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pft:ICEBofAUSTreasuryBillIndexMember 2015-01-01 2024-12-31 0001005942 pft:S000034192BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0001005942 pft:S000034192ICEBofAUSTreasuryBillIndexMember 2015-01-01 2024-12-31 iso4217:USD pure 0001005942 false 485BPOS 2025-07-31 0.0012 0.0545 0.0046 0.0103 0.0202 0.0236 0.0065 0.0010 0.0173 0.0534 0.0027 0.0098 0.0183 0.0130 0.0275 0.0138 -0.0002 0.0098 0.0597 0.0557 0.0594 N-1A PUTNAM FUNDS TRUST 2025-12-01 Fund summary Goal <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund seeks as high a rate of current income as the Investment Manager (as defined below) believes is consistent with preservation of capital and maintenance of liquidity. </div> Fees and expenses <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> </div> Shareholder Fees (fees paid directly from your investment)   0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   0.0025 0 0.0003 0.0028 -0.0025 0.0003 0.0025 0 0.0003 0.0028 -0.0025 0.0003 November 30, 2026 Example <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 3 65 133 333 3 65 133 333 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 0%. </div> 0 Investments, risks, and performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund invests in a diversified portfolio of fixed-income securities comprised of short duration, investment-grade money market and other fixed-income securities. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund’s investments may include obligations of the U.S. government, its agencies and instrumentalities, which are backed by the full faith and credit of the United States (e.g., U.S. Treasury bonds and Ginnie Mae mortgage-backed bonds) or by only the credit of a federal agency or government-sponsored entity (e.g., Fannie Mae or Freddie Mac mortgage-backed bonds), domestic corporate debt obligations, municipal debt securities, securitized debt instruments (such as mortgage- and asset-backed securities), repurchase agreements, certificates of deposit, bankers acceptances, commercial paper (including asset-backed commercial paper), time deposits, Yankee Eurodollar securities and other money market instruments. The fund may also invest in U.S. dollar-denominated foreign securities of these types. Under normal circumstances, the effective duration of the fund’s portfolio will generally not be greater than one year. Effective duration provides a measure of a fund’s interest-rate sensitivity. The longer a fund’s duration, the more sensitive the fund is to shifts in interest rates. The fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>The effects of inflation may erode the value of an investment in the fund over time. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in <span style="font-weight:bold"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with bond investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk:</span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year <span style="font-weight:bold"></span>for <span style="font-weight:bold"></span>Class P shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class P shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class P shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:79%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Best Quarter:</div> </td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial">Q4 2023</span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial">      </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial">1.39</span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial">% </span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Worst Quarter:</div> </td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial">Q2 2015</span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial">0.02</span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial">% </span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">As of September 30, 2025, the fund’s year-to-date return was 3.40%.</div> </td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0139 Worst Quarter: 2015-06-30 0.0002 2025-09-30 year-to-date return 0.0340 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0545 0.0263 0.0191 0.0319 0.0155 0.0112 0.0319 0.0155 0.0112 0.0545 0.0263 0.0191 0.0125 -0.0033 0.0135 0.0529 0.0247 0.0178 <div style="margin-top:18pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. Fund summary Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks as high a rate of current income as the Investment Manager (as defined below) believes is consistent with preservation of capital and maintenance of liquidity. </div> Fees and expenses <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> Information about sales charge discounts is available from your financial professional and in the Appendix to the fund’s prospectus. <span style="font-weight:bold"></span><span style="font-style:italic"></span><span style="font-weight:bold"></span><span style="font-style:italic"></span> </div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0.0150 0.0025 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment) 0.0026 0.0010 0.0011 0.0047 -0.0005 0.0042 0.0026 0.0050 0.0011 0.0087 -0.0005 0.0082 0.0026 0.0025 0.0011 0.0062 -0.0005 0.0057 0.0026 0.0050 0.0011 0.0087 -0.0005 0.0082 0.0026 0 0.0007 0.0033 -0.0004 0.0029 0.0026 0 0.0011 0.0037 -0.0005 0.0032 November 30, 2026 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 43 146 258 588 84 273 477 952 207 340 485 864 84 273 477 1068 30 102 182 415 33 114 202 462 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 61%. </div> 0.61 Investments, risks, and performance <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund invests in a diversified portfolio of fixed income securities comprised of short duration, investment-grade money market and other fixed income securities. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s investments may include obligations of the U.S. government, its agencies and instrumentalities, which are backed by the full faith and credit of the United States (e.g., U.S. Treasury bonds and Ginnie Mae mortgage-backed bonds) or by only the credit of a federal agency or government-sponsored entity (e.g., Fannie Mae or Freddie Mac) mortgage-backed bonds), domestic corporate debt obligations, taxable municipal debt securities, </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> securitized debt instruments (such as mortgage- and asset-backed securities), repurchase agreements, certificates of deposit, bankers acceptances, commercial paper (including asset-backed commercial paper), time deposits, Yankee Eurodollar securities and other money market instruments. The fund may also invest in U.S. dollar-denominated foreign securities of these types. Under normal circumstances, the effective duration of the fund’s portfolio will generally not be greater than one year. Effective duration provides a measure of a fund’s interest-rate sensitivity. The longer a fund’s duration, the more sensitive the fund is to shifts in interest rates. Under normal circumstances, the dollar-weighted average portfolio maturity of the fund is not expected to exceed four years. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. The fund may also use derivatives, such as futures, options and credit default, total return and interest rate swap contracts, for both hedging and non‑hedging purposes. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>The effects of inflation may erode the value of an investment in the fund over time. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund’s use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over‑the‑counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Large shareholder transaction risk: </span>The<span style="font-weight:bold"> </span>fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.</span> </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:80%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Best Quarter:</div> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;vertical-align:top;"> </td> <td style="padding-bottom:2pt ;vertical-align:top;text-align:right;">Q2 2020</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:top;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:top;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:top;text-align:right;">    </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:top;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;vertical-align:bottom;text-align:right;">2.34%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Worst Quarter:</div> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;vertical-align:top;"> </td> <td style="padding-bottom:2pt ;vertical-align:top;text-align:right;">Q1 2020</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:top;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> <td style="vertical-align:top;"></td> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;vertical-align:bottom;text-align:right;">-1.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td colspan="13" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td colspan="12" style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">As of September 30, 2025, the fund’s year‑to‑date return was 3.73%.</div> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:8.5pt;font-family:arial;"> </div> </td> </tr> </table> Best Quarter: 2020-06-30 0.0234 Worst Quarter: 2020-03-31 -0.0135 2025-09-30 year‑to‑date return 0.0373 Average annual total returns after sales charges(for periods ended 12/31/24) 0.0557 0.0275 0.0208 0.0339 0.0167 0.0125 0.0327 0.0164 0.0124 0.0515 0.0237 0.0178 0.0383 0.0228 0.0515 0.0235 0.0169 0.0571 0.0287 0.0220 0.0568 0.0285 0.0218 0.0125 -0.0033 0.0135 0.0529 0.0247 0.0178 <div style="margin-top:20pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns are shown for class A shares only and will vary for other classes. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:10pt;margin-bottom:0pt;text-indent:2%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#4678aa"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns are shown for class A shares only and will vary for other classes. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown.These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. Fund summary Goal <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks as high a rate of current income as the Investment Manager (as defined below) believes is consistent with preservation of capital and maintenance of liquidity. </div> Fees and expenses <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0 0 0.0049 0.0049 -0.0049 0.0000 November 30, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. It assumes a 5% return on your </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursements described above. Your actual costs may be higher or lower. </div> 0 0 119 465 Portfolio turnover <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 37%. </div> 0.37 Investments, risks, and performance <div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund was established exclusively for use within separately managed accounts (“SMAs”). The fund is used in combination with selected individual securities to implement the SMA’s investment program. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund invests in a diversified portfolio of fixed income securities comprised of short duration, investment-grade money market and other fixed income securities. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s investments may include obligations of the U.S. government, its agencies and instrumentalities, which are backed by the full faith and credit of the United States (e.g., U.S. Treasury bonds and Ginnie Mae mortgage-backed bonds) or by only the credit of a federal agency or government-sponsored entity (e.g., Fannie Mae or Freddie Mac mortgage-backed bonds), domestic corporate debt obligations, taxable municipal debt securities, securitized debt instruments (such as mortgage- and asset-backed securities), repurchase agreements, certificates of deposit, bankers acceptances, commercial paper (including asset-backed commercial paper), time deposits, Yankee Eurodollar securities and other money market instruments. The fund may also invest in U.S. dollar-denominated foreign securities of these types. Under normal circumstances, the effective duration of the fund’s portfolio will generally not be greater than one year. Effective duration provides a measure of a fund’s interest-rate sensitivity. The longer a fund’s duration, the more sensitive the fund is to shifts in interest rates. Under normal circumstances, the dollar-weighted average portfolio maturity of the fund is not expected to exceed four years. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>The effects of inflation may erode the value of an investment in the fund over time. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk: </span>The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. <span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies, particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the Investment Manager’s ability to evaluate a foreign company may be more limited than its ability to evaluate a U.S. company.<span style="font-weight:bold"> </span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">SMA strategy risk: </span>The fund is intended to be a component of an SMA strategy in managed account investment programs sponsored by third-party financial institutions. A program sponsor’s clients may, alone or in the aggregate, have substantial investments in the fund. If a program sponsor decides to remove the strategy as an available option for its program participants or to cease investing in the fund to implement the strategy, or if a large program client decides to terminate its managed account, the fund may experience relatively large redemptions and could be required to liquidate some or all of its assets at inopportune times or unfavorable prices. The liquidation of fund assets at inopportune times or unfavorable prices may increase or accelerate taxable gains or transaction costs, may negatively affect the fund’s net asset value, performance, or ability to satisfy redemptions in a timely manner, and could cause the value of your investment to decline.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. Fund performance presented below does not reflect any fees paid by wrap program sponsors or wrap program clients for separately managed account advisory services. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:95%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Best Quarter:</div> </td> <td style=" BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;text-align:right;">Q3 2024</td> <td style="BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;text-align:right;">1.93</td> <td style="BORDER-TOP:0.75pt solid #969696; BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #969696;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2024</td> <td style="BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;text-align:right;">1.35</td> <td style="BORDER-BOTTOM:0.75pt solid #969696;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #969696;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;">As of September 30, 2025, the fund’s year-to-date return was 4.09%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #969696;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2024-09-30 0.0193 Worst Quarter: 2024-03-31 0.0135 2025-09-30 year-to-date return 0.0409 Average annual total returns (for periods ended 12/31/24) 0.0594 0.0620 0.0351 0.0375 0.0348 0.0369 0.0125 0.0314 0.0529 0.0539 2023-05-25 2023-05-25 2023-05-25 2023-05-25 2023-05-25 <div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:9pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Performance shown for class N shares prior to their inception (11/1/18) is derived from the historical performance of class A shares, adjusted for the sales charge and higher 12b‑1 fees currently applicable to class N shares. The Investment Manager, as defined below, has contractually agreed to waive its management fee. This obligation may not be modified or discontinued prior to November 30, 2026 without approval of the Board of Trustees. The Investment Manager, as defined below, does not charge a management fee to the fund. Shareholders should be aware, however, that the fund is part of separately managed account investment programs, and the Investment Manager will be compensated directly or indirectly by wrap program sponsors or wrap account clients for separately managed account advisory services. Class A and class C shares purchased directly from the fund are not subject to any contingent deferred sales charge (CDSC). However, class A and class C shares of the fund that were obtained in exchange for class A or class C shares of another Putnam Fund that were subject to CDSC of 1.00% at the time of exchange may be subject to a CDSC unless the one‑year CDSC period has expired or a CDSC waiver applies. The Investment Manager has contractually agreed to waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plans, payments under the fund’s investor servicing contract, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, and acquired fund fees and expenses) so that the total annual fund operating expenses will not exceed 0.00% of the fund’s average net assets. Additionally, the Investment Manager has contractually agreed to reduce its fees by an amount equal to the management fees paid by Franklin Templeton affiliated funds with respect to assets the fund invests in such affiliated funds. These obligations may not be modified or discontinued prior to November 30, 2028 without approval of the Board of Trustees. Since inception May 25, 2023. Performance for class G shares prior to their inception (8/3/20) is derived from the historical performance of class P shares. Applies only to certain redemptions of shares bought with no initial sales charge. The Investment Manager, as defined below, has contractually agreed to waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plans, payments under the fund’s investor servicing contract, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, and acquired fund fees and expenses) so that the total annual fund operating expenses will not exceed 0.24% of the fund’s average net assets. Additionally, the Investment Manager has agreed to reduce its fees by an amount equal to the management fees paid by Franklin Templeton affiliated funds with respect to assets the fund invests in such affiliated funds. These obligations may not be modified or discontinued prior to November 30, 2026 without approval of the Board of Trustees.