PGOF-P12 07/24
| Summary Prospectus and Prospectus Supplement | July 31, 2024 |
Putnam Research Fund, Summary Prospectus and Prospectus dated November 30, 2023
Putnam VT Research Fund, Summary Prospectus and Prospectus dated April 30, 2024
Effective July 31, 2024, the section Your fund’s management of the Summary Prospectus and the sub-section Your fund’s management in the section Fund summary of the Prospectus are replaced in their entirety with the following:
Your fund’s management
Investment advisor
Putnam Investment Management, LLC (Putnam Management)
Portfolio managers
Kathryn Lakin, Director of Research, portfolio manager of the fund since 2014
Jacquelyne Cavanaugh, Portfolio Manager, Analyst, portfolio manager of the fund since 2014
Matthew LaPlant, Portfolio Manager, Quantitative Analyst, portfolio manager of the fund since 2023
Andrew O'Brien, Portfolio Manager, Analyst, portfolio manager of the fund since 2018
William Rives, Portfolio Manager, Analyst, portfolio manager of the fund since 2019
Sub-advisors
Franklin Advisers, Inc. (Franklin Advisers)
Putnam Investments Limited (PIL)*
The Putnam Advisory Company, LLC (PAC)*
*Though the investment advisor has retained the services of both PIL and PAC, PIL and PAC do not currently manage any assets of the fund.
Putnam Management, Franklin Advisers, PIL and PAC are each indirect, wholly-owned subsidiaries of Franklin Resources, Inc.
Effective July 31, 2024, the following replaces similar disclosure under the sub-section The fund’s investment manager – Portfolio managers in the section Who oversees and manages the fund? of the Prospectus:
•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 2012-Present |
Director of Research Research, Assistant Director of Global Equity Research | |
| Jacquelyne Cavanaugh | 2014 | Putnam Management 2012 - Present |
Portfolio Manager, Analyst | |
| Matthew LaPlant | 2023 | Putnam Management 2000 - Present |
Portfolio Manager, Quantitative Analyst Previously, Quantitative Analyst | |
| Andrew O'Brien | 2018 | Putnam Management 2011-Present |
Portfolio Manager, Analyst Previously, Assistant Director of Equity Research | |
| William Rives | 2019 | Putnam Management 2013-Present |
Portfolio Manager, Analyst Previously, Analyst | |
The SAI provides information about these individuals’ compensation, other accounts managed by these individuals and these individuals’ ownership of securities in the fund.
Shareholders should retain this Supplement for future reference.