement required the Fund to deliver the securities the Fund had borrowed/agreed to sell at the commencement of the short sale and the Fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. Also, engaging in short sales strategies subjects the Fund to additional credit risk if a party to the short sale fails to honor its contractual terms, causing a loss to the Fund.

Reverse Repurchase Agreements

Entering into reverse repurchase agreements creates leverage and may be viewed as the borrowing of money by the Fund. If the Fund reinvests the proceeds of a reverse repurchase agreement in securities that are at a rate lower than the cost of the reverse repurchase agreement, the Fund will experience a loss. Reverse repurchase agreements also involve the risk that the market value of the debt obligation that is the subject of the reverse repurchase agreement could decline significantly below the price at which the Fund is obligated to repurchase the security. In addition, reverse repurchase agreements involve the risk that a buyer of securities will become subject to bankruptcy or other insolvency proceedings.

Foreign Securities

Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: (i) internal and external political and economic developments – e.g., the political, economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the U.S. or some foreign countries may be subject to trading restrictions or economic sanctions; (ii) trading practices – e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; (iii) availability of information – e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; (iv) limited markets – e.g., the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (v) currency exchange rate fluctuations and policies. The risks of foreign investments may be greater in developing or emerging market countries.

Emerging Market Countries

The Fund’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation.

Distressed Companies

Debt obligations of distressed companies typically are unrated, lower-rated, in default or close to default and are generally more likely to become worthless than the securities of more financially stable companies.

Prepayment

Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.

Portfolio Turnover

The Investment Manager and/or the Sub-Advisors will sell a security or enter into or close out of a derivative position when they believe it is appropriate to do so, regardless of how long the Fund has held the instrument. These activities increase the Fund’s portfolio turnover and may increase the Fund’s transaction costs.

Income

The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.

Mortgage Securities and Asset-Backed Securities

Mortgage-backed securities differ from conventional debt securities because principal is paid back periodically over the life of the security rather than at maturity. The Fund may receive unscheduled payments of principal due to voluntary prepayments, refinancings or foreclosures on the underlying mortgage loans. Because of prepayments, mortgage-backed securities may be less effective than some other types of debt securities as a means of "locking in" long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. A reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase or extend the effective maturity of mortgage-backed securities, making them more sensitive to interest rate changes, subject to greater price volatility, and more susceptible than some other debt securities to a decline in market value when interest rates rise.

Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.

REITs

Mortgage REITs typically invest in residential and commercial mortgages and mortgage-backed securities and therefore are subject to the same risks as mortgage- and asset-backed securities including interest rate, credit and prepayment risk. In addition, a REIT’s performance depends on the types, values and locations of the properties for which it holds the mortgages. A REIT may be more susceptible to adverse developments affecting a market segment than more broadly diversified investments.

Collateralized Debt Obligations (CDOs)

The risks of an investment in a CDO depend largely on the type of collateral held by the special purpose entity (SPE) and the tranche of the CDO in which the Fund invests and may be affected by the performance of a CDO’s collateral manager. CDOs may be deemed to be illiquid securities and are subject to the risks of: lower investor protection than other securities; considerable price declines; the potential inadequacy of collateral securities; and subordination to other classes of the CDO.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Illiquid Securities

Certain securities are illiquid due to a limited trading market, financial weakness of the issuer, legal or contractual restrictions on resale or transfer, or are otherwise illiquid in the sense that they cannot be sold within seven days at approximately the price at which the Fund values them. Securities that are illiquid involve greater risk than securities with more liquid markets, including increased volatility. Illiquidity may have an adverse impact on market price and the Fund’s ability to sell particular securities when necessary to meet the Fund’s liquidity needs or in response to a specific economic event.

Extension

The market value of some debt securities (such as certain asset-backed and mortgage-backed securities) will be adversely affected when bond calls or prepayments on underlying mortgages or other assets are less or slower than anticipated. When that occurs, the effective maturity date of the Fund’s investment is extended, resulting in an increase in interest rate sensitivity to that of a longer-term instrument.

Impairment of Collateral

The value of the collateral of the Fund’s senior secured corporate loans and corporate debt securities may decline after the Fund invests and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund. Other risks include limited access to the collateral by the Fund in the event of a bankruptcy and difficulties liquidating the collateral.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The secondary index in the table below shows how the Fund’s performance compares to the ICE BofAML US 3-Month Treasury Bill Index, which tracks the performance of short-term U.S. government securities with a remaining term to final maturity of less than three months.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Class A Annual Total Returns

Best Quarter:	Q2'16	3.53%
Worst Quarter:	Q1'16	0.20%
As of June 30, 2018, the Fund's year-to-date return was 1.15%.

<div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>

Average Annual Total Returns{- Franklin K2 Long Short Credit Fund} - Franklin K2 Long Short Credit Fund-07 - Franklin K2 Long Short Credit Fund	Past 1 year	Since Inception	Inception Date
Class A			Sep. 08, 2015
Class A | Return Before Taxes	(1.21%)	3.13%
Class A | After Taxes on Distributions	(2.56%)	1.48%	Sep. 08, 2015
Class A | After Taxes on Distributions and Sales	(0.58%)	1.66%	Sep. 08, 2015
Class C			Sep. 08, 2015
Class C | Return Before Taxes	2.91%	4.78%
Class R			Sep. 08, 2015
Class R | Return Before Taxes	4.50%	5.35%
Class R6			Sep. 08, 2015
Class R6 | Return Before Taxes	4.97%	5.89%
Advisor Class			Sep. 08, 2015
Advisor Class | Return Before Taxes	4.97%	5.87%
HFRX Fixed Income - Credit Index (index reflects no deduction for fees, expenses or taxes)	3.87%	2.00%
ICE BofAML US 3-Month Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)	0.86%	0.53%

No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A maximum front-end sales charge of 5.75% that was in effect prior to September 10, 2018. Class A shares, however, currently are subject to a maximum front-end sales charge of 5.50% effective on September 10, 2018. If the maximum front-end sales charge of 5.50% was reflected, performance for Class A in the average annual total returns table would be higher.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

[1] There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

[2] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

[1] Management fees have been restated to reflect a reduction in the contractual fee rate effective on October 1, 2017. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[2] Class A and Class R distribution and service (12b-1) fees have been restated to reflect the maximum annual rate set by the board of trustees. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[3] Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

[4] The investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees; acquired fund fees and expenses; expenses related to securities sold short; and certain non-routine expenses) for each class of the Fund do not exceed 1.95% until September 30, 2019. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above.

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Label

Element

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Risk/Return:

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Registrant Name

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FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Prospectus Date

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Oct. 01, 2018

Risk/Return [Heading]

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Fund Summary

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund

Risk/Return:

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Objective [Heading]

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Investment Goal

Objective, Primary [Text Block]

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Total return through a combination of current income, capital preservation and capital appreciation.

Expense [Heading]

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Fees and Expenses of the Fund

Expense Narrative [Text Block]

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These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 51 in the Fund's Prospectus and under “Buying and Selling Shares” on page 82 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A - "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees Caption [Text]

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Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

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<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>

Portfolio Turnover [Heading]

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Portfolio Turnover

Portfolio Turnover [Text Block]

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 251.81% of the average value of its portfolio.

Portfolio Turnover, Rate

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251.81%

Expense Breakpoint Discounts [Text]

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You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds.

Expense Breakpoint, Minimum Investment Required [Amount]

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$ 50,000

Expense Example [Heading]

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Example

Expense Example Narrative [Text Block]

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This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, By Year, Caption [Text]

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If you do not sell your shares:

Strategy [Heading]

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Principal Investment Strategies

Strategy Narrative [Text Block]

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The Fund seeks to achieve its investment goal by allocating its assets across multiple non-traditional or “alternative” strategies in the fixed-income and credit areas, including, but not limited to, some or all of the following: Credit Long Short, Structured Credit and Emerging Market Fixed Income, each of which is described below. The Fund is structured as a multi-manager fund (meaning the Fund’s assets are managed by multiple sub-advisors) and the Fund’s investment manager, K2/D&S Management Co., L.L.C. (doing business as K2 Advisors; "K2 Advisors" or the "Investment Manager"), has overall responsibility for the Fund’s investments. The Investment Manager allocates the Fund’s assets among multiple sub-advisors who, as of the date of this prospectus, are unaffiliated with K2 Advisors (Sub-Advisors).

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in credit-related investments. For purposes of this 80% policy, “credit-related investments” include, but are not limited to: U.S. or foreign debt obligations of any credit quality, maturity or duration; all varieties of fixed income, variable rate and floating rate debt securities and investments; and derivatives, such as swap agreements, futures contracts and options, and other transactions and instruments that provide exposure to credit-related investments. The Fund invests in a wide range of securities and other investments including, but not limited to: corporate bonds; mortgage-backed securities and asset-backed securities; U.S. Government and agency securities; collateralized debt and loan obligations; foreign government and supranational debt securities; loans and loan participations and derivatives with similar economic characteristics. The Fund may also invest in repurchase agreements, reverse repurchase agreements, mortgage real estate investment trusts (REITs) and other similar transactions.

The Fund may invest in securities and other investments that are traded in the United States or in markets outside of the United States, including those located in emerging markets. Up to 15% of the Fund’s net assets may be invested in illiquid investments. The Fund may invest in debt securities of any credit quality or rating, including high yield (“junk”) bonds, distressed debt securities (securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy) and securities that are in default. The Fund may engage in active and frequent trading as part of its investment strategies.

In pursuing its investment goal, the Fund takes long and/or short positions in a wide range of asset classes, including credit, fixed income, and currencies, among others. The Fund may gain long or short exposure to select instruments by utilizing derivatives, engaging in short sales or entering into a series of purchase and sale contracts or repurchase agreements. Long positions benefit from an increase in the price of the underlying instrument, while short positions benefit from a decrease in that price. In a short sale, the Fund borrows or purchases the instrument from a counterparty, such as a bank, broker or other institution. After selling a borrowed or purchased instrument, the Fund “covers” the short sale by buying the instrument and returning it to the counterparty at a later date. If the instrument has appreciated in value, the Fund will realize a loss. If the instrument has depreciated in value, the Fund will realize a gain.

Utilizing short sales, repurchase agreements or certain derivative instruments may involve costs and create leverage in the Fund’s portfolio. The Fund may also engage in reverse repurchase agreements with brokers, dealers, banks or other financial institutions, which would also create leverage in the Fund’s portfolio. In a reverse repurchase agreement, the Fund sells a security and agrees to repurchase it at a mutually agreed upon date and price, reflecting the interest rate effective for the term of the agreement. The Fund then invests the proceeds of the reverse repurchase agreement in other instruments to generate profits. The use of leverage exaggerates the effect of any increase or decrease in the market price of securities in the Fund’s portfolio.

The Fund may also use derivatives for both hedging and non-hedging (investment) purposes, although no Sub-Advisor is required to hedge any of the Fund’s positions or to use derivatives. The Fund’s derivative investments may include, among other instruments: (i) forward currency contracts; (ii) futures contracts (including interest rate/bond futures, credit index and currency futures) and options thereon; (iii) put and call options on currencies, securities, indices and exchange-traded funds; and (iv) swaps (including total return, credit default, currency and interest rate swaps) and options thereon. The use of these derivative transactions may allow the Fund to obtain net long or short exposures to select instruments, currencies, interest rates, countries, duration or credit risks. These derivatives may be used to enhance Fund returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments. The results of such transactions may also represent, from time to time, a material component of the Fund’s investment returns. As a result of the Fund’s use of derivatives, the Fund may have economic leverage, which means the sum of the Fund’s investment exposures through its use of derivatives may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time.

The Investment Manager may from time to time use derivatives to adjust the Fund's exposure to certain asset classes in a manner consistent with its conditional risk overlay strategy (CRO Strategy).

Investment Management

The Investment Manager is responsible for allocating and re-allocating the Fund’s assets among the Sub-Advisors, for managing any portion of the Fund’s assets not otherwise allocated to a Sub-Advisor and for cash management. The Investment Manager’s quantitative and qualitative oversight of the Fund’s investment program aims to allocate assets among various strategies and select Sub-Advisors that it believes are well-positioned to capture unique investment opportunities while preserving capital.

The Investment Manager allocates among various investment strategies utilizing a top-down approach, generating the Fund’s strategy and sub-advisor weightings by taking into account market conditions, risk factors, diversification, liquidity, transparency, and other investment options, among other things. The Investment Manager allocates the Fund’s assets to specific Sub-Advisors utilizing a bottom-up approach, selecting Sub-Advisors and their weighting within the Fund’s portfolio by taking into account their correlation to various markets and to each other, risk profiles and their return expectations. From time to time, the Fund may have little or no assets allocated to any one particular strategy or Sub-Advisor in light of economic or other conditions, as determined by the Investment Manager in its sole discretion.

The Investment Manager intends to primarily allocate the Fund’s assets to Sub-Advisors that implement some or all of the following strategies:

Credit Long Short. Credit Long Short strategies are designed to profit from pricing inefficiencies in corporate fixed income and related securities. The strategies focus on total return through current income, capital preservation, and capital appreciation. Sub-Advisors take long and/or short positions in debt securities and other related instruments based on a fundamental analysis of the creditworthiness of a specific issuer or sector. By utilizing both long and short investments, Sub-Advisors seek to isolate issuer-specific exposure while limiting general market risks. A Sub-Advisor that employs this strategy may attempt to profit from investing in all aspects of a company’s capital structure or by investing in securities of companies undergoing corporate events through both long and short positions.

Structured Credit. Structured Credit strategies are designed to profit from trading in structured credit and other related securities. Investments include interest-rate sensitive securities such as residential and commercial mortgage-backed securities including agency residential mortgage-backed securities, REITS, credit default swaps on various indices, including tranches thereof, collateralized loan obligations and asset-backed securities (including those backed by student loans and aircraft operating leases).

Sub-Advisors attempt to take advantage of pricing inefficiencies in specific securities through both primary and secondary markets. Sub-Advisors employ both fundamental and technical analysis in identifying mispricings. These strategies typically feature long positions in individual securities and short positions in index products, which are intended to hedge out some portion of the broad market risk.

Emerging Market Fixed Income. Emerging Market Fixed Income strategies invest in corporate and/or sovereign securities in emerging markets countries with a focus on fixed income. Investments may also include foreign exchange and interest-rate sensitive securities, such as interest rate futures, swaps and swaptions. Sub-Advisors combine top-down country analysis with security-specific financial and legal analysis to identify mispriced assets. These strategies aim to manage and exploit the increased volatility characteristic of emerging markets.

Risk [Heading]

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Principal Risks

Risk Narrative [Text Block]

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You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Multi-Manager Approach

The Fund’s performance depends on the skill of the Investment Manager in selecting, overseeing, and allocating Fund assets to the Sub-Advisors. The Sub-Advisors’ investment styles may not always be complementary. Sub-Advisors make investment decisions independently of one another, and may make decisions that conflict with each other. Moreover, the Fund’s multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. The Sub-Advisors may underperform the market generally or underperform other investment managers that could have been selected for the Fund.

