To seek to maximise  income and growth of capital (total return) over the long term. The Fund mainly invests, indirectly through other Funds, in equities (65% to 85% of assets), and, to a lesser extent, in corporate and government bonds (15% to 35%). 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 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 principally in units of other funds (open- and closed-end, including exchange-traded funds) managed by Franklin Templeton entities or other asset managers, providing exposure to equity securities and, to a lesser extent, fixed income or floating rate debt securities (both investment grade and non-investment grade) of issuers located anywhere in the world, including emerging markets, with the ability as well to invest to a small degree in alternative strategies. Such investments have historically been subject to price movements due to such factors as stock market volatility, general sudden changes in interest rates, changes in the financial outlook or perceived credit worthiness of securities issuers, and the variability inherent in alternative investments. 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: 
  Counterparty risk: the risk of failure of financial institutions or agents (when serving as a counterparty to financial contracts) to perform their obligations, whether due to insolvency, bankruptcy or other causes. 
  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. 
  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. 
  Investment funds risk: the risk that investing in other funds may be more costly or provide less liquidity than investing in underlying securities directly, or that a closed-end fund holding may trade at a premium or discount to its net asset value.

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.