• The fund will change from a “diversified” to a “non-diversified” fund. As a non-diversified fund, the fund will have flexibility (and will be expected) to concentrate or normally invest more than 25%its investments in a limited number of its total assets, in mortgage-backed securities that are privately issued or guaranteed by the U.S. government or its agencies or instrumentalities.issuers.

• The fund’s current fundamentalname will change to “Putnam VT Focused International Equity Fund.”

• The fund will be repositioned from a “global” fund to an “international” fund. The fund currently has significant U.S. exposure and exposure to a number of countries outside of the United States, but little or no exposure to emerging markets. After the Repositioning, the fund will have little or no U.S. exposure but significant exposure to countries outside of the United States, including meaningful emerging market exposure. The fund currently provides, and following the Repositioning is expected to provide, exposure to a number of countries outside the United States. Upon the Repositioning, the fund also will no longer focus its investments in large- and mid-capitalization companies and instead will invest across all market capitalizations (including in small-capitalization companies). The fund’s principal investment policy regarding industry concentration limitsstrategies will change accordingly.

• The MSCI ACWI ex USA Index (ND) will replace the MSCI World Index (ND) as the fund’s investments in any one industrybenchmark for purposes of performance presentations.

Shareholder approval is not required for the changes to 25%the fund’s name and investment strategies. However, these changes will not occur if Proposal 1 is not approved. If shareholders approve Proposal 1 at the meeting on March 18, 2021, then all of its total assets.

these changes are expected to become effective on April 30, 2021 (or, if shareholder approval is obtained after April 30, 2021, the first day of the month following shareholder approval).

The enclosed proxy statement contains detailed information regarding this proposal.the proposal, including information about the repositioning of your fund as Putnam VT Focused International Equity Fund.

Please vote today.

We encourage you to sign and return your proxy card today or, alternatively, to vote online or by telephone using the voting control number that appears on your proxy card. Delaying your vote will increase fund expenses if further mailings are required. Your shares will be voted on your behalf exactly as you have instructed.If you sign the proxy card without specifying your vote, your shares will be voted in accordance with the Trustees’ recommendation.If any other business properly comes before the meeting and any postponement and adjournment thereof, your shares will be voted at the discretion of the persons designated on the proxy card.

Your vote is extremely important. If you have questions, please call toll-free 1-866-963-58211-855-601-2251 or contact your financial advisor.professional.

We appreciate your participation and prompt response, and thank you for investing in the Putnam funds.Funds.

Sincerely yours,

Robert L. Reynolds
President and Chief Executive Officer
Putnam Investments

[insert signature image]

Kenneth R. Leibler.

Chair
Board of Trustees
The Putnam Funds

[insert image of Robert L. Reynolds and Kenneth R. Leibler]

Notice of a Special Meeting of Shareholders

To the Shareholders of:

PUTNAM VT MORTGAGE SECURITIESGLOBAL EQUITY FUND

This is the formal agenda for your fund’s shareholder meeting. It tells you what proposalsproposal will be voted on and the time and place ofhow to attend the meeting, in case you wish to attend in person.attend.

A Special Meeting of Shareholders of your fund will be held on August 6, 2018March 18, 2021 at 11:00 a.m., Eastern Time, solely by means of remote communications at the principal offices of the fund on the 8th floor of One Post Office Square, Boston, Massachusetts 02109,following address: https://viewproxy.com/putnamfunds/broadridgevsm (the “Meeting website”), to consider the following proposal:

1.Proposal 1: Approving an amendmenta change to your fund’s fundamental investment policy regarding industry concentration.sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified.”

By Michael J. Higgins, Clerk, and by the Trustees

Jameson A. Baxter,Kenneth R. Leibler, Chair

In order for you to be represented at your fund’s shareholder meeting, we urge you to record your voting instructions over the Internet or by telephone or to mark, sign, date, and mail the enclosed proxy card in the postage-paid envelope provided.

June 18, 2018Any shareholder wishing to attend the Meeting by means of remote communications can do so at the Meeting website.

