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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-05346

 

Putnam Variable Trust

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Alexander V. Kymn, Vice President

100 Federal Street

Boston, Massachusetts 02110

 

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

 

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (617) 292-1000

 

Date of fiscal year end: December 31

 

Date of reporting period: June 30, 2026

 

 
 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

  (a) The Report to Shareholders is filed herewith
image
image
Putnam VT Small Cap Value Fund
Class IA
Semi-Annual Shareholder Report | June 30, 2026
image
This semi-annual shareholder report contains important information about Putnam VT Small Cap Value Fund for the period January 1, 2026, to June 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class IA1
$41
0.75%
† Annualized.
1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.
KEY FUND STATISTICS (as of June 30, 2026)
Total Net Assets
$121,831,231
Total Number of Portfolio Holdings
130
Portfolio Turnover Rate
73%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam VT Small Cap Value Fund  PAGE 1  38985-STSIA-0826
true24.513.010.59.67.96.85.83.42.71.40.513.9
 
image
image
Putnam VT Small Cap Value Fund
Class IB
Semi-Annual Shareholder Report | June 30, 2026
image
This semi-annual shareholder report contains important information about Putnam VT Small Cap Value Fund for the period January 1, 2026, to June 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class IB1
$55
1.00%
† Annualized.
1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.
KEY FUND STATISTICS (as of June 30, 2026)
Total Net Assets
$121,831,231
Total Number of Portfolio Holdings
130
Portfolio Turnover Rate
73%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam VT Small Cap Value Fund  PAGE 1  38985-STSIB-0826
true24.513.010.59.67.96.85.83.42.71.40.513.9
 
