Franklin Japan Fund

Summary of Fund Objective

The Fund aims to achieve long-term capital appreciation by primarily investing in equity securities of companies any size located or performing business predominantly in Japan.

What are the Key Risks?

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 Japanese equity securities. Such securities have historically been subject to significant price movements that may occur suddenly due to market or company-specific factors. As a result, the performance of the Fund can fluctuate significantly over relatively short time periods.
• Other significant risks include: currency risk, emerging markets risk, liquidity risk.

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.