Fund Description

The fund seeks to provide a high level of current income. Its secondary goal is capital appreciation over the long term. The fund is a multi-sector income fund that invests primarily in U.S. and foreign debt securities.

Strategy Statement

"The fund's broad and flexible strategy provides exposure to domestic and international fixed income markets, allowing us to identify bonds with the best prospects for income and capital appreciation. "


Sonal Desai, Ph.D

Sonal Desai, Ph.D

  • Joined Franklin Templeton in 2009
  • Managed Fund Since 2018
Patricia O'Connor, CFA

Patricia O'Connor, CFA®

  • Joined Franklin Templeton in 1997
  • Managed Fund Since 2016
William Chong

William Chong

  • Joined Franklin Templeton in 2008
  • Managed Fund Since 2019
David Yuen, CFA

David Yuen, CFA®

  • Joined Franklin Templeton in 1988
  • Managed Fund Since 2019


Investment Philosophy

We believe a diversified set of low-correlated strategies and positions has the potential to generate attractive risk-adjusted returns over a full market cycle. Our global aggregate framework, significant bottom-up resources, and integrated quantitative group help us to identify and exploit market inefficiencies in a disciplined manner that incorporates our risk management techniques.


Investment Process

Truly Flexible Strategy

  • Diversification across investment-grade and below investment-grade sectors, and global bond and currency markets provides the potential for risk reduction through a combination of low-correlated sectors and strategies.

“Best of Best” Investment Approach

  • Leverages expertise across portfolio management and research teams aimed at providing attractive investment ideas within each sector by selecting investment ideas that we believe to be the best among those generated by the sector teams.

Depth and Breadth of Experience

  • Global multi-sector, integrated platform dedicated to fixed income provides the foundation for pursuing potential alpha generating strategies around the world and across entire fixed income spectrum.

Strategic Balance

  • Seeks to balance income opportunities and capital appreciation potential.


Overall Morningstar Rating As of 04/30/2020

Rating Category: Multisector Bond

The fund's 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.

Historical Morningstar Rating As of 04/30/2020

Years Ratings Funds
in category
2 Stars
1 Stars
2 Stars

Morningstar Style Box As of03/31/2020

Strategy, Benefits, Results


  • Our multi-sector income fund invests in U.S. and foreign debt securities.
  • Our research-driven, value-oriented approach helps to identify bonds with the best prospects for income and capital appreciation.
  • We utilize the broad expertise of the 100+ members of the Franklin Templeton Fixed Income Group®.


  • Investment Selection Flexibility. Ability to invest in multiple types of fixed income securities, focusing on the top investment ideas available within each sector.
  • Sector Allocation. Valuations of each key fixed income sector considered in combination with economic outlook to strategically allocate assets to the most opportune advantage.

Selling The Fund

  1. Discuss the extensive diversification benefits of the fund and its strong historical performance record.
  2. Mention our flexibility to implement "best of best" ideas from all major fixed-income sectors.
  3. Highlight our ongoing adherence to stringent risk-management disciplines.