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Current income is a secondary objective. Fees and expenses <div style="margin-top: 4pt; 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> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in <span style="font-style: italic;">How do I buy fund shares?</span> beginning on page 23 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style: italic;">How to buy shares</span> beginning on page 26 of the fund’s Statement of Additional Information (“SAI”).</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment) 0.0064 0.0025 0.0019 0.0108 -0.0012 0.0096 0.0064 0.0100 0.0020 0.0184 -0.0013 0.0171 0.0064 0.0050 0.0020 0.0134 -0.0013 0.0121 0.0064 0 0.0009 0.0073 -0.0013 0.0060 0.0064 0 0.0019 0.0083 -0.0012 0.0071 Example <div style="margin-top: 2pt; 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, except as indicated, redeem 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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.</div> 667 887 1125 1806 274 566 983 1949 174 566 983 1949 123 412 722 1603 61 220 393 894 73 253 449 1015 Portfolio turnover <div style="margin-top: 4pt; 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 19%.</div> 0.19 Investments, risks, and performance <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. The Investment Manager considers a company to be located outside the United States if the company’s securities trade outside the United States, the company is headquartered or organized outside the United States or the company derives a majority of its revenues or profits outside the United States. Under normal</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of value companies. This policy may be changed only after 60 days’ notice to shareholders. The Investment Manager considers an issuer to be a value company if (i) the issuer is included in an index which is representative of value companies, (ii) the issuer is classified as a value company by an independent third party, and/or (iii) the Investment Manager believes the issuer is currently undervalued by the market. When assessing value companies, the Investment Manager considers a variety of factors, including, but not limited to financial metrics characteristic of value companies, such as low price‑to‑earnings ratios, low price‑to‑book ratios, low enterprise value to earnings before income tax, depreciation and amortization (EBITDA) ratios, low enterprise value to sales ratios and/or low enterprise to cash-flow ratios relative to the relevant market, as defined by the Investment Manager, or than to one or more sectors of that market.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund invests mainly in developed countries, but may invest in emerging markets. The Investment Manager may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. The fund may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non‑hedging purposes. For example, the Investment Manager typically uses foreign currency forward contracts in connection with the fund’s investments in foreign securities in order to hedge the fund’s currency exposure relative to the MSCI EAFE Value Index‑NR.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund’s investments in derivative instruments and other investments that provide exposure to the investment focus indicated in the fund’s 80% policy, or that provide exposure to one or more market risk factors associated with the investment focus indicated in the fund’s name, are included in the fund’s 80% basket.</div> The fund invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. The Investment Manager considers a company to be located outside the United States if the company’s securities trade outside the United States, the company is headquartered or organized outside the United States or the company derives a majority of its revenues or profits outside the United States. Under normalcircumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of value companies. This policy may be changed only after 60 days’ notice to shareholders. The Investment Manager considers an issuer to be a value company if (i) the issuer is included in an index which is representative of value companies, (ii) the issuer is classified as a value company by an independent third party, and/or (iii) the Investment Manager believes the issuer is currently undervalued by the market. Under normalcircumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of value companies. When assessing value companies, the Investment Manager considers a variety of factors, including, but not limited to financial metrics characteristic of value companies, such as low price‑to‑earnings ratios, low price‑to‑book ratios, low enterprise value to earnings before income tax, depreciation and amortization (EBITDA) ratios, low enterprise value to sales ratios and/or low enterprise to cash-flow ratios relative to the relevant market, as defined by the Investment Manager, or than to one or more sectors of that market.The fund invests mainly in developed countries, but may invest in emerging markets. The Investment Manager may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. <div style="margin-top: 8pt; margin-bottom: 0pt; 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; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Market risk:</span> 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: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. Value stocks may fail to rebound, and the market may not favor value-style investing. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; 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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Geographic focus risk:</span> Investments focused in a single region may be affected by common economic forces and other factors. In addition, events in any one country within the region may impact the other countries or the region as a whole. Because the fund currently invests, and may in the future invest, significantly in European and Asian companies, the fund is particularly susceptible to economic, political, regulatory and other events or conditions affecting issuers in Europe and Asia. European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits, and unemployment. Asia includes countries in various stages of economic development, from emerging market economies to the highly developed economy of Japan. Some parts of Asia may be subject to a greater degree of economic, political and social instability than is the case in the United States.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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: 8pt; margin-bottom: 0pt; 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: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Cybersecurity risk:</span> 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 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, or exchanging shares, or receiving distributions. The fund and the Investment Manager have 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 and/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.