Form 497K FRANKLIN TEMPLETON TRUST

Before you invest, you may want to review the Fund’s prospectus, which contains
more information about the Fund and its risks. You can find the Fund’s prospectus, statement of additional
information, reports to shareholders and other information about the Fund online at www.franklintempleton.com/prospectus.
You can also get this information at no cost by calling (800) DIAL BEN/342-5236 or by sending an e-mail
request to prospectus@franklintempleton.com. The Fund’s prospectus and statement of additional information,
both dated April 6, 2021, as supplemented February 8, 2022, as may be supplemented, are all incorporated
by reference into this Summary Prospectus.

Investment
Goal

To
provide investors with as high a level of current income as is consistent with the preservation of shareholders’
capital and liquidity. The Fund also tries to maintain a stable $1.00 share price.

Fees
and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy and hold
shares of the Fund.

Shareholder Fees

(fees paid directly from your investment)

Annual Fund Operating Expenses

(expenses that you pay
each year as a percentage of the value of your investment)

^1.
“Other expenses” are based on estimated amounts for the current fiscal year.

^2.
The investment manager has contractually agreed to waive or assume certain fees and expenses so that
total annual Fund operating expenses (excluding Rule 12b-1 fees; acquired fund fees and expenses and
certain non-routine expenses or costs, including those relating to litigation, indemnification, reorganization,
and liquidation) for the Fund do not exceed 0.20% until July 31, 2022. During the term, this fee waiver
and expense reimbursement agreement may not be terminated or amended without approval of the board of
trustees except to add series and classes, to reflect the extension of termination dates or to lower
the cap on the Fund’s fees and expenses (which would result in lower fees for shareholders).

Example

This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
and then redeem all of your shares at the end of the period. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects
adjustments made to the Fund’s operating expenses due to the fee waivers and/or expense reimbursements
by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:

Principal
Investment Strategies

The Fund invests at least 99.5% of its total assets in Government securities,
cash and repurchase agreements collateralized fully by Government securities or cash. For purposes of
this policy, “Government securities” means any securities issued or guaranteed as to principal or
interest by the United States, or by a person controlled or supervised by and acting as an instrumentality
of the Government of the United States pursuant to authority granted by the Congress of the United States;
or any certificate of deposit for any of the foregoing. Government securities include those issued by
government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae),
Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Home Loan Banks and Federal Farm Credit
Banks, whose securities are neither issued nor guaranteed by the U.S. Government. The Fund intends to
be a “Government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under
the Investment Company Act of 1940 (1940 Act). Shareholders will be given at least 60 days’ advance
notice of any change to the 99.5% policy.

The Fund uses the amortized cost method of valuation to seek
to maintain a stable $1.00 share price and does not currently intend to impose liquidity fees or redemption
gates on Fund redemptions. Please note, however, that the board of trustees reserves the ability to subject
the Fund to a liquidity fee and/or redemption gate in the future, after providing prior notice to shareholders.

The
Fund invests in:

U.S.
government securities which may include fixed, floating and variable rate securities.

Repurchase
agreements which are agreements by the Fund to buy Government securities and then to sell
the securities back on an agreed upon date (generally, less than seven days) at a higher price, which
reflects prevailing short-term interest rates.

Portfolio maturity and quality
The Fund only buys securities that the investment manager determines present minimal credit risks. The
Fund maintains a dollar-weighted average portfolio maturity of 60 calendar days or less, maintains a
dollar-weighted average life for its portfolio of 120 calendar days or less, and only buys securities
that mature or are deemed to mature in 397 calendar days or less.

Use of
Blockchain

The
Fund’s transfer agent maintains the official record of share ownership via a proprietary blockchain-integrated
system that utilizes features of traditional book-entry form and the Stellar network’s blockchain.
The use of blockchain technology is relatively new and still evolving for mutual funds. Similar to traditional
fund recordkeeping systems, all Fund and shareholder records in the blockchain-integrated system are
under the full and complete control of the Fund’s transfer agent.

A blockchain is an open, distributed ledger
that records transactions between two parties in a verifiable and permanent way using cryptography. Transactions
on the blockchain are verified and authenticated by computers on the network. The process of authenticating
a transaction before it is recorded ensures that only valid and authorized transactions are permanently
recorded on the blockchain in collections of transactions called “blocks.” Blockchain networks are
based upon software source code that establishes and governs their respective cryptographic systems for
verifying transactions.

The recording of Fund shares on the blockchain will not affect the Fund’s investments.
The Fund intends to be a Government money market fund. Accordingly, the Fund will invest, consistent
with Rule 2a-7 under the 1940 Act, at least 99.5% of its total assets in Government securities, cash
and repurchase agreements collateralized fully by Government securities or cash. The Fund will not invest
in any cryptocurrencies (referred to as, among other things, virtual currencies).

Complex information technology
and communications systems, such as blockchain networks, are subject to a number of different threats
or risks that could adversely affect the Fund. If such an event occurs, the Fund may incur substantial
costs. In addition, market events also may trigger a volume of transactions that overloads current information
technology and communication systems and processes, impacting the

ability
to conduct the Fund’s operations. The Fund may never achieve market acceptance and may not be able
to attract sizable assets or achieve scale.

