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Effective on or about 3/1/19, the maximum initial sales charge for purchases of less than $100,000 of Franklin Templetons long-term fixed income funds (Class A and A1 shares) will be lowered to 3.75%.Please see the prospectus supplement for more information.If you have any questions, please contact your financial advisor or call Shareholder Services.

Beginning on 10/19/18, Class C shares held for 10 years or more will automatically convert to Class A shares. Thereafter, Class C shares held for 10 years or more will automatically convert to Class A shares on a monthly basis. This conversion allows shareholders to take advantage of the lower expenses offered by Class A shares.Please see the prospectus supplement for more information.If you have any questions, please contact your financial advisor or call Franklin Templeton.

Effective 9/10/18, certain sales charges and commissions paid to dealers on Class A and A1 shares of our mutual funds changed.Please see the prospectus supplement for more information.If you have additional questions, please contact your financial advisor or call Franklin Templeton.

Read important information about results and other investment disclosures

Read important information about results and other investment disclosures

Read important information about results and other investment disclosures

The fund seeks total investment return consisting of a combination of interest income, capital appreciation and currency gains. The fund primarily invests in fixed and floating-rate debt securities and debt obligations of governments, government-related or corporate issuers worldwide and regularly enters into various currency-related and other transactions involving derivative instruments.

The fund has a flexible strategy, investing in a broad opportunity set across geographic, sector, currency and credit opportunities to maximize income and total return potential for our shareholders.

The funds overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

We seek to generate total return through investment opportunities in currency, interest rate and credit markets.

Our multi-sector global bond fund is designed to capitalize on fixed income opportunities around the world.

We invest in fixed- and floating-rate bonds of corporations, governments and government-related issuers worldwide.

Our assets are allocated based on the managers assessment of value across countries and sectors given changing market, political and economic conditions, as well as an in-depth evaluation of interest rates, exchange rates and credit risks.

Our portfolio management team taps the expertise of the 100-plus investment professionals that comprise the Franklin Templeton Fixed Income Group

We can invest in any country, currency or fixed income sector to take advantage of income and capital appreciation opportunities as they arise.

In addition to the experts in our international bond department, we also leverage the broad expertise of the entire Franklin Templeton Fixed Income Group

and its global specialist teams covering every major sector of the fixed-income market.

All investments involve risks, including possible loss of principal.

Foreign securities involve special risks, including currency fluctuations (which may be significant over the short term) and economic and political uncertainties; investments in developing markets involve heightened risks related to the same factors.

Derivatives, including currency management strategies, involve costs and can create economic leverage in the portfolio which may result in significant volatility and cause the fund to participate in losses on an amount that exceeds the funds initial investment. The fund may not achieve the anticipated benefits, and may realize losses when a counterparty fails to perform as promised.

The markets for particular securities or types of securities are or may become relatively illiquid. Reduced liquidity will have an adverse impact on the securitys value and on the funds ability to sell such securities when necessary to meet the funds liquidity needs or in response to a specific market event.

Sovereign debt securities are subject to various risks in addition to those relating to debt securities and foreign securities generally, including, but not limited to, the risk that a government entity may be unwilling or unable to pay interest and repay principal on its sovereign debt, or otherwise meet its obligations when due.

Bond prices generally move in the opposite direction of interest rates. As the prices of bonds in the fund adjust to a rise in interest rates, the funds share price may decline.

Changes in the financial strength of a bond issuer or in a bonds credit rating may affect its value.

These and other risks are discussed in the funds prospectus.

Speak to your advisor about whether this fund is appropriate for you.

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Most Franklin Templeton funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. In general, Class A/A1 have a maximum initial sales charge; Class C/C1 shares have a 1% contingent deferred sales charge; Class Z, Advisor Class and Class R6 shares have no sales charges nor Rule 12b-1 fees; Class R shares have no sales charges, but do have a Rule 12b-1 fee.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total Returns With Sales Charge: returns reflect the deduction of the stated sales charge. Total returns, distribution rate, and yields reflect any applicable expense reductions, without which the results for those impacted funds would have been lower.

For more information on any of our funds, contact your financial advisor or download aprospectus. Investors should carefully consider a funds investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

All investments involve risks, including possible loss of principal. Foreign securities involve special risks, including currency fluctuations (which may be significant over the short term) and economic and political uncertainties; investments in developing markets involve heightened risks related to the same factors. Derivatives, including currency management strategies, involve costs and can create economic leverage in the portfolio which may result in significant volatility and cause the fund to participate in losses on an amount that exceeds the funds initial investment. The fund may not achieve the anticipated benefits, and may realize losses when a counterparty fails to perform as promised. The markets for particular securities or types of securities are or may become relatively illiquid. Reduced liquidity will have an adverse impact on the securitys value and on the funds ability to sell such securities when necessary to meet the funds liquidity needs or in response to a specific market event. Sovereign debt securities are subject to various risks in addition to those relating to debt securities and foreign securities generally, including, but not limited to, the risk that a government entity may be unwilling or unable to pay interest and repay principal on its sovereign debt, or otherwise meet its obligations when due. Bond prices generally move in the opposite direction of interest rates. As the prices of bonds in the fund adjust to a rise in interest rates, the funds share price may decline. Changes in the financial strength of a bond issuer or in a bonds credit rating may affect its value. These and other risks are discussed in the funds prospectus.

Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.

A statistical measurement of the range of a funds total returns. In general, a higher standard deviation means greater volatility. Based on the funds monthly returns over the 3-year period ended as of the date of the calculation.

A statistical measurement of a funds historical risk-adjusted performance. It is calculated by taking a funds excess return over that of the three-month Treasury bill divided by its standard deviation. Higher values generally indicate better historical risk-adjusted performance. Based on the 3 years ended as of the date of the calculation.

The annualized percentage difference between a funds actual returns and its expected performance given its level of market risk, as measured by beta. Based on the 3-year period ended as of the date of the calculation.

A measure of the funds volatility relative to the market, as represented by the Barclays Capital Multiverse Index. A beta greater than 1.00 indicates volatility greater than the market. Based on the 3-year period ended as of the date of the calculation.

The funds 30-day standardized yield is calculated over a trailing 30-day period using the yield to maturity on bonds and/or the dividends accrued on stocks. It may not equal the funds actual income distribution rate, which reflects the funds past dividends paid to shareholders.

Public Offering Price Purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

Net Asset Value The amount per share you would receive if you sold shares that day.

Source: Morningstar®. The style box reveals a funds investment style. For credit quality of the bonds owned, Morningstar combines credit rating information provided by the fund companies (only using ratings assigned by a Nationally Recognized Statistical Rating Organization – NRSRO) with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Funds with a low credit quality style box placement are those whose weighted-average credit quality is less than BBB-; medium are those less than AA- but greater or equal to BBB-; and high are those of AA- or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstars analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income funds interest-rate sensitivity based on effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBIs average effective duration; average effective duration between 75% to 125% of the MCBI will be classified as Moderate; and those at 125% or greater of the MCBI will be classified as Extensive. Shaded areas show the past 3 years of quarterly data.

Past performance does not guarantee future results.

Source: Morningstar®. For each mutual fund and exchange traded fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a funds monthly performance, and does not take into account the effects of sales charges and loads, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Rating is for the named share class only; other classes may have different performance characteristics.

Past performance is not an indicator or a guarantee of future performance.

©2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Gross Expense Ratio does not include a fee waiver related to the Funds investment in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through 4/30/19. Fund investment results reflect the fee reduction; without this reduction, the results would have been lower. Please see the prospectus for additional information.

Prior to 3/1/19, these shares were offered at a higher initial sales charge of 4.25%; thus actual returns would have differed. Total returns with sales charges have been restated to reflect the current maximum initial sales charge of 3.75%.

Prior to 3/1/19, these shares were offered at a higher initial sales charge of 4.25%; thus actual returns would have differed. Total returns with sales charges have been restated to reflect the current maximum initial sales charge of 3.75%.

Indices are unmanaged and one cannot invest directly in them. Index returns do not reflect any fees, expenses or sales charges.

For performance reporting purposes, the inception date for Classes A/A1, R, R6, Z, and Advisor Class shares of all Franklin Templeton Funds is the date of effectiveness of the funds registration statement or the first day the fund commenced operations. For Class C shares, generally the inception date is the first day the fund commenced offering such shares. Exceptions: Templeton Global Balanced Fund Classes A and C use the inception date of the old Class A and C shares, renamed Class A1 and Class C1. For Franklin Mutual Series Funds, Franklin International Small Cap Growth Fund and Franklin Pelagos Commodities Strategy Fund, the inception date for Classes A, C, R and R6 shares is the funds oldest class, Z or Advisor, inception date. Franklin U.S. Government Money Fund Class R6 inception date is the first day it commenced offering such shares. For Franklin California Ultra-Short Tax-Free Income Fund Classes A1 and Advisor Class use the inception date of its predecessor, Franklin California Tax-Exempt Money Fund.

Distributions are made to those who are registered shareholders of the fund on the record date. Distributions are paid on the pay date. Estimates can change prior to the record date depending on market conditions and number of shares outstanding. All dates and distributions are subject to board approval. Net investment income distribution estimates do not includeshort- or long-term capital gain distributionsthe funds may be making. The actual amounts of net investment income shareholders will receive will be reported, along with any short-term capital gain distributions, as Ordinary Dividends on Form 1099-DIV.

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Quarterly commentary discussing fund performance.View more details