Franklin Templeton Private Portfolio Group, LLC

Supplement dated March 31, 2026 to Form ADV Disclosure Brochure of Franklin Templeton Private Portfolio Group, LLC and its Affiliated Sub-Advisers Dated December 5, 2025 This document supplements the accompanying Form ADV Disclosure Brochure (the “Brochure”) of Franklin Templeton Private Portfolio Group, LLC (“FTPPG”) and its affiliated sub-advisers, including, among others, Putnam Investment Management, LLC (“Putnam”), Franklin Advisers, Inc. (“FAV”), and Western Asset Management Company, LLC (“Western Asset”). This document reflects: (1) the inclusion of Putnam Focused U.S. Research as an additional investment strategy sub-advised by Putnam that FTPPG may make available in Sponsor Firm investment programs; (2) the inclusion of Franklin Templeton Strategic Equity Quality Growth and Franklin Templeton Strategic Equity Quality Dividend as additional investment strategies sub-advised by FAV that FTPPG may make available in Sponsor Firm investment programs; (3) certain changes related to the Franklin Templeton U.S. Core Equity Direct Implementation Portfolios strategy; and (4) the inclusion of revised descriptions of Western Asset Municipal Opportunities, Western Asset Current Mark Muni, Western Asset Current Market Muni ESG, and Western Asset Short-Term Muni investment strategies sub-advised by Western Asset. Any inconsistent disclosure in the Brochure is superseded by the contents of this document. Defined terms not defined herein shall have the same meaning as in the Brochure. PUTNAM FOCUSED U.S. RESEARCH The following description of the Putnam Focused U.S. Research strategy, and information about its main risks, minimums and fees are added in Items 8, 7 and 5 of the Brochure, respectively: Description. The strategy seeks long-term capital appreciation by investing in stocks that represent the highest conviction ideas of Putnam's Equity Research team. The strategy invests mainly in common stocks (growth or value stocks or both) of large U.S. companies that the portfolio management team believes have favorable investment potential. At certain Sponsor Firms, this strategy is known as “Putnam U.S. Research” and has been slightly modified to provide for less concentration in the portfolios. Risks. The main risks for the Putnam Focused U.S. Research strategy are General Investment Risk, Blend Style Investing Risk, and Concentration Risk. See Appendix A for explanations of these risks. Investment Minimums. The investment minimum for the Putnam Focused U.S. Research strategy is $50,000. With respect to the modified strategy at certain Sponsor Firms known as Putnam U.S. Research, the investment minimums could be higher. Fees. The fee for the Putnam Focused U.S. Research strategy with respect to Single Contract FTPPG Implemented Programs is 0.42%, Single Contract Discretionary and Non-Discretionary Model Programs is 0.28%, and Dual-Contract Programs is 0.50%. Portfolio Managers. Portfolio Managers for the Putnam Focused U.S. Research strategy are Jacquelyne Cavanaugh, Robert Gray, William Rives, Kathryn Lakin and Matthew LaPlant. Form ADV Part 2B  Supplements containing biographical information of these portfolio managers can be found in the Form ADV package provided by FTPPG to Sponsor Firms. FRANKLIN TEMPLETON STRATEGIC EQUITY QUALITY GROWTH The following description of the Franklin Templeton Strategic Equity Quality Growth strategy, and information about its main risks, minimums and fees are added in Items 8, 7 and 5 of the Brochure, respectively: Description. The strategy seeks to outperform the S&P 500 over a full market cycle by investing in a portfolio including high‑quality, reasonably valued companies, using a diversified portfolio construction approach. It integrates the best ideas from Franklin Templeton’s leading equity managers, leveraging their complementary styles and deep research capabilities to construct a portfolio that balances growth, value, and blend characteristics. The strategy aims to outperform the benchmark over a full market cycle while maintaining risk characteristics consistent with large cap equity investing. Risks. The main risks for the Franklin Templeton Strategic Equity Quality Growth strategy are General Investment Risk, Concentration Risk, Blend Style Investing Risk, Mid Cap Risk, and Small Cap Risk. See Appendix A for explanations of these risks. Investment Minimums. The investment minimum for the Franklin Templeton Strategic Equity Quality Growth strategy is $100,000. Fees. The fee for the Franklin Templeton Strategic Equity Quality Growth strategy with respect to Single Contract FTPPG Implemented Programs is 0.30%, Single Contract Non-Discretionary Model Programs is 