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Because technology continues to evolve rapidly, including through developments in artificial intelligence and machine learning, new methods of carrying out cyber-attacks continue to emerge. As a result, certain cybersecurity risks may not yet be identified and some cyber-attacks may not be detected promptly, which may limit the fund’s ability to anticipate, prepare for or respond effectively to a cybersecurity incident. Like other funds and business enterprises, the fund, the Investment Manager and their service providers are subject to the risk of cybersecurity incidents from time to time. The rapid development and increasingly widespread use of artificial intelligence technologies may increase the sophistication and effectiveness of cyber attacks, which may exacerbate these risks.</div> <div style="margin-top: 8pt; 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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: 10pt; 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 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: 8pt; 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: 8pt; 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 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: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 80%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 12%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 6%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; 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-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom; white-space: nowrap; text-align: right;">Q4 2022</td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom; white-space: nowrap; text-align: right;">21.63%</td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> <td colspan="2" style="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: bottom; white-space: nowrap; text-align: right;">Q1 2020</td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">-25.56%</td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #7f7f7f; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; 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, 2026, the fund’s year‑to‑date return was 10.95%.</div> </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2022-12-31 0.2163 Worst Quarter: 2020-03-31 -0.2556 2026-09-30 year‑to‑date return 0.1095 Average annual total returns after sales charges(for periods ended 12/31/25) 0.2691 0.1110 0.0807 0.2610 0.1040 0.0753 0.1661 0.0880 0.0656 0.3257 0.1157 0.0806 0.3420 0.1213 0.0844 0.3498 0.1287 0.0916 0.3490 0.1269 0.0897 0.3239 0.0791 0.0841 0.4225 0.1336 0.0869 <div style="margin-top: 12pt; 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. 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; 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; font-size: 9pt; font-family: arial;">Important data provider notices and terms are available at <span style="font-family: arial; font-size: 9pt; color: #388791;"><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 Effective on January 15, 2025, the fund closed to new investors. The fund is open for purchases and incoming exchanges only by the following categories of investors: (1) existing fund shareholders as of January 15, 2025 who presently hold fund shares (i) in their own name or (ii) as the beneficial owner, in cases where their shares are held of record in another’s name, such as their service agent; (2) employer-sponsored retirement plans that are clients of third-party administrators (including affiliates of the Investment Manager, as defined below) that have entered into agreements with Franklin Distributors, LLC or an affiliate, to the extent the fund was made available to the plan prior to January 15, 2025; (3) current and retired employees of the Investment Manager (including its affiliates) and their immediate family members (including an employee’s spouse, domestic partner, fiancé(e), or other family members who are living in the same household) as well as, in each case, health savings accounts, individual retirement accounts, and other similar tax-advantaged plans offered by the Investment Manager (including its affiliates) solely owned by the foregoing individuals; (4) current and retired directors of Franklin Templeton, Inc. (formerly, Franklin Resources, Inc.) or its affiliates; (5) current and retired Trustees of the fund; and (6) any new or existing clients of specified financial intermediaries approved by the Investment Manager (or its affiliates) that make fund shares available through existing arrangements with Franklin Distributors, LLC. The fund reserves the right to (i) make additional exceptions to those detailed above that, in the Investment Manager’s judgement, do not adversely affect the portfolio managers’ ability to manage the fund’s portfolio and (ii) reject any investment in the fund that the Investment Manager believes will adversely affect the portfolio managers’ ability to manage the fund’s portfolio. Goal <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund seeks capital appreciation.</div> Fees and expenses <div style="margin-top: 6pt; 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> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in <span style="font-style: italic;">How do I buy fund shares?</span> beginning on page 20 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style: italic;">How to buy shares</span> beginning on page 26 of the fund’s Statement of Additional Information (“SAI”).</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0066 0.0025 0.0020 0.0111 0.0066 0.0100 0.0020 0.0186 0.0066 0.0050 0.0020 0.0136 0.0066 0 0.0008 0.0074 0.0066 0 0.0020 0.0086 Example <div style="margin-top: 6pt; 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, except as indicated, redeem 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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.</div> 682 908 1152 1849 289 585 1006 1985 189 585 1006 1985 138 431 745 1636 76 237 412 919 88 274 476 1060 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 83%.</div> 0.83 Investments, risks, and performance Investments <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund invests mainly in common stocks of small U.S. companies, with a focus on growth stocks. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of growth companies of a size similar to those included in the Russell 2000® Index over the past six months. This policy may be changed only after 60 days’ notice to shareholders. The Investment Manager considers an issuer to be a growth company if (i) the issuer is included in an index which is representative of growth companies, (ii) the issuer is classified as a growth company by an independent third party, and/or (iii) the Investment Manager reasonably believes the issuer exhibits the characteristics of a growth company. When assessing growth companies, the Investment Manager considers a variety of factors, including but not limited to the expected ability of the company to grow earnings, profits, sales, book value, and/or cash flow faster than the relevant market, as defined by the Investment Manager, or than one or more sectors of that market. As of August 31, 2026, the index was composed of companies having market capitalizations of between approximately $6.4 million and $12.33 billion.