Putnam Advisor

Putnam Government Money Market Subaccount

The subaccount seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity.

Fund description

Prior to April 30, 2016, the fund was known as Putnam Money Market Subaccount.

With an emphasis on high-quality, short-term fixed-income securities, this subaccount seeks to protect principal by attempting to maintain a constant $1.00 share price while providing shareholders with easy access to their money.

Sales story

Pursuing income while preserving capital with short-term investmentsCapital preservation The fund invests in highly rated money market instruments to maintain a stable net asset value and protect investors' wealth.Attractive income The portfolio managers use credit research to select a diverse portfolio of securities that offer above-average yields.Leading research The managers, supported by Putnam's fixed income research division, manage risk by analyzing individual securities and overall market conditions.

Management team

Daily pricing as of 03/18/24

with optional enhanced death benefits
Unit Value $10.777447 $10.37833
Unit Value Change 0.000274 0.000136

Lipper ranking ‡ as of 02/29/24

Category: U.S. Government Money Market Funds

  Percentile ranking Rank/Funds in category
10 yrs. 86% 46/53
1 yr. 92% 54/58
3 yrs. 87% 50/57
5 yrs. 88% 49/55

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Quick facts as of 02/29/24

Fiscal Year End December
Asset Class Putnam Advisor
Subaccount Status Open to new investors
Number of issuers 3
Turnover (fiscal year end) --
Net Assets $78M
Inception Date 02/01/88

Performance

Performance as of 12/31/23

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 0.86% 3.14% 3.14% 0.57% 0.19% -0.39% 1.42%
Standardized -7.94% -5.82% -5.82% -4.21% -3.69% -4.07% -1.91%
With optional enhanced death benefit
Unit Value 0.82% 2.98% 2.98% 0.42% 0.04% -0.54% 1.27%
Standardized -7.98% -5.97% -5.97% -4.36% -3.85% -4.25% -2.23%
Actual performance
Unit Value 0.86% 3.14% 3.14% 0.57% 0.19% -0.39% 0.27%
Standardized -7.94% -5.82% -5.82% -4.21% -3.69% -4.07% -2.86%
With optional enhanced death benefit
Unit Value 0.82% 2.98% 2.98% 0.42% 0.04% -0.54% 0.12%
Standardized -7.98% -5.97% -5.97% -4.36% -3.85% -4.25% -3.09%

Annual Performance at NAV

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
-1.24% -1.24% -1.24% -1.00% -0.09% 0.29% -1.06% -1.24% -0.13% 3.14%
With optional enhanced death benefit
-1.39% -1.39% -1.39% -1.15% -0.24% 0.14% -1.21% -1.39% -0.28% 2.98%

Restated performance

Monthly as of 02/29/24

Unit Value 0.27%
Standardized -8.49%

YTD as of 03/18/24

Unit Value 0.73%
Standardized -8.06%

With optional enhanced death benefit

Monthly as of 02/29/24

Unit Value 0.26%
Standardized -8.50%

YTD as of 03/18/24

Unit Value 0.70%
Standardized -8.09%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Variable annuities are long-term investments designed for retirement purposes. Putnam Capital Manager products are flexible-premium variable annuities held by Talcott Resolution Life, Inc., Simsbury, CT.

Putnam Everlake variable annuities are flexible-premium deferred variable annuities issued by Everlake Life Insurance Company (Everlake Life); underwritten by Everlake Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Talcott Resolution at 1-800-521-0538 or Everlake at 1-800-390-1277. Read the prospectuses carefully before investing.

For the most recent month-end performance, please call Talcott Resolution at 1-800-521-0538 or Everlake at 1-800-390-1277.