0.20%, and Dual-Contract Programs is 0.30%. Portfolio Managers. Portfolio Managers for the Franklin Templeton Strategic Equity Quality Growth strategy are Jacqueline Kenney and Eric Johnson. Form ADV Part 2B Supplements containing biographical information of these portfolio managers can be found in the Form ADV package provided by FTPPG to Sponsor Firms. FRANKLIN TEMPLETON STRATEGIC EQUITY QUALITY DIVIDEND The following description of the Franklin Templeton Strategic Equity Quality Dividend strategy, and information about its main risks, minimums and fees are added in Items 8, 7 and 5 of the Brochure, respectively: Description. The strategy seeks to outperform the S&P 500 over a full market cycle while generating income in excess over the benchmark by investing in an income generating portfolio including high‑quality, reasonably valued companies, using a diversified portfolio construction approach. It integrates the best ideas from Franklin Templeton’s leading equity managers, leveraging their complementary styles and deep research capabilities to construct a portfolio that balances growth, value, and blend characteristics. The strategy aims to outperform the benchmark over a full market cycle while maintaining risk characteristics consistent with large cap equity investing.  Risks. The main risks for the Franklin Templeton Strategic Equity Quality Dividend strategy are General Investment Risk, Concentration Risk, Blend Style Investing Risk, Mid Cap Risk, and Small Cap Risk. See Appendix A for explanations of these risks. Investment Minimums. The investment minimum for the Franklin Templeton Strategic Equity Quality Dividend strategy is $100,000. Fees. The fee for the Franklin Templeton Strategic Equity Quality Dividend strategy with respect to Single Contract FTPPG Implemented Programs is 0.30%, Single Contract Non-Discretionary Model Programs is 0.20%, and Dual-Contract Programs is 0.30%. Portfolio Managers. Portfolio Managers for the Franklin Templeton Strategic Equity Quality Dividend strategy are Jacqueline Kenney and Eric Johnson. Form ADV Part 2B Supplements containing biographical information of these portfolio managers can be found in the Form ADV package provided by FTPPG to Sponsor Firms. CHANGES RELATED TO THE FRANKLIN TEMPLETON U.S. CORE EQUITY DIRECT IMPLEMENTATION PORTFOLIOS The Franklin Templeton U.S. Core Equity Direct Implementation Portfolios will be renamed Franklin Templeton Strategic Equity U.S. Core. The minimums and fees in Items 7 and 5 are revised as follows: Investment Minimums. The investment minimum for the Franklin Templeton Strategic Equity U.S. Core strategy is $100,000. Fees. The fee for the Franklin Templeton Strategic Equity U.S. Core strategy with respect to Single Contract FTPPG Implemented Programs is 0.30%, Single Contract Non-Discretionary Model Programs is 0.20%, and Dual-Contract Programs is 0.30%. WESTERN ASSET MUNICIPAL OPPORTUNITIES The description of the Western Asset Municipal Opportunities strategy sub-advised by Western Asset and information regarding its risks included in Item 8 of the Brochure is hereby deleted in its entirety and replaced with the following: Description. Western Asset Municipal Opportunities portfolios seek to maximize risk-adjusted, after-tax total returns. Over a full market cycle, the strategy will seek to outperform the Bloomberg Barclays 1-15 Year Municipal Bond Index. Western Asset selects municipal securities for the portfolios with a focus on diversification within sectors and regions and investment grade quality at time of purchase. Municipal securities include debt securities issued by any of the 50 states and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) and other qualifying issuers, and investments with similar economic characteristics, the income from which is exempt from regular U.S. income tax. Some municipal obligations, such as general obligation issues, are backed by the taxing power of the municipal issuer, while other municipal securities, such as revenue issues, are backed only by the revenue from certain facilities or other sources and not by  the municipal issuer itself. By actively managing client portfolios, Western Asset seeks to maximize risk- adjusted returns by taking advantage of shifts in the municipal yield curve, credit quality spreads and variations in market sectors. There are no restrictions on the average maturity of Municipal Opportunities portfolios. Depending on Western Asset’s interest rate outlook, the average duration of the bonds within Municipal Opportunities portfolios generally ranges +/- 2 years of the strategy benchmark, the Bloomberg Barclays 1-15 Year Municipal Bond Index. In certain Single Contract Programs, Western Asset manages