If you were a record holder of fund shares as of December 21, 2020, please visit the Meeting website no later than 11:00 a.m. Eastern Time on Wednesday, March 17, 2021 to register. You will need to register for the Meeting by entering the control number found on your proxy card or voting instruction form on the Meeting website. If you register on the Meeting website, you will receive a password to enter and instructions for voting during the Meeting.

If you held fund shares through an intermediary (such as a broker-dealer) as of December 21, 2020, and you want to attend the Meeting, please visit the Meeting website no later than 11:00 a.m. Eastern Time on Wednesday, March 17, 2021. If you wish to vote at the Meeting you must first obtain a legal proxy from your intermediary reflecting your fund’s name, the number of fund shares you held, as well as your name and e-mail address.

December 23, 2020

Proxy Statement

This document gives you the information you need to vote on the proposal. Much of the information is required under rules of the Securities and Exchange Commission (the “SEC”); some of it is technical. If there is anything you don’t understand, please call toll-free 1-866-963-5821,1-855-601-2251, or call your financial advisor.professional.

► Who is asking for your vote?

The enclosed proxy is solicited by the Trustees of Putnam Variable Trust (the “Trust”) on behalf of its series Putnam VT Mortgage SecuritiesGlobal Equity Fund for use at the fund’s Special Meeting of Shareholders on August 6, 2018March 18, 2021 and, if the meeting is adjourned, at any later sessions, for the purpose of approving an amendmenta change to your fund’s fundamental investment policy regarding industry concentration.sub-classification under the Investment Company Act of 1940, as amended (the “1940 Act”), from “diversified” to “non-diversified.” The Notice of a Special Meeting of Shareholders, the proxy card and this proxy statement are being mailed beginning on or about June 18, 2018.January 4, 2021.

► How do your fund’s Trustees recommend that shareholders vote on the proposal?

The Trustees recommend that you vote FOR the proposal.Proposal 1

► Who is eligible to vote?

Shareholders of record of the fund at the close of business on MayDecember 21, 20182020 (the “Record Date”) are entitled to be present and to vote at the meeting or, if it is adjourned, at any later sessions.

The number of shares of the fund outstanding on the Record Date is shown on page 7.Each11. Each share is entitled to one vote, with fractional shares voting proportionately.

► How will your shares be voted?

Shares represented by your duly executed proxy card will be voted in accordance with your instructions. If you sign and return the proxy card but don’t fill in a vote, your shares will be voted in accordance with the Trustees’ recommendation. If any other business properly comes before your fund’s meeting, your shares will be voted at the discretion of the persons designated on the proxy card.

► 1.Why are you being asked to vote?

The proposal is being made in connection with repositioning your fund as Putnam VT Focused International Equity Fund, as described below (the “Repositioning”). If the proposal is approved, then:

• The fund will change from a “diversified” to a “non-diversified” fund. As a non-diversified fund, the fund will have flexibility (and will be expected) to concentrate its investments in a limited number of issuers. As a result, the fund’s portfolio will generally consist of fewer, but larger, portfolio holdings.

• The fund’s name will change to “Putnam VT Focused International Equity Fund.”

• The fund will be repositioned from a “global” fund to an “international” fund. The fund currently has significant U.S. exposure and exposure to a number of countries outside of the United States, but little or no exposure to emerging markets. After the Repositioning, the fund will have little or no U.S. exposure but significant exposure to countries outside of the United States, including meaningful emerging market exposure. The fund currently provides, and following the Repositioning is expected to provide, exposure to a number of countries outside the United States. Upon the Repositioning, the fund also will no longer focus its investments in large- and mid-capitalization companies and instead will invest across all market capitalizations (including in small-capitalization companies). The fund’s principal investment strategies will change accordingly.

• The MSCI ACWI ex USA Index (ND) will replace the MSCI World Index (ND) as the fund’s benchmark for purposes of performance presentations.

► How do the fund’s principal investment strategies before and after the Repositioning compare?

A comparison of the fund’s current principal investment strategies and its expected principal investment strategies following the Repositioning is set forth below (deleted language is in strike-through text and new language is in bold text):

► Will the Repositioning impact the risks of investment in the fund?

The changes to the fund’s investment strategies contemplated by the Repositioning will impact the risks of investing in the fund. Following the Repositioning, the fund will be more susceptible to the risks associated with international and emerging markets investments. These risks include the risk that the value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, also may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.