  (b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.
 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Putnam
VT
Small
Cap
Value
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
10
Notes
to
Financial
Statements
14
Changes
In
and
Disagreements
with
Accountants
23
Results
of
Meeting(s)
of
Shareholders
23
Remuneration
Paid
to
Directors,
Officers
and
Others
23
Board
Approval
of
Management
and
Subadvisory
Agreements
23
Putnam
Variable
Trust
Financial
Highlights
Putnam
VT
Small
Cap
Value
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
IA
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.10
$11.76
$11.70
$10.82
$14.16
$10.18
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.04
0.12
0.12
0.13
0.07
0.07
Net
realized
and
unrealized
gains
(losses)
2.30
0.37
0.61
2.11
(1.63)
4.02
Total
from
investment
operations
........
2.34
0.49
0.73
2.24
(1.56)
4.09
Less
distributions
from:
Net
investment
income
..............
(0.21)
(0.11)
(0.14)
(0.05)
(0.07)
(0.11)
Net
realized
gains
.................
(0.63)
(1.04)
(0.53)
(1.31)
(1.71)
—
Total
distributions
...................
(0.84)
(1.15)
(0.67)
(1.36)
(1.78)
(0.11)
Net
asset
value,
end
of
period
..........
$12.60
$11.10
$11.76
$11.70
$10.82
$14.16
Total
return
c
.......................
22.79%
5.46%
6.48%
24.13%
(12.80)%
40.37%
Ratios
to
average
net
assets
d
Expenses
.........................
0.75%
0.77%
e
0.77%
e
0.78%
e
0.80%
e,f
0.75%
e
Net
investment
income
...............
0.73%
1.08%
1.02%
1.24%
0.62%
0.54%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$41,451
$36,567
$39,667
$41,348
$38,206
$49,169
Portfolio
turnover
rate
................
73%
88%
92%
80%
79%
92%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
include
fees,
charges
or
expenses
imposed
by
the
variable
annuity
and
life
insurance
contracts
for
which
Putnam
Variable
Trust
serves
as
an
underlying
investment
vehicle.
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Includes
one-time
proxy
cost
of
0.01%.
Putnam
Variable
Trust
Financial
Highlights
Putnam
VT
Small
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
IB
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.81
$11.47
$11.43
$10.60
$13.90
$10.01
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.03
0.09
0.09
0.10
0.04
0.04
Net
realized
and
unrealized
gains
(losses)
2.23
0.37
0.59
2.06
(1.60)
3.94
Total
from
investment
operations
........
2.26
0.46
0.68
2.16
(1.56)
3.98
Less
distributions
from:
Net
investment
income
..............
(0.18)
(0.08)
(0.11)
(0.02)
(0.03)
(0.09)
Net
realized
gains
.................
(0.63)
(1.04)
(0.53)
(1.31)
(1.71)
—
Total
distributions
...................
(0.81)
(1.12)
(0.64)
(1.33)
(1.74)
(0.09)
Net
asset
value,
end
of
period
..........
$12.26
$10.81
$11.47
$11.43
$10.60
$13.90
Total
return
c
.......................
22.61%
5.27%
6.20%
23.75%
(12.98)%
39.90%
Ratios
to
average
net
assets
d
Expenses
.........................
1.00%
1.02%
e
1.02%
e
1.03%
e
1.05%
e,f
1.00%
e
Net
investment
income
...............
0.48%
0.83%
0.77%
1.00%
0.37%
0.29%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$80,380
$70,805
$73,567
$80,480
$72,829
$97,454
Portfolio
turnover
rate
................
73%
88%
92%
80%
79%
92%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
include
fees,
charges
or
expenses
imposed
by
the
variable
annuity
and
life
insurance
contracts
for
which
Putnam
Variable
Trust
serves
as
an
underlying
investment
vehicle.
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Includes
one-time
proxy
cost
of
0.01%.
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited),
June
30,
2026
Putnam
VT
Small
Cap
Value
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
100.1%
Aerospace
&
Defense
1.0%
a,b
Astronics
Corp.
.....................................
United
States
10,100
$
820,726
a,b
Astronics
Corp.
,
B
...................................
United
States
2,380
180,880
a
V2X,
Inc.
..........................................
United
States
2,500
186,400
1,188,006
Air
Freight
&
Logistics
0.5%
a
Radiant
Logistics,
Inc.
................................
United
States
67,700
640,442
Automobile
Components
1.9%
a
Gentherm,
Inc.
.....................................
United
States
31,500
1,074,465
a
Holley,
Inc.
........................................
United
States
489,673
1,248,666
2,323,131
Banks
18.7%
a
Avidbank
Holdings,
Inc.
...............................
United
States
29,752
982,708
Avidia
Bancorp,
Inc.
.................................
United
States
18,833
395,305
a
Axos
Financial,
Inc.
..................................
United
States
13,200
1,285,548
Banc
of
California,
Inc.
...............................
United
States
47,200
964,296
a
Bancorp,
Inc.
(The)
..................................
United
States
17,740
1,111,234
a
Coastal
Financial
Corp.
...............................
United
States
12,570
974,301
Commercial
Bancgroup,
Inc.
...........................
United
States
24,759
799,468
Community
West
Bancshares