Municipal Opportunities portfolios as state- specific portfolios for clients that indicate certain states as their state of residence or tax state, unless the client or the client’s Sponsor Firm specifically selects a national or state-biased portfolio. Western Asset invests national portfolios in municipal securities of issuers in multiple states and U.S. jurisdictions. For state-specific portfolios, Western Asset seeks to invest only in municipal securities the income from which is exempt from state income taxes in the specified state, but may also invest, if warranted by market conditions including the available supply of municipal securities, in municipal securities the income from which is not exempt from state income taxes in the specified state. For state-biased portfolios, Western Asset emphasizes investments in municipal securities the income from which is exempt from state income taxes in the specified state, but may also invest in municipal securities the income from which is not exempt from state income taxes in the specified state. Western Asset may limit the states for which state- specific and state-biased portfolios are available. It should be noted that state-specific and state-biased portfolios may have a higher concentration in certain sectors and issuers relative to national portfolios due to more limited diversity of in-state issues. Upon request, a client may choose to customize the Western Asset Municipal Opportunities strategy to incorporate the use of taxable securities (treasuries, agencies, and taxable municipal bonds) to maximize after tax yield based on client federal and state tax bracket. Risks. The main risks for Western Asset Municipal Opportunities portfolios are General Investment Risk, Credit Risk, Interest Rate Risk and Illiquidity Risk. Depending on the specific investment approach a client selects, additional significant risks may include Geographic Concentration Risk and Below Investment Grade Risk. See Appendix A for explanations of these risks. WESTERN ASSET CURRENT MARKET MUNI, WESTERN ASSET CURRENT MARKET MUNI ESG, WESTERN ASSET SHORT-TERM MUNI The description of the Western Asset Current Market Muni, Western Asset Current Market Muni ESG and Western Asset Short-Term Muni strategies sub-advised by Western Asset and information regarding their risks included in Item 8 of the Brochure is hereby deleted in its entirety and replaced with the following: Description. Western Asset Current Market Muni portfolios seek total return over a market cycle, consisting of capital gain (taxable) and income that is exempt from regular U.S. income tax. Western Asset selects municipal securities for the portfolios with a focus on diversification within sectors and regions and high credit quality. Municipal securities include debt securities issued by any of the 50 states and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) and other qualifying issuers, and investments with similar economic characteristics, the income from which is exempt from regular U.S. income tax. Some municipal obligations, such as general obligation issues, are backed by the taxing power of the municipal issuer,  while other municipal securities, such as revenue issues, are backed only by the revenue from certain facilities or other sources and not by the municipal issuer itself. By actively managing client portfolios, Western Asset seeks to enhance returns and reduce risks by taking advantage of shifts in the municipal yield curve, credit quality spreads and variations in market sectors. There are no restrictions on the average maturity of Current Market Muni portfolios. Depending on Western Asset’s interest rate outlook, the average maturity of bonds in Current Market Muni portfolios generally ranges from three to seven years. In certain Single Contract Programs, Western Asset manages Current Market Muni portfolios as state- specific portfolios for clients that indicate certain states as their state of residence or tax state, unless the client or the client’s Sponsor Firm specifically selects a national or state-biased portfolio. Western Asset invests national portfolios in municipal securities of issuers in multiple states and U.S. jurisdictions. For state-specific portfolios, Western Asset seeks to invest only in municipal securities the income from which is exempt from state income taxes in the specified state, but may also invest, if warranted by market conditions including the available supply of municipal securities, in municipal securities the income from which is not exempt from state income taxes in the specified state. For state-biased portfolios, Western Asset emphasizes investments in municipal securities the income from which is