# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0000928816-23-000251
**Filing Date:** 2023-2
**Character Count:** 6825
**Document Hash:** 8aea0ac565e7a1faee5af88a126b4d73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-23-000251.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000928816-23-000251

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671
- **IRS NUMBER:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-17486
- **FILM NUMBER:** 23679938

**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 Research Fund (Series ID: S000003887)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Class IA Shares | C000010869 |
| Class IB Shares | C000010870 |

---

## Series and Classes Contracts Data

### Putnam VT Research Fund (Series ID: S000003887)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010869 | Class IA Shares |  |
| C000010870 | Class IB Shares |  |

---

| | |
|:---|:---|
| Prospectus Supplement | *February 28, 2023* |
| **Putnam VT Research Fund** |  |
| Prospectus dated April 30, 2022 |  |

---

Effective February 28, 2023, the sub-section *Your fund's management* in the section *Fund summary* is replaced in its entirety with the following:

**Your fund's management**<br>**Investment advisor**<br>Putnam Investment Management, LLC<br>**Portfolio managers**<br>Kathryn Lakin, Director of Equity Research, portfolio manager of the fund since 2014<br>Jacquelyne Cavanaugh, Portfolio Manager, Analyst, portfolio manager of the fund since 2014<br>Matthew LaPlant, Portfolio Manager, Quantitative Analyst, portfolio manager of the fund since 2023<br>Andrew O'Brien, Portfolio Manager, Analyst, portfolio manager of the fund since 2018<br>William Rives, Portfolio Manager, Analyst, portfolio manager of the fund since 2019<br>Walter Scully, Portfolio Manager, Analyst, portfolio manager of the fund since 2010<br>**Sub-advisors**<br>Putnam Investments Limited\*<br>The Putnam Advisory Company, LLC\*

\* Though the investment advisor has retained the services of both Putnam Investments Limited (PIL) and The Putnam Advisory Company, LLC (PAC), PIL and PAC do not currently manage any assets of the fund.

Effective February 28, 2023, the following replaces similar disclosure under the sub-section *The fund's investment manager – Portfolio manager* in the section *Who oversees and manages the fund?*:

**• Portfolio managers.** The officers of Putnam Management identified below are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio managers** | **Joined fund** | **Employer** | **Positions over past five years** |
| Kathryn Lakin | 2014 | **Putnam Management** | Director of Equity Research |
|  |  | 2012–Present | Previously, Co-Director of Equity Research, Assistant Director |
|  |  |  | of Global Equity Research |
| Jacquelyne Cavanaugh | 2014 | **Putnam Management** | Portfolio Manager, Analyst |
|  |  | 2012–Present |  |
| Matthew LaPlant | 2023 | **Putnam Management** | Portfolio Manager, Quantitative Analyst |
|  |  | 2000–Present | Previously, Quantitative Analyst |
| Andrew O'Brien | 2018 | **Putnam Management** | Portfolio Manager, Analyst |
|  |  | 2011–Present | Previously, Analyst |
| William Rives | 2019 | **Putnam Management** | Portfolio Manager, Analyst |
|  |  | 2013–Present | Previously, Analyst |
| Walter Scully | 2010 | **Putnam Management** | Portfolio Manager, Analyst |
|  |  | 1996–Present | Previously, Assistant Portfolio Manager |

---

The SAI provides information about these individuals' compensation, other accounts managed by these individuals and these individuals' ownership of securities in the fund. ![](vtresearchsuppx1x1.jpg) <br>

333008 2/23

------

<u>Statement of Additional Information Supplement</u> <u>*February 28, 2023*</u>

**Putnam VT Research Fund**

Statement of Additional Information dated April 30, 2022

Effective February 28, 2023, the sub-sections *Other accounts managed* and *Ownership of securities* in the *PORTFOLIO MANAGERS* section are restated in their entirety as follows to reflect that the fund's portfolio managers are now Kathryn Lakin, Jacquelyne Cavanaugh, Matthew LaPlant, Andrew O'Brien, William Rives and Walter Scully. These sub-sections are also supplemented with regards solely to Mr. LaPlant as follows:

**Other accounts managed**

The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) that the fund's portfolio manager managed as of January 31, 2023. The other accounts may include accounts for which the individual was not designated as a portfolio manager. Unless noted, none of the other accounts pays a fee based on the account's performance.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**Portfolio**<br> **manager** | &nbsp;&nbsp; <br>**Other SEC-registered open-end and closed-end funds** | &nbsp;&nbsp; <br>**Other SEC-registered open-end and closed-end funds** | &nbsp;&nbsp; <br>**Other accounts that pool assets from more than one client** | &nbsp;&nbsp; <br>**Other accounts that pool assets from more than one client** | &nbsp;&nbsp; <br>**Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings)** | &nbsp;&nbsp; <br>**Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings)** |
|  | &nbsp;&nbsp;Number of accounts | &nbsp;&nbsp; <br>Assets | &nbsp;&nbsp;Number of accounts | &nbsp;&nbsp; <br>Assets | &nbsp;&nbsp;Number of accounts | &nbsp;&nbsp; <br>Assets |
| &nbsp;&nbsp;Matthew LaPlant | &nbsp;&nbsp;1 | &nbsp;&nbsp;$41200000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$100000 |

---

**Ownership of securities**

As of January 31, 2023, Mr. LaPlant and his immediate family members did not beneficially own equity securities in the fund. The fund is offered only to separate accounts of insurance companies. Individual investors may not invest in the fund directly, but only through purchasing variable annuity contracts or variable life insurance policies that include the fund as an investment option.

![](image_001.jpg)

SAI Supplement – 02/23