Equity

Putnam VT Sustainable Leaders Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term capital appreciation. The fund invests in companies that have demonstrated leadership in key sustainability issues that are financially material to their business context.

Benchmark: S&P 500 Index
Additional Benchmark: Putnam VT Sustainable Leaders Linked Benchmark
Fund Inception Date: 05/02/1994
Share Class Inception Date: 05/02/1994

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 0.63%
Net Expense Ratio^2,3: 0.63%
12b-1 Fee: N/A

Identifiers

Ticker: —
Fund Number: 5408
CUSIP Code: 746896877
Bloomberg Code: VPNOIAV US

Top Sectors

View portfolio section for additional info

As of 11/30/2025 % of Total (Updated Monthly)

Top Sectors
Information Technology34.08%
Health Care12.69%
Consumer Discretionary12.18%
Financials10.80%
Communication Services8.01%

Additional Fund Info

Asset Class: Equity
Morningstar Category⁴: Large Growth
Lipper Classification: Large-Cap Core Funds
Investment Style: Growth

Manager and Commentary

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Putnam Investments

Managed Fund Since 2018

Managed Fund Since 2025

Latest Insights

December 10, 2025

Equities in 2026: What could go right?

August 14, 2025

US equities: Earnings growth is key for sustained market gains

June 3, 2025

Rethinking global allocation: Why the tide may be turning

May 20, 2025

Quick Thoughts: Can AI technology stocks rebound from 2025 volatility?

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $960.26 Million

Positions

As of 11/30/2025 (Updated Monthly)

Number of Issuers

Fund: 55

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

Price to Book

Fund: 6.01x

Weighted Average Market Capitalization (USD)

Fund: $1,577.75 Billion

Price to Earnings (12-Month Forward)

Fund: 24.75x

Geographic Allocation

As of 11/30/2025 % of Total (Updated Monthly)

Geographic Allocation
Geography	Fund
United States	89.27%
United Kingdom	3.24%
Canada	1.44%
Netherlands	1.29%
Denmark	1.10%
France	0.98%
Switzerland	0.82%
Ireland	0.61%
Cash & Other Net Assets	1.24%

Holdings
As of 10/31/2025 (Updated Monthly)

MICROSOFT CORP SEDOL 2588173

APPLE INC SEDOL 2046251

NVIDIA CORP SEDOL 2379504

AMAZON.COM INC SEDOL 2000019

ALPHABET INC-CL A SEDOL BYVY8G0

BROADCOM INC SEDOL BDZ78H9

JPMORGAN CHASE & CO SEDOL 2190385

ELI LILLY & CO SEDOL 2516152

MASTERCARD INC - A SEDOL B121557

THERMO FISHER SCIENTIFIC INC SEDOL 2886907

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.

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.: 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.

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - Putnam VT Sustainable Leaders FundMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Putnam VT Sustainable Leaders Fund - Class IA	Download Document
Checkbox	Semi-Annual Report - Putnam VT Sustainable Leaders Fund - Class IA	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam VT Sustainable Leaders FundMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Putnam VT Sustainable Leaders Fund	Download Document
Checkbox	Summary Prospectus - Putnam VT Sustainable Leaders Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Variable TrustMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam VT Sustainable Leaders FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - PUTNAM VARIABLE TRUST	Download Document

Risks

All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance. Active management does not ensure gains or protect against market declines. These and other risks are discussed in the fund’s prospectus.

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 Putnam VT Sustainable Leaders Linked Benchmark represents the performance of the Russell 3000® Growth Index through August 31, 2019, and the performance of the S&P 500® Index thereafter.

The S&P 500 Index features 500 leading U.S. publicly traded companies, with a primary emphasis on market capitalization. Source: © S&P

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

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.
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.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
Capitalization Rate is calculated without the deduction of fees and expenses.

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