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Fixed Income

Putnam VT Income Fund

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NAV 1 $0.00(0.00%)
$8.35
As of 02/06/2026
Total Net Assets
$133.41M
As of 12/31/2025 (Updated Monthly)

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Overview

Fund Facts

Fund description

The fund seeks high current income consistent with what the portfolio managers believe to be prudent risk by investing across all sectors of the U.S. bond market, including mortgage-backed securities, corporate bonds, and other government obligations.

Benchmark
Bloomberg U.S. Aggregate Index
Fund Inception Date
02/01/1988
Share Class Inception Date
02/01/1988

Sales Charges, Expenses & Fees

As of 05/01/2025
Gross Expense Ratio2
0.60%
Net Expense Ratio2,3
0.60%
12b-1 Fee
—

Identifiers

Ticker
—
Fund Number
5405
CUSIP Code
746896406
Bloomberg Code
VPINIAV US

Top Sectors

View portfolio section for additional info

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

Corporate Bond - Investment Grade36.69%
Agency Pass-through24.13%
Residential MBS (Non-agency)6.52%
Collateralized Loan Obligation6.49%
Asset-Backed Securities6.03%

Additional Fund Info

Asset Class
Fixed Income
Morningstar Category4
Intermediate Core-Plus Bond
Lipper Classification
Core Bond Funds
Investment Style
Multi-Sector

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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
[Albert W Chans avatar]

Managed Fund Since 2024

[Patrick A. Kleins avatar]

Managed Fund Since 2024

[Michael V Salms avatar]

Managed Fund Since 2007

[Tina Chous avatar]

Managed Fund Since 2024

[Matthew J Walkups avatar]

Managed Fund Since 2024

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

January 26, 2026

European fixed income outlook—cautious optimism

January 20, 2026

The municipal bond market outlook: Continued stability—a good sign for investors

January 15, 2026

Flash Insights: Addressing US housing affordability—a targeted financing approach

January 8, 2026

Flash Insights: Notes on Venezuela

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Portfolio

Assets

As of12/31/2025 (Updated Monthly)

Total Net Assets
$133.41 Million

Positions

As of 12/31/2025 (Updated Monthly)

Number of Holdings
Fund
842

Portfolio Statistics

As of 12/31/2025 (Updated Monthly)

Effective Duration
Fund
5.53 Years
Weighted Average Life
Fund
8.52 Years

Geographic Allocation

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

Geography Fund
Benchmark

United States

 85.38% 93.50%

Cayman Islands

 5.61% —

Canada

 1.44% 1.11%

United Kingdom

 1.43% 0.88%

Ireland

 0.71% 0.13%

Jersey Islands

 0.57% —

South Korea

 0.35% 0.06%

Netherlands

 0.33% 0.21%

Spain

 0.31% 0.15%

Australia

 0.29% 0.17%

Mexico

 0.25% 0.33%

Brazil

 0.21% 0.05%

Israel

 0.21% 0.08%

Colombia

 0.20% —

Luxembourg

 0.18% 0.06%

Indonesia

 0.18% 0.11%

Singapore

 0.18% 0.10%

Romania

 0.18% —

Chile

 0.17% 0.09%

Guatemala

 0.17% —

Philippines

 0.16% 0.13%

Uruguay

 0.16% 0.06%

Poland

 0.16% 0.07%

Kazakhstan

 0.16% —

South Africa

 0.15% 0.00%

Paraguay

 0.15% —

Ivory Coast

 0.15% —

Peru

 0.14% 0.09%

Dominican Republic

 0.12% —

Bulgaria

 0.09% —

Benin

 0.09% —

Norway

 0.05% 0.04%

Germany

 0.05% 0.31%

France

 0.03% 0.09%

Chart

Bar chart with 2 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0 to 93.4969.
End of interactive chart.

Holdings

As of 12/31/2025 (Updated Monthly)

US ULTRA BOND CBT MAR26 WNH6
US 5YR NOTE (CBT) MAR26 FVH6
US 10YR NOTE (CBT)MAR26 TYH6
FNMA FN30 TBA UMBS 05.​5000 01/01/2056
FNMA FN30 TBA UMBS 02.​0000 01/01/2055
FNMA FN30 TBA UMBS 02.​5000 01/01/2056
GNMA GII30 MA8642 02.​5000 02/20/2053
US LONG BOND(CBT) MAR26 USH6
US 10YR ULTRA FUT MAR26 UXYH6
GNMA GII30 TBA 05.​0000 01/01/2056

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. 

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Distributions & Tax

Distribution Frequency
AnnuallyThis fund is an ex-Dividend fund
Capital Gain Distributions
March

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

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

03/28/2025

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

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Documents

Regulatory Documents
 Name Download Add to Cart
Annual Financial Statements and Other Information - Putnam VT Income FundMailed hardcopies unavailable.Download Document
Annual Report - Putnam VT Income Fund - Class IADownload Document
Semi-Annual Report - Putnam VT Income Fund - Class IADownload Document
Semi-Annual Financial Statements and Other Information - Putnam VT Income FundMailed hardcopies unavailable.Download Document
Prospectus - Putnam VT Income FundDownload Document
Summary Prospectus - Putnam VT Income FundDownload Document
Statement Of Additional Information - Putnam Variable TrustMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Putnam VT Income FundMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - PUTNAM VARIABLE TRUSTDownload Document

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Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Active and frequent trading may increase a shareholder’s tax liability and transaction costs. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus. 

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Important Information

Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.

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.

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

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. 

The Bloomberg US Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.

Franklin Distributors, LLC. Member FINRA/SIPC. 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

  1. Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.

  2. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  3. Net Expense Ratio represents the expense ratio applicable to investors. 

  4. ©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.

  5. Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.