Some Sub-Advisors may have little or no experience managing the assets of a registered investment company which, unlike the private investment funds these Sub-Advisors have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

Management and Asset Allocation

The Fund is actively managed and could experience losses if the Investment Manager’s and Sub-Advisors’ judgment about markets, future volatility, interest rates, industries, sectors and regions or the attractiveness, relative values, liquidity, effectiveness or potential appreciation of particular investments made for the Fund’s portfolio prove to be incorrect. The Investment Manager’s allocation of Fund assets among different asset classes, Sub-Advisors and direct investments may not prove beneficial in light of subsequent market events. There can be no guarantee that these techniques or the Investment Manager’s and Sub-Advisors’ investment decisions will produce the desired results.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

High-Yield Debt Securities

Issuers of lower-rated or “high-yield” debt securities (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt securities. High-yield debt securities are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt securities generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.

Floating Rate Corporate Investments

The senior secured corporate loans and corporate debt securities in which the Fund invests may be rated below investment grade and are often issued in connection with highly leveraged transactions. Such transactions include leveraged buyout loans, leveraged recapitalization loans, and other types of acquisition financing. Loan investments issued in such transactions are subject to greater credit risks than other investments including a greater possibility that the borrower may default or enter bankruptcy. Although loan investments are generally subject to certain restrictive covenants in favor of the investors, many of these loans may from time to time be “covenant lite” loans which generally entail higher risk, since they tend to have fewer or no financial maintenance covenants and restrictions that would normally serve as early warning signs of a borrower’s financial troubles.

Liquidity

From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Variable Rate Securities

Variable rate securities (which include floating rate debt securities) generally are less price sensitive to interest rate changes than fixed rate debt securities. However, the market value of variable rate debt securities may decline or not appreciate as quickly as expected when prevailing interest rates rise if the interest rates of the variable rate securities do not rise as much, or as quickly, as interest rates in general. Conversely, variable rate securities will not generally increase in market value if interest rates decline. However, when interest rates fall, there may be a reduction in the payments of interest received by the Fund from its variable rate securities.

Derivative Instruments

The performance of derivative instruments depends largely on the performance of an underlying currency, security or index, and such instruments often have risks similar to their underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund's portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that exceeds the Fund's initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform.

Borrowing and Leverage

Borrowing for investment purposes and leverage exaggerates the effect of any increase or decrease in the market price of securities in the Fund’s portfolio and may increase the volatility of the Fund. Increased operating costs, including the financing cost associated with any leverage, may reduce the Fund’s total return. Unless the income and capital appreciation, if any, on securities acquired with borrowed funds exceed the cost of borrowing, the use of leverage will diminish the investment performance of the Fund. The use of leverage increases the risk of loss in the Fund and, in some cases, may be theoretically unlimited.

Short Sales

Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. This would occur if the securities lender or counterparty to a repurchase agreement required the Fund to deliver the securities the Fund had borrowed/agreed to sell at the commencement of the short sale and the Fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. Also, engaging in short sales strategies subjects the Fund to additional credit risk if a party to the short sale fails to honor its contractual terms, causing a loss to the Fund.

Reverse Repurchase Agreements

Entering into reverse repurchase agreements creates leverage and may be viewed as the borrowing of money by the Fund. If the Fund reinvests the proceeds of a reverse repurchase agreement in securities that are at a rate lower than the cost of the reverse repurchase agreement, the Fund will experience a loss. Reverse repurchase agreements also involve the risk that the market value of the debt obligation that is the subject of the reverse repurchase agreement could decline significantly below the price at which the Fund is obligated to repurchase the security. In addition, reverse repurchase agreements involve the risk that a buyer of securities will become subject to bankruptcy or other insolvency proceedings.

Foreign Securities

Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: (i) internal and external political and economic developments – e.g., the political, economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the U.S. or some foreign countries may be subject to trading restrictions or economic sanctions; (ii) trading practices – e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; (iii) availability of information – e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; (iv) limited markets – e.g., the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (v) currency exchange rate fluctuations and policies. The risks of foreign investments may be greater in developing or emerging market countries.

Emerging Market Countries

The Fund’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation.

Distressed Companies

Debt obligations of distressed companies typically are unrated, lower-rated, in default or close to default and are generally more likely to become worthless than the securities of more financially stable companies.

Prepayment

Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.

Portfolio Turnover

The Investment Manager and/or the Sub-Advisors will sell a security or enter into or close out of a derivative position when they believe it is appropriate to do so, regardless of how long the Fund has held the instrument. These activities increase the Fund’s portfolio turnover and may increase the Fund’s transaction costs.

Income

The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.

Mortgage Securities and Asset-Backed Securities

Mortgage-backed securities differ from conventional debt securities because principal is paid back periodically over the life of the security rather than at maturity. The Fund may receive unscheduled payments of principal due to voluntary prepayments, refinancings or foreclosures on the underlying mortgage loans. Because of prepayments, mortgage-backed securities may be less effective than some other types of debt securities as a means of "locking in" long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. A reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase or extend the effective maturity of mortgage-backed securities, making them more sensitive to interest rate changes, subject to greater price volatility, and more susceptible than some other debt securities to a decline in market value when interest rates rise.

Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.

REITs

Mortgage REITs typically invest in residential and commercial mortgages and mortgage-backed securities and therefore are subject to the same risks as mortgage- and asset-backed securities including interest rate, credit and prepayment risk. In addition, a REIT’s performance depends on the types, values and locations of the properties for which it holds the mortgages. A REIT may be more susceptible to adverse developments affecting a market segment than more broadly diversified investments.

Collateralized Debt Obligations (CDOs)

The risks of an investment in a CDO depend largely on the type of collateral held by the special purpose entity (SPE) and the tranche of the CDO in which the Fund invests and may be affected by the performance of a CDO’s collateral manager. CDOs may be deemed to be illiquid securities and are subject to the risks of: lower investor protection than other securities; considerable price declines; the potential inadequacy of collateral securities; and subordination to other classes of the CDO.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Illiquid Securities

Certain securities are illiquid due to a limited trading market, financial weakness of the issuer, legal or contractual restrictions on resale or transfer, or are otherwise illiquid in the sense that they cannot be sold within seven days at approximately the price at which the Fund values them. Securities that are illiquid involve greater risk than securities with more liquid markets, including increased volatility. Illiquidity may have an adverse impact on market price and the Fund’s ability to sell particular securities when necessary to meet the Fund’s liquidity needs or in response to a specific economic event.

Extension

The market value of some debt securities (such as certain asset-backed and mortgage-backed securities) will be adversely affected when bond calls or prepayments on underlying mortgages or other assets are less or slower than anticipated. When that occurs, the effective maturity date of the Fund’s investment is extended, resulting in an increase in interest rate sensitivity to that of a longer-term instrument.

Impairment of Collateral

The value of the collateral of the Fund’s senior secured corporate loans and corporate debt securities may decline after the Fund invests and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund. Other risks include limited access to the collateral by the Fund in the event of a bankruptcy and difficulties liquidating the collateral.

Bar Chart and Performance Table [Heading]

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Performance

Performance Narrative [Text Block]

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The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The secondary index in the table below shows how the Fund’s performance compares to the ICE BofAML US 3-Month Treasury Bill Index, which tracks the performance of short-term U.S. government securities with a remaining term to final maturity of less than three months.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Performance Information Illustrates Variability of Returns [Text]

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The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.

Performance Availability Phone [Text]

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(800) DIAL BEN/342-5236

Performance Availability Website Address [Text]

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franklintempleton.com

Performance Past Does Not Indicate Future [Text]

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The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

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Class A Annual Total Returns

Bar Chart Does Not Reflect Sales Loads [Text]

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Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Bar Chart Closing [Text Block]

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Best Quarter:	Q2'16	3.53%
Worst Quarter:	Q1'16	0.20%
As of June 30, 2018, the Fund's year-to-date return was 1.15%.

Performance Table Heading

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<div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>

Performance Table Closing [Text Block]

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No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A maximum front-end sales charge of 5.75% that was in effect prior to September 10, 2018. Class A shares, however, currently are subject to a maximum front-end sales charge of 5.50% effective on September 10, 2018. If the maximum front-end sales charge of 5.50% was reflected, performance for Class A in the average annual total returns table would be higher.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Class A

Risk/Return:

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Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

5.50%

^[1]

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

^[1]

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

^[3]

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.53%

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.89%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

3.59%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.48%)

^[5]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

3.11%

^[4],[5]

1 year

rr_ExpenseExampleYear01

$ 847

3 years

rr_ExpenseExampleYear03

1,548

5 years

rr_ExpenseExampleYear05

2,269

10 years

rr_ExpenseExampleYear10

$ 4,162

2016

rr_AnnualReturn2016

8.31%

2017

rr_AnnualReturn2017

4.84%

Year to Date Return, Label

rr_YearToDateReturnLabel

As of June 30, 2018, the Fund's year-to-date return was 1.15%.

Highest Quarterly Return, Label

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Best Quarter:

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2016

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

3.53%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter:

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2016

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

0.20%

Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 08, 2015

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

^[6]

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[6]

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.53%

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.89%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

4.34%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.48%)

^[5]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

3.86%

^[4],[5]

1 year

rr_ExpenseExampleYear01

$ 488

3 years

rr_ExpenseExampleYear03

1,272

5 years

rr_ExpenseExampleYear05

2,167

10 years

rr_ExpenseExampleYear10

4,458

1 Year

rr_ExpenseExampleNoRedemptionYear01

388

3 Years

rr_ExpenseExampleNoRedemptionYear03

1,272

5 Years

rr_ExpenseExampleNoRedemptionYear05

2,167

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 4,458

Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 08, 2015

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Class R

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.50%

^[3]

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.53%

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.89%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

3.84%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.48%)

^[5]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

3.36%

^[4],[5]

1 year

rr_ExpenseExampleYear01

$ 339

3 years

rr_ExpenseExampleYear03

1,128

5 years

rr_ExpenseExampleYear05

1,937

10 years

rr_ExpenseExampleYear10

$ 4,040

Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 08, 2015

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Class R6

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

none

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.51%

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.89%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

3.32%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.48%)

^[5]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.84%

^[4],[5]

1 year

rr_ExpenseExampleYear01

$ 287

3 years

rr_ExpenseExampleYear03

977

5 years

rr_ExpenseExampleYear05

1,690

10 years

rr_ExpenseExampleYear10

$ 3,580

Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 08, 2015

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

none

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.53%

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.89%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

3.34%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.48%)

^[5]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.86%

^[4],[5]

1 year

rr_ExpenseExampleYear01

$ 289

3 years

rr_ExpenseExampleYear03

983

5 years

rr_ExpenseExampleYear05

1,700

10 years

rr_ExpenseExampleYear10

$ 3,599

Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 08, 2015

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Return Before Taxes | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Long Short Credit Fund

Label

rr_AverageAnnualReturnLabel

Return Before Taxes

Past 1 year

rr_AverageAnnualReturnYear01

(1.21%)

Since Inception

rr_AverageAnnualReturnSinceInception

3.13%

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Return Before Taxes | Class C

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

2.91%

Since Inception

rr_AverageAnnualReturnSinceInception

4.78%

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Return Before Taxes | Class R

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

4.50%

Since Inception

rr_AverageAnnualReturnSinceInception

5.35%

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Return Before Taxes | Class R6

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

4.97%

Since Inception

rr_AverageAnnualReturnSinceInception

5.89%

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | Return Before Taxes | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

4.97%

Since Inception

rr_AverageAnnualReturnSinceInception

5.87%

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | After Taxes on Distributions | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Long Short Credit Fund

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

Past 1 year

rr_AverageAnnualReturnYear01

(2.56%)

Since Inception

rr_AverageAnnualReturnSinceInception

1.48%

Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 08, 2015

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | After Taxes on Distributions and Sales | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Long Short Credit Fund

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

Past 1 year

rr_AverageAnnualReturnYear01

(0.58%)

Since Inception

rr_AverageAnnualReturnSinceInception

1.66%

Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 08, 2015

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | HFRX Fixed Income - Credit Index (index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

3.87%

Since Inception

rr_AverageAnnualReturnSinceInception

2.00%

Franklin K2 Long Short Credit Fund-07 | Franklin K2 Long Short Credit Fund | ICE BofAML US 3-Month Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

0.86%

Since Inception

rr_AverageAnnualReturnSinceInception

0.53%

[1] There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

[2] Management fees have been restated to reflect a reduction in the contractual fee rate effective on October 1, 2017. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[3] Class A and Class R distribution and service (12b-1) fees have been restated to reflect the maximum annual rate set by the board of trustees. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[4] Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

[5] The investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees; acquired fund fees and expenses; expenses related to securities sold short; and certain non-routine expenses) for each class of the Fund do not exceed 1.95% until September 30, 2019. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above.

[6] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

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Fund Summary

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund

Investment Goal

Capital appreciation.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 51 in the Fund's Prospectus and under “Buying and Selling Shares” on page 82 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A - "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees {- Franklin K2 Global Macro Opportunities Fund} - K2 Global Macro Opportunities Fund-06 - Franklin K2 Global Macro Opportunities Fund	Class A	[1]	Class C	[2]	Class R	Class R6	Advisor Class
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)	5.50%		none		none	none	none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)	none		1.00%		none	none	none

<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>

Annual Operating Expenses {- Franklin K2 Global Macro Opportunities Fund} - K2 Global Macro Opportunities Fund-06 - Franklin K2 Global Macro Opportunities Fund		Class A	Class C	Class R		Class R6	Advisor Class
Management fees	[1]	1.90%	1.90%	1.90%		1.90%	1.90%
Distribution and service (12b-1) fees		0.25%	1.00%	0.50%	[2]	none	none
Other expenses of the Fund		1.62%	1.62%	1.62%		2.87%	1.62%
Other expenses of the Subsidiary	[3]	0.47%	0.47%	0.47%		0.47%	0.47%
Acquired fund fees and expenses	[4]	0.07%	0.07%	0.07%		0.07%	0.07%
Total annual Fund operating expenses	[4]	4.31%	5.06%	4.56%		5.31%	4.06%
Fee waiver and/or expense reimbursement	[3]	(2.04%)	(2.04%)	(2.04%)		(3.29%)	(2.04%)
Total annual Fund operating expenses after fee waiver and/or expense reimbursement	[3],[4]	2.27%	3.02%	2.52%		2.02%	2.02%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example {- Franklin K2 Global Macro Opportunities Fund} - K2 Global Macro Opportunities Fund-06 - Franklin K2 Global Macro Opportunities Fund - USD ($)	Class A	Class C	Class R	Class R6	Advisor Class
1 year	$ 767	$ 405	$ 255	$ 205	$ 205
3 years	1,610	1,336	1,194	1,295	1,049
5 years	2,464	2,367	2,141	2,379	1,909
10 years	$ 4,652	$ 4,937	$ 4,545	$ 5,058	$ 4,131

If you do not sell your shares:

Expense Example, No Redemption {- Franklin K2 Global Macro Opportunities Fund}	K2 Global Macro Opportunities Fund-06 Franklin K2 Global Macro Opportunities Fund Class C USD ($)
1 Year	$ 305
3 Years	1,336
5 Years	2,367
10 Years	$ 4,937

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year ended May 31, 2018, the Fund's portfolio turnover rate was 240.21% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks capital appreciation over a full market cycle. A full market cycle is a period of time that spans a full business and economic cycle, which may include periods of rising and declining interest rates. The Fund seeks to achieve this goal by allocating its assets across global macro-focused investment strategies, which are "non-traditional" or "alternative" strategies that generally focus on macro-economic opportunities across numerous markets and investments. Macro-economic refers to economy-wide factors such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels. Investments may be long or short and are based on the relative value or direction of a market, an index, a currency, an interest rate, a commodity or any macroeconomic variable. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price.

