XML 24 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FRANKLIN INVESTORS SECURITIES TRUST
Prospectus Date rr_ProspectusDate Jun. 12, 2016
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund  
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock High level of current income, while providing lower volatility of principal than a fund that invests in fixed-rate securities.
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 $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 135 in the Fund's Prospectus and under “Buying and Selling Shares” on page 83 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific 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

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
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 11.49% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 11.49%
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 $100,000 in Franklin Templeton funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
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

Under normal market conditions, the Fund invests at least 80% of its net assets in “adjustable-rate U.S. government mortgage securities.” “Adjustable-rate U.S. government mortgage securities” include adjustable-rate mortgage securities (ARMS) and other mortgage-backed securities with interest rates that adjust periodically to reflect prevailing market interest rates, which are issued or guaranteed by the U.S. government, its agencies or instrumentalities, including government-sponsored entities.

Mortgage-backed securities represent an interest in a pool of mortgage loans made by banks and other financial institutions to finance purchases of homes, commercial buildings and other real estate. As the underlying mortgage loans are paid off, investors receive periodic principal and interest payments as well as any unscheduled principal prepayments on the underlying mortgage loans. The mortgage-backed securities purchased by the Fund may include bonds and notes issued or guaranteed by U.S. government-sponsored entities, such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and by the Government National Mortgage Association (Ginnie Mae). The Fund currently focuses on mortgage-backed securities issued or guaranteed by Fannie Mae and Freddie Mac.

Government agency or instrumentality issues have different levels of credit support. Ginnie Mae pass-through mortgage certificates are backed by the full faith and credit of the U.S. government. U.S. government-sponsored entities, such as Fannie Mae and Freddie Mac, may be chartered by Acts of Congress, but their securities are neither issued nor guaranteed by the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac, no assurance can be given that the U.S. government will continue to do so. Accordingly, securities issued by Fannie Mae and Freddie Mac may involve a greater risk of non-payment of principal and interest. Investors should remember that guarantees of timely repayment of principal and interest do not apply to the market prices and yields of the securities or to the net asset value or performance of the Fund, which will vary with changes in interest rates and other market conditions.

Periodic interest rate adjustments may help keep the prices of ARMS relatively stable when compared with the prices of fixed-rate securities, which generally fall when interest rates rise. As a result, the Fund may participate in increases in interest rates resulting in higher current yields, but with less fluctuation in net asset value than a fund invested in comparable fixed-rate securities. Adjustable-rate securities, however, frequently limit the maximum amount by which the interest rate may change up or down. The Fund, therefore, may not benefit from increases in interest rates if prevailing interest rates exceed a security's maximum allowable periodic or lifetime limits. During periods of falling interest rates, the interest rates on these securities may reset downward, resulting in a lower yield for the Fund.

The Fund may invest up to 20% of its net assets in other securities, including fixed-rate mortgage-backed securities and mortgage-backed securities issued by a private entity. The Fund may also invest in direct obligations of the U.S. government or of its agencies, instrumentalities or sponsored enterprises, such as Treasury bills, bonds or notes, and in repurchase agreements collateralized by U.S. government or government agency securities.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund invests at least 80% of its net assets in “adjustable-rate U.S. government mortgage securities.”
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.

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.

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.

Mortgage Securities

Mortgage 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 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 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.

Adjustable Rate Securities

Because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline during periods of rising interest rates until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities.

Extension

Some debt securities, particularly mortgage-backed securities, are subject to the risk that the debt security’s effective maturity is extended because calls or prepayments are less or slower than anticipated, particularly when interest rates rise. The market value of such security may then decline and become more interest rate sensitive.

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.

Income

Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.

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. While securities issued by Ginnie Mae are backed by the full faith and credit of the U.S. government, not all securities of the various U.S. government agencies are, including those of Fannie Mae and Freddie Mac. Accordingly, securities issued by Fannie Mae and Freddie Mac may involve a risk of non-payment of principal and interest.

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 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.

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:Q1'091.72%
Worst Quarter:Q4'12-0.39%
As of March 31, 2017, the Fund's year-to-date return was 0.21%.
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns
(figures reflect sales charges)

For the periods ended December 31, 2016
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Historical performance for Class A1 and Advisor Class shares prior to their inception is based on the performance of Class A shares. Advisor Class performance has been adjusted to reflect differences in sales charges between classes.

