Prospectus by Investment Company (Form 497)

GOF-P14 10/26

I. The following replaces the first sentence of the section titled "What are each fund's main investment strategies and related risks? ─ Derivatives risk" in the prospectus of each fund noted with an asterisk in Schedule A.

The fund may engage in a variety of transactions involving derivatives, such as futures, options, warrants and swap contracts, including interest rate swaps and total return swaps, which may include risk premia total return swaps referencing proprietary or third-party indices designed to capture systemic factor exposures across equity, fixed income, commodity and currency asset classes.

II. The following replaces the first sentence of the section titled "What are the fund's main investment strategies and related risks? ─ Derivatives risk" in Putnam VT Global Asset Allocation Fund's prospectus.

The fund may engage in a variety of transactions involving derivatives, such as futures, options, warrants and swap contracts, including interest rate swaps and total return swaps, which may include risk premia total return swaps referencing proprietary or third-party indices designed to capture systemic factor exposures across equity, fixed income, commodity and currency asset classes.

III. The following replaces the first sentence of the section titled "What are the fund's main investment strategies and related risks? ─ Derivatives risk" in Franklin Dynamic Asset Allocation Equity Fund's prospectus.

The fund may engage in a variety of transactions involving equity-related derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, including total return swaps, which may include risk premia total return swaps referencing proprietary or third-party indices designed to capture systemic factor exposures across equity, fixed income, commodity and currency asset classes.

IV. The following replaces the first sentence of the section titled "What are the fund's main investment strategies and related risks? ─ Derivatives risk" in Franklin Multi-Asset Income Fund's prospectus.

The fund may engage in a variety of transactions involving derivatives, such as futures, certain foreign currency transactions, options, warrants and swap contracts, including interest rate swaps and total return swaps which may include risk premia total return swaps referencing proprietary or third-party indices designed to capture systemic factor exposures across equity, fixed income, commodity and currency asset classes.

SCHEDULE A

Shareholders should retain this Supplement for future reference.