exempt from state income taxes in the specified state, but may also invest in municipal securities the income from which is not exempt from state income taxes in the specified state. Western Asset may limit the states for which state- specific and state-biased portfolios are available. It should be noted that state-specific and state-biased portfolios may have a higher concentration in certain sectors and issuers relative to national portfolios due to more limited diversity of in state issues. Most municipal bonds achieve their tax-exempt status by funding a “public good”. This unique feature of municipal bonds can be attractive for ESG investors that might seek a sustainability-oriented investment strategy. Western Asset seeks to incorporate ESG principles into its fundamental research and portfolio construction process for Western Asset Current Market Muni ESG portfolios by evaluating whether each individual bond’s “use of proceeds” aligns with ESG advancement. Western Asset maintains an independent assessment process to determine eligibility for the Western Asset Current Market Muni ESG portfolios. If Western Asset determines that a bond’s “use of proceeds” will be used for positive ESG advancement, then Western Asset treats such bond as having passed the environment or social components of its ESG analysis and as eligible for potential inclusion in Western Asset Current Market Muni ESG portfolios. Examples of securities that would promote ESG advancement include, without limitation, bonds whose proceeds will be used for the construction of a school, hospital, water purification project, energy efficient power plant, waste recovery plant, or efficient transportation. Western Asset seeks issuers and “use of proceeds” that align with the UN Sustainable Development Goals and ICMA’s Green and Social Bond Principles. While most municipal bonds achieve their tax-exempt status by funding a “public good”, not all tax-exempt bonds will be eligible for inclusion within Western Asset Current Market Muni ESG portfolios. Bonds secured by “sin taxes” (e.g., tobacco, liquor, gaming) generally will be excluded from such portfolios. In addition, Western Asset evaluates bond issuers and bond issues within the context of the United Nations Sustainability Development Goals (“UN SDGs”). Bonds issued by issuers with unmitigated ESG risks or misalignment with the UN SDGs also may be excluded from Western Asset Current Market Muni ESG portfolios.  Separate and apart from its “use of proceeds” evaluation, Western Asset incorporates ESG risks into its credit analysis across all of its investment strategies. Many of these factors are readily measurable from governmental sources. From an environmental risk standpoint, risks associated with natural disasters such as fires, flooding and hurricanes are all natural disasters that have led to significant costs for municipalities. From a social risk standpoint, poverty, income inequality and employment trends have become increasingly important issues. More recently, certain municipalities have come under scrutiny for police brutality which can add to debt burdens due to increased training, surveillance, and litigation costs. Western Asset also has the ability to assess several governance risk factors, considering variables such as budgetary discipline and on time budgets. Western Asset believes that evaluating these ESG risk factors separately is useful and can be a helpful input in its assessment of a particular municipal bond issue’s credit risk. Western Asset’s ESG strategy seeks to support municipal bond issues that can mitigate ESG risks. Short-Term Muni portfolios seek total return over a market cycle, while aiming for a higher degree of stability and liquidity than Current Market Muni portfolios. Depending on Western Asset’s interest rate outlook, the average maturity of bonds in Short-Term Muni portfolios generally ranges between zero and three years. Upon request, a client may choose to customize the Western Asset Current Market Muni, Western Asset Current Market Muni ESG, or Western Asset Short-Term Muni strategies to incorporate the use of taxable securities (treasuries, agencies, and taxable municipal bonds) to maximize after tax yield based on client federal and state tax bracket. Risks. The main risks for Western Asset Current Market Muni, Western Asset Current Market Muni ESG and Western Asset Short-Term Muni portfolios are General Investment Risk, Credit Risk, Interest Rate Risk, Illiquidity Risk and, for state-specific and state-biased portfolios, Geographic Concentration Risk. Western Asset Current Market Muni ESG portfolios are also subject to the ESG Investing Risk. See Appendix A for explanations of these risks.