The Fund is structured as a multi-manager fund (meaning the Fund's assets are managed by multiple investment advisors) and the Fund’s investment manager, K2/D&S Management Co., L.L.C. ("K2 Advisors" or the “Investment Manager”), has overall responsibility for the Fund’s investments. The Investment Manager principally allocates the Fund’s assets among multiple sub-advisors who, as of the date of this prospectus, are unaffiliated with K2 Advisors and who are implementing one or more global macro strategies ("Sub-Advisors"). The Investment Manager is responsible for allocating and re-allocating the Fund’s assets among the Sub-Advisors and/or any investments in which the Fund may invest and for cash management. The Investment Manager’s quantitative and qualitative oversight of the Fund’s investment program aims to allocate assets among various strategies and select Sub-Advisors and/or investments that it believes are well-positioned to take advantage of investment opportunities while preserving capital.

In order to achieve the Fund’s investment goal, the Sub-Advisors use macroeconomic data, market data, and/or their knowledge of the geopolitical landscape (i.e., knowledge of current events and conditions and the impact such events and conditions may have on financial markets and various trading strategies), which are central to the global macro investment process. Global macro strategies are broadly categorized into two categories – discretionary (seeking to profit by tactically investing across different asset classes, markets, including emerging markets, and investment opportunities through a combination of fundamental market analysis and quantitative modeling) and systematic (seeking to profit by utilizing quantitative models to identify investment opportunities across different asset classes and markets in order to construct a portfolio of investments). Quantitative trading models are proprietary systems that rely on mathematical computations to identify trading opportunities. Sub-Advisors may use strategies which include a combination of discretionary and systematic focused strategies.

The Fund’s principal investments include both U.S. and foreign (including emerging markets) securities and exchange traded and over-the-counter (“OTC”) derivative instruments, and may include asset classes such as equities, fixed income, interest rates, currencies or commodities. The Fund invests primarily in a wide range of derivative instruments that provide the Fund with broad exposure, either long or short, to these various asset classes. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price. The Fund may use derivatives for both hedging and non-hedging (investment) purposes, although no Sub-Advisor is required to hedge any of the Fund’s positions or to use derivatives. When used for hedging purposes, a derivative instrument could be used to protect against possible declines in a security’s or other investment’s value. In addition, derivatives may be used for currency management to hedge exposure to one or more currencies.

The Sub-Advisors will use a variety of derivatives to implement their respective investment strategies, which may include: (i) futures contracts, including equity index futures, currency and currency index futures, interest rate/bond futures and commodity and commodity index futures, and options thereon; (ii) swaps, including commodity total return swaps, currency swaps, interest rate swaps and credit default swaps, and options thereon; (iii) currency forward contracts; and (iv) options, including call options and put options on indices, individual securities, currency and exchange-traded funds. As a result of the Fund's use of derivatives, the Fund may have economic leverage, which means the sum of the Fund's investment exposures through its use of derivatives may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time.

In addition, K2 Advisors may utilize derivatives in connection with its conditional risk overlay strategy intended to hedge against undesirable portfolio sensitivities or against negative market events (CRO Strategy).

The Fund intends to hold its commodity-linked derivative instruments indirectly through a wholly-owned subsidiary established in the Cayman Islands (the “Subsidiary”).

The securities in which the Fund may invest include equities and various debt instruments, such as securities of the U.S. government, its agencies and instrumentalities and sovereign, quasi-sovereign and corporate bonds. Such debt instruments may have variable or fixed interest rates, may be of any maturity, duration or credit rating and may include high yield (“junk”) bonds and distressed debt securities (securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy). The Fund also may, from time to time, hold significant amounts of cash or cash equivalents due to its investments in derivative instruments. The Fund may engage in active and frequent trading as part of its investment strategies. The Investment Manager and/or the Sub-Advisors will sell a security or enter into or close out of a derivative position when they believe it is appropriate to do so, regardless of how long the Fund has held the instrument, which may cause the Fund’s turnover rate to exceed 100% per year.

The Investment Manager allocates among the Fund's strategies using a top-down approach, generating the Fund’s strategy weightings by taking into account market conditions, risk factors, diversification, liquidity, and availability of various Sub-Advisors and other investment options, among other things. The Investment Manager allocates the Fund’s assets to specific Sub-Advisors utilizing a bottom-up approach, selecting Sub-Advisors and their weighting within the Fund’s portfolio by taking into account their correlation to various markets and to each other, risk profiles and their return expectations. From time to time, the Fund may have little or no assets allocated to any one particular Sub-Advisor or strategy in light of economic or other conditions, as determined by the Investment Manager in its sole discretion.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Management and Asset Allocation

The Fund is actively managed and could experience losses if the Investment Manager’s or Sub-Advisors’ judgment about markets, future volatility, interest rates, industries, sectors and regions or the attractiveness, relative values, liquidity, effectiveness or potential appreciation of particular investments made for the Fund’s portfolio prove to be incorrect. The Investment Manager’s allocation of Fund assets among different global macro strategies, Sub-Advisors and direct investments may not prove beneficial in light of subsequent market events. There can be no guarantee that these techniques or the Investment Manager’s or Sub-Advisors’ investment decisions will produce the desired results.

Use of Leverage

Subject to federal asset segregation rules, the Sub-Advisors generally use leverage as part of their respective investment strategies. This will result in the Fund’s market exposure being higher than its net asset value. The Fund will generally gain leverage through derivative instruments that have embedded leverage. For example, the low margin deposits normally required in futures trading permit a high degree of leverage. Accordingly, a relatively small price movement in an underlying reference asset to a derivatives instrument may result in immediate and substantial loss or gain to the Fund.

Derivative Instruments

The performance of derivative instruments depends largely on the performance of an underlying instrument, such as a currency, interest rate or index, and such instruments often have risks similar to the underlying instrument, in addition to other risks. Derivative instruments involve costs and can create economic leverage in the Fund’s portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that significantly exceeds the Fund’s initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. Their successful use will usually depend on the Investment Manager’s or Sub-Advisors’ ability to accurately forecast movements in the market relating to the underlying instrument. Should a market or markets, or prices of particular classes of investments move in an unexpected manner, especially in unusual or extreme market conditions, the Fund may not achieve the anticipated benefits of the transaction, and it may realize losses, which could be significant. If the Investment Manager or Sub-Advisor is not successful in using such derivative instruments, the Fund’s performance may be worse than if the Investment Manager or Sub-Advisor did not use such derivative instruments at all. When a derivative is used for hedging, the change in value of the derivative instrument also may not correlate specifically with the currency, security, interest rate, index or other risk being hedged. There is also the risk, especially under extreme market conditions, that an instrument, which usually would operate as a hedge, provides no hedging benefits at all.

Recently, the SEC proposed a new rule designed to modernize the regulation of derivatives usage by registered funds that could have a significant impact on the manner in which certain registered funds that invest in derivative instruments, including the Fund, operate. If this new rule is adopted as proposed, it may compel the Fund to change its investment strategy, make the Fund’s investment strategy more costly to implement or otherwise negatively affect the Fund’s performance/make the Fund’s investment strategy less successful, or require the Fund to cease operating as a registered investment company. The likelihood of these events, or the impact of potential future regulation, is currently not predictable.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

Liquidity

From time to time, the trading market for a particular security or instrument or type of security or instrument in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities when necessary to meet the Fund’s liquidity needs or in response to a specific economic event and will also generally lower the value of a security. Market prices for such securities may be volatile.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

Reliance on Trading Models

The trading models used by the Sub-Advisors implementing systematic strategies to support the investment decisions have been tested on historical price data. These models are based on the assumption that price movements in most markets display very similar patterns. There is the risk that market behavior will change and that the patterns upon which the forecasts in the models are based will weaken or disappear, which would reduce the ability of the models to generate an excess return. Further, as market dynamics shift over time, a previously highly successful model may become outdated, perhaps without the Sub-Advisors recognizing that fact before substantial losses are incurred. Successful operation of a model is also reliant upon the information technology systems of the respective Sub-Advisor and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Sub-Advisors will be successful in maintaining effective and operational trading models and the related hardware and software systems.

High-Yield Debt Securities

Issuers of lower-rated or “high-yield” debt securities (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt securities. High-yield debt securities are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt securities generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.

Foreign Securities (non-U.S.)

Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: (i) internal and external political and economic developments – e.g., the political, economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the U.S. or some foreign countries may be subject to trading restrictions or economic sanctions; (ii) trading practices – e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; (iii) availability of information – e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; (iv) limited markets – e.g., the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (v) currency exchange rate fluctuations and policies. The risks of foreign investments may be greater in developing or emerging market countries.

Emerging Market Countries

The Fund’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities and currency markets, including: delays in settling portfolio transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Commodities

The Fund's exposure to investments in physical commodities presents unique risks. Investing in physical commodities, including through commodity-linked derivative instruments such as commodity-linked total return swaps, commodity-linked futures, and options thereon, is speculative and can be extremely volatile. Market prices of commodities may fluctuate rapidly based on numerous factors, including: changes in supply and demand relationships (whether actual, perceived, anticipated, unanticipated or unrealized); weather; agriculture; trade; domestic and foreign political and economic events and policies; diseases; pestilence; technological developments; and monetary and other governmental policies, action and inaction. The current or "spot" prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity.

Portfolio Turnover

The Investment Manager and/or the Sub-Advisors will sell a security or enter into or close out of a derivative position when they believe it is appropriate to do so, regardless of how long the Fund has held the instrument. These activities increase the Fund’s portfolio turnover and may increase the Fund’s transaction costs, which are Fund expenses. Such portfolio transactions may also result in the realization of taxable capital gains, including short-term capital gains, which are generally taxable at ordinary income tax rates for federal income tax purposes for shareholders subject to income tax and who hold their shares in a taxable account. Higher transaction costs reduce the Fund’s returns.

Currency Management Strategies

Currency management strategies may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager or Sub-Advisor expects. In addition, currency management strategies, to the extent that they reduce the Fund’s exposure to currency risks, may also reduce the Fund’s ability to benefit from favorable changes in currency exchange rates. Using currency management strategies for purposes other than hedging further increases the Fund’s exposure to foreign investment losses. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns.

Multi-Manager Approach

The Fund’s performance depends on the skill of the Investment Manager in selecting, overseeing, and allocating Fund assets to the Sub-Advisors. The Sub-Advisors’ investment styles may not always be complementary. Sub-Advisors make investment decisions independently of one another, and may make decisions that conflict with each other. Moreover, the Fund’s multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. The Sub-Advisors may underperform the market generally or underperform other investment managers that could have been selected for the Fund.

Some Sub-Advisors may have little or no experience managing the assets of a registered investment company which, unlike the private investment funds these Sub-Advisors have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

Short Sales

There are certain unique risks associated with the use of short sales strategies. Short sales involve the risk that the Fund will incur a loss by buying a security at a higher price than the price at which the Fund previously sold the security short. This would occur if the securities lender required the Fund to deliver the securities the Fund had borrowed at the commencement of the short sale and the Fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. Short selling involves a form of financial leverage that may exaggerate any losses realized by the Fund. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. It is possible that the Fund’s securities held long will decline in value at the same time that the value of the securities sold short increases, thereby increasing the potential for loss. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet segregation requirements. Also, engaging in short sales strategies subjects the Fund to additional credit risk if a party to the short sale fails to honor its contractual terms, causing a loss to the Fund.

Performance

The following bar chart and table provide some indication of the risks of an investment in the Fund. The bar chart shows the Fund's performance for the most recent calendar year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The secondary index in the table below shows how the Fund’s performance compares to the ICE BofA Merrill Lynch US 3-Month Treasury Bill Index, which tracks the performance of short-term U.S. government securities with a remaining term to final maturity of less than three months.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Class A Annual Total Returns

Best Quarter:	Q4'17	1.76%
Worst Quarter:	Q1'17	-2.43%
As of June 30, 2018, the Fund's year-to-date return was -2.16%.

<div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>

Average Annual Total Returns{- Franklin K2 Global Macro Opportunities Fund} - K2 Global Macro Opportunities Fund-06 - Franklin K2 Global Macro Opportunities Fund	Past 1 year	Since Inception	Inception Date
Class A			Jul. 11, 2016
Class A | Return Before Taxes	(7.86%)	(8.44%)
Class A | After Taxes on Distributions	(7.86%)	(8.60%)	Jul. 11, 2016
Class A | After Taxes on Distributions and Sales	(4.45%)	(6.47%)	Jul. 11, 2016
Class C			Jul. 11, 2016
Class C | Return Before Taxes	(3.94%)	(5.48%)
Class R			Jul. 11, 2016
Class R | Return Before Taxes	(2.22%)	(4.75%)
Class R6			Jul. 11, 2016
Class R6 | Return Before Taxes	(2.01%)	(4.54%)
Advisor Class			Jul. 11, 2016
Advisor Class | Return Before Taxes	(2.01%)	(4.54%)
HFRX Macro/CTA Index (index reflects no deduction for fees, expenses or taxes)	2.51%	(0.52%)
ICE BofAML US 3-Month Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)	0.86%	0.70%

No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A maximum front-end sales charge of 5.75% that was in effect prior to September 10, 2018. Class A shares, however, currently are subject to a maximum front-end sales charge of 5.50% effective on September 10, 2018. If the maximum front-end sales charge of 5.50% was reflected, performance for Class A in the average annual total returns table would be higher.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

[1] There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

[2] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

[1] Management fees have been restated to reflect a reduction in the contractual fee rate effective on October 1, 2017. Consequently, the total annual fund operating expense differ from the ratio of expenses to average net assets shown in the financial highlights.

[2] Class R distribution and service fees (12b-1) have been restated to reflect the maximum annual rate set by the board of trustees. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[3] The investment manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee to be paid by a Cayman Islands-based company that is wholly-owned by the Fund (Subsidiary). The waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. Additionally, the investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees; acquired fund fees and expenses; expenses related to securities sold short; and certain non-routine expenses) for each class of the Fund do not exceed 1.95% until September 30, 2019. In addition, the transfer agent also has contractually agreed to cap transfer agency fees for Class R6 shares of the Fund so that transfer agency fees for the class do not exceed 0.02%, until September 30, 2019. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above.

[4] Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

XML

Label

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Value

Risk/Return:

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Registrant Name

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FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Prospectus Date

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Oct. 01, 2018

Risk/Return [Heading]

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Fund Summary

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund

Risk/Return:

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Objective [Heading]

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Investment Goal

Objective, Primary [Text Block]

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Capital appreciation.