Risk Characteristics as of 02/29/24

Avg. Eff. Maturity --
Avg. Eff. Duration --
Avg. Coupon --
Avg. Yield to Maturity --

Holdings

United States of America 7.27%
Federal Home Loan Mortgage Corp 6.14%
Federal Farm Credit Bank 0.20%
Top issuers, total: 13.61%


Top issuers as of 02/29/24
1: United States of America 7.27%
2: Federal Home Loan Mortgage Corp 6.14%
3: Federal Farm Credit Bank 0.20%
Issuers represent 13.61% of portfolio
Top issuers as of 01/31/24
1: Federal Home Loan Mortgage Corp 8.59%
2: United States of America 7.29%
3: Federal Home Loan Bank 0.65%
4: Federal Farm Credit Bank 0.20%
Issuers represent 16.73% of portfolio
Top issuers as of 12/31/23
1: Federal Home Loan Mortgage Corp 7.43%
2: United States of America 5.29%
3: Federal Home Loan Bank 1.27%
4: Federal Farm Credit Bank 0.70%
Issuers represent 14.69% of portfolio
Top issuers as of 11/30/23
1: Federal Home Loan Mortgage Corp 7.27%
2: United States of America 3.51%
3: Federal Home Loan Bank 1.30%
4: Federal Farm Credit Bank 0.71%
5: Federal National Mortgage Association 0.65%
Issuers represent 13.44% of portfolio

Portfolio Composition as of 02/29/24

Repurchase agreements 86.88%
U.S. Treasury debt 7.27%
U.S. government agency debt 6.34%
Cash and net other assets -0.48%

Consider these risks before investing: Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can 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 insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The values of money market investments usually rise and fall in response to changes in interest rates. Interest rate risk is generally lowest for investments with short maturities (a significant part of the fund’s investments). Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security’s or instrument’s credit quality or value.

Certain securities in which the fund may invest, including securities issued by certain U.S. government agencies and U.S. government sponsored enterprises, are not guaranteed by the U.S. government or supported by the full faith and credit of the United States. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields.

For more information, visit the SEC website, which will display Putnam VT Government Money Market Fund's most recent 12 months of filings on Form N-MFP (publically available beginning 1/31/11). Prior to April 30, 2016, the fund was known as VT Money Market Fund.

Full holdings


Expenses

Sales Charges/Fees

Breakpoint Sales Charge Dealer Allowance CDSC Liab
$0 - $0 0.00% 0.00% N

CDSC

Year Percent
1 7.00%
2 7.00%
3 6.00%
4 5.00%
5 4.00%
6 3.00%
7 2.00%
8+ 0.00%

Asset Liquidity

A multi-faceted view of the portfolio

Below you can find continuously updated views of the portfolio's daily and weekly liquid asset levels, its net asset value (NAV), and asset flows into and out of the portfolio. Together, these graphs provide insights on the portfolio's resilience during periods of heightened risk in the money market, and are the focus of government policies designed to maintain market stability.

Daily and weekly liquid assets as of or prior close

This graph displays the percentage of the fund's total assets invested in daily and weekly liquid assets as of the end of each business day during the preceding six months. The fund is required to invest at least 10% of its total assets in daily liquid assets and at least 30% of its total assets in weekly liquid assets. Daily liquid assets include cash, direct obligations of the U.S. government, securities that will mature or are subject to a demand feature that is exercisable and payable within one business day, and receivables scheduled to be paid within one business day. Weekly liquid assets include daily liquid assets, government agency discount notes with remaining maturities of 60 days or less, securities that will mature or are subject to a demand feature that is exercisable and payable within five business days, and receivables scheduled to be paid within five business days.

Fluctuating net asset value as of or prior close

This graph displays the fund's daily net asset value (NAV) per share during the preceding six months as if it were calculated using the market value of the fund's portfolio as of the end of each business day during that period.

The market-value or "shadow" net asset value per share shown below for a given day may differ from the official NAV used for transactions in fund shares. The official NAV is shown on the "Highlights" tab. The shadow net asset value per share shown below does not reflect the application of the amortized cost method of valuing fund portfolio holdings, which normally allows the fund to maintain an official NAV of $1.00 per share. When a shareholder buys or redeems fund shares, the official NAV would be used as the net asset value per share.

Daily net asset flows as of or prior close

This graph displays the dollar amount of net shareholder inflows or outflows of the fund as of the end of each business day during the preceding six months.

Consider these risks before investing: 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 insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency . The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.