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cik0000038778:S000006859Summary2Member cik0000038778:S000006859Member cik0000038778:Management2Member 2026-06-30 2026-06-30 0000038778 cik0000038778:S000006859Summary2Member cik0000038778:S000006859Member cik0000038778:Cybersecurity2Member 2026-06-30 2026-06-30 0000038778 cik0000038778:S000006859Summary2Member cik0000038778:S000006859Member cik0000038778:C000253579Member 2025-12-31 2025-12-31 0000038778 cik0000038778:S000006859Summary2Member cik0000038778:S000006859Member cik0000038778:C000253579Member 2025-01-01 2025-12-31 0000038778 cik0000038778:S000006859Summary1Member cik0000038778:S000006859Member cik0000038778:C000213872Member 2019-10-15 2025-12-31 0000038778 cik0000038778:S000006859Summary1Member cik0000038778:S000006859Member cik0000038778:C000213873Member 2019-10-15 2025-12-31 0000038778 cik0000038778:S000006859Summary2Member cik0000038778:S000006859Member cik0000038778:C000253579Member 2024-09-04 2025-12-31 iso4217:USD pure N-1A FRANKLIN U.S. GOVERNMENT MONEY FUND FRANKLIN U.S. GOVERNMENT MONEY FUND 2026-11-01 Investment Goal To provide investors with as high a level of current income as is consistent with the preservation of shareholders’ capital and liquidity. The Fund also tries to maintain a stable $1.00 share price. Fees and Expenses of the Fund These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Class A shares. Information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus. Shareholder Fees 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0015 0.0015 0.0015 0 0.0065 0.0050 0 0.0035 0.0035 0.0036 0.0034 0.0050 0.0115 0.0101 0.0049 0 0 0 -0.0002 0.0050 0.0115 0.0101 0.0047 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 160 279 629 217 365 632 1215 103 321 557 1234 48 155 272 613 If you do not sell your shares: 117 365 632 1215 Principal Investment Strategies The Fund is a “feeder fund” that invests, through the Master Portfolio, at least 99.5% of its total assets in Government securities, cash and repurchase agreements collateralized fully by Government securities or cash. In addition, under normal circumstances, the Fund invests, through the Master Portfolio, at least 80% of its net assets in Government securities and repurchase agreements collateralized fully by Government securities. In contrast to the Fund's 99.5% policy, the Fund's 80% policy does not include cash. For purposes of these policies, “Government securities” means any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Government securities include those issued by government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Home Loan Banks and Federal Farm Credit Banks, whose securities are neither issued nor guaranteed by the U.S. Government. The Fund intends to be a “Government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940. Shareholders will be given at least 60 days’ advance notice of any change to the 99.5% and 80% policies.The Fund uses the amortized cost method of valuation to seek to maintain a stable $1.00 share price.Unless the context otherwise requires, references to the Fund’s investments refer to those investments of the Master Portfolio to which the Fund is exposed and references to the investment manager or the Fund’s investment manager refer to the Master Portfolio’s investment manager.The Fund invests in:U.S. government securities which may include fixed, floating and variable rate securities.Repurchase agreements which are agreements by the Fund to buy Government securities from a broker-dealer or other counterparty and then to sell the securities back to such counterparty on an agreed upon date (generally, less than seven days) at a higher price, which reflects prevailing short-term interest rates.Portfolio maturity and quality The Fund only buys securities that the investment manager determines present minimal credit risks. The Fund maintains a dollar-weighted average portfolio maturity of 60 calendar days or less, maintains a dollar-weighted average life for its portfolio of 120 calendar days or less, and only buys securities that mature or are deemed to mature in 397 calendar days or less. In addition, under normal circumstances, the Fund invests, through the Master Portfolio, at least 80% of its net assets in Government securities and repurchase agreements collateralized fully by Government securities In contrast to the Fund's 99.5% policy, the Fund's 80% policy does not include cash. For purposes of these policies, “Government securities” means any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Government securities include those issued by government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Home Loan Banks and Federal Farm Credit Banks, whose securities are neither issued nor guaranteed by the U.S. Government. The Fund intends to be a “Government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940. Shareholders will be given at least 60 days’ advance notice of any change to the 99.5% and 80% policies. <a href="" id="x4x2"></a> Principal RisksYou could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Interest Rate: When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for debt securities. The Fund's yield will vary. A low interest or negative rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and could impair the Fund's ability to maintain a stable net asset value. A sharp and unexpected rise in interest rates could cause the Fund's share price to drop below a dollar. In general, securities with longer maturities or durations are more sensitive to these interest rate changes. Credit: U.S. government investments generally have the least credit risk but are not completely free of credit risk. The Fund may incur losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the investment manager or the rating agencies than such securities actually do. Any downgrade of securities issued by the U.S. government may result in a downgrade of securities issued by its agencies or instrumentalities. Income: The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. Because the Fund limits its investments to high-quality, short-term securities, its portfolio generally will earn lower yields than a portfolio with lower-quality, longer-term securities subject to more risk. U.S. Government Securities: Not all obligations of the U.S. Government, its agencies and instrumentalities are backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Government agency or instrumentality issues have different levels of credit support. U.S. government-sponsored entities ("GSEs"), such as Fannie Mae and Freddie Mac, may be chartered by Acts of Congress, but their securities are neither issued nor guaranteed by the U.S. government. Although the U.S. government has provided financial support to Fannie Mae, Freddie Mac and certain other GSEs in the past, no