Expense [Heading]

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Fees and Expenses of the Fund

Expense Narrative [Text Block]

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These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 51 in the Fund's Prospectus and under “Buying and Selling Shares” on page 82 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A - "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees Caption [Text]

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Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

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<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>

Portfolio Turnover [Heading]

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Portfolio Turnover

Portfolio Turnover [Text Block]

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year ended May 31, 2018, the Fund's portfolio turnover rate was 240.21% of the average value of its portfolio.

Expense Breakpoint Discounts [Text]

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You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds.

Expense Breakpoint, Minimum Investment Required [Amount]

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$ 50,000

Expense Example [Heading]

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Example

Expense Example Narrative [Text Block]

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This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, By Year, Caption [Text]

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If you do not sell your shares:

Strategy [Heading]

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Principal Investment Strategies

Strategy Narrative [Text Block]

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The Fund seeks capital appreciation over a full market cycle. A full market cycle is a period of time that spans a full business and economic cycle, which may include periods of rising and declining interest rates. The Fund seeks to achieve this goal by allocating its assets across global macro-focused investment strategies, which are "non-traditional" or "alternative" strategies that generally focus on macro-economic opportunities across numerous markets and investments. Macro-economic refers to economy-wide factors such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels. Investments may be long or short and are based on the relative value or direction of a market, an index, a currency, an interest rate, a commodity or any macroeconomic variable. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price.

The Fund is structured as a multi-manager fund (meaning the Fund's assets are managed by multiple investment advisors) and the Fund’s investment manager, K2/D&S Management Co., L.L.C. ("K2 Advisors" or the “Investment Manager”), has overall responsibility for the Fund’s investments. The Investment Manager principally allocates the Fund’s assets among multiple sub-advisors who, as of the date of this prospectus, are unaffiliated with K2 Advisors and who are implementing one or more global macro strategies ("Sub-Advisors"). The Investment Manager is responsible for allocating and re-allocating the Fund’s assets among the Sub-Advisors and/or any investments in which the Fund may invest and for cash management. The Investment Manager’s quantitative and qualitative oversight of the Fund’s investment program aims to allocate assets among various strategies and select Sub-Advisors and/or investments that it believes are well-positioned to take advantage of investment opportunities while preserving capital.

In order to achieve the Fund’s investment goal, the Sub-Advisors use macroeconomic data, market data, and/or their knowledge of the geopolitical landscape (i.e., knowledge of current events and conditions and the impact such events and conditions may have on financial markets and various trading strategies), which are central to the global macro investment process. Global macro strategies are broadly categorized into two categories – discretionary (seeking to profit by tactically investing across different asset classes, markets, including emerging markets, and investment opportunities through a combination of fundamental market analysis and quantitative modeling) and systematic (seeking to profit by utilizing quantitative models to identify investment opportunities across different asset classes and markets in order to construct a portfolio of investments). Quantitative trading models are proprietary systems that rely on mathematical computations to identify trading opportunities. Sub-Advisors may use strategies which include a combination of discretionary and systematic focused strategies.

The Fund’s principal investments include both U.S. and foreign (including emerging markets) securities and exchange traded and over-the-counter (“OTC”) derivative instruments, and may include asset classes such as equities, fixed income, interest rates, currencies or commodities. The Fund invests primarily in a wide range of derivative instruments that provide the Fund with broad exposure, either long or short, to these various asset classes. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price. The Fund may use derivatives for both hedging and non-hedging (investment) purposes, although no Sub-Advisor is required to hedge any of the Fund’s positions or to use derivatives. When used for hedging purposes, a derivative instrument could be used to protect against possible declines in a security’s or other investment’s value. In addition, derivatives may be used for currency management to hedge exposure to one or more currencies.

The Sub-Advisors will use a variety of derivatives to implement their respective investment strategies, which may include: (i) futures contracts, including equity index futures, currency and currency index futures, interest rate/bond futures and commodity and commodity index futures, and options thereon; (ii) swaps, including commodity total return swaps, currency swaps, interest rate swaps and credit default swaps, and options thereon; (iii) currency forward contracts; and (iv) options, including call options and put options on indices, individual securities, currency and exchange-traded funds. As a result of the Fund's use of derivatives, the Fund may have economic leverage, which means the sum of the Fund's investment exposures through its use of derivatives may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time.

In addition, K2 Advisors may utilize derivatives in connection with its conditional risk overlay strategy intended to hedge against undesirable portfolio sensitivities or against negative market events (CRO Strategy).

The Fund intends to hold its commodity-linked derivative instruments indirectly through a wholly-owned subsidiary established in the Cayman Islands (the “Subsidiary”).

The securities in which the Fund may invest include equities and various debt instruments, such as securities of the U.S. government, its agencies and instrumentalities and sovereign, quasi-sovereign and corporate bonds. Such debt instruments may have variable or fixed interest rates, may be of any maturity, duration or credit rating and may include high yield (“junk”) bonds and distressed debt securities (securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy). The Fund also may, from time to time, hold significant amounts of cash or cash equivalents due to its investments in derivative instruments. The Fund may engage in active and frequent trading as part of its investment strategies. The Investment Manager and/or the Sub-Advisors will sell a security or enter into or close out of a derivative position when they believe it is appropriate to do so, regardless of how long the Fund has held the instrument, which may cause the Fund’s turnover rate to exceed 100% per year.

The Investment Manager allocates among the Fund's strategies using a top-down approach, generating the Fund’s strategy weightings by taking into account market conditions, risk factors, diversification, liquidity, and availability of various Sub-Advisors and other investment options, among other things. The Investment Manager allocates the Fund’s assets to specific Sub-Advisors utilizing a bottom-up approach, selecting Sub-Advisors and their weighting within the Fund’s portfolio by taking into account their correlation to various markets and to each other, risk profiles and their return expectations. From time to time, the Fund may have little or no assets allocated to any one particular Sub-Advisor or strategy in light of economic or other conditions, as determined by the Investment Manager in its sole discretion.

Risk [Heading]

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Principal Risks

Risk Narrative [Text Block]

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You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Management and Asset Allocation

The Fund is actively managed and could experience losses if the Investment Manager’s or Sub-Advisors’ judgment about markets, future volatility, interest rates, industries, sectors and regions or the attractiveness, relative values, liquidity, effectiveness or potential appreciation of particular investments made for the Fund’s portfolio prove to be incorrect. The Investment Manager’s allocation of Fund assets among different global macro strategies, Sub-Advisors and direct investments may not prove beneficial in light of subsequent market events. There can be no guarantee that these techniques or the Investment Manager’s or Sub-Advisors’ investment decisions will produce the desired results.

Use of Leverage

Subject to federal asset segregation rules, the Sub-Advisors generally use leverage as part of their respective investment strategies. This will result in the Fund’s market exposure being higher than its net asset value. The Fund will generally gain leverage through derivative instruments that have embedded leverage. For example, the low margin deposits normally required in futures trading permit a high degree of leverage. Accordingly, a relatively small price movement in an underlying reference asset to a derivatives instrument may result in immediate and substantial loss or gain to the Fund.

Derivative Instruments

The performance of derivative instruments depends largely on the performance of an underlying instrument, such as a currency, interest rate or index, and such instruments often have risks similar to the underlying instrument, in addition to other risks. Derivative instruments involve costs and can create economic leverage in the Fund’s portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that significantly exceeds the Fund’s initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. Their successful use will usually depend on the Investment Manager’s or Sub-Advisors’ ability to accurately forecast movements in the market relating to the underlying instrument. Should a market or markets, or prices of particular classes of investments move in an unexpected manner, especially in unusual or extreme market conditions, the Fund may not achieve the anticipated benefits of the transaction, and it may realize losses, which could be significant. If the Investment Manager or Sub-Advisor is not successful in using such derivative instruments, the Fund’s performance may be worse than if the Investment Manager or Sub-Advisor did not use such derivative instruments at all. When a derivative is used for hedging, the change in value of the derivative instrument also may not correlate specifically with the currency, security, interest rate, index or other risk being hedged. There is also the risk, especially under extreme market conditions, that an instrument, which usually would operate as a hedge, provides no hedging benefits at all.

Recently, the SEC proposed a new rule designed to modernize the regulation of derivatives usage by registered funds that could have a significant impact on the manner in which certain registered funds that invest in derivative instruments, including the Fund, operate. If this new rule is adopted as proposed, it may compel the Fund to change its investment strategy, make the Fund’s investment strategy more costly to implement or otherwise negatively affect the Fund’s performance/make the Fund’s investment strategy less successful, or require the Fund to cease operating as a registered investment company. The likelihood of these events, or the impact of potential future regulation, is currently not predictable.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

Liquidity

From time to time, the trading market for a particular security or instrument or type of security or instrument in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities when necessary to meet the Fund’s liquidity needs or in response to a specific economic event and will also generally lower the value of a security. Market prices for such securities may be volatile.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

Reliance on Trading Models

The trading models used by the Sub-Advisors implementing systematic strategies to support the investment decisions have been tested on historical price data. These models are based on the assumption that price movements in most markets display very similar patterns. There is the risk that market behavior will change and that the patterns upon which the forecasts in the models are based will weaken or disappear, which would reduce the ability of the models to generate an excess return. Further, as market dynamics shift over time, a previously highly successful model may become outdated, perhaps without the Sub-Advisors recognizing that fact before substantial losses are incurred. Successful operation of a model is also reliant upon the information technology systems of the respective Sub-Advisor and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Sub-Advisors will be successful in maintaining effective and operational trading models and the related hardware and software systems.

High-Yield Debt Securities

Issuers of lower-rated or “high-yield” debt securities (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt securities. High-yield debt securities are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt securities generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.

Foreign Securities (non-U.S.)

Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: (i) internal and external political and economic developments – e.g., the political, economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the U.S. or some foreign countries may be subject to trading restrictions or economic sanctions; (ii) trading practices – e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; (iii) availability of information – e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; (iv) limited markets – e.g., the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (v) currency exchange rate fluctuations and policies. The risks of foreign investments may be greater in developing or emerging market countries.

Emerging Market Countries

The Fund’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities and currency markets, including: delays in settling portfolio transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Commodities

The Fund's exposure to investments in physical commodities presents unique risks. Investing in physical commodities, including through commodity-linked derivative instruments such as commodity-linked total return swaps, commodity-linked futures, and options thereon, is speculative and can be extremely volatile. Market prices of commodities may fluctuate rapidly based on numerous factors, including: changes in supply and demand relationships (whether actual, perceived, anticipated, unanticipated or unrealized); weather; agriculture; trade; domestic and foreign political and economic events and policies; diseases; pestilence; technological developments; and monetary and other governmental policies, action and inaction. The current or "spot" prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity.

Portfolio Turnover

The Investment Manager and/or the Sub-Advisors will sell a security or enter into or close out of a derivative position when they believe it is appropriate to do so, regardless of how long the Fund has held the instrument. These activities increase the Fund’s portfolio turnover and may increase the Fund’s transaction costs, which are Fund expenses. Such portfolio transactions may also result in the realization of taxable capital gains, including short-term capital gains, which are generally taxable at ordinary income tax rates for federal income tax purposes for shareholders subject to income tax and who hold their shares in a taxable account. Higher transaction costs reduce the Fund’s returns.

Currency Management Strategies

Currency management strategies may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager or Sub-Advisor expects. In addition, currency management strategies, to the extent that they reduce the Fund’s exposure to currency risks, may also reduce the Fund’s ability to benefit from favorable changes in currency exchange rates. Using currency management strategies for purposes other than hedging further increases the Fund’s exposure to foreign investment losses. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns.

Multi-Manager Approach

The Fund’s performance depends on the skill of the Investment Manager in selecting, overseeing, and allocating Fund assets to the Sub-Advisors. The Sub-Advisors’ investment styles may not always be complementary. Sub-Advisors make investment decisions independently of one another, and may make decisions that conflict with each other. Moreover, the Fund’s multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. The Sub-Advisors may underperform the market generally or underperform other investment managers that could have been selected for the Fund.

Some Sub-Advisors may have little or no experience managing the assets of a registered investment company which, unlike the private investment funds these Sub-Advisors have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

Short Sales

There are certain unique risks associated with the use of short sales strategies. Short sales involve the risk that the Fund will incur a loss by buying a security at a higher price than the price at which the Fund previously sold the security short. This would occur if the securities lender required the Fund to deliver the securities the Fund had borrowed at the commencement of the short sale and the Fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. Short selling involves a form of financial leverage that may exaggerate any losses realized by the Fund. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. It is possible that the Fund’s securities held long will decline in value at the same time that the value of the securities sold short increases, thereby increasing the potential for loss. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet segregation requirements. Also, engaging in short sales strategies subjects the Fund to additional credit risk if a party to the short sale fails to honor its contractual terms, causing a loss to the Fund.

Bar Chart and Performance Table [Heading]

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Performance

Performance Narrative [Text Block]

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The following bar chart and table provide some indication of the risks of an investment in the Fund. The bar chart shows the Fund's performance for the most recent calendar year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The secondary index in the table below shows how the Fund’s performance compares to the ICE BofA Merrill Lynch US 3-Month Treasury Bill Index, which tracks the performance of short-term U.S. government securities with a remaining term to final maturity of less than three months.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Performance Information Illustrates Variability of Returns [Text]

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The following bar chart and table provide some indication of the risks of an investment in the Fund. The bar chart shows the Fund's performance for the most recent calendar year for Class A shares.

Performance Availability Phone [Text]

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(800) DIAL BEN/342-5236

Performance Availability Website Address [Text]

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franklintempleton.com

Performance Past Does Not Indicate Future [Text]

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The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

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Class A Annual Total Returns

Bar Chart Does Not Reflect Sales Loads [Text]

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Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Bar Chart Closing [Text Block]

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Best Quarter:	Q4'17	1.76%
Worst Quarter:	Q1'17	-2.43%
As of June 30, 2018, the Fund's year-to-date return was -2.16%.

Performance Table Heading

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<div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A maximum front-end sales charge of 5.75% that was in effect prior to September 10, 2018. Class A shares, however, currently are subject to a maximum front-end sales charge of 5.50% effective on September 10, 2018. If the maximum front-end sales charge of 5.50% was reflected, performance for Class A in the average annual total returns table would be higher.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

5.50%

^[1]

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

^[1]

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

1.62%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.47%

^[3]

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.07%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

4.31%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(2.04%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.27%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 767

3 years

rr_ExpenseExampleYear03

1,610

5 years

rr_ExpenseExampleYear05

2,464

10 years

rr_ExpenseExampleYear10

$ 4,652

2017

rr_AnnualReturn2017

(2.22%)

Year to Date Return, Label

rr_YearToDateReturnLabel

As of June 30, 2018, the Fund's year-to-date return was -2.16%.

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Best Quarter:

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Dec. 31, 2017

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

1.76%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter:

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2017

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(2.43%)

Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 11, 2016

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

^[5]

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[5]

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

1.62%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.47%

^[3]

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.07%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

5.06%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(2.04%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

3.02%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 405

3 years

rr_ExpenseExampleYear03

1,336

5 years

rr_ExpenseExampleYear05

2,367

10 years

rr_ExpenseExampleYear10

4,937

1 Year

rr_ExpenseExampleNoRedemptionYear01

305

3 Years

rr_ExpenseExampleNoRedemptionYear03

1,336

5 Years

rr_ExpenseExampleNoRedemptionYear05

2,367

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 4,937

Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 11, 2016

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Class R

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.50%

^[6]

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

1.62%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.47%

^[3]

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.07%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

4.56%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(2.04%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.52%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 255

3 years

rr_ExpenseExampleYear03

1,194

5 years

rr_ExpenseExampleYear05

2,141

10 years

rr_ExpenseExampleYear10

$ 4,545

Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 11, 2016

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Class R6

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

none

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

2.87%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.47%

^[3]

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.07%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

5.31%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(3.29%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.02%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 205

3 years

rr_ExpenseExampleYear03

1,295

5 years

rr_ExpenseExampleYear05

2,379

10 years

rr_ExpenseExampleYear10

$ 5,058

Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 11, 2016

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

none

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

1.62%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.47%

^[3]

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.07%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

4.06%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(2.04%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.02%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 205

3 years

rr_ExpenseExampleYear03

1,049

5 years

rr_ExpenseExampleYear05

1,909

10 years

rr_ExpenseExampleYear10

$ 4,131

Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 11, 2016

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Return Before Taxes | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Global Macro Opportunities Fund

Label

rr_AverageAnnualReturnLabel

Return Before Taxes

Past 1 year

rr_AverageAnnualReturnYear01

(7.86%)

Since Inception

rr_AverageAnnualReturnSinceInception

(8.44%)

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Return Before Taxes | Class C

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

(3.94%)

Since Inception

rr_AverageAnnualReturnSinceInception

(5.48%)

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Return Before Taxes | Class R

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

(2.22%)

Since Inception

rr_AverageAnnualReturnSinceInception

(4.75%)

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Return Before Taxes | Class R6

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

(2.01%)

Since Inception

rr_AverageAnnualReturnSinceInception

(4.54%)

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | Return Before Taxes | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

(2.01%)

Since Inception

rr_AverageAnnualReturnSinceInception

(4.54%)

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | After Taxes on Distributions | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Global Macro Opportunities Fund

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

Past 1 year

rr_AverageAnnualReturnYear01

(7.86%)

Since Inception

rr_AverageAnnualReturnSinceInception

(8.60%)

Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 11, 2016

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | After Taxes on Distributions and Sales | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Global Macro Opportunities Fund

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

Past 1 year

rr_AverageAnnualReturnYear01

(4.45%)

Since Inception

rr_AverageAnnualReturnSinceInception

(6.47%)

Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 11, 2016

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | HFRX Macro/CTA Index (index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

2.51%

Since Inception

rr_AverageAnnualReturnSinceInception

(0.52%)

K2 Global Macro Opportunities Fund-06 | Franklin K2 Global Macro Opportunities Fund | ICE BofAML US 3-Month Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

0.86%

Since Inception

rr_AverageAnnualReturnSinceInception

0.70%

[1] There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

[2] Management fees have been restated to reflect a reduction in the contractual fee rate effective on October 1, 2017. Consequently, the total annual fund operating expense differ from the ratio of expenses to average net assets shown in the financial highlights.

[3] The investment manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee to be paid by a Cayman Islands-based company that is wholly-owned by the Fund (Subsidiary). The waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. Additionally, the investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees; acquired fund fees and expenses; expenses related to securities sold short; and certain non-routine expenses) for each class of the Fund do not exceed 1.95% until September 30, 2019. In addition, the transfer agent also has contractually agreed to cap transfer agency fees for Class R6 shares of the Fund so that transfer agency fees for the class do not exceed 0.02%, until September 30, 2019. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above.

[4] Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

[5] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

[6] Class R distribution and service fees (12b-1) have been restated to reflect the maximum annual rate set by the board of trustees. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

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Fund Summary

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund

Investment Goal

Capital appreciation with lower volatility relative to the broad equity markets.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 53 in the Fund's Prospectus and under “Buying and Selling Shares” on page 86 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A - "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees {- Franklin K2 Alternative Strategies Fund} - Franklin K2 Alternative Strategies Fund-13 - Franklin K2 Alternative Strategies Fund	Class A	[1]	Class C	[2]	Class R	Class R6	Advisor Class
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)	5.50%		none		none	none	none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)	none		1.00%		none	none	none

<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>

Annual Operating Expenses {- Franklin K2 Alternative Strategies Fund} - Franklin K2 Alternative Strategies Fund-13 - Franklin K2 Alternative Strategies Fund		Class A	Class C	Class R	Class R6	Advisor Class
Management fees	[1]	1.90%	1.90%	1.90%	1.90%	1.90%
Distribution and service (12b-1) fees		0.25%	1.00%	0.50%	none	none
Other expenses of the Fund		0.22%	0.22%	0.22%	0.14%	0.22%
Other expenses of the Subsidiary	[2]	0.04%	0.04%	0.04%	0.04%	0.04%
Dividend expense and security borrowing fees for securities sold short		0.39%	0.39%	0.39%	0.39%	0.39%
Acquired fund fees and expenses	[3]	0.02%	0.02%	0.02%	0.02%	0.02%
Total annual Fund operating expenses	[3]	2.82%	3.57%	3.07%	2.49%	2.57%
Fee waiver and/or expense reimbursement	[2]	(0.21%)	(0.21%)	(0.21%)	(0.21%)	(0.21%)
Total annual Fund operating expenses after fee waiver and/or expense reimbursement	[2],[3]	2.61%	3.36%	2.86%	2.28%	2.36%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example {- Franklin K2 Alternative Strategies Fund} - Franklin K2 Alternative Strategies Fund-13 - Franklin K2 Alternative Strategies Fund - USD ($)	Class A	Class C	Class R	Class R6	Advisor Class
1 year	$ 800	$ 439	$ 289	$ 231	$ 239
3 years	1,357	1,075	928	756	780
5 years	1,940	1,832	1,593	1,307	1,347
10 years	$ 3,510	$ 3,822	$ 3,369	$ 2,810	$ 2,889

If you do not sell your shares:

Expense Example, No Redemption {- Franklin K2 Alternative Strategies Fund}	Franklin K2 Alternative Strategies Fund-13 Franklin K2 Alternative Strategies Fund Class C USD ($)
1 Year	$ 339
3 Years	1,075
5 Years	1,832
10 Years	$ 3,822

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 234.77% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment goal by allocating its assets across multiple non-traditional or “alternative” strategies, including, but not limited to, some or all of the following strategies: Long Short Equity, Relative Value, Event Driven and Global Macro, each of which is described below. The Fund is structured as a multi-manager fund (meaning the Fund's assets are managed by multiple sub-advisors) and the Fund’s investment manager, K2/D&S Management Co., L.L.C. (doing business as K2 Advisors; "K2 Advisors" or the “Investment Manager”), has overall responsibility for the Fund’s investments. The Investment Manager principally allocates the Fund’s assets among multiple sub-advisors who, as of the date of this prospectus, are unaffiliated with K2 Advisors and who are implementing one or more non-traditional or alternative investment strategies ("Sub-Advisors").

The Fund may invest in a wide range of securities and other investments including, but not limited to: equity securities (which may include common stocks, preferred stocks and convertible securities) and debt securities (which may include bonds, notes, debentures, banker’s acceptances and commercial paper).

The Fund may invest in securities of U.S. and foreign companies of any capitalization size. Up to 15% of the Fund’s net assets may be invested in illiquid investments. In addition, the debt securities in which the Fund may invest may have variable or fixed interest rates, may be of any maturity or credit rating, and may include sovereign debt, high yield (“junk”) bonds and distressed debt securities (securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy) and securities that are in default. The Fund may engage in active and frequent trading as part of its investment strategies.

The Fund may also use derivatives for both hedging and non-hedging (investment) purposes, although no Sub-Advisor is required to hedge any of the Fund’s positions or to use derivatives. The Fund’s derivative investments may include, among other instruments: (i) futures contracts, including futures based on equity or fixed income securities and indices, interest rate/bond futures, currency futures, currency index futures, and options thereon; (ii) swaps, including equity, currency, interest rate, total return and credit default swaps and options thereon; (iii) options, including call options and put options on indices, individual securities, currencies and exchange-traded funds; and (iv) currency forward contracts. These derivatives may be used to enhance Fund returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments. The results of such transactions may also represent, from time to time, a material component of the Fund’s investment returns. As a result of the Fund’s use of derivatives, the Fund may have economic leverage, which means the sum of the Fund’s investment exposures through its use of derivatives may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time.

The Fund may take long and/or short positions in a wide range of asset classes, including equities, fixed income, commodities and currencies, among others. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price.

The Investment Manager may from time to time use derivatives to adjust the Fund's exposure to certain asset classes in a manner consistent with its conditional risk overlay strategy (CRO Strategy).

Investment Management

The Investment Manager is responsible for allocating and re-allocating the Fund’s assets among the Sub-Advisors and/or any investments in which the Fund may invest and for cash management. The Investment Manager’s quantitative and qualitative oversight of the Fund’s investment program aims to allocate assets among various strategies and select Sub-Advisors and/or investments that it believes are well-positioned to capture unique investment opportunities while preserving capital.

The Investment Manager allocates among various alternative investment strategies utilizing a top-down approach, generating the Fund's strategy weightings by taking into account market conditions, risk factors, diversification, liquidity, transparency, and availability of various Sub-Advisors and other investment options, among other things. The Investment Manager allocates the Fund’s assets to specific Sub-Advisors utilizing a bottom-up approach, selecting Sub-Advisors and their weighting within the Fund's portfolio by taking into account their correlation to various markets and to each other, risk profiles and their return expectations. From time to time, the Fund may have little or no assets allocated to any one particular strategy or Sub-Advisor in light of economic or other conditions, as determined by the Investment Manager in its sole discretion.

The Investment Manager intends to primarily allocate the Fund’s assets to Sub-Advisors that implement some or all of the following strategies:

Long Short Equity Strategies – Long Short Equity Strategies generally seek to produce returns from investments in the equity markets by taking long and short positions in stocks and stock indices (through the use of derivatives or through a short position in an exchange-traded fund (ETF)). These strategies are generally focused on risk-adjusted returns and capitalize on the Sub-Advisor’s views and outlooks for specific equity markets, regions, sectors and securities. Examples of Long Short Equity Strategies include (i) growth focused strategies, (ii) value focused strategies, (iii) market-neutral strategies (e.g., maintaining net exposures between 20% short and 20% long), (iv) sector-focused strategies (e.g., technology, healthcare, financials) and (v) regionally or country focused strategies (e.g., U.S., Europe, Asia).

Relative Value Strategies – Relative Value Strategies encompass a wide range of investment techniques that are intended to profit from pricing inefficiencies. These strategies generally involve taking a position in one financial instrument and taking an offsetting position in a related instrument in an attempt to profit from incremental changes in the price differential. Examples of Relative Value Strategies are: (a) credit long short strategies; (b) credit arbitrage; (c) convertible arbitrage; and (d) volatility arbitrage.

Event Driven Strategies – Event Driven Strategies generally invest in securities of companies undergoing corporate events. These strategies are generally focused on analyzing the impact of the company-specific or transaction-specific event on security valuations. Examples of such company-specific or transaction-specific events include mergers, acquisitions, transfers of assets, tender offers, exchange offers, recapitalizations, liquidations, divestitures, spin-offs, equity restructurings and reorganizations.

Global Macro Strategies – Global Macro Strategies generally focus on macro-economic (economy-wide developments such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels) opportunities across numerous markets and investments. Investments may be long or short and are based on the relative value or direction of a market, a currency, an interest rate, a commodity or any macroeconomic variable. Examples of Global Macro Strategies include discretionary (seeking to profit by tactically investing across different asset classes, markets, and investment opportunities through a combination of fundamental market analysis and quantitative modeling) and systematic (seeking to profit by utilizing quantitative models to identify investment opportunities across different asset classes and markets in order to construct a portfolio of investments) macro strategies.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

Multi-Manager Approach

The Fund’s performance depends on the skill of the Investment Manager in selecting, overseeing, and allocating Fund assets to the Sub-Advisors. The Sub-Advisors’ investment styles may not always be complementary. Sub-Advisors make investment decisions independently of one another, and may make decisions that conflict with each other. Moreover, the Fund’s multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. The Sub-Advisors may underperform the market generally or underperform other investment managers that could have been selected for the Fund.

Some Sub-Advisors may have little or no experience managing the assets of a registered investment company which, unlike the private investment funds these Sub-Advisors have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

Management and Asset Allocation

The Fund is actively managed and could experience losses if the Investment Manager’s and Sub-Advisors’ judgment about markets, future volatility, interest rates, industries, sectors and regions or the attractiveness, relative values, liquidity, effectiveness or potential appreciation of particular investments made for the Fund’s portfolio prove to be incorrect. The Investment Manager’s allocation of Fund assets among different asset classes, Sub-Advisors and direct investments may not prove beneficial in light of subsequent market events. There can be no guarantee that these techniques or the Investment Manager’s and Sub-Advisors’ investment decisions will produce the desired results.

The Investment Manager and Sub-Advisors may use modeling systems to implement their investment strategies for the Fund. There is no assurance that the modeling systems are complete or accurate, or representative of future market cycles, nor will they necessarily be beneficial to the Fund even if they are accurate. They may negatively affect Fund performance and the ability of the Fund to meet its investment goal for various reasons including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading system dysfunctions, investor fear or over-reaction).

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

Foreign Securities (non-U.S.)

Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: political and economic developments - the political, economic and social structures of some foreign countries may be less stable and more volatile than those in the U.S.; trading practices - government supervision and regulation of foreign security and currency markets, trading systems and brokers may be less than in the U.S.; availability of information - foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; limited markets - the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency exchange rate fluctuations and policies.

Derivative Instruments

The performance of derivative instruments depends largely on the performance of an underlying currency, security, interest rate or index, and such instruments often have risks similar to the underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund’s portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that significantly exceeds the Fund’s initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. Their successful use will usually depend on the Investment Manager’s and Sub-Advisors' ability to accurately forecast movements in the market relating to the underlying instrument. Should a market or markets, or prices of particular classes of investments move in an unexpected manner, especially in unusual or extreme market conditions, the Fund may not achieve the anticipated benefits of the transaction, and it may realize losses, which could be significant. If the Investment Manager or Sub-Advisor is not successful in using such derivative instruments, the Fund’s performance may be worse than if the Investment Manager or Sub-Advisor did not use such derivative instruments at all. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate, index or other risk being hedged. Derivatives also may present the risk that the other party to the transaction will fail to perform. There is also the risk, especially under extreme market conditions, that an instrument, which usually would operate as a hedge, provides no hedging benefits at all.

Currency Management Strategies

Currency management strategies may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager or a Sub-Advisor expects. In addition, currency management strategies, to the extent that they reduce the Fund’s exposure to currency risks, may also reduce the Fund’s ability to benefit from favorable changes in currency exchange rates. Using currency management strategies for purposes other than hedging further increases the Fund’s exposure to foreign investment losses. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns.

