To seek to maximise income and growth of capital (total return), while maintaining a moderate volatility. Specifically, the Fund aims to maintain an annualised fluctuation (volatility) of its net asset value between 5% and 8% (not guaranteed). The Fund mainly invests, directly or indirectly through derivatives and other Funds, in equities (up to 75% of assets), bonds and other asset classes, such as real estate and commodities. These investments may be of any market capitalisation and from anywhere in the world, including emerging markets, and some of the bond investments may be below investment grade.

The Fund promotes environmental and social characteristics in accordance with Article 8 of the Sustainable Finance Disclosure Regulation (the “SFDR”).

The Fund promotes the reduction of greenhouse gas (“GHG”) emissions by positively tilting the portfolio towards stronger performers in terms of these metrics. In addition, the Fund excludes issuers that fall within the bottom decile of its defined investment universe based on proprietary ESG scores.

The Fund’s environmental or social characteristics are assessed both quantitatively and qualitatively, by means of sustainability indicators as well as of the Investment Managers’ research process further described in the Website disclosure’s dedicated sections. As part of its investment decision making process, the Fund’s ESG strategy also uses binding criteria for the selection of underlying assets and applies specific ESG exclusions.

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Considering the investment objectives, as stated above, the Fund may appeal to Investors looking for:

• medium to long-term capital appreciation and income with moderate volatility
• a relatively cautious approach to the growth opportunities offered through investment in equities, debt securities and cash

The value of shares in the Fund and income received from it can go down as well as up and investors may not get back the full amount invested. Performance may also be affected by currency fluctuations. Currency fluctuations may affect the value of overseas investments.

• The Fund invests directly or indirectly (through financial derivative instruments, structured products or collective investment schemes) in equity and fixed income securities, cash and equivalents, and (indirectly only) alternative investments (including commodities or property), with an aim to offer a balanced exposure between equities and debt securities over the long term. Such securities and investment instruments have historically been subject to price movements due to such factors as general stock market volatility, sudden changes in interest rates, changes in the financial outlook or perceived credit worthiness of securities issuers, or fluctuations in commodity prices or real estate values. As a result, the performance of the Fund can fluctuate over time.
• The Fund may distribute income gross of expenses. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital.
• Other significant risks include: 
  Credit risk: the risk of loss arising from default that may occur if an issuer fails to make principal or interest payments when due. This risk is higher if the Fund holds low-rated, sub-investment-grade securities. 
  Foreign Currency risk: the risk of loss arising from exchange-rate fluctuations or due to exchange control regulations. Derivative Instruments risk: the risk of loss in an instrument where a small change in the value of the underlying investment may have a larger impact on the value of such instrument. Derivatives may involve additional liquidity, credit and counterparty risks.

For full details of all of the risks applicable to this Fund, please refer to the “Risk Considerations” section of the Fund in the current prospectus of Franklin Templeton Investment Funds.