assurance can be given that the U.S. government will continue to do so. Accordingly, securities issued by Fannie Mae and Freddie Mac may involve a risk of non-payment of principal and interest. Investors should remember that guarantees of timely repayment of principal and interest do not apply to the market prices and yields of the securities or to the net asset value or performance of the Fund, which will vary with changes in interest rates and other market conditions. Repurchase Agreements: A repurchase agreement exposes the Fund to the risk that the party that sells the securities to the Fund may default on its obligation to repurchase such securities. Market: The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant adverse impact on certain investments of the Fund as well as the Fund’s performance and liquidity. Master/Feeder Structure: The Fund seeks to achieve its investment goal by investing all of its assets in shares of the Master Portfolio. The Master Portfolio has the same investment goal and policies as the Fund. The Fund buys shares of the Master Portfolio at net asset value. An investment in the Fund is an indirect investment in the Master Portfolio. It is possible that the Fund may have to withdraw its investment in the Master Portfolio if the Master Portfolio changes its investment goal or if the Fund’s board of trustees, at any time, considers it to be in the Fund’s best interest. Management: The Fund is subject to management risk because it is an actively managed investment portfolio. The investment manager applies investment techniques and risk analyses in making investment decisions for the Master Portfolio, but there can be no guarantee that these decisions will produce the desired results. Cybersecurity: Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, authorized participants, or index providers (as applicable) and listing exchanges, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks. Performance The following 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 Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">Best Quarter: </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">2023, Q4</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">1.24%</td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">Worst Quarter: </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">2021, Q3</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">0.00%</td></tr></table> <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;">As of September 30, 2026, the Fund’s year-to-date return was 2.41%.</td></tr></table> Best Quarter 2023-12-31 0.0124 Worst Quarter 2021-09-30 0.0000 As of September 30, 2026, the Fund’s year-to-date return was 2.41%. 2026-09-30 0.0241 Average Annual Total Returns For periods ended December 31, 2025 0.0381 0.0287 0.0177 0.0314 0.0239 0.0195 0.0329 0.0250 0.0205 0.0382 0.0289 0.0181 FRANKLIN U.S. GOVERNMENT MONEY FUND 2026-11-01 Investment Goal To provide investors with as high a level of current income as is consistent with the preservation of shareholders’ capital and liquidity. The Fund also tries to maintain a stable $1.00 share price. Fees and Expenses of the Fund These tables describe the fees and expenses that you may pay if you buy, hold and sell Class P1 shares of the Fund. Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary. Information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus. Shareholder Fees 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0010 0.0036 0.0061 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 62 195 340 762 Principal Investment Strategies The Fund is a “feeder fund” that invests, through the Master Portfolio, at least 99.5% of its total assets in Government securities, cash and repurchase agreements collateralized fully by Government securities or cash. In addition, under normal circumstances, the Fund invests, through the Master Portfolio, at least 80% of its net assets in Government securities and repurchase agreements collateralized fully by Government securities. In contrast to the Fund's 99.5% policy, the Fund's 80% policy does not include cash. For purposes of these policies, “Government securities” means any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Government securities include those issued by government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Home Loan Banks and Federal Farm Credit Banks, whose securities are neither issued nor guaranteed by the U.S. Government. The Fund intends to be a “Government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940. Shareholders will be given at least 60 days’ advance notice of any change to the 99.5% and 80% policies.The Fund uses the amortized cost method of valuation to seek to maintain a stable $1.00 share price.Unless the context otherwise requires, references to the Fund’s investments refer to those investments of the Master Portfolio to which the Fund is exposed and references to the investment manager or the Fund’s investment manager refer to the Master Portfolio’s investment manager.The Fund invests in:U.S. government securities which may include fixed, floating and variable rate securities.Repurchase agreements which are agreements by the Fund to buy Government securities from a broker-dealer or other counterparty and then to sell the securities back to such counterparty on an agreed upon date (generally, less than seven days) at a higher price, which reflects prevailing short-term interest rates.Portfolio maturity and quality The Fund only buys securities that the investment manager determines present minimal credit risks. The Fund maintains a dollar-weighted average portfolio maturity of 60 calendar days or less, maintains a dollar-weighted average life for its portfolio of 120 calendar days or less, and only buys securities that mature or are deemed to mature in 397 calendar days or less. In addition, under normal circumstances, the Fund invests, through the Master Portfolio, at least 80% of its net assets in Government securities and repurchase agreements collateralized fully by Government securities In contrast to the Fund's 99.5% policy, the Fund's 80% policy does not include cash. For purposes of these policies, “Government securities” means any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Government securities include those issued by government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Home Loan Banks and Federal Farm Credit Banks, whose securities are neither issued nor guaranteed by the U.S. Government. The Fund intends to be a “Government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940. Shareholders will be given at least 60 days’ advance notice of any change to the 99.5% and 80% policies. <a href="" id="x4x3"></a> Principal RisksYou could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Interest Rate: When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for debt securities. The Fund's yield will vary. A low interest or negative rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and could impair the Fund's ability to maintain a stable net asset value. A sharp and unexpected rise in interest rates could cause the Fund's share price to drop below a dollar. In general, securities with longer maturities or durations are more sensitive to these interest rate changes. Credit: U.S. government investments generally have the least credit risk but are not completely free of credit risk. The Fund may incur losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the investment manager or the rating agencies than such securities actually do. Any downgrade of securities issued by the U.S. government may result in a downgrade of securities issued by its agencies or instrumentalities. Income: The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. Because the Fund limits its investments to high-quality, short-term securities, its portfolio generally will earn lower yields than a portfolio with lower-quality, longer-term securities subject to more risk. U.S. Government Securities: Not all obligations of the U.S. Government, its agencies and instrumentalities are backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Government agency or instrumentality issues have different levels of credit support. U.S. government-sponsored entities ("GSEs"), such as Fannie Mae and Freddie Mac, may be chartered by Acts of Congress, but their securities are neither issued nor guaranteed by the U.S. government. Although the U.S. government has provided financial support to Fannie Mae, Freddie Mac and certain other GSEs in the past, no assurance can be given that the U.S. government will continue to do so. Accordingly, securities issued by Fannie Mae and Freddie Mac may involve a risk of non-payment of principal and interest. Investors should remember that guarantees of timely repayment of principal and interest do not apply to the market prices and yields of the securities or to the net asset value or performance of the Fund, which will vary with changes in interest rates and other market conditions. Repurchase Agreements: A repurchase agreement exposes the Fund to the risk that the party that sells the securities to the Fund may default on its obligation to repurchase such securities. Market: The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant adverse impact on certain investments of the Fund as well as the Fund’s performance and liquidity. Master/Feeder Structure: The Fund seeks to achieve its investment goal by investing all of its assets in shares of the Master Portfolio. The Master Portfolio has the same investment goal and policies as the Fund. The Fund buys shares of the Master Portfolio at net asset value. An investment in the Fund is an indirect investment in the Master Portfolio. It is possible that the Fund may have to withdraw its investment in the Master Portfolio if the Master Portfolio changes its investment goal or if the Fund’s board of trustees, at any time, considers it to be in the Fund’s best interest. Management: The Fund is subject to management risk because it is an actively managed investment portfolio. The investment manager applies investment techniques and risk analyses in making investment decisions for the Master Portfolio, but there can be no guarantee that these decisions will produce the desired results. Cybersecurity: Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, authorized participants, or index providers (as applicable) and listing exchanges, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks. Performance The following 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 P1 shares. The table shows the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com Class P1 Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">Best Quarter: </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">2025, Q3</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">0.94%</td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">Worst Quarter: </td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">2025, Q4</td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;">0.86%</td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;">As of September 30, 2026, the Fund’s year-to-date return was 2.33%.</td></tr></table> Best Quarter 2025-09-30 0.0094 Worst Quarter 2025-12-31 0.0086 As of September 30, 2026, the Fund’s year-to-date return was 2.33%. 2026-09-30 0.0233 Average Annual Total Returns For periods ended December 31, 2025 0.0370 0.0386 485BPOS 2026-06-30 0000038778 false 2026-10-26 2026-11-01 ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary1Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary1Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary1Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary1Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member ~ ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary1Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member row oef_ClassAxis compact * row oef_PerformanceMeasureAxis compact * ~ ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary2Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary2Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary2Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member ~ ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * row dei_DocumentInformationDocumentAxis compact cik0000038778_S000006859Summary2Member row dei_LegalEntityAxis compact cik0000038778_S000006859Member row oef_ClassAxis compact * row oef_PerformanceMeasureAxis compact * ~ 0 0.0032 0.0128 0.0166 0.0021 0.0001 0.0121 0.0461 0.0479 0.0381 0.037 October 31, 2027 October 31, 2027 October 31, 2027 October 31, 2027 2019-10-15 2019-10-15 2024-09-04 ~ http://franklintempleton.com/20260630/role/RRRiskTable3 ~ ~ http://franklintempleton.com/20260630/role/RRRiskTable5 ~ The fees and expenses shown in the table and included in the example below reflect the fees and expenses of both the Fund and The U.S. Government Money Market Portfolio (Master Portfolio), in which the Fund seeks to invest all of its assets in order to pursue its investment goal. Transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.02% until October 31, 2027. During its term, this fee agreement may not be terminated or amended without approval of the board of trustees except to add series and classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception October 15, 2019. The fees and expenses shown in the table and included in the example below reflect the fees and expenses of both the Fund and The U.S. Government Money Market Portfolio (Master Portfolio), in which the Fund seeks to invest all of its assets in order to pursue its investment goal. Since inception September 4, 2024.