High-Yield Debt Securities

Issuers of lower-rated or “high-yield” debt securities (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt securities. High-yield debt securities are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt securities generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Short Sales

Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. This would occur if the securities lender or counterparty to a repurchase agreement required the Fund to deliver the securities the Fund had borrowed/agreed to sell at the commencement of the short sale and the Fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. Also, engaging in short sales strategies subjects the Fund to additional credit risk if a party to the short sale fails to honor its contractual terms, causing a loss to the Fund.

Event Driven Investments

A merger or other restructuring, or a tender or exchange offer, proposed or pending at the time the Fund makes an event driven investment may not be completed on the terms or within the time frame contemplated, which may result in losses to the Fund.

Convertible Securities

Convertible securities are subject to the risks of stocks when the underlying stock price is high relative to the conversion price (because more of the security's value resides in the conversion feature) and debt securities when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible security is not as sensitive to interest rate changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.

Liquidity

From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.

Portfolio Turnover

The Investment Manager and/or the Sub-Advisors will sell a security or enter into or close out of a derivative position when they believe it is appropriate to do so, regardless of how long the Fund has held the instrument. These activities increase the Fund’s portfolio turnover and may increase the Fund’s transaction costs.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The secondary index in the table below shows how the Fund’s performance compares to the ICE BofAML US 3-Month Treasury Bill Index, which tracks the performance of short-term U.S. government securities with a remaining term to final maturity of less than three months.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Class A Annual Total Returns

Best Quarter:	Q1'15	2.68%
Worst Quarter:	Q3'15	-2.18%
As of June 30, 2018, the Fund's year-to-date return was 0.97%.

<div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>

Average Annual Total Returns{- Franklin K2 Alternative Strategies Fund} - Franklin K2 Alternative Strategies Fund-13 - Franklin K2 Alternative Strategies Fund	Past 1 year	Since Inception	Inception Date
Class A			Oct. 11, 2013
Class A | Return Before Taxes	0.41%	2.61%
Class A | After Taxes on Distributions	(0.07%)	2.22%	Oct. 11, 2013
Class A | After Taxes on Distributions and Sales	0.31%	1.86%	Oct. 11, 2013
Class C			Oct. 11, 2013
Class C | Return Before Taxes	4.72%	3.35%
Class R			Oct. 11, 2013
Class R | Return Before Taxes	6.16%	3.71%
Class R6			Oct. 11, 2013
Class R6 | Return Before Taxes	6.83%	4.40%
Advisor Class			Oct. 11, 2013
Advisor Class | Return Before Taxes	6.84%	4.34%
HFRX Global Hedge Fund Index (index reflects no deduction for fees, expenses or taxes)	5.84%	1.36%
ICE BofAML US 3-Month Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)	0.86%	0.31%

No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A maximum front-end sales charge of 5.75% that was in effect prior to September 10, 2018. Class A shares, however, currently are subject to a maximum front-end sales charge of 5.50% effective on September 10, 2018. If the maximum front-end sales charge of 5.50% was reflected, performance for Class A in the average annual total returns table would be higher.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

[1] There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

[2] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

[1] Management fees have been restated to reflect a reduction in the contractual fee rate effective on October 1, 2017. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[2] The investment manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid by a Cayman Islands-based company that is wholly-owned by the Fund (Subsidiary). The waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. Additionally, the investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees; acquired fund fees and expenses; expenses related to securities sold short; and certain non-routine expenses) for each class of the Fund do not exceed 1.95% until September 30, 2019. Contractual fee waiver and/or expense reimbursement agreements may not be terminated during the terms set forth above.

[3] Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

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Risk/Return:

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Registrant Name

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FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Prospectus Date

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Oct. 01, 2018

Risk/Return [Heading]

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Fund Summary

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund

Risk/Return:

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Objective [Heading]

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Investment Goal

Objective, Primary [Text Block]

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Capital appreciation with lower volatility relative to the broad equity markets.

Expense [Heading]

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Fees and Expenses of the Fund

Expense Narrative [Text Block]

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These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 53 in the Fund's Prospectus and under “Buying and Selling Shares” on page 86 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A - "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees Caption [Text]

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Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

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<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>

Portfolio Turnover [Heading]

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Portfolio Turnover

Portfolio Turnover [Text Block]

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 234.77% of the average value of its portfolio.

Portfolio Turnover, Rate

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234.77%

Expense Breakpoint Discounts [Text]

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You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds.

Expense Breakpoint, Minimum Investment Required [Amount]

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$ 50,000

Expense Example [Heading]

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Example

Expense Example Narrative [Text Block]

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This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, By Year, Caption [Text]

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If you do not sell your shares:

Strategy [Heading]

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Principal Investment Strategies

Strategy Narrative [Text Block]

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The Fund seeks to achieve its investment goal by allocating its assets across multiple non-traditional or “alternative” strategies, including, but not limited to, some or all of the following strategies: Long Short Equity, Relative Value, Event Driven and Global Macro, each of which is described below. The Fund is structured as a multi-manager fund (meaning the Fund's assets are managed by multiple sub-advisors) and the Fund’s investment manager, K2/D&S Management Co., L.L.C. (doing business as K2 Advisors; "K2 Advisors" or the “Investment Manager”), has overall responsibility for the Fund’s investments. The Investment Manager principally allocates the Fund’s assets among multiple sub-advisors who, as of the date of this prospectus, are unaffiliated with K2 Advisors and who are implementing one or more non-traditional or alternative investment strategies ("Sub-Advisors").

The Fund may invest in a wide range of securities and other investments including, but not limited to: equity securities (which may include common stocks, preferred stocks and convertible securities) and debt securities (which may include bonds, notes, debentures, banker’s acceptances and commercial paper).

The Fund may invest in securities of U.S. and foreign companies of any capitalization size. Up to 15% of the Fund’s net assets may be invested in illiquid investments. In addition, the debt securities in which the Fund may invest may have variable or fixed interest rates, may be of any maturity or credit rating, and may include sovereign debt, high yield (“junk”) bonds and distressed debt securities (securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy) and securities that are in default. The Fund may engage in active and frequent trading as part of its investment strategies.

The Fund may also use derivatives for both hedging and non-hedging (investment) purposes, although no Sub-Advisor is required to hedge any of the Fund’s positions or to use derivatives. The Fund’s derivative investments may include, among other instruments: (i) futures contracts, including futures based on equity or fixed income securities and indices, interest rate/bond futures, currency futures, currency index futures, and options thereon; (ii) swaps, including equity, currency, interest rate, total return and credit default swaps and options thereon; (iii) options, including call options and put options on indices, individual securities, currencies and exchange-traded funds; and (iv) currency forward contracts. These derivatives may be used to enhance Fund returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments. The results of such transactions may also represent, from time to time, a material component of the Fund’s investment returns. As a result of the Fund’s use of derivatives, the Fund may have economic leverage, which means the sum of the Fund’s investment exposures through its use of derivatives may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time.

The Fund may take long and/or short positions in a wide range of asset classes, including equities, fixed income, commodities and currencies, among others. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price.

The Investment Manager may from time to time use derivatives to adjust the Fund's exposure to certain asset classes in a manner consistent with its conditional risk overlay strategy (CRO Strategy).

Investment Management

The Investment Manager is responsible for allocating and re-allocating the Fund’s assets among the Sub-Advisors and/or any investments in which the Fund may invest and for cash management. The Investment Manager’s quantitative and qualitative oversight of the Fund’s investment program aims to allocate assets among various strategies and select Sub-Advisors and/or investments that it believes are well-positioned to capture unique investment opportunities while preserving capital.

The Investment Manager allocates among various alternative investment strategies utilizing a top-down approach, generating the Fund's strategy weightings by taking into account market conditions, risk factors, diversification, liquidity, transparency, and availability of various Sub-Advisors and other investment options, among other things. The Investment Manager allocates the Fund’s assets to specific Sub-Advisors utilizing a bottom-up approach, selecting Sub-Advisors and their weighting within the Fund's portfolio by taking into account their correlation to various markets and to each other, risk profiles and their return expectations. From time to time, the Fund may have little or no assets allocated to any one particular strategy or Sub-Advisor in light of economic or other conditions, as determined by the Investment Manager in its sole discretion.

The Investment Manager intends to primarily allocate the Fund’s assets to Sub-Advisors that implement some or all of the following strategies:

Long Short Equity Strategies – Long Short Equity Strategies generally seek to produce returns from investments in the equity markets by taking long and short positions in stocks and stock indices (through the use of derivatives or through a short position in an exchange-traded fund (ETF)). These strategies are generally focused on risk-adjusted returns and capitalize on the Sub-Advisor’s views and outlooks for specific equity markets, regions, sectors and securities. Examples of Long Short Equity Strategies include (i) growth focused strategies, (ii) value focused strategies, (iii) market-neutral strategies (e.g., maintaining net exposures between 20% short and 20% long), (iv) sector-focused strategies (e.g., technology, healthcare, financials) and (v) regionally or country focused strategies (e.g., U.S., Europe, Asia).

Relative Value Strategies – Relative Value Strategies encompass a wide range of investment techniques that are intended to profit from pricing inefficiencies. These strategies generally involve taking a position in one financial instrument and taking an offsetting position in a related instrument in an attempt to profit from incremental changes in the price differential. Examples of Relative Value Strategies are: (a) credit long short strategies; (b) credit arbitrage; (c) convertible arbitrage; and (d) volatility arbitrage.

Event Driven Strategies – Event Driven Strategies generally invest in securities of companies undergoing corporate events. These strategies are generally focused on analyzing the impact of the company-specific or transaction-specific event on security valuations. Examples of such company-specific or transaction-specific events include mergers, acquisitions, transfers of assets, tender offers, exchange offers, recapitalizations, liquidations, divestitures, spin-offs, equity restructurings and reorganizations.

Global Macro Strategies – Global Macro Strategies generally focus on macro-economic (economy-wide developments such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels) opportunities across numerous markets and investments. Investments may be long or short and are based on the relative value or direction of a market, a currency, an interest rate, a commodity or any macroeconomic variable. Examples of Global Macro Strategies include discretionary (seeking to profit by tactically investing across different asset classes, markets, and investment opportunities through a combination of fundamental market analysis and quantitative modeling) and systematic (seeking to profit by utilizing quantitative models to identify investment opportunities across different asset classes and markets in order to construct a portfolio of investments) macro strategies.

Risk [Heading]

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Principal Risks

Risk Narrative [Text Block]

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You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

Multi-Manager Approach

The Fund’s performance depends on the skill of the Investment Manager in selecting, overseeing, and allocating Fund assets to the Sub-Advisors. The Sub-Advisors’ investment styles may not always be complementary. Sub-Advisors make investment decisions independently of one another, and may make decisions that conflict with each other. Moreover, the Fund’s multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. The Sub-Advisors may underperform the market generally or underperform other investment managers that could have been selected for the Fund.

Some Sub-Advisors may have little or no experience managing the assets of a registered investment company which, unlike the private investment funds these Sub-Advisors have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

Management and Asset Allocation

The Fund is actively managed and could experience losses if the Investment Manager’s and Sub-Advisors’ judgment about markets, future volatility, interest rates, industries, sectors and regions or the attractiveness, relative values, liquidity, effectiveness or potential appreciation of particular investments made for the Fund’s portfolio prove to be incorrect. The Investment Manager’s allocation of Fund assets among different asset classes, Sub-Advisors and direct investments may not prove beneficial in light of subsequent market events. There can be no guarantee that these techniques or the Investment Manager’s and Sub-Advisors’ investment decisions will produce the desired results.

The Investment Manager and Sub-Advisors may use modeling systems to implement their investment strategies for the Fund. There is no assurance that the modeling systems are complete or accurate, or representative of future market cycles, nor will they necessarily be beneficial to the Fund even if they are accurate. They may negatively affect Fund performance and the ability of the Fund to meet its investment goal for various reasons including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading system dysfunctions, investor fear or over-reaction).

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

Foreign Securities (non-U.S.)

Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: political and economic developments - the political, economic and social structures of some foreign countries may be less stable and more volatile than those in the U.S.; trading practices - government supervision and regulation of foreign security and currency markets, trading systems and brokers may be less than in the U.S.; availability of information - foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; limited markets - the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency exchange rate fluctuations and policies.

Derivative Instruments

The performance of derivative instruments depends largely on the performance of an underlying currency, security, interest rate or index, and such instruments often have risks similar to the underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund’s portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that significantly exceeds the Fund’s initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. Their successful use will usually depend on the Investment Manager’s and Sub-Advisors' ability to accurately forecast movements in the market relating to the underlying instrument. Should a market or markets, or prices of particular classes of investments move in an unexpected manner, especially in unusual or extreme market conditions, the Fund may not achieve the anticipated benefits of the transaction, and it may realize losses, which could be significant. If the Investment Manager or Sub-Advisor is not successful in using such derivative instruments, the Fund’s performance may be worse than if the Investment Manager or Sub-Advisor did not use such derivative instruments at all. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate, index or other risk being hedged. Derivatives also may present the risk that the other party to the transaction will fail to perform. There is also the risk, especially under extreme market conditions, that an instrument, which usually would operate as a hedge, provides no hedging benefits at all.

Currency Management Strategies

Currency management strategies may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager or a Sub-Advisor expects. In addition, currency management strategies, to the extent that they reduce the Fund’s exposure to currency risks, may also reduce the Fund’s ability to benefit from favorable changes in currency exchange rates. Using currency management strategies for purposes other than hedging further increases the Fund’s exposure to foreign investment losses. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns.

High-Yield Debt Securities

Issuers of lower-rated or “high-yield” debt securities (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt securities. High-yield debt securities are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt securities generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Short Sales

Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. This would occur if the securities lender or counterparty to a repurchase agreement required the Fund to deliver the securities the Fund had borrowed/agreed to sell at the commencement of the short sale and the Fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. Also, engaging in short sales strategies subjects the Fund to additional credit risk if a party to the short sale fails to honor its contractual terms, causing a loss to the Fund.

Event Driven Investments

A merger or other restructuring, or a tender or exchange offer, proposed or pending at the time the Fund makes an event driven investment may not be completed on the terms or within the time frame contemplated, which may result in losses to the Fund.

Convertible Securities

Convertible securities are subject to the risks of stocks when the underlying stock price is high relative to the conversion price (because more of the security's value resides in the conversion feature) and debt securities when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible security is not as sensitive to interest rate changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.

Liquidity

From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.

Portfolio Turnover

The Investment Manager and/or the Sub-Advisors will sell a security or enter into or close out of a derivative position when they believe it is appropriate to do so, regardless of how long the Fund has held the instrument. These activities increase the Fund’s portfolio turnover and may increase the Fund’s transaction costs.

Bar Chart and Performance Table [Heading]

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Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The secondary index in the table below shows how the Fund’s performance compares to the ICE BofAML US 3-Month Treasury Bill Index, which tracks the performance of short-term U.S. government securities with a remaining term to final maturity of less than three months.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

(800) DIAL BEN/342-5236

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

franklintempleton.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Class A Annual Total Returns

Bar Chart Does Not Reflect Sales Loads [Text]

rr_BarChartDoesNotReflectSalesLoads

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Best Quarter:	Q1'15	2.68%
Worst Quarter:	Q3'15	-2.18%
As of June 30, 2018, the Fund's year-to-date return was 0.97%.

