To seek to maximise income while maintaining a high degree of capital preservation and liquidity. This Fund qualifies as a short-term variable net asset value money market Fund under the European Money Market Fund Regulation. The Fund mainly invests in investment grade corporate and government bonds, including money market instruments, with a short maturity, as well as commercial paper issued by first-rate companies and certificate of deposit of prime banks. These investments are denominated in USD.

• Seeking safety of principal and current income.
• Seeking investments in high- quality securities, primarily US dollar denominated or hedged back to the US dollar.
• Planning to hold their investment for the short 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 securities issued by governments or corporations of any country worldwide. Such securities have historically been subject to limited price movements with minimum exposure to changes in interest rates. The fund has historically proven to be highly stable and conservative in nature.
• 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. 
  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.