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Investment Manager, as defined below, may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.</div> The fund invests mainly in common stocks of small U.S. companies, with a focus on growth stocks. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of growth companies of a size similar to those included in the Russell 2000® Index over the past six months. This policy may be changed only after 60 days’ notice to shareholders. The Investment Manager considers an issuer to be a growth company if (i) the issuer is included in an index which is representative of growth companies, (ii) the issuer is classified as a growth company by an independent third party, and/or (iii) the Investment Manager reasonably believes the issuer exhibits the characteristics of a growth company. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of growth companies of a size similar to those included in the Russell 2000® Index over the past six months. When assessing growth companies, the Investment Manager considers a variety of factors, including but not limited to the expected ability of the company to grow earnings, profits, sales, book value, and/or cash flow faster than the relevant market, as defined by the Investment Manager, or than one or more sectors of that market. As of August 31, 2026, the index was composed of companies having market capitalizations of between approximately $6.4 million and $12.33 billion.The Investment Manager, as defined below, may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. <div style="margin-top: 6pt; margin-bottom: 0pt; 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: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Market risk:</span> 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: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Small and midsize companies risk: </span>Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Large shareholder transaction risk: </span>The 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, as defined below, 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.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Cybersecurity risk:</span> 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 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, or exchanging shares, or receiving distributions. The fund and the Investment Manager have 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 and/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 <span style="font-weight: bold;"> </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Because technology continues to evolve rapidly, including through developments in artificial intelligence and machine learning, new methods of carrying out cyber-attacks continue to emerge. As a result, certain cybersecurity risks may not yet be identified and some cyber-attacks may not be detected promptly, which may limit the fund’s ability to anticipate, prepare for or respond effectively to a cybersecurity incident. Like other funds and business enterprises, the fund, the Investment Manager and their service providers are subject to the risk of cybersecurity incidents from time to time. The rapid development and increasingly widespread use of artificial intelligence technologies may increase the sophistication and effectiveness of cyber attacks, which may exacerbate these risks.</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.<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: 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 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: 6pt; 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 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: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 76%;"></td> <td style="vertical-align: bottom; width: 7%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 7%;"></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 #b2b2b2; 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 #b2b2b2; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #b2b2b2; vertical-align: bottom; text-align: right;">Q2 2020</td> <td style="border-top: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #b2b2b2; vertical-align: bottom; text-align: right;">32.31</td> <td style="border-top: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="border-top: 0.75pt solid #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; 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 #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom; text-align: right;">Q4 2018</td> <td style="border-top: 0.75pt solid #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom; text-align: right;">-20.71</td> <td style="border-top: 0.75pt solid #b2b2b2; border-bottom: 0.75pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="border-bottom: 0.75pt solid #b2b2b2; 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, 2026, the fund’s year-to-date return was 9.03%.</div> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #b2b2b2; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.3231 Worst Quarter: 2018-12-31 -0.2071 2026-09-30 year-to-date return 0.0903 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0264 0.0494 0.1264 0.0254 0.0419 0.1198 0.0164 0.0371 0.1043 0.0710 0.0540 0.1262 0.0865 0.0593 0.1302 0.0934 0.0661 0.1376 0.0918 0.0646 0.1359 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 <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. 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: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; 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. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees are subject to a performance adjustment. The fund’s base management fee is subject to adjustment, up or down, based on the fund’s performance relative to the performance of the Russell 2000 Growth Index. For the most recent fiscal year, the fund’s base management fee prior to any performance adjustment was 0.598%. Management fees are subject to a performance adjustment. The fund’s base management fee is subject to adjustment, up or down, based on the fund’s performance relative to the performance of the MSCI EAFE Value Index‑NR. For the most recent fiscal year, the fund’s base management fee prior to any performance adjustment was 0.670%. The Investment Manager, as defined below, has contractually agreed to waive fees and/or reimburse operating expenses of the fund (exclusive of payments under the fund’s distribution plans, payments under the fund’s investor servicing contract, any applicable performance-based upward or downward adjustment to the fund’s base management fee, 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 0.59% 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 October 31, 2027 without approval of the Board of Trustees. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year.