Performance Table Heading

rr_PerformanceTableHeading

<div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A maximum front-end sales charge of 5.75% that was in effect prior to September 10, 2018. Class A shares, however, currently are subject to a maximum front-end sales charge of 5.50% effective on September 10, 2018. If the maximum front-end sales charge of 5.50% was reflected, performance for Class A in the average annual total returns table would be higher.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

5.50%

^[1]

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

^[1]

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.22%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.04%

^[3]

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.39%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

2.82%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.21%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.61%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 800

3 years

rr_ExpenseExampleYear03

1,357

5 years

rr_ExpenseExampleYear05

1,940

10 years

rr_ExpenseExampleYear10

$ 3,510

2014

rr_AnnualReturn2014

4.88%

2015

rr_AnnualReturn2015

(0.12%)

2016

rr_AnnualReturn2016

1.68%

2017

rr_AnnualReturn2017

6.57%

Year to Date Return, Label

rr_YearToDateReturnLabel

As of June 30, 2018, the Fund's year-to-date return was 0.97%.

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Best Quarter:

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Mar. 31, 2015

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

2.68%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter:

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2015

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(2.18%)

Inception Date

rr_AverageAnnualReturnInceptionDate

Oct. 11, 2013

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

^[5]

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[5]

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.22%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.04%

^[3]

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.39%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

3.57%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.21%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

3.36%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 439

3 years

rr_ExpenseExampleYear03

1,075

5 years

rr_ExpenseExampleYear05

1,832

10 years

rr_ExpenseExampleYear10

3,822

1 Year

rr_ExpenseExampleNoRedemptionYear01

339

3 Years

rr_ExpenseExampleNoRedemptionYear03

1,075

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,832

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 3,822

Inception Date

rr_AverageAnnualReturnInceptionDate

Oct. 11, 2013

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Class R

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.50%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.22%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.04%

^[3]

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.39%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

3.07%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.21%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.86%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 289

3 years

rr_ExpenseExampleYear03

928

5 years

rr_ExpenseExampleYear05

1,593

10 years

rr_ExpenseExampleYear10

$ 3,369

Inception Date

rr_AverageAnnualReturnInceptionDate

Oct. 11, 2013

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Class R6

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

none

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.14%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.04%

^[3]

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.39%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

2.49%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.21%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.28%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 231

3 years

rr_ExpenseExampleYear03

756

5 years

rr_ExpenseExampleYear05

1,307

10 years

rr_ExpenseExampleYear10

$ 2,810

Inception Date

rr_AverageAnnualReturnInceptionDate

Oct. 11, 2013

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

1.90%

^[2]

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

none

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.22%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.04%

^[3]

Dividend expense and security borrowing fees for securities sold short

rr_Component3OtherExpensesOverAssets

0.39%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[4]

Total annual Fund operating expenses

rr_ExpensesOverAssets

2.57%

^[4]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.21%)

^[3]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

2.36%

^[3],[4]

1 year

rr_ExpenseExampleYear01

$ 239

3 years

rr_ExpenseExampleYear03

780

5 years

rr_ExpenseExampleYear05

1,347

10 years

rr_ExpenseExampleYear10

$ 2,889

Inception Date

rr_AverageAnnualReturnInceptionDate

Oct. 11, 2013

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Return Before Taxes | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Alternative Strategies Fund

Label

rr_AverageAnnualReturnLabel

Return Before Taxes

Past 1 year

rr_AverageAnnualReturnYear01

0.41%

Since Inception

rr_AverageAnnualReturnSinceInception

2.61%

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Return Before Taxes | Class C

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

4.72%

Since Inception

rr_AverageAnnualReturnSinceInception

3.35%

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Return Before Taxes | Class R

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

6.16%

Since Inception

rr_AverageAnnualReturnSinceInception

3.71%

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Return Before Taxes | Class R6

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

6.83%

Since Inception

rr_AverageAnnualReturnSinceInception

4.40%

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | Return Before Taxes | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

6.84%

Since Inception

rr_AverageAnnualReturnSinceInception

4.34%

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | After Taxes on Distributions | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Alternative Strategies Fund

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

Past 1 year

rr_AverageAnnualReturnYear01

(0.07%)

Since Inception

rr_AverageAnnualReturnSinceInception

2.22%

Inception Date

rr_AverageAnnualReturnInceptionDate

Oct. 11, 2013

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | After Taxes on Distributions and Sales | Class A

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin K2 Alternative Strategies Fund

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

Past 1 year

rr_AverageAnnualReturnYear01

0.31%

Since Inception

rr_AverageAnnualReturnSinceInception

1.86%

Inception Date

rr_AverageAnnualReturnInceptionDate

Oct. 11, 2013

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | HFRX Global Hedge Fund Index (index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

5.84%

Since Inception

rr_AverageAnnualReturnSinceInception

1.36%

Franklin K2 Alternative Strategies Fund-13 | Franklin K2 Alternative Strategies Fund | ICE BofAML US 3-Month Treasury Bill Index (index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

0.86%

Since Inception

rr_AverageAnnualReturnSinceInception

0.31%

[1] There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

[2] Management fees have been restated to reflect a reduction in the contractual fee rate effective on October 1, 2017. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[3] The investment manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid by a Cayman Islands-based company that is wholly-owned by the Fund (Subsidiary). The waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. Additionally, the investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees; acquired fund fees and expenses; expenses related to securities sold short; and certain non-routine expenses) for each class of the Fund do not exceed 1.95% until September 30, 2019. Contractual fee waiver and/or expense reimbursement agreements may not be terminated during the terms set forth above.

[4] Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

[5] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

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Fund Summary

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund

Investment Goal

To seek to provide long-term total return.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 34 in the Fund's Prospectus and under “Buying and Selling Shares” on page 59 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A - "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees {- Franklin Pelagos Commodities Strategy Fund} - Franklin Pelagos Commodities Strategy Fund-08 - Franklin Pelagos Commodities Strategy Fund	Class A	[1]	Class C	[2]	Class R	Class R6	Advisor Class
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)	5.50%		none		none	none	none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)	none		1.00%		none	none	none

<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>

Annual Operating Expenses {- Franklin Pelagos Commodities Strategy Fund} - Franklin Pelagos Commodities Strategy Fund-08 - Franklin Pelagos Commodities Strategy Fund		Class A	Class C	Class R		Class R6	Advisor Class
Management fees		0.85%	0.85%	0.85%		0.85%	0.85%
Distribution and service (12b-1) fees		0.25%	1.00%	0.50%	[1]	none	none
Other expenses of the Fund		0.55%	0.55%	0.55%		0.18%	0.55%
Other expenses of the Subsidiary	[2]	0.21%	0.21%	0.21%		0.21%	0.21%
Total annual Fund operating expenses	[2]	1.86%	2.61%	2.11%		1.24%	1.61%
Fee waiver and/or expense reimbursement	[2]	(0.66%)	(0.66%)	(0.66%)		(0.66%)	(0.66%)
Total annual Fund operating expenses after fee waiver and/or expense reimbursement	[2]	1.20%	1.95%	1.45%		0.58%	0.95%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example {- Franklin Pelagos Commodities Strategy Fund} - Franklin Pelagos Commodities Strategy Fund-08 - Franklin Pelagos Commodities Strategy Fund - USD ($)	Class A	Class C	Class R	Class R6	Advisor Class
1 year	$ 666	$ 298	$ 148	$ 59	$ 97
3 years	1,042	749	597	328	443
5 years	1,442	1,326	1,073	617	814
10 years	$ 2,559	$ 2,895	$ 2,389	$ 1,442	$ 1,855

If you do not sell your shares:

Expense Example, No Redemption {- Franklin Pelagos Commodities Strategy Fund}	Franklin Pelagos Commodities Strategy Fund-08 Franklin Pelagos Commodities Strategy Fund Class C USD ($)
1 Year	$ 198
3 Years	749
5 Years	1,326
10 Years	$ 2,895

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 0.00% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment goal by utilizing an actively managed fundamental and quantitative investment process to provide exposure to the commodities markets by (i) investing in commodity-linked derivative instruments and (ii) investing in securities of the U.S. government, its agencies and instrumentalities and other fixed income securities.

The Fund seeks exposure to the commodities markets by investing in commodity-linked derivative instruments including commodity-linked total return swaps, commodity futures, commodity index futures and options on commodity futures and commodity index futures, which may provide exposure to foreign and emerging markets. By investing in these derivative instruments, the Fund seeks to gain exposure to the returns of real assets that trade in the commodities markets without direct investment in physical commodities. Real assets include such things as industrial and precious metals, gas, oil, livestock, agricultural or meat products and other items. When selecting investments, the investment manager uses a fundamental and quantitative process to allocate the Fund's commodity-linked derivative investments among a variety of commodity sectors and indices. The principal investment strategies and principal investment techniques of the Fund may be changed without shareholder approval.

The Fund intends to hold its commodity-linked derivative instruments either directly or indirectly through a Cayman Islands based company that is wholly owned by the Fund (the Subsidiary). The purpose of investing in commodity-linked derivative instruments through the Subsidiary is to cause all income or gains from such commodity-related investments to qualify as "good income" for the Fund under the Internal Revenue Code of 1986 (the Code). For a more complete discussion of the tax consequences of the Fund’s investment in the Subsidiary, see “Distributions and Taxes” in the “Fund Details” section. The Subsidiary may also invest in U.S. government securities and other fixed income instruments, which are intended to serve as margin or collateral for the Subsidiary’s derivatives positions. The Fund may invest up to 25% of its total assets in the Subsidiary.

Broad exposure to commodities generally is obtained primarily through the Fund's investments in commodity-linked total return swaps. The Fund also obtains exposure to the commodities markets through the use of commodity futures contracts and options on such contracts or general swaps on specific commodities.

In order to satisfy any asset coverage requirements of the Investment Company Act of 1940 and any other margin or collateral requirements, the Fund also invests in securities of the U.S. government, its agencies and instrumentalities and other fixed income securities. The Fund does not target a specific duration or maturity for the debt securities in which it invests.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Commodities

The Fund's exposure to investments in physical commodities presents unique risks. Investing in physical commodities, including through commodity-linked derivative instruments such as commodity-linked total return swaps, commodity futures, commodity index futures and options on commodity futures and commodity index futures, is speculative and can be extremely volatile. Market prices of commodities may fluctuate rapidly based on numerous factors, including: changes in supply and demand relationships (whether actual, perceived, anticipated, unanticipated or unrealized); weather; agriculture; trade; domestic and foreign political and economic events and policies; diseases; pestilence; technological developments; currency exchange rate fluctuations; and monetary and other governmental policies, action and inaction. The current or "spot" prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Certain commodities are used primarily in one industry, and fluctuations in levels of activity in (or the availability of alternative resources to) one industry may have a disproportionate effect on global demand for a particular commodity. Moreover, recent growth in industrial production and gross domestic product has made China and other developing nations oversized users of commodities and has increased the extent to which certain commodities prices are influenced by those markets.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. An investment’s market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Derivative Instruments

The performance of derivative instruments depends largely on the performance of an underlying currency, security, interest rate or index, and such instruments often have risks similar to the underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund’s portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that significantly exceeds the Fund’s initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. Their successful use will usually depend on the investment manager’s ability to accurately forecast movements in the market relating to the underlying instrument. Should a market or markets, or prices of particular classes of investments move in an unexpected manner, especially in unusual or extreme market conditions, the Fund may not achieve the anticipated benefits of the transaction, and it may realize losses, which could be significant. If the investment manager is not successful in using such derivative instruments, the Fund’s performance may be worse than if the investment manager did not use such derivative instruments at all. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate, index or other risk being hedged. Derivatives also may present the risk that the other party to the transaction will fail to perform. There is also the risk, especially under extreme market conditions, that an instrument, which usually would operate as a hedge, provides no hedging benefits at all.

Liquidity

Liquidity risk exists when the markets for particular investments or types of investments are or become relatively illiquid so that the Fund is unable, or it becomes more difficult for the Fund, to sell the investment at the price at which the Fund has valued the investment. Illiquidity may result from political, economic or issuer specific events; changes in a specific market's size or structure, including the number of participants; or overall market disruptions. Investments with reduced liquidity or that become illiquid involve greater risk than investments with more liquid markets.

Tax

The tax treatment of the Fund’s use of commodity-linked derivative instruments (including commodity-linked notes) may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income for purposes of the Fund’s qualification as a regulated investment company, the Fund might fail to qualify as such and be subject to federal income tax at the Fund level. As a result of a recent announcement by the Internal Revenue Service, the Fund intends to invest in commodity-linked notes: (a) directly only to the extent that such commodity-linked notes constitute securities under section 2(a)(36) of the Investment Company Act of 1940 or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of commodity-linked derivative instruments or the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund’s ability to pursue its investment strategy. In this event, the Fund’s board of trustees may authorize a change in investment strategy or Fund liquidation.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Foreign Exposure Risk

Investments that provide exposure to foreign countries, whether directly or indirectly, through a futures contract (e.g., foreign currency futures, foreign equity index futures) or other instrument, are subject to a number of risks. Foreign investments typically involve more risks than U.S. investments. Certain of these risks also may apply to investments in U.S. companies with significant foreign operations. These risks can increase the potential for investment loss and may include, among others, currency risks (such as fluctuations in currency exchange rates and currency devaluations); country risks (such as political, diplomatic, or regional conflicts, terrorism or war, social and economic instability, and policies limiting or restricting foreign investment or the movement of assets); and risks associated with the state of a country’s financial markets and legal institutions. The risks of foreign investing typically are greater in less developed or emerging market countries.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Advisor Class shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

Advisor Class Annual Total Returns

Best Quarter:	Q2'16	15.05%
Worst Quarter:	Q3'15	-13.35%
As of June 30, 2018, the Fund's year-to-date return was 0.45%.

<div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>

Average Annual Total Returns{- Franklin Pelagos Commodities Strategy Fund} - Franklin Pelagos Commodities Strategy Fund-08 - Franklin Pelagos Commodities Strategy Fund	Past 1 year	Past 5 years	Since Inception	[1]
Advisor Class | Return Before Taxes	1.05%	(7.70%)	(6.34%)
Advisor Class | After Taxes on Distributions	1.05%	(7.70%)	(6.34%)
Advisor Class | After Taxes on Distributions and Sales	0.60%	(5.63%)	(4.63%)
Class A | Return Before Taxes	(5.06%)	(9.24%)	(7.68%)
Class C | Return Before Taxes	(0.84%)	(8.83%)	(7.44%)
Class R | Return Before Taxes	0.62%	(8.34%)	(6.96%)
Class R6 | Return Before Taxes	1.34%		(6.89%)
Bloomberg Commodity Index (index reflects no deduction for fees, expenses or taxes)	1.70%	(8.45%)	(7.60%)

Prior to January 1, 2014, the Fund was registered under the Investment Company Act of 1940, but the Fund’s securities were not registered under the Securities Act of 1933, and the Fund privately offered its shares only to other mutual funds in the Franklin Templeton Investments family of mutual funds. The privately offered shares of the Fund were redesignated Advisor Class shares upon the public offering of the Fund.