In addition, to the extent the fund makes larger investments in fewer issuers following the Repositioning (which it is expected to do), it will be more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. If the fund concentrates its investments in a limited number of issuers or sectors, the fund may perform poorly as a result of adverse developments affecting those issuers or sectors. Similarly, investments focused in a single region may be affected by common economic forces and other factors. In addition, events in any one country within the region may impact the other countries or the region as a whole. If the fund invests significantly in Asian companies, the fund will be particularly susceptible to economic, political, regulatory and other events or conditions affecting issuers in Asia. Asia includes countries in various stages of economic development, from emerging market economies to the highly developed economy of Japan. Some parts of Asia may be subject to a greater degree of economic, political and social instability than is the case in the United States. If the fund invests significantly in European issuers, the fund will be subject to the risk that geopolitical concerns, such as the withdrawal of the United Kingdom from the European Union (“EU”) and the potential that another member country might exit the Economic and Monetary Union of the EU or the EU, could lead to increased volatility in European markets and negatively affect the fund’s investments both in issuers in the exiting country and throughout Europe.

A comparison of the fund’s current principal risks and its expected principal risks following the Repositioning is set forth below (deleted language is in strike-through text and new language is in bold text):

► Why is the fund being repositioned?

Putnam Management is seeking to reposition the fund because it believes that the Repositioning would allow it to more effectively manage the fund in the best interests of the fund’s shareholders. The Repositioning may enhance the fund’s long-term return potential if international and emerging market equities outperform U.S. equities. In addition, the Repositioning would give the fund greater flexibility to invest more of its assets in the securities of fewer issuers. Putnam Management believes that these changes are more consistent with its overall emphasis on active management and stock selection for the fund and are also better aligned with anticipated demand from current and prospective shareholders.

► Is shareholder approval of the Repositioning required?

Shareholder approval is not required for the changes to the fund’s name, investment strategies, or performance benchmark contemplated by the Repositioning. However, these changes will not occur if Proposal 1 is not approved.

► When will the Repositioning take effect?

If shareholders approve Proposal 1 at the meeting on March 18, 2021, then all of the changes contemplated by the Repositioning are expected to become effective on April 30, 2021 (or, if shareholder approval is obtained after April 30, 2021, the first day of the month following shareholder approval) (the “Effective Date”).

PROPOSAL 1: APPROVING AN AMENDMENTA CHANGE TO YOUR FUND’S FUNDAMENTALSUB-CLASSIFICATION UNDER THE INVESTMENTPOLICY REGARDING INDUSTRY CONCENTRATION COMPANY ACT OF 1940 FROM “DIVERSIFIED” TO “NON-DIVERSIFIED”

► What is this proposal?

The Trustees recommend that shareholders approve a change to the fund’s sub-classification under the 1940 Act from “diversified” to “non-diversified.” 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.

The fund is currently sub-classified as a “diversified” fund under the 1940 Act. As a diversified fund, the fund is generally limited as to the size of its investment in any single issuer. The 1940 Act sets forth the requirements that must be met for an amendmentinvestment company to be diversified. The 1940 Act requires that to qualify as a “diversified” fund, a fund may not, with respect to at least 75% of the value of its total assets, invest in securities of any issuer if, immediately after the investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of that issuer or the fund would hold more than 10% of the outstanding voting securities of the issuer. (Under the 1940 Act, these percentage limitations do not apply to cash or cash items (including receivables), securities issued by investment companies, or any “Government security.” A Government security is any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United Sates pursuant to authority granted by the Congress of the United Sates, or any certificate of deposit for any of the forgoing.) The remaining 25% of the fund’s total assets is not subject to this restriction. This means that, with respect to the remaining 25% of the fund’s total assets, a diversified fund may invest more than 5% of its total assets in the securities of one issuer and may hold more than 10% of an issuer’s outstanding voting securities. These 1940 Act requirements do not apply to an investment company that is non-diversified. As a result, compared with a non-diversified fund, a diversified fund would be generally expected to have lesser exposures to individual portfolio securities.

As stated above, the change to the fund’s sub-classification under the 1940 Act from diversified to non-diversified is being proposed in connection with the Repositioning. Putnam Management believes that this change will allow it to better execute the more focused investment strategy the fund is expected to pursue following the Repositioning. For example, due to the limitations imposed on a diversified fund’s investments in any one issuer, the fund may be prevented from adding to its positions in certain stocks that the fund’s portfolio managers might view favorably. Shareholders may benefit from the flexibility afforded to non-diversified funds to make additional investments in certain issuers. However, as a non-diversified fund, the fund would be exposed to non-diversification risk, as its ability to invest more of its assets in the securities of fewer issuers would increase its vulnerability to factors affecting a single investment; therefore, the fund may be more exposed to the risks of loss and volatility than a fund that invests more broadly.

The Trustees, subject to shareholder approval, have approved the proposed change to the fund’s sub-classification from a diversified fund to a non-diversified fund. In recommending that shareholders approve this change, the Trustees considered Putnam Management’s representation that this change would allow it to more effectively manage the fund in the best interests of the fund’s shareholders following the Repositioning, including because it would allow the fund to invest more of its assets in the securities of fewer issuers. The Trustees

observed Putnam Management’s view that the proposed change is more consistent with Putnam Management’s overall emphasis on active management and stock selection for the fund and is also better aligned with anticipated demand from current and prospective shareholders.

Under the 1940 Act, shareholder approval is required to permit the fund to change its sub-classification from diversified to non-diversified. Assuming shareholder approval, the proposed change in the fund’s sub-classification will take effect on the Effective Date, along with the Repositioning.

To implement this change, the fund’s fundamental investment policypolicies regarding industry concentration.

The Investment Companydiversification of investments will be restated. By way of background, the 1940 Act of 1940, as amended (the “1940 Act”), requires registered investment companies like the fund to have “fundamental”fundamental investment policies governing specified investment practices. Investment companies may also voluntarily designate policies relatingpractices, including with respect to other investment practices as fundamental. “Fundamental”diversification. Fundamental investment policies can be changed only by a shareholder vote.

The fund currentlyCurrently, the Fund has atwo fundamental investment policy that limits its investments in any one industrypolicies regarding diversification, which are intended to 25%track the 1940 Act requirements for diversified funds and which, like the 1940 Act requirements, apply with respect to 75% of the fund’s total assets. Because the fund avails itself of favorable tax treatment as a “regulated investment company” under applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), the fund is also subject to comparable diversification requirements under the Code with respect to 50% of its total assets.

The Trustees considered that

► What is the Proposed Investment Policy would better positionplan for implementation if the fund to take advantage of Putnam Management’s experience in the residential and commercial real estate markets and could provide additional opportunities for the fund to fulfill its investment objectives, though thereproposal is no guarantee that any of the fund’s investments will be successful or that the fund will achieve its investment objectives.

The Trustees also considered the risks inherent to the Proposed Investment Policy, including that increasing the percentage of the fund’s total assets that can be invested in the securities of issuers in mortgage-backed securities that are privately issued or guaranteed by the U.S. government or its agencies or instrumentalities increases the risk that the fund will be adversely affected by events impacting the residential and commercial real estate markets. Additionally, a concentrated fund would be more significantly affected by events impacting mortgage-backed securities that are privately issued or guaranteed by the U.S. government or its agencies or instrumentalities than would a fund that was not so concentrated. Economic, market, political and other developments affecting the residential and commercial real estate markets will have a greater effect on the fund, and if securities in these markets fall out of favor, the fund could underperform, or its net asset value may be more volatile than, funds that have greater industry diversification. Factors affecting the residential and commercial real estate markets include the supply and demand of real property in particular markets, changes in the availability, terms and costs of mortgages, changes in zoning laws and eminent domain practices, the impact of environmental laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, adequacy of rent to cover operating expenses, changes in government regulations, and local and regional market conditions.approved?

If shareholders approve the Proposed Investment Policy,proposal, it is anticipated that the policy willchange to the fund’s sub-classification from diversified to non-diversified and the related amendments to the fund’s fundamental investment policies regarding diversification would take effect shortly afteron the Special Meeting of Shareholders. If shareholders do not approveEffective Date, along with the Proposed Investment Policy, Putnam Management will continue to manage the fund subject to the Current Investment Policy.Repositioning.

