To seek to provide regular income, while pursuing some degree of capital appreciation, through a pre-determined period. Under normal market conditions, the Fund targets an annualised share price volatility of 6.5%, with a maximum of 8.5% (not guaranteed). The Fund mainly invests, directly or indirectly through derivatives, in equities and corporate and government bonds in the US. Some of the bond investments may be below investment grade.

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 in a diversified portfolio of equity and debt securities, primarily in the US. 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 a full discussion of all the risks applicable to this Fund, please refer to the “Risk Considerations” section of the current prospectus of Franklin Templeton Opportunities Funds.