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 professional 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 professional or call Franklin Templeton.
Effective March 2016, Franklin Equity Income Fund began paying a variable (or "floating") dividend that reflects its quarterly net investment income earned, and changed its dividend distribution from monthly to quarterly. The fund paid its final monthly dividend distribution in mid-December 2015 and its first quarterly dividend distribution in March 2016. For more information on these changes, contact your financial professional or call Franklin Templeton Investor Services at (800) 632-2301.
The fund's investment goal is to maximize total return by emphasizing high current income and long-term capital appreciation, consistent with reasonable risk. The fund normally invests at least 80% of its net assets in equity securities, with a focus on financially-strong "blue chip" companies, and the remainder of its assets in other equity-related instruments such as convertible securities and equity-linked notes.
Income-Oriented "Blue Chip" Companies
We seek to invest in financially-strong companies that have track records of providing a high dividend yield. We believe our bottom-up approach of seeking to invest in securities that can produce income and that are issued by companies with the potential for capital appreciation can provide strong, long-term results.
Fundamental Bottom-Up
We employ a bottom-up process to analyze companies and industries. Generally, we seek to exploit a fundamental view that can differ from the "market consensus" regarding growth potential or valuation.
Diversified Portfolio
We believe in investing in a diverse set of securities across industry sectors.
Long-Term Investors
We seek to invest in financially strong "blue chip" companies with favorable secular growth potential, and sustainable competitive advantages. Our analysis includes an assessment of any material Environmental, Social and Governance (ESG) factors on the long-term risk and return profile of a company. We apply a long-term perspective through the spectrum of market cycles.
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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.