Equity

Putnam VT Large Cap Value Fund

Relative value approach. Defines the value universe daily with fundamental and quantitative tools to identify unique value opportunities
Dividend growth focus. Focuses on future cash flows and puts distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders
Disciplined risk management. Utilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks capital growth and current income by investing mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both.

Benchmark: Russell 1000 Value Index
Fund Inception Date: 05/01/2003
Share Class Inception Date: 05/01/2003

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 0.55%
Net Expense Ratio^2,3: 0.55%
12b-1 Fee: N/A

Identifiers

Ticker: —
Fund Number: 5413
CUSIP Code: 746896356
Bloomberg Code: VPEIIAV US

Top Sectors

View portfolio section for additional info

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

Top Sectors
Financials20.15%
Health Care13.56%
Industrials11.46%
Information Technology10.30%
Consumer Staples9.65%

Additional Fund Info

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

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 2012

Managed Fund Since 2019

Latest Insights

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?

March 19, 2025

Why we look beyond dividends in our US value approach

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $2.36 Billion

Positions

As of 10/31/2025 (Updated Monthly)

Number of Issuers

Fund: 69

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Price to Book

Fund: 2.80x

Weighted Average Market Capitalization (USD)

Fund: $479.11 Billion

Price to Earnings (12-Month Forward)

Fund: 16.00x

Sector Allocation

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

Sector Allocation
Sector	% of Total
Financials	20.15%
Health Care	13.56%
Industrials	11.46%
Information Technology	10.30%
Consumer Staples	9.65%
Consumer Discretionary	8.21%
Communication Services	6.18%
Materials	5.79%
Energy	5.44%
Utilities	4.31%
Real Estate	2.03%
Cash & Other Net Assets	2.92%

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

CITIGROUP INC SEDOL 2297907

ALPHABET INC-CL A SEDOL BYVY8G0

MICROSOFT CORP SEDOL 2588173

CISCO SYSTEMS INC SEDOL 2198163

AMAZON.COM INC SEDOL 2000019

Cash and Equivalents

EXXON MOBIL CORP SEDOL 2326618

BANK OF AMERICA CORP SEDOL 2295677

WALMART INC SEDOL 2936921

COCA-COLA CO/THE SEDOL 2206657

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

Federal ID Number 14-1880844

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Mar 27	0.675	—	1.196	—	—	—	—	—	—

Mar 27

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 0.24%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 87.63%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - Putnam VT Large Cap Value FundMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Putnam VT Large Cap Value Fund - Class IA	Download Document
Checkbox	Semi-Annual Report - Putnam VT Large Cap Value Fund - Class IA	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam VT Large Cap Value FundMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Putnam VT Large Cap Value Fund	Download Document
Checkbox	Summary Prospectus - Putnam VT Large Cap Value Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Variable TrustMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam VT Large Cap Value 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. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. 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.

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 Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.
Source: FTSE.

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.

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