Historical performance for Class A, Class C and Class R shares prior to their inception is based on the performance of Advisor Class shares. Class A, Class C and Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.

The figures in the average annual total returns table above reflect the Class A maximum front-end sales charge of 5.75% that was in effect prior to September 10, 2018. Class A shares, however, currently are subject to a maximum front-end sales charge of 5.50% effective on September 10, 2018. If the maximum front-end sales charge of 5.50% was reflected, performance for Class A in the average annual total returns table would be higher.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

[1] There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

[2] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

[1] Class R distribution and service (12b-1) fees have been restated to reflect the maximum annual rate set by the board of trustees. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[2] The investment manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid by a Cayman Islands-based company that is wholly-owned by the Fund (Subsidiary). The waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. Additionally, the investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, and certain non-routine expenses) for each class of the Fund do not exceed 0.95%, until September 30, 2019. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above.

[1] Since inception for Class A, December 7, 2011; Class C, December 7, 2011; Class R, December 7, 2011; Class R6, January 10, 2014; Advisor Class, December 7, 2011.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Prospectus Date

rr_ProspectusDate

Oct. 01, 2018

Risk/Return [Heading]

rr_RiskReturnHeading

Fund Summary

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund

Risk/Return:

rr_RiskReturnAbstract

Objective [Heading]

rr_ObjectiveHeading

Investment Goal

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

To seek to provide long-term total return.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 34 in the Fund's Prospectus and under “Buying and Selling Shares” on page 59 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A - "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 0.00% of the average value of its portfolio.

Expense Breakpoint Discounts [Text]

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 50,000

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, By Year, Caption [Text]

rr_ExpenseExampleNoRedemptionByYearCaption

If you do not sell your shares:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment goal by utilizing an actively managed fundamental and quantitative investment process to provide exposure to the commodities markets by (i) investing in commodity-linked derivative instruments and (ii) investing in securities of the U.S. government, its agencies and instrumentalities and other fixed income securities.

The Fund seeks exposure to the commodities markets by investing in commodity-linked derivative instruments including commodity-linked total return swaps, commodity futures, commodity index futures and options on commodity futures and commodity index futures, which may provide exposure to foreign and emerging markets. By investing in these derivative instruments, the Fund seeks to gain exposure to the returns of real assets that trade in the commodities markets without direct investment in physical commodities. Real assets include such things as industrial and precious metals, gas, oil, livestock, agricultural or meat products and other items. When selecting investments, the investment manager uses a fundamental and quantitative process to allocate the Fund's commodity-linked derivative investments among a variety of commodity sectors and indices. The principal investment strategies and principal investment techniques of the Fund may be changed without shareholder approval.

The Fund intends to hold its commodity-linked derivative instruments either directly or indirectly through a Cayman Islands based company that is wholly owned by the Fund (the Subsidiary). The purpose of investing in commodity-linked derivative instruments through the Subsidiary is to cause all income or gains from such commodity-related investments to qualify as "good income" for the Fund under the Internal Revenue Code of 1986 (the Code). For a more complete discussion of the tax consequences of the Fund’s investment in the Subsidiary, see “Distributions and Taxes” in the “Fund Details” section. The Subsidiary may also invest in U.S. government securities and other fixed income instruments, which are intended to serve as margin or collateral for the Subsidiary’s derivatives positions. The Fund may invest up to 25% of its total assets in the Subsidiary.

Broad exposure to commodities generally is obtained primarily through the Fund's investments in commodity-linked total return swaps. The Fund also obtains exposure to the commodities markets through the use of commodity futures contracts and options on such contracts or general swaps on specific commodities.

In order to satisfy any asset coverage requirements of the Investment Company Act of 1940 and any other margin or collateral requirements, the Fund also invests in securities of the U.S. government, its agencies and instrumentalities and other fixed income securities. The Fund does not target a specific duration or maturity for the debt securities in which it invests.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Commodities

The Fund's exposure to investments in physical commodities presents unique risks. Investing in physical commodities, including through commodity-linked derivative instruments such as commodity-linked total return swaps, commodity futures, commodity index futures and options on commodity futures and commodity index futures, is speculative and can be extremely volatile. Market prices of commodities may fluctuate rapidly based on numerous factors, including: changes in supply and demand relationships (whether actual, perceived, anticipated, unanticipated or unrealized); weather; agriculture; trade; domestic and foreign political and economic events and policies; diseases; pestilence; technological developments; currency exchange rate fluctuations; and monetary and other governmental policies, action and inaction. The current or "spot" prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Certain commodities are used primarily in one industry, and fluctuations in levels of activity in (or the availability of alternative resources to) one industry may have a disproportionate effect on global demand for a particular commodity. Moreover, recent growth in industrial production and gross domestic product has made China and other developing nations oversized users of commodities and has increased the extent to which certain commodities prices are influenced by those markets.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. An investment’s market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Derivative Instruments

The performance of derivative instruments depends largely on the performance of an underlying currency, security, interest rate or index, and such instruments often have risks similar to the underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund’s portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that significantly exceeds the Fund’s initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. Their successful use will usually depend on the investment manager’s ability to accurately forecast movements in the market relating to the underlying instrument. Should a market or markets, or prices of particular classes of investments move in an unexpected manner, especially in unusual or extreme market conditions, the Fund may not achieve the anticipated benefits of the transaction, and it may realize losses, which could be significant. If the investment manager is not successful in using such derivative instruments, the Fund’s performance may be worse than if the investment manager did not use such derivative instruments at all. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate, index or other risk being hedged. Derivatives also may present the risk that the other party to the transaction will fail to perform. There is also the risk, especially under extreme market conditions, that an instrument, which usually would operate as a hedge, provides no hedging benefits at all.

Liquidity

Liquidity risk exists when the markets for particular investments or types of investments are or become relatively illiquid so that the Fund is unable, or it becomes more difficult for the Fund, to sell the investment at the price at which the Fund has valued the investment. Illiquidity may result from political, economic or issuer specific events; changes in a specific market's size or structure, including the number of participants; or overall market disruptions. Investments with reduced liquidity or that become illiquid involve greater risk than investments with more liquid markets.

Tax

The tax treatment of the Fund’s use of commodity-linked derivative instruments (including commodity-linked notes) may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income for purposes of the Fund’s qualification as a regulated investment company, the Fund might fail to qualify as such and be subject to federal income tax at the Fund level. As a result of a recent announcement by the Internal Revenue Service, the Fund intends to invest in commodity-linked notes: (a) directly only to the extent that such commodity-linked notes constitute securities under section 2(a)(36) of the Investment Company Act of 1940 or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of commodity-linked derivative instruments or the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund’s ability to pursue its investment strategy. In this event, the Fund’s board of trustees may authorize a change in investment strategy or Fund liquidation.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Foreign Exposure Risk

Investments that provide exposure to foreign countries, whether directly or indirectly, through a futures contract (e.g., foreign currency futures, foreign equity index futures) or other instrument, are subject to a number of risks. Foreign investments typically involve more risks than U.S. investments. Certain of these risks also may apply to investments in U.S. companies with significant foreign operations. These risks can increase the potential for investment loss and may include, among others, currency risks (such as fluctuations in currency exchange rates and currency devaluations); country risks (such as political, diplomatic, or regional conflicts, terrorism or war, social and economic instability, and policies limiting or restricting foreign investment or the movement of assets); and risks associated with the state of a country’s financial markets and legal institutions. The risks of foreign investing typically are greater in less developed or emerging market countries.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Advisor Class shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Advisor Class shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

(800) DIAL BEN/342-5236

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

franklintempleton.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Advisor Class Annual Total Returns

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Best Quarter:	Q2'16	15.05%
Worst Quarter:	Q3'15	-13.35%
As of June 30, 2018, the Fund's year-to-date return was 0.45%.

Performance Table Heading

rr_PerformanceTableHeading

<div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

Prior to January 1, 2014, the Fund was registered under the Investment Company Act of 1940, but the Fund’s securities were not registered under the Securities Act of 1933, and the Fund privately offered its shares only to other mutual funds in the Franklin Templeton Investments family of mutual funds. The privately offered shares of the Fund were redesignated Advisor Class shares upon the public offering of the Fund.

Historical performance for Class A, Class C and Class R shares prior to their inception is based on the performance of Advisor Class shares. Class A, Class C and Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.

The figures in the average annual total returns table above reflect the Class A maximum front-end sales charge of 5.75% that was in effect prior to September 10, 2018. Class A shares, however, currently are subject to a maximum front-end sales charge of 5.50% effective on September 10, 2018. If the maximum front-end sales charge of 5.50% was reflected, performance for Class A in the average annual total returns table would be higher.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

5.50%

^[1]

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

^[1]

Management fees

rr_ManagementFeesOverAssets

0.85%

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.55%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.21%

^[2]

Total annual Fund operating expenses

rr_ExpensesOverAssets

1.86%

^[2]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[2]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

1.20%

^[2]

1 year

rr_ExpenseExampleYear01

$ 666

3 years

rr_ExpenseExampleYear03

1,042

5 years

rr_ExpenseExampleYear05

1,442

10 years

rr_ExpenseExampleYear10

$ 2,559

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

^[3]

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[3]

Management fees

rr_ManagementFeesOverAssets

0.85%

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.55%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.21%

^[2]

Total annual Fund operating expenses

rr_ExpensesOverAssets

2.61%

^[2]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[2]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

1.95%

^[2]

1 year

rr_ExpenseExampleYear01

$ 298

3 years

rr_ExpenseExampleYear03

749

5 years

rr_ExpenseExampleYear05

1,326

10 years

rr_ExpenseExampleYear10

2,895

1 Year

rr_ExpenseExampleNoRedemptionYear01

198

3 Years

rr_ExpenseExampleNoRedemptionYear03

749

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,326

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 2,895

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Class R

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

0.85%

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.50%

^[4]

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.55%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.21%

^[2]

Total annual Fund operating expenses

rr_ExpensesOverAssets

2.11%

^[2]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[2]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

1.45%

^[2]

1 year

rr_ExpenseExampleYear01

$ 148

3 years

rr_ExpenseExampleYear03

597

5 years

rr_ExpenseExampleYear05

1,073

10 years

rr_ExpenseExampleYear10

$ 2,389

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Class R6

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

0.85%

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

none

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.18%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.21%

^[2]

Total annual Fund operating expenses

rr_ExpensesOverAssets

1.24%

^[2]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[2]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

0.58%

^[2]

1 year

rr_ExpenseExampleYear01

$ 59

3 years

rr_ExpenseExampleYear03

328

5 years

rr_ExpenseExampleYear05

617

10 years

rr_ExpenseExampleYear10

$ 1,442

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Management fees

rr_ManagementFeesOverAssets

0.85%

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

none

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.55%

Other expenses of the Subsidiary

rr_Component2OtherExpensesOverAssets

0.21%

^[2]

Total annual Fund operating expenses

rr_ExpensesOverAssets

1.61%

^[2]

Fee waiver and/or expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.66%)

^[2]

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

rr_NetExpensesOverAssets

0.95%

^[2]

1 year

rr_ExpenseExampleYear01

$ 97

3 years

rr_ExpenseExampleYear03

443

5 years

rr_ExpenseExampleYear05

814

10 years

rr_ExpenseExampleYear10

$ 1,855

2012

rr_AnnualReturn2012

2.03%

2013

rr_AnnualReturn2013

(9.57%)

2014

rr_AnnualReturn2014

(16.98%)

2015

rr_AnnualReturn2015

(21.78%)

2016

rr_AnnualReturn2016

12.90%

2017

rr_AnnualReturn2017

1.05%

Year to Date Return, Label

rr_YearToDateReturnLabel

As of June 30, 2018, the Fund's year-to-date return was 0.45%.

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Best Quarter:

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2016

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

15.05%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter:

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2015

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(13.35%)

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Return Before Taxes | Class A

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

(5.06%)

Past 5 years

rr_AverageAnnualReturnYear05

(9.24%)

Since Inception

rr_AverageAnnualReturnSinceInception

(7.68%)

^[5]

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Return Before Taxes | Class C

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

(0.84%)

Past 5 years

rr_AverageAnnualReturnYear05

(8.83%)

Since Inception

rr_AverageAnnualReturnSinceInception

(7.44%)

^[5]

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Return Before Taxes | Class R

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

0.62%

Past 5 years

rr_AverageAnnualReturnYear05

(8.34%)

Since Inception

rr_AverageAnnualReturnSinceInception

(6.96%)

^[5]

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Return Before Taxes | Class R6

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

1.34%

Past 5 years

rr_AverageAnnualReturnYear05

Since Inception

rr_AverageAnnualReturnSinceInception

(6.89%)

^[5]

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Return Before Taxes | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin Pelagos Commodities Strategy Fund

Label

rr_AverageAnnualReturnLabel

Return Before Taxes

Past 1 year

rr_AverageAnnualReturnYear01

1.05%

Past 5 years

rr_AverageAnnualReturnYear05

(7.70%)

Since Inception

rr_AverageAnnualReturnSinceInception

(6.34%)

^[5]

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | After Taxes on Distributions | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin Pelagos Commodities Strategy Fund

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

Past 1 year

rr_AverageAnnualReturnYear01

1.05%

Past 5 years

rr_AverageAnnualReturnYear05

(7.70%)

Since Inception

rr_AverageAnnualReturnSinceInception

(6.34%)

^[5]

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | After Taxes on Distributions and Sales | Advisor Class

Risk/Return:

rr_RiskReturnAbstract

Column

rr_AverageAnnualReturnColumnName

Franklin Pelagos Commodities Strategy Fund

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

Past 1 year

rr_AverageAnnualReturnYear01

0.60%

Past 5 years

rr_AverageAnnualReturnYear05

(5.63%)

Since Inception

rr_AverageAnnualReturnSinceInception

(4.63%)

^[5]

Franklin Pelagos Commodities Strategy Fund-08 | Franklin Pelagos Commodities Strategy Fund | Bloomberg Commodity Index (index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Past 1 year

rr_AverageAnnualReturnYear01

1.70%

Past 5 years

rr_AverageAnnualReturnYear05

(8.45%)

Since Inception

rr_AverageAnnualReturnSinceInception

(7.60%)

^[5]

[1] There is a 1% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

[2] The investment manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid by a Cayman Islands-based company that is wholly-owned by the Fund (Subsidiary). The waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. Additionally, the investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, and certain non-routine expenses) for each class of the Fund do not exceed 0.95%, until September 30, 2019. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above.

[3] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

[4] Class R distribution and service (12b-1) fees have been restated to reflect the maximum annual rate set by the board of trustees. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.

[5] Since inception for Class A, December 7, 2011; Class C, December 7, 2011; Class R, December 7, 2011; Class R6, January 10, 2014; Advisor Class, December 7, 2011.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	FRANKLIN ALTERNATIVE STRATEGIES FUNDS
Prospectus Date	rr_ProspectusDate	Oct. 01, 2018
Document Creation Date	dei_DocumentCreationDate	Sep. 27, 2018