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Managed Fund Since 2004
Fixed Income
FLDAX Franklin Low Duration Total Return Fund
- Low Duration. The fund's low average duration, targeted at three years or less, may potentially make the fund less sensitive to interest rate changes than funds with higher average durations.
- Sector Diversification. We have the flexibility to allocate investments across multiple fixed-income sectors to maximize income and capital appreciation potential.
- High Credit Quality. We invest primarily in investment-grade debt.
Popular Documents
Total Net Assets
$1.87B
As of 03/31/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks to provide a high level of current income consistent with prudent investing, while seeking preservation of capital. The fund primarily invests in debt securities, which may be represented by derivatives that provide exposure to debt securities. The fund focuses on government and corporate debt securities and mortgage- and asset-backed securities. The fund targets an estimated average portfolio duration of three years or less.
- Benchmark
- Bloomberg US Government & Credit (1-3 Year) Index
- Dividend Frequency, if any
- Monthly
- Fund Inception Date
- 11/17/2004
- Distribution Rate at NAV
4 As of 04/24/2026 (Updated Daily) - 4.20%
- Effective Duration
As of 03/31/2026 (Updated Monthly) - 1.90 Years
Identifiers
- Ticker
- FLDAX
- Fund Number
- 401
- CUSIP Code
- 353612690
Average Annual Total Returns As of 03/31/2026
Class A
- 1.62%1 Year
- 3.86%3 Years
- 1.84%5 Years
- 2.10%10 Years
- 2.53%Since Inception
11/17/2004
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Asset Allocation
As of 03/31/2026 - Market Value % of Total (Updated Monthly)
Fixed Income96.11% | |
Equity0.03% | |
Cash & Cash Equivalents3.86% |
Additional Fund Info
- Share Class Inception Date
- 11/17/2004
- Investment Style
- Multi-Sector
- Lipper Classification
- Short Investment Grade Debt Funds
- Morningstar Category
11 - Short-Term Bond
Manager and Commentary
About the Team
Franklin Templeton Fixed Income
A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.
Commentary Highlights
March 31, 2026- Markets : The war in the Middle East, which began in late February when the United States and Israel struck Iran, dominated much of the news flow and financial market sentiment over the remainder of the quarter. The reaction in markets has evolved, initially seeing a traditional risk-off move in both the US dollar and US bonds, which then turned into a stagflationary-focused sell-off in core developed bond markets as oil prices surged (although the dollar remained well-supported). The US Federal Reserve remained on hold throughout the quarter. The March FOMC meeting statement and press conference emphasized uncertainty related to the Iran war, indicating that the Fed would look through any initial oil supply shock effect on inflation to focus on core developments, while also noting a likely dragging effect on the economy; ultimately the Committee retained an easing bias. Fixed income volatility measures rose during the quarter, with much of the increase coming in the wake of the onset of the war in the Middle East. Credit spreads rose over the quarter, with the increase significantly more pronounced in the high-yield sector; total returns in corporate bonds were negative over the quarter. Securitized sectors generated a positive excess return versus duration-matched Treasuries. The two-year UST yield increased 32 bps to end the quarter at 3.79%.
- Contributors : Out-of-index exposure to agency collateralized mortgage obligations (CMOs), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs) and commercial mortgage-backed securities (CMBS). Underweight allocation to the two-year part of the yield curve.
- Detractors : Out-of-index holdings of high-yield (HY) corporate bonds and senior-secured floating-rate bank loans. Security selection in investment-grade (IG) corporate bonds. Overweight exposure to the five-year portion of the yield curve.
- Outlook : Looking ahead into 2026, we have favorable view towards the US economy, which remains resilient despite rising external pressures. Impending fiscal stimulus and an intact AI-driven capital expenditure cycle could offset consumption drags. While our 3.0% GDP growth forecast faces downside risks, structural expansion continues, making slower growth far more likely than a recession. Meanwhile, we expect the Federal Reserve to hold rates steady to combat any persistent inflation risks.
