To seek to maximise income and growth of capital (total return). The Fund mainly invests in equities and corporate and government bonds of US issuers. Some of the bond investments may be below investment grade.

• Seeking a high level of income and prospects of some capital appreciation.
• Seeking to access a portfolio of both equity and fixed income securities via a single fund.
• Planning to hold their investment for 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 a diversified portfolio of U.S. equity, equity-related and debt securities. Such securities have historically been subject to price movements that may occur suddenly due to equity market- and bond market-specific factors. 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.

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.