Franklin Floating Rate Daily Access Fund (FDAAX) Diversifiers

The investment seeks a high level of current income; capital preservation is a secondary goal. The fund normally invests at least 80% of its net assets in income-producing floating interest rate corporate loans and corporate debt securities made to or issued by U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities. It invests at least 75% of its net assets in floating rate investments that are rated B- or higher at the time of purchase by a nationally recognized statistical rating organization (NRSRO) or, if unrated, are determined to be of comparable quality by the fund's investment manager.