The Fund’s investment manager expects that the blockchain-integrated
recordkeeping system will provide operational efficiencies without negatively impacting the quality of
the transfer agent’s services. For more information regarding the Fund’s use of blockchain technology,
see “Use of Blockchain” beginning on page 6 of this prospectus. More detailed information about blockchain
technology and the Stellar network, including the regulatory, operational and technological risks associated
with distributed ledger technology and the Stellar network, as well as detailed information about the
Fund and its policies and risks, can be found in the Fund’s Statement of Additional Information (SAI).

Principal Risks

You could lose money by investing in the Fund. Although the
Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support
to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at
any time.

Interest
Rate
When interest rates rise, debt security prices generally fall. The opposite is also generally true:
debt security prices rise when interest rates fall. Interest rate changes are influenced by a number
of factors, including government policy, monetary policy, inflation expectations, perceptions of risk,
and supply of and demand for debt securities. The Fund’s yield will vary. A low interest rate environment
may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and
could impair the Fund’s ability to maintain a stable net asset value. A sharp and unexpected rise in
interest rates could cause the Fund’s share price to drop below a dollar. In general, securities with
longer maturities or durations are more sensitive to these interest rate changes.

Credit U.S. government investments
generally have the least credit risk but are not completely free of credit risk. The Fund may incur losses
on debt securities that are inaccurately perceived to present a different amount of credit risk by the
market, the investment manager or the rating agencies than such securities actually do. Any downgrade
of securities issued by the U.S. government may result in a downgrade of securities issued by its agencies
or instrumentalities.

Income
Because
the Fund can only distribute what it earns, the Fund’s distributions to shareholders may decline when
prevailing interest rates fall. Because the Fund limits its investments to high-quality, short-term securities,
its portfolio generally will earn lower yields than a portfolio with lower-quality, longer-term securities
subject to more risk.

U.S. Government Securities Not all obligations of the U.S. Government,
its agencies and instrumentalities are backed by the full faith and credit of the United States. Some
obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases
there may be some risk of default by the issuer. Government agency or instrumentality issues have different
levels of credit support. U.S. government-sponsored entities (“GSEs”), such as Federal
National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac),
may be chartered by Acts of Congress, but their securities are neither issued nor guaranteed by the U.S.
government. Although the U.S. government has provided financial support to Fannie Mae, Freddie Mac and
certain other GSEs, no assurance can be given that the U.S. government will continue to do so.
Accordingly, securities issued by Fannie Mae and Freddie Mac may involve a risk of non-payment of principal
and interest. Investors should remember that guarantees of timely repayment of principal and interest
do not apply to the market prices and yields of the securities or to the net asset value or performance
of the Fund, which will vary with changes in interest rates and other market conditions.

Repurchase
Agreements A repurchase agreement exposes the Fund to the risk that the party that sells
the securities to the Fund may default on its obligation to repurchase them.

Market The market values of
securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably.
The market value of a security or other investment may be reduced by market activity, including changes
in interest rates or inflation rates, or other results of supply and demand unrelated to the issuer.
This is a basic risk associated with all investments. When there are more sellers than buyers, prices
tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

The current global outbreak
of the novel strain of coronavirus, COVID-19, has resulted in market closures and dislocations, extreme
volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19
have resulted in global travel restrictions and disruptions of healthcare systems, business operations
and supply chains, layoffs, reduced consumer demand, defaults and credit ratings downgrades, and other
significant economic impacts. The effects of COVID-19 have impacted global economic activity across

many
industries and may heighten other pre-existing political, social and economic risks, locally or globally.
The full impact of the COVID-19 pandemic is unpredictable and may adversely affect the Fund’s performance.

Management
The Fund is subject to management risk because it is an actively managed investment portfolio. The investment
manager applies investment techniques and risk analyses in making investment decisions for the Fund,
but there can be no guarantee that these decisions will produce the desired results.

Performance

Because
the Fund is new, it has limited performance history. You can obtain updated performance information by
accessing the information through the App (as defined below in “Purchase and Sale of Fund Shares”) or
at franklintempleton.com/FOCGX.

Investment Manager

Franklin
Advisers, Inc. (Advisers)

Purchase and Sale of Fund
Shares

In
order to open an account with the Fund, you must first download Benji by Franklin Templeton, a mobile
application available through the Apple App Store and Google Play (App). The App is free to download
and use. All fees associated with the use of the Stellar network will be the responsibility of the investment
manager or its affiliates. Prior to opening your account, the Fund will collect certain information from
you in accordance with its anti-money laundering and know-your-customer policies and procedures. You
may purchase or redeem shares of the Fund at any time through the App, although purchases and redemptions
of Fund shares will only be processed during normal business hours on business days. You may only purchase
and redeem Fund shares using the App. For more information, please see the sections of this prospectus
entitled “Your Account – Account Application” and “Your Account – Privileges via the App”.
The minimum initial purchase for most accounts is $20. There is no minimum investment for subsequent
purchases.

Taxes

The
Fund’s distributions are generally taxable to you as ordinary income. It is not anticipated that the
Fund will be available to tax-deferred investors.