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Changes impacting Franklin U.S. Government Fund

We have received notification from Franklin Templeton Investment Funds (“Franklin Templeton”) of a change to the investment policy of its Franklin U.S. Government Fund (the “Affected Fund”) with effect from 27 May 2024.


The Affected Fund can be found in our defined fund range product Preference.


Changes to the investment policy 
The Board of Directors of Franklin Templeton has decided to amend the investment policy of the Affected Fund to introduce investments into the “to-be-announced” (“TBA”) market. A majority of mortgage-backed securities are traded in the TBA market, which is the most liquid mortgage market, and having access to these securities provides liquidity and price benefits.


In addition, “TBA transaction risk” will be added, as an additional risk, to both the sub-section headed “Risks of Investing in the Fund” in the profile of the Affected Fund and in the section headed “RISK CONSIDERATIONS” within the updated Franklin Templeton Prospectus.

For more details of the changes that will apply to the investment policy from the Effective Date, please refer to the Appendix in the sample communication opposite.


The changes will have no material impact on the way the Affected Fund is managed, its portfolio composition, and will not change or increase the overall risk profile of the Affected Fund.


The Fund can be accessed through our portfolio bonds and will be subject to the update detailed in the Franklin Templeton Notification opposite.


For more information on Franklin Templeton Investment Funds visit 

Impacts this defined fund range product