To seek to maximise income and growth of capital (total return). The Fund mainly invests in government and corporate bonds and equities anywhere in the world. The Fund may invest significantly in emerging markets, including Mainland China. Some of the bond investments may be below investment grade or in default. The Fund may hold or invest significant amounts in bank deposits, money market instruments or money market Funds.

• Seeking a combination of current income and capital appreciation from a portfolio of both equity and fixed income securities via a single fund.
• Planning to hold their investment from the medium to long term.

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 mainly in debt and equity securities issued by any government or corporate entity worldwide, including emerging markets. Such securities have historically been subject to price movements, generally due to interest rates or movements in the bond and equity markets. As a result, the performance of the Fund can fluctuate considerably 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. 
  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. 
  Emerging markets risk: the risk related to investing in countries that have less developed political, economic, legal and regulatory systems, and that may be impacted by political/economic instability, lack of liquidity or transparency, or safekeeping issues. 
  Liquidity risk: the risk that arises when adverse market conditions affect the ability to sell assets when necessary. Such risk may be triggered by (but not limited to) unexpected events such as environmental disasters or pandemics. Reduced liquidity may have a negative impact on the price of the assets.

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.