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An adjourned special meeting of shareholders of the fund to consider approving the Amended Contract is currently scheduled for November 10, 2026, although the meeting may be postponed or adjourned to a later date. If shareholders approve the Amended Contract, the Investment Manager currently anticipates that the Amended Contract and the Repositioning will be effective on or about January 17, 2027. If shareholders do not approve the Amended Contract and the Repositioning will not proceed or is delayed significantly, the fund’s prospectus will be updated as applicable to reflect those circumstances. If shareholders approve the Amended Contract, on the Effective Date, the fund is expected to be repositioned from a sustainable large cap equity fund to a mid cap equity fund and is expected to undergo the following changes: • The fund’s name is expected to change to “Putnam Mid Cap Fund.” • The fund is expected to revise its 80% investment policy from investing under normal circumstances at least 80% of its net assets in investments that meet the Investment Manager’s sustainability criteria, to investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, or other investments with similar economic characteristics, of medium capitalization companies. Medium capitalization companies are defined as companies of a size similar to those included in the Russell Midcap Index over the past six months. After the Repositioning, the fund will no longer have a policy to focus on companies that the Investment Manager believes exhibit a commitment to financially material sustainable business practices. • The fund is expected to make changes to its investment strategies and principal investment risks, consistent with its repositioning as a mid cap equity fund. Following the Repositioning, the fund will no longer be managed with a focus on investments that satisfy the Investment Manager’s sustainability criteria and, as such, “sustainable investing risk” will no longer be a principal risk of investing in the fund. Additionally, “midsize companies risk” will be a new principal risk of investing in the fund. Under your fund’s current management contract, the fund pays, on a monthly basis, a base management fee plus or minus a performance adjustment, as more fully described under the heading “Who oversees and manages the fund?” – “The fund’s investment manager” in the fund’s prospectus. The fund’s monthly base management fee is adjusted upward or downward to reflect the strength or weakness of the fund’s performance compared to the returns of a performance index over the trailing 36 months. Your fund’s management fees decline if the fund underperforms the performance index and rise if the fund outperforms. Pursuant to the Amended Contract, the performance adjustment component of your fund’s management fee would be eliminated as of the Effective Date, but the base management fee calculation would remain unchanged. For additional information, please see the section “Additional information about the repositioning of the fund” in the fund’s prospectus. N-1A PUTNAM SUSTAINABLE LEADERS FUND 2026-11-01 Goal <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund seeks long-term capital appreciation.</div> Fees and expenses <div style="margin-top: 6pt; 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> 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-weight: bold;"></span><span style="font-style: italic;">How do I buy fund shares?</span><span style="font-weight: bold;"></span> beginning on page 24 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight: bold;"></span><span style="font-style: italic;">How to buy shares</span><span style="font-weight: bold;"></span> beginning on page 15 of the fund’s Statement of Additional Information (“SAI”).<span style="font-weight: bold;"> </span></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) 0.0042 0.0025 0.0014 0.0081 0.0042 0.0100 0.0014 0.0156 0.0042 0.0050 0.0014 0.0106 0.0042 0 0.0006 0.0048 0.0042 0 0.0014 0.0056 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, 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> 653 819 999 1520 259 493 851 1655 159 493 851 1655 108 337 584 1293 49 154 269 604 57 179 312 701 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 50%.</div> 0.50 Investments, risks, and performance Investments <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund invests mainly in common stocks of U.S. companies of any size, with a focus on companies that the Investment Manager, as defined below, believes exhibit a commitment to financially material sustainable business practices. The fund may also invest in non-U.S. companies. In evaluating investments for the fund, the Investment Manager views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance (“ESG”) issues. The Investment Manager identifies relevant ESG issues on a sector-specific basis using an internally developed materiality map, which is informed by the industry-specific financial materiality framework of the Sustainability Accounting Standards Board (“SASB,” now incorporated in the International Financial Reporting Standards Foundation). As part of this analysis, the Investment Manager may utilize metrics and information such as emissions data, carbon intensity, sources of energy used for operations, water use and re-use, water generation, waste diversion from landfill, employee safety and diversity data, supplier audits, product safety, board composition, and incentive compensation structures. Stocks of companies that exhibit a commitment to financially material sustainable business practices are typically, but not always, considered to be growth stocks. Growth stocks are stocks of companies whose revenues, earnings, or cash flows are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. The Investment Manager may consider, among other factors, a company’s sustainable business practices (as described above), 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 invest in non-U.S. companies.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, the fund invests at least 80% of the value of its net assets in securities that meet the Investment Manager’s sustainability criteria. These criteria are based on a proprietary materiality map that is informed by the industry-specific financial materiality framework of SASB. In applying these criteria, the Investment Manager will assign each company a proprietary ESG rating ranging from 1 to 4 (1 indicating the highest (best) ESG rating and 4 indicating the lowest (worst) ESG rating). In order to meet the Investment Manager’s sustainability criteria for purposes of this investment policy, a company must be rated 2 or 1 by the Investment Manager. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. In selecting each investment, the Investment Manager focuses on companies that have a demonstrated commitment to sustainable business practices in areas that are relevant and material to their long-term financial returns and risk profiles. The Investment Manager believes that companies that have exhibited such a commitment also often demonstrate potential for strong</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">financial growth. This commitment may be reflected through ESG policies, practices, or outcomes. The fund’s approach to sustainable investing incorporates fundamental research together with consideration of ESG factors. Environmental factors include, for example, a company’s carbon intensity and use of resources like water or minerals. Sustainability measures in this area might include plans to reduce waste, increase recycling, raise the proportion of energy supply from renewable sources, or improve product design to be less resource intensive. Social factors include, for example, labor practices and supply chain management. Sustainability measures in this area might include programs to improve employee well-being, commitment to workplace equality and diversity, or improved stewardship of supplier relationships and working conditions. Corporate governance factors include, for example, board composition and executive compensation. Sustainability measures in this area might include improvements in board independence or diversity, or alignment of management incentives with the company’s strategic sustainability objectives. The Investment Manager’s integrated approach combines analysis of the growing body of ESG data and deep fundamental analysis and looks for companies that demonstrate leadership, beyond compliance, on relevant sustainability issues. The characteristics that the Investment Manager may use when considering sustainability leadership include:</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">(1) Material. Focused on strategic, business-relevant issues.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">(2) Proactive. Actions that go beyond basic requirements to create potential business benefit.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">(3) Transparent. Reporting that is relevant, timely, and candid.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">(4) Effective. Creating benefits both within the firm and beyond its corporate borders.</div> The fund invests mainly in common stocks of U.S. companies of any size, with a focus on companies that the Investment Manager, as defined below, believes exhibit a commitment to financially material sustainable business practices. The fund may also invest in non-U.S. companies. In evaluating investments for the fund, the Investment Manager views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance (“ESG”) issues. <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, the fund invests at least 80% of the value of its net assets in securities that meet the Investment Manager’s sustainability criteria. These criteria are based on a proprietary materiality map that is informed by the industry-specific financial materiality framework of SASB. In applying these criteria, the Investment Manager will assign each company a proprietary ESG rating ranging from 1 to 4 (1 indicating the highest (best) ESG rating and 4 indicating the lowest (worst) ESG rating). In order to meet the Investment Manager’s sustainability criteria for purposes of this investment policy, a company must be rated 2 or 1 by the Investment Manager. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. In selecting each investment, the Investment Manager focuses on companies that have a demonstrated commitment to sustainable business practices in areas that are relevant and material to their long-term financial returns and risk profiles. The Investment Manager believes that companies that have exhibited such a commitment also often demonstrate potential for strong</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">financial growth. This commitment may be reflected through ESG policies, practices, or outcomes. The fund’s approach to sustainable investing incorporates fundamental research together with consideration of ESG factors. Environmental factors include, for example, a company’s carbon intensity and use of resources like water or minerals. Sustainability measures in this area might include plans to reduce waste, increase recycling, raise the proportion of energy supply from renewable sources, or improve product design to be less resource intensive. Social factors include, for example, labor practices and supply chain management. Sustainability measures in this area might include programs to improve employee well-being, commitment to workplace equality and diversity, or improved stewardship of supplier relationships and working conditions. Corporate governance factors include, for example, board composition and executive compensation. Sustainability measures in this area might include improvements in board independence or diversity, or alignment of management incentives with the company’s strategic sustainability objectives. The Investment Manager’s integrated approach combines analysis of the growing body of ESG data and deep fundamental analysis and looks for companies that demonstrate leadership, beyond compliance, on relevant sustainability issues. The characteristics that the Investment Manager may use when considering sustainability leadership include:</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">(1) Material. Focused on strategic, business-relevant issues.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">(2) Proactive. Actions that go beyond basic requirements to create potential business benefit.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">(3) Transparent. Reporting that is relevant, timely, and candid.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">(4) Effective. Creating benefits both within the firm and beyond its corporate borders.