Franklin Templeton Fixed Income
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Managed Fund Since 2022
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Managed Fund Since 2024
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Managed Fund Since 2019
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Managed Fund Since 2024
Latest Insights
April 23, 2026
April 14, 2026
April 9, 2026
Performance
Calendar Year Returns
As of 03/31/2026
Class A - With Sales Charge (POP) (%)
Class A - Without Sales Charge (NAV) (%)
Bloomberg US Government & Credit (1-3 Year) Index (%)
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
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Portfolio
Assets
As of03/31/2026 (Updated Monthly)
- Total Net Assets
- $1.87 Billion
Positions
As of 03/31/2026 (Updated Monthly)
Number of Holdings
- Fund
- 812
- Benchmark
- 2,053
Portfolio Statistics
As of 03/31/2026 (Updated Monthly)
Average Weighted Maturity
- Fund
- 2.36 Years
- Benchmark
- 1.89 Years
- Fund
- 1.90 Years
- Benchmark
- 1.79 Years
Asset Allocation
As of 03/31/2026 - Market Value % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Fixed Income | 96.11% |
Equity | 0.03% |
Cash & Cash Equivalents | 3.86% |
Holdings
As of 03/31/2026 (Updated Monthly)
United States Treasury Note/Bond 4.625% 04/30/2029
Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO
United States Treasury Note/Bond .625% 03/31/2027
United States Treasury Note/Bond 4.625% 09/30/2030
United States Treasury Strip Coupon 11/15/2027 STRIP COUPON
UNITED STATES TREASURY NOTE/BOND 2.875% 08/15/2028
United States Treasury Inflation Indexed Bonds .125% 04/15/2026 INDEX LINKED CPURNSA Index
RR 14 Ltd FRN 04/15/2036 144A 2021-14A A1
United States Treasury Note/Bond 4% 10/31/2029
Apidos CLO XXXV FRN 04/20/2034 144A 2021-35A A
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- MonthlyThis fund is an Accrual fund.
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate & Breakpoints
Less than $100,000 4.10%
$100,000 - $249,999 4.13%
Distribution Rate
At Net Asset Value (NAV)
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
03/31/2026
02/27/2026
01/30/2026
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Pricing History
As of 04/24/2026 (Updated Daily)
Daily Fund Prices and Breakpoints
As of 04/24/2026
Share Prices
As of 04/24/2026
POP and Sales Charge at Breakpoints
Less than $100,000
$100,000 - $249,999
52-Week Range
- Highest NAV
As of 09/16/2025 - $9.05
- Lowest NAV
As of 03/26/2026 - $8.92
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Low Duration Total Return Fund | |||
| Product Commentary - Franklin Low Duration Total Return Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Low Duration Total Return Fund - Class A | |||
| Annual Financial Statements And Other Information - Franklin Investors securities Trust | |||
| Semi-Annual Report - Franklin Low Duration Total Return Fund Class A | |||
| Semiannual Financial Statements and Other Information - Franklin Investors Securities Trust | |||
| Prospectus - Franklin Investors Securities Trust #2 | |||
| Summary Prospectus - Franklin Low Duration Total Return Fund | |||
| Statement of Additional Information - Franklin Investors Securities Trust #2 | |||
| Fiscal Q1 Holdings - Franklin Investors Securities Trust Funds | |||
| Fiscal Q3 Holdings - Franklin Investors Securities Trust Funds |
Risks
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's 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.
The Bloomberg U.S. Government/Credit Index: 1-3 Year Component includes investment-grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related (sovereign, agency, local authority and supranational) and corporate securities with at least one year up to, but not including, three years to final maturity.
Source: Bloomberg Indices.
U.S. government-sponsored entities, such as Fannie Mae and Freddie Mac, may be chartered by acts of Congress; their securities are neither issued nor guaranteed by the U.S. government. Although the U.S. government has recently provided financial support to Fannie Mae and Freddie Mac, no assurance can be given that the U.S. government will always do so.