Putnam Variable Trust

04/17/2026 | Press release | Distributed by Public on 04/17/2026 07:33

Summary Prospectus by Investment Company (Form 497K)

PGOF-P5 04/26

PUTNAM INVESTMENT FUNDS

PUTNAM VARIABLE TRUST

SUPPLEMENT DATED APRIL 17, 2026 TO THE

SUMMARY PROSPECTUS, PROSPECTUS

AND STATEMENT OF ADDITIONAL INFORMATION ("SAI")

OF EACH FUND LISTED IN SCHEDULE A

All changes described below are effective April 30, 2026.

I. The following is added to the sections titled "Your fund's management - Portfolio managers" and "Fund summary - Your fund's management - Portfolio managers" in the Summary Prospectus and Prospectus, respectively, of each fund listed in Schedule A:

Robert Gray

Portfolio Manager of Putnam Management and portfolio manager of the fund since April 2026.

II. The following is added to the section titled "Who oversees and manages the fund? - Portfolio managers" in the Prospectus of each fund listed in Schedule A:

Robert Gray, Portfolio Manager of Putnam Management
Mr. Gray has been a portfolio manager of the fund since April 2026. He joined Putnam Management in 2018.

III. The following is added to the table in the section titled "PORTFOLIO MANAGERS - Other Accounts Managed by the Portfolio Managers" in the SAI of each fund listed in Schedule A:

Portfolio

Manager

Type of

Account

Number of
Accounts
Managed

Total
Assets
Managed
(Millions)

($)

Number of
Accounts
Managed
for which
Advisory
Fee is
Performance-
Based

Assets
Managed
for which
Advisory
Fee is
Performance-
Based
(Millions)

($)

Robert Gray*

Registered Investment Companies

1

716.30

None

None

Other Pooled Investment Vehicles

None

None

None

None

Other Accounts

1

0.04

None

None

*Information provided as of February 28, 2026.

IV. The following is added to the table in the section titled "PORTFOLIO MANAGERS - Portfolio managers' securities ownership" in Putnam U.S. Research Fund's SAI:

Portfolio Managers

Dollar Range of Ownership of Securities ($)

Robert Gray*

1 - 10,000

*Information provided as of April 15, 2026.

SCHEDULE A

Fund

Date of Summary Prospectus, Prospectus and SAI

Putnam Investment Funds

Putnam U.S. Research Fund

December 1, 2025

Putnam Variable Trust

Putnam VT Research Fund

May 1, 2025

Shareholders should retain this Supplement for future reference.

Putnam Variable Trust published this content on April 17, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 17, 2026 at 13:33 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]