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 Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 2.25%
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 0.50%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.17%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.92%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Total annual Fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 0.91% [2]
1 year rr_ExpenseExampleYear01 $ 316
3 years rr_ExpenseExampleYear03 511
5 years rr_ExpenseExampleYear05 722
10 years rr_ExpenseExampleYear10 $ 1,330
2007 rr_AnnualReturn2007 5.04%
2008 rr_AnnualReturn2008 3.59%
2009 rr_AnnualReturn2009 4.35%
2010 rr_AnnualReturn2010 1.29%
2011 rr_AnnualReturn2011 1.73%
2012 rr_AnnualReturn2012 1.42%
2013 rr_AnnualReturn2013 (0.16%)
2014 rr_AnnualReturn2014 0.65%
2015 rr_AnnualReturn2015 (0.68%)
2016 rr_AnnualReturn2016 0.09%
Year to Date Return, Label rr_YearToDateReturnLabel As of March 31, 2017, the Fund's year-to-date return was 0.21%.
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.72%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.39%)
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Class A1  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 2.25%
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 0.50%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.10%
Other expenses rr_OtherExpensesOverAssets 0.17%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.77%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Total annual Fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 0.76% [2]
1 year rr_ExpenseExampleYear01 $ 301
3 years rr_ExpenseExampleYear03 465
5 years rr_ExpenseExampleYear05 642
10 years rr_ExpenseExampleYear10 $ 1,157
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Class C  
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 1.00%
Management fees rr_ManagementFeesOverAssets 0.50%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.65%
Other expenses rr_OtherExpensesOverAssets 0.17%
Total annual Fund operating expenses rr_ExpensesOverAssets 1.32%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Total annual Fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 1.31% [2]
1 year rr_ExpenseExampleYear01 $ 233
3 years rr_ExpenseExampleYear03 417
5 years rr_ExpenseExampleYear05 723
10 years rr_ExpenseExampleYear10 1,590
1 Year rr_ExpenseExampleNoRedemptionYear01 133
3 Years rr_ExpenseExampleNoRedemptionYear03 417
5 Years rr_ExpenseExampleNoRedemptionYear05 723
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,590
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities 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 0.50%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.56%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Total annual Fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 0.55% [2]
1 year rr_ExpenseExampleYear01 $ 56
3 years rr_ExpenseExampleYear03 178
5 years rr_ExpenseExampleYear05 312
10 years rr_ExpenseExampleYear10 $ 701
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities 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 0.50%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.17%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.67%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Total annual Fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 0.66% [2]
1 year rr_ExpenseExampleYear01 $ 67
3 years rr_ExpenseExampleYear03 213
5 years rr_ExpenseExampleYear05 372
10 years rr_ExpenseExampleYear10 $ 834
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Return Before Taxes | Class A  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin Adjustable U.S. Government Securities Fund
Label rr_AverageAnnualReturnLabel Return Before Taxes
Past 1 year rr_AverageAnnualReturnYear01 (2.21%)
Past 5 years rr_AverageAnnualReturnYear05 (0.19%)
Past 10 years rr_AverageAnnualReturnYear10 1.49%
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Return Before Taxes | Class A1  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 (2.07%)
Past 5 years rr_AverageAnnualReturnYear05 (0.10%)
Past 10 years rr_AverageAnnualReturnYear10 1.53%
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Return Before Taxes | Class C  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 (1.30%)
Past 5 years rr_AverageAnnualReturnYear05 (0.12%)
Past 10 years rr_AverageAnnualReturnYear10 1.30%
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Return Before Taxes | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 0.44%
Past 10 years rr_AverageAnnualReturnYear10
Since Inception rr_AverageAnnualReturnSinceInception 0.46% [3]
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Return Before Taxes | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 0.34%
Past 5 years rr_AverageAnnualReturnYear05 0.51%
Past 10 years rr_AverageAnnualReturnYear10 1.94%
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | After Taxes on Distributions | Class A  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin Adjustable U.S. Government Securities Fund
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Past 1 year rr_AverageAnnualReturnYear01 (2.85%)
Past 5 years rr_AverageAnnualReturnYear05 (0.74%)
Past 10 years rr_AverageAnnualReturnYear10 0.63%
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | After Taxes on Distributions and Sales | Class A  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin Adjustable U.S. Government Securities Fund
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Past 1 year rr_AverageAnnualReturnYear01 (1.25%)
Past 5 years rr_AverageAnnualReturnYear05 (0.38%)
Past 10 years rr_AverageAnnualReturnYear10 0.82%
Franklin Investors Securities Trust - FIST2-21 | Franklin Adjustable U.S. Government Securities Fund | Bloomberg Barclays U.S. Government (1-2 Year) Index (index reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 0.83%
Past 5 years rr_AverageAnnualReturnYear05 0.46%
Past 10 years rr_AverageAnnualReturnYear10 1.86%
[1] There is a 0.75% 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 in advance to reduce its fee as a result of the Fund's investment in a Franklin Templeton money fund (acquired fund) for the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time period set forth above.
[3] Since inception September 20, 2013.