# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001193125-26-239548
**Filing Date:** 2026-5
**Character Count:** 7107
**Document Hash:** b2836f4013d8a720aab70308a2655e91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-239548.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001193125-26-239548

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**EFFECTIVENESS DATE**: 20260526

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671

**ORGANIZATION NAME:**
- **EIN:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-17486
- **FILM NUMBER:** 261020776

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CAPITAL MANAGER TRUST /MA/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Putnam VT Sustainable Leaders Fund (Series ID: S000003884)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010863 | Class IA Shares |  |
| C000010864 | Class IB Shares |  |

38927-P1 05/26

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| | |
|:---|:---|
| ![LOGO](g27744g01r01.jpg) | ![LOGO](g27744g01q01.jpg) |

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**PUTNAM VARIABLE TRUST** 

**SUPPLEMENT DATED MAY 26, 2026** 

**TO THE SUMMARY PROSPECTUS AND PROSPECTUS** 

**DATED MAY 1, 2026 OF** 

**PUTNAM VT SUSTAINABLE LEADERS FUND** 

**IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY** 

Putnam Investment Management, LLC (the "Investment Manager"), the investment manager of Putnam VT Sustainable Leaders Fund (the "fund"), has recommended, and the fund's Board of Trustees has approved, changes to the fund's name, investment strategies, and 80% investment policy (as defined below) (collectively, the "Repositioning"), which are subject to shareholder approval of the Sub-Classification Proposal (defined below). If shareholders approve the Sub-Classification Proposal, the Investment Manager currently anticipates that the Repositioning would be effective on or about October 5, 2026 (the "Effective Date").

*The Repositioning* 

If shareholders approve the Sub-Classification Proposal, on the Effective Date, the fund's name would change to "Putnam VT Focused U.S. Research Fund," and the fund would be repositioned as a fund that invests mainly in equity securities (growth or value stocks or both) of large and midsize companies that the Investment Manager believes have favorable investment potential. The fund's current focus on companies that the Investment Manager believes exhibit a commitment to financially material sustainable business practices will be eliminated. Also on the Effective Date, the fund will revise its investment policy pursuant to Rule 35d-1 (the "80% investment policy") under the Investment Company Act of 1940, as amended (the "1940 Act"), 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 borrowings for investment purposes, if any) in equity

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securities of companies located in the United States. The Investment Manager will consider a company to be located in the United States if the company's securities trade in the United States, the company is headquartered or organized in the United States or the company derives a majority of its revenues or profits in the United States. The changes to the fund's investment strategies contemplated by the Repositioning will impact the risks of investing in the fund. The Proxy Statement (defined below) will contain additional information about the Repositioning. The Repositioning will not occur if shareholders do not approve the Sub-Classification Proposal.

*The Sub-Classification Proposal* 

In addition to the Repositioning, the Investment Manager has recommended, and the Board of Trustees of the fund has approved, subject to shareholder approval, a change to the fund's sub-classification under the 1940 Act from "diversified" to "non-diversified" and related amendments to the fund's fundamental investment policies regarding diversification of investments (the "Sub-Classification Proposal"). As a non-diversified fund, the fund would have greater flexibility to invest more of its assets in the securities of fewer issuers than it would as a diversified fund. Shareholder approval of the Sub-Classification Proposal is required.

A full description of the Sub-Classification Proposal will be contained in a proxy statement that is expected to be mailed to shareholders on or around August 20, 2026 (the "Proxy Statement").

*Additional Information About the Repositioning and the Sub-Classification Proposal* 

If shareholders do not approve the Sub-Classification Proposal, the fund's current sub-classification would remain unchanged. In addition, if shareholders do not approve the Sub-Classification Proposal, the Repositioning would not proceed, the fund's name would remain unchanged, and the fund would continue to invest in accordance with its current investment strategies.

If shareholders approve the Sub-Classification Proposal, it is expected that the change in the fund's sub-classification and the Repositioning would take effect on the Effective Date and that, on the Effective Date, the portfolio management team managing the fund would consist of Jacquelyne Cavanaugh, Robert Gray, William Rives, Kathryn Lakin and Matthew LaPlant. In realigning its portfolio in connection with the

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Repositioning, the Investment Manager expects that the fund will make purchases and dispositions of certain portfolio holdings. Any such purchases and dispositions, which are expected to begin following shareholder approval of the Sub-Classification Proposal, will result in brokerage commissions or other transaction costs. Depending on market conditions at the time, these changes could also result in the realization of capital gains that will be distributed to shareholders as taxable distributions.

*The foregoing is not a solicitation of any proxy. For more information regarding the fund, or to receive a free copy of materials filed with the Securities and Exchange Commission ("SEC"), please visit the fund's website at www.franklintempleton.com. Free copies of these materials can also be found on the SEC's website at https://www.sec.gov. Please read the Proxy Statement carefully when it becomes available in the coming weeks because it will contain important information. The fund, its trustees, officers, and other members of management may be deemed to be participants in any future solicitation of the fund's shareholders in connection with the forthcoming meeting of shareholders. Shareholders may obtain information regarding the names, affiliations, and interests of these individuals in the fund's Proxy Statement when it becomes available.* 

*Shareholders should retain this Supplement for future reference.*