Money Funds

Putnam VT Government Money Market Fund

Overview

Fund Facts

Fund description

The fund seeks as high a rate of current income as the portfolio managers believe is consistent with preservation of capital and maintenance of liquidity by investing at least 99.5 percent of its total assets in cash, U.S. government securities, and repurchase agreements collateralized by U.S. government securities or cash.

Dividend Frequency, if any: Monthly
Fund Inception Date: 02/01/1988
Shareholder Net FlowAs of 01/13/2026: $0.15 Million

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio: 0.69%
Net Expense Ratio: 0.69%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: 0.25%

Identifiers

Ticker: —
Fund Number: 5456
CUSIP Code: 746896711

Top Sectors

View portfolio section for additional info

As of 12/31/2025 % of Total (Updated Monthly)

Top Sectors
U.S. Government Agency Repurchase Agreement53.72%
U.S. Government Agency Debt36.16%
U.S. Treasury Debt6.85%
U.S. Treasury Repurchase Agreement3.47%

Additional Fund Info

Share Class Inception Date: 04/30/1998
Morningstar Category¹: Money Market-Taxable
Lipper Classification: U.S. Government Money Market Funds

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.

Franklin Templeton Fixed Income

Managed Fund Since 1997

Managed Fund Since 2024

Latest Insights

January 8, 2026

Flash Insights: Notes on Venezuela

January 6, 2026

Central Bank Watch: Steady as she goes

December 22, 2025

The road ahead: Trends, risks and opportunities

December 18, 2025

Emerging markets debt 2026 outlook

Portfolio

Assets

As of12/31/2025 (Updated Monthly)

Total Net Assets: $79.20 Million

Positions

As of 12/31/2025 (Updated Monthly)

Number of Holdings

Fund: 5

Download All Holdings

Portfolio Statistics

As of 12/31/2025 (Updated Monthly)

Weighted Average Maturity

Fund: 15 Days

Weighted Average Life

Fund: 71 Days

Sector Allocation

As of 12/31/2025 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
U.S. Government Agency Repurchase Agreement	53.72%
U.S. Government Agency Debt	36.16%
U.S. Treasury Debt	6.85%
U.S. Treasury Repurchase Agreement	3.47%
Cash & Other Net Assets	-0.20%

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions: March

Proposed 2026 Distribution dates for Putnam funds (excluding ETFs).

Rates and Yields Read important information about results and other investment disclosures

7-Day Current Yield ^2,3

As of 01/13/2026 (Updated Daily)

w/ Waiver 3.06%

w/o Waiver 3.06%

7-Day Effective Yield ^2,3

As of 01/13/2026 (Updated Daily)

w/ Waiver 3.11%

w/o Waiver 3.11%

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/31/2025

11/28/2025

10/31/2025

09/30/2025

08/29/2025

07/31/2025

06/30/2025

05/30/2025

04/30/2025

03/31/2025

Pricing

6 Month Historical Daily and Weekly Liquid Assets ^4,5

As of 01/13/2026

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Portfolio Holdings - Putnam VT Government Money Market Fund - August 31, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - Putnam VT Government Money Market Fund - December 31, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - Putnam VT Government Money Market Fund - July 31, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - Putnam VT Government Money Market Fund - June 30, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - Putnam VT Government Money Market Fund - November 30, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - Putnam VT Government Money Market Fund - October 31, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - Putnam VT Government Money Market Fund - September 30, 2025Mailed hardcopies unavailable.	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - Putnam Putnam VT Government Money Market FundMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Putnam VT Government Money Market Fund - Class IB	Download Document
Checkbox	Semi-Annual Report - Putnam VT Government Money Market Fund - Class IB	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam VT Government Money Market FundMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Putnam VT Government Money Market Fund	Download Document
Checkbox	Summary Prospectus - Putnam VT Government Money Market Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Variable TrustMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam VT Government Money Market FundMailed hardcopies unavailable.	Download Document

Risks

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress. Although the fund invests in U.S. government obligations, an investment in the fund is neither insured nor guaranteed by the U.S. government.

Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Fund filings of the Monthly Schedule of Portfolio Holdings of Money Market Funds are available at Form N-MFP. Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.

Footnotes

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The 7-day Current Yield represents net interest income generated by the investments for the past 7 days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current fund earnings than does total returns. 7-day Effective Yield, assumes reinvest of the coupon (interest payments). Unlike Current Yield, Effective Yield takes into account the power of compounding on investment returns. Yields for other share classes may vary due to differences in sales charge structure and class expenses.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
Rule 2a-7 of the Investment Company Act of 1940 provides that money market funds may not acquire any security other than a “weekly liquid asset” unless, immediately following such purchase, at least 50% of its total assets would be invested in weekly liquid assets. In addition, the Rule provides that taxable money market funds may not acquire any security other than a “daily liquid asset” unless, immediately following such purchase, at least 25% of its total assets would be invested in daily liquid assets.

Daily Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; and (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business Day. May include the effect of receivables from pending sales and payables from pending purchases.

Weekly Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; (iii) U.S. Government securities issued by a person controlled or supervised by and acting as an instrumentality of the U.S. Government pursuant to authority granted by the U.S. Congress, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business Days. May include the effect of receivables from pending sales and payables from pending purchases.
Daily Liquid Assets and Weekly Liquid Assets are calculated at the master portfolio level.
Shadow NAV is the market-based net asset value per share of a fund calculated based on current market factors, before applying the amortized cost method. The Funds do not use a market-based NAV for purchase and sale transactions in Fund shares.

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