</div> Under normal circumstances, the fund invests at least 80% of the value of its net assets in securities that meet the Investment Manager’s sustainability criteria. These criteria are based on a proprietary materiality map that is informed by the industry-specific financial materiality framework of SASB. In applying these criteria, the Investment Manager will assign each company a proprietary ESG rating ranging from 1 to 4 (1 indicating the highest (best) ESG rating and 4 indicating the lowest (worst) ESG rating). <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: 6pt; margin-bottom: 0pt; margin-left: 2%; 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: 6pt; margin-bottom: 0pt; margin-left: 2%; 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,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">but also other companies in the same industry or in a number of different industries, such as increases in production costs.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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 midsized 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: 6pt; 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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Sustainable investing risk: </span>Investing with a focus on companies that exhibit a commitment to sustainable practices may result in the fund investing in certain types of companies, industries or sectors that the market may not favor. In evaluating an investment opportunity, the Investment Manager may make investment decisions without the availability of optimal ESG-related data or based on information and data that is incomplete or inaccurate. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. The Investment Manager does not rely exclusively on third party data providers in evaluating ESG criteria. ESG information from third party providers may be incomplete, inaccurate or unavailable. In addition, a company’s business practices, products or services may change over time. As a result of these possibilities, among others, the fund may temporarily hold securities that are inconsistent with the Investment Manager’s sustainable investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG or other sustainability criteria could have a material adverse effect on the fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds, such as the fund, whose strategies include ESG or other sustainability criteria.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; 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 <span style="font-weight: bold;"> </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; 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.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; 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; 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: 6pt; 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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, an additional index with characteristics relevant to the fund and the Putnam Sustainable Leaders Linked Benchmark, which represents the performance of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index through July 31, 2019, and the performance of the S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index thereafter. Before March 21, 2018, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. 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; 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: 6pt; 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 totalreturns 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, an additional index with characteristics relevant to the fund and the Putnam Sustainable Leaders Linked Benchmark, which represents the performance of the Russell 3000® Growth Index through July 31, 2019, and the performance of the S&P 500® Index thereafter.  The table shows the average annual totalreturns 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, an additional index with characteristics relevant to the fund and the Putnam Sustainable Leaders Linked Benchmark, which represents the performance of the Russell 3000® Growth Index through July 31, 2019, and the performance of the S&P 500® Index thereafter.  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: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 83%;"></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; background-color: #cceeff;"> <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: 8.5pt; 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: center;">Q2 2020</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: center;"> </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: center;">23.73%</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: 8.5pt;"> <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: 8.5pt; 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: center;">Q2 2022</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; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; 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: center;">-17.68%</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: 8.5pt; background-color: #cceeff;"> <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: 8.5pt; font-family: arial;">As of September 30, 2026, the fund’s year-to-date return was 6.00%.</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;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #969696; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.2373 Worst Quarter: 2022-06-30 -0.1768 2026-09-30 year-to-date return 0.0600 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0450 0.0908 0.1401 0.0200 0.0701 0.1197 0.0446 0.0686 0.1118 0.0910 0.0955 0.1400 0.1060 0.1011 0.1441 0.1125 0.1075 0.1506 0.1115 0.1066 0.1498 0.1715 0.1315 0.1429 0.1788 0.1442 0.1482 0.1788 0.1442 0.1568 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 style="margin-top: 12pt; 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: 6pt; 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: 6pt; margin-bottom: 0pt; margin-left: 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: #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.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. 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 S&P 500 Index. For the most recent fiscal year, the fund’s base management fee prior to any performance adjustment was 0.53%. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher.