PGOF-P6 07/24

Summary Prospectus Supplement  July 8, 2024

George Putnam Balanced Fund Putnam BDC Income ETF Putnam BioRevolution^TM ETF Putnam Convertible Securities Fund Putnam Core Equity Fund Putnam Emerging Markets Equity Fund Putnam Emerging Markets Ex-China ETF Putnam Focused Equity Fund Putnam Focused International Equity Fund Putnam Focused Large Cap Growth ETF Putnam Focused Large Cap Value ETF Putnam Global Health Care Fund Putnam Global Technology Fund Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam International Value Fund Putnam Large Cap Growth Fund Putnam Large Cap Value Fund Putnam Research Fund Putnam Small Cap Growth Fund Putnam Small Cap Value Fund Putnam Sustainable Future ETF Putnam Sustainable Future Fund Putnam Sustainable Leaders ETF Putnam Sustainable Leaders Fund Putnam VT Core Equity Fund Putnam VT Emerging Markets Equity Fund Putnam VT Focused International Equity Fund Putnam VT George Putnam Balanced Fund Putnam VT Global Health Care Fund Putnam VT International Equity Fund Putnam VT International Value Fund Putnam VT Large Cap Growth Fund Putnam VT Large Cap Value Fund Putnam VT Research Fund Putnam VT Small Cap Growth Fund Putnam VT Small Cap Value Fund Putnam VT Sustainable Future Fund Putnam VT Sustainable Leaders Fund

Effective July 15, 2024 (the “Effective Date”), Franklin Advisers, Inc. (“Franklin Advisers”) will be retained as a sub-adviser by Putnam Investment Management, LLC (“Putnam Management”) for the above-listed Putnam funds (each, a “fund” and together, the “funds”) pursuant to a new subadvisory agreement between Franklin Advisers and Putnam Management. Both Putnam Management and Franklin Advisers are wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Also as of the Effective Date, fixed income investment personnel of Putnam Management will become employees of Franklin Advisers, continuing their integration with the broader fixed income investment teams of Franklin Advisers that they have been part of since the closing of Franklin Resources’ acquisition of Putnam Management on January 1, 2024. The retention of Franklin Advisers as sub-adviser to the funds is intended to allow those fixed income personnel, as employees of Franklin Advisers, to continue to provide certain advisory and related services that they had historically provided to the funds.

Putnam Management will continue to serve as each fund’s investment adviser, and Putnam Investments Limited and The Putnam Advisory Company, LLC will continue to serve as sub-advisers to the applicable funds, as disclosed in each fund’s current prospectus.

In connection with the foregoing, the following changes are made in each fund’s summary prospectus as of the Effective Date:

· In the section Your fund’s management – Sub-advisor or Sub-advisors, as applicable, Franklin Advisers, Inc. is added to the list of sub-advisors.

Shareholders should retain this Supplement for future reference.