What are the Trustees recommending?►

The Trustees unanimously recommend that shareholders approve the Proposed Investment Policy.

What is the voting requirement for approving the proposal?

Approving this proposal requires the affirmative vote of a “majority of the outstanding voting securities” of the fund, which is defined under the 1940 Act to bethe lesser of(a) 67% or more of the voting securities of the fund that are present or represented by proxy at the shareholder meeting if the holders of more than 50% of the outstanding sharesvoting securities of the fund are present or (b) 67% or more of the shares of the fund present (in person orrepresented by proxy)proxy at the shareholder meeting, ifor (b) more than 50% of the outstanding sharesvoting securities of the fund.

► What if the proposal is not approved by shareholders?

If shareholders do not approve the fund are present atbecoming non-diversified, the meeting in person or by proxy.fund would continue to be managed as a diversified fund under its current fundamental investment policies regarding diversification of investments. In addition, the Repositioning would not occur, and Putnam Management may consider other long-term strategic options for the fund.

► Who is bearing the costs associated with the proposal, including proxy-related costs?

The expenses of the preparation of proxy statements and related materials, including printing, delivery and solicitation costs, will be borne by the fund.

If the proposal is approved, the fund is expected to dispose most of its portfolio holdings in connection with the Repositioning. These transactions, which are expected to occur largely in late April 2021, will result in brokerage commissions or other transaction costs.

► What are the Trustees recommending?

The Trustees unanimously recommend that shareholders approve a change to your fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified.”

Further Information About Voting and the Special Meeting

Meeting Quorum and Methods of Tabulation.Shareholders of both classes of the fund vote together as a single class. The holders of thirty percent of the shares of your fund outstanding at the close of business on the Record Date present in person or represented by proxy constituteswill constitute a quorum for the transaction of business with respect to the proposal.

Votes cast by proxy or in person at the meeting will be counted by persons your fund appoints as tellers for the meeting. The tellers will count the total number of votes cast “for” approval of the proposal for purposes of determining whether sufficient affirmative votes have been cast.

Shares represented by proxies that reflect abstentions and “broker non-votes” (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum.

Abstentions and broker non-votes have the effect of a negative vote on the proposal. Treating broker non-votes as negative votes may result inBecause broker-dealers (in the absence of specific authorization from their customers) are not expected to have discretionary authority to vote on the proposal notany shares owned beneficially by their customers, there are unlikely to be any “broker non-votes” at the meeting. Broker non-votes would otherwise have the same effect as abstentions (that is, they would be treated as being approved, even thoughpresent and entitled to vote on the matter for purposes of determining the presence of a quorum, and as if they were votes cast in favor would have been sufficient to approveagainst the proposal if some or all of the broker non-votes had been withheld. In certain circumstances in which the fund has received sufficient votes to approve a matter being recommended for approval by the fund’s Trustees, the fund may request that brokers and nominees, in their discretion, withhold or withdraw submission of broker non-votes to avoid the need for solicitation of additional votes in favor of the proposal. The fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes, if doing so is necessary to obtain a quorum.proposal).

The documents that authorize Putnam Fiduciary Trust Company or Putnam Investor Services, Inc. (“Putnam Investor Services”) to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts, and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust Company or Putnam Investor Services will vote suchthe shares in the same proportions as other shareholders with similar accounts that have submitted voting instructions for their shares. Shareholders should be aware that this practice, known as “echo-voting,” may have the effect of increasing the likelihood that the proposal will be approved and that Putnam Fiduciary Trust Company or Putnam Investor Services, each of which is an affiliate of Putnam Management, may benefit

indirectly from the approval of the proposal, in accordance with the Trustees’ recommendation, of the proposal.recommendation.

Owner in the same proportion as shares of the fund for which it has received instructions. One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small number of Contract Owners may determine the outcome of the vote.

your voting instructions viausing the automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate Contract Owners’ identities, to allow Contract Owners to give their voting instructions, and to confirm that their instructions have been recorded properly.

If a shareholder who wishes to present a proposal at a special shareholder meeting fails to notify the fund within a reasonable time before the fund mails its proxy statement, the persons named as proxies will have discretionary authority to vote on the shareholder’s

chosen to conduct the meeting solely by means of remote communications. If the Trustees choose to change the date, time and/or means of convening your fund’s meeting, the fund will announce the decision to do so in advance, and details on how to participate will be issued by press release and filed with the SEC as additional proxy material. Attendees are also encouraged to review guidance from public health authorities on this issue.

Duplicate Mailings.As permitted by SEC rules, Putnam Management’s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy cards will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please contact Putnam Investor Services by phone at 1-800-225-1581 or by mail at P.O. Box 8383, Boston, MA 02266-8383.

Putnam Investments Limited. Putnam Investments Limited (“PIL”) is a registered investment adviser that has been retained by Putnam Management as investment sub-manager to the funds. PIL is owned directly by Putnam Advisory Holdings II, LLC, which is owned indirectly by Putnam Investments. Though Putnam Management has retained the services of PIL, PIL does not currently manage any assets of the fund. The directors of PIL, listed along with their principal business occupations at Putnam Investments, are Jeffrey L. Gould, Co-Head of Global Distribution, Alan G. McCormack, Head of Quantitative Equities and Risk, and Vivek Gandhi, Portfolio Manager. The address of PIL and of Messrs. Gandhi and McCormack is 16 St. James’s Street, London, SW1A 1ER, U.K. The address of The Putnam Advisory Company, LLC and of Mr. Gould is 100 Federal Street, Boston, Massachusetts 02110. The address of Putnam Advisory Holdings II, LLC is 100 Federal Street, Boston, Massachusetts 02110. The Putnam Advisory Company, LLC and Putnam Investments Limited are both directly owned by Putnam Advisory Holdings II, LLC.

The Putnam Advisory Company, LLC. The Putnam Advisory Company, LLC (“PAC”), which has also been retained by Putnam Management to serve as sub-adviser, is owned by Putnam Investments through a series of wholly-owned subsidiaries. Though Putnam Management has retained the services of PAC, PAC does not currently manage any assets of the fund. The address of The Putnam Advisory Company, LLC is 100 Federal Street, Boston, Massachusetts 02110.

Putnam Retail Management. Putnam Retail Management, your fund’s principal underwriter, is a limited partnership whose general partner (and minority owner) is Putnam Retail Management GP, Inc. and whose limited partner and majority owner is Putnam U.S. Holdings I, LLC, which is also the sole owner of Putnam Retail Management GP, Inc. and an indirect wholly-owned subsidiary of Putnam Investments. The address of each of Putnam Retail Management, Putnam Retail Management GP, Inc. and Putnam U.S. Holdings I, LLC is 100 Federal Street, Boston, Massachusetts 02110.

Putnam Investor Services, Inc. Putnam Investor Services, Inc. serves as your fund’s investor servicing agent. Putnam Investor Services, Inc. is an indirect wholly-owned subsidiary of Putnam Investments. The address of Putnam Investor Services, Inc. is 100 Federal Street, Boston, Massachusetts 02110.

The table below shows fee amounts Putnam VT Global Equity Fund paid to Putnam Management or its affiliates during the most recent fiscal year (for the 12 months ended December 30, 2019) for the services noted (other than under a management contract). The funds made no other material payments to Putnam Management or its affiliates during the period shown. These services will continue to be provided regardless of whether Proposal 1 is approved.

Limitation of Trustee liability. Your fund’s Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the Declaration of Trust that they have not acted in good faith, have not acted in the reasonable belief that their actions were in the best interests of the fund or at least were not opposed to the best interests of the fund, had reasonable cause to believe their actions were unlawful in the case of a criminal proceeding, or were liable to the fund or its shareholders arising by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.

Officers and other information. All of the officers of your fund are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. The officers of your fund are as follows:

¹ The address of each Officer is 100 Federal Street, Boston, MA 02110.

² Each officer serves for an indefinite term, until his or her resignation, retirement, death or removal.

³ Prior positions and/or officer appointments with the fund or the fund’s investment adviser and distributor have been omitted.

⁴ Officers of the fund indicated are members of the Trustees’ independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management by the funds.