..........................
United
States
42,800
1,149,608
ConnectOne
Bancorp,
Inc.
............................
United
States
23,609
789,485
Eagle
Bancorp,
Inc.
..................................
United
States
40,900
1,161,151
Five
Star
Bancorp
...................................
United
States
31,835
1,550,046
Flagstar
Bank
NA
...................................
United
States
72,200
1,078,668
b
Metropolitan
Bank
Holding
Corp.
........................
United
States
12,888
1,272,819
Nicolet
Bankshares,
Inc.
..............................
United
States
9,500
1,571,205
Northrim
BanCorp,
Inc.
...............................
United
States
47,500
1,317,650
Old
Second
Bancorp,
Inc.
.............................
United
States
46,400
1,082,048
Popular,
Inc.
.......................................
United
States
7,600
1,247,768
Primis
Financial
Corp.
................................
United
States
55,300
905,261
a
Third
Coast
Bancshares,
Inc.
..........................
United
States
17,200
694,880
UMB
Financial
Corp.
.................................
United
States
11,300
1,613,188
Valley
National
Bancorp
..............................
United
States
57,400
840,910
22,787,547
Biotechnology
4.7%
a
BioMarin
Pharmaceutical,
Inc.
..........................
United
States
15,900
909,798
a,b
Cytokinetics,
Inc.
....................................
United
States
12,600
1,073,394
a
Janux
Therapeutics,
Inc.
..............................
United
States
18,346
281,795
a,b
Precigen,
Inc.
......................................
United
States
245,200
1,397,640
a,b
Vaxcyte,
Inc.
.......................................
United
States
7,966
463,064
a
Veracyte,
Inc.
......................................
United
States
27,413
1,609,965
5,735,656
Capital
Markets
1.7%
a
Donnelley
Financial
Solutions,
Inc.
......................
United
States
25,400
1,065,530
a
Webull
Corp.
.......................................
United
States
158,600
1,034,072
2,099,602
Chemicals
0.7%
Tronox
Holdings
plc
.................................
United
States
142,100
895,230
Commercial
Services
&
Supplies
2.0%
a
Casella
Waste
Systems,
Inc.
,
A
.........................
United
States
12,400
1,202,428
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Small
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Commercial
Services
&
Supplies
(continued)
HNI
Corp.
.........................................
United
States
29,826
$
1,205,269
2,407,697
Communications
Equipment
1.0%
a
Aviat
Networks,
Inc.
.................................
United
States
54,578
1,211,632
Construction
&
Engineering
2.7%
Tutor
Perini
Corp.
...................................
United
States
11,900
987,343
Valmont
Industries,
Inc.
...............................
United
States
2,480
1,432,448
WillScot
Holdings
Corp.
...............................
United
States
32,400
935,064
3,354,855
Construction
Materials
0.9%
b
Titan
America
SA
...................................
Belgium
58,708
1,095,491
Consumer
Finance
1.6%
b
Jefferson
Capital,
Inc.
................................
United
States
45,000
876,150
a
PRA
Group,
Inc.
....................................
United
States
60,000
1,139,400
2,015,550
Consumer
Staples
Distribution
&
Retail
0.7%
a,b
Yesway,
Inc.
,
A
.....................................
United
States
43,301
879,010
Diversified
Consumer
Services
0.7%
a
McGraw
Hill,
Inc.
....................................
United
States
84,972
804,685
Diversified
REITs
1.0%
b
Broadstone
Net
Lease,
Inc.
............................
United
States
60,500
1,250,535
Diversified
Telecommunication
Services
0.5%
Uniti
Group,
Inc.
....................................
United
States
57,400
658,378
Electric
Utilities
1.1%
Portland
General
Electric
Co.
..........................
United
States
25,752
1,334,726
Electrical
Equipment
0.9%
Regal
Rexnord
Corp.
................................
United
States
4,700
1,119,493
Electronic
Equipment,
Instruments
&
Components
1.2%
Bel
Fuse,
Inc.
,
B
....................................
United
States
1,600
532,864
b
Vishay
Intertechnology,
Inc.
............................
United
States
17,400
935,772
1,468,636
Energy
Equipment
&
Services
2.8%
Archrock,
Inc.
......................................
United
States
29,300
1,192,803
Helmerich
&
Payne,
Inc.
..............................
United
States
27,900
913,446
Patterson-UTI
Energy,
Inc.
............................
United
States
100,200
919,836
a
Transocean
Ltd.
....................................
United
States
72,900
356,481
3,382,566
Financial
Services
2.4%
NewtekOne,
Inc.
....................................
United
States
81,099
1,201,076
a
Onity
Group,
Inc.
....................................
United
States
17,100
679,725
Walker
&
Dunlop,
Inc.
................................
United
States
18,180
994,446
2,875,247
Gas
Utilities
1.1%
Southwest
Gas
Holdings,
Inc.
..........................
United
States
14,800
1,312,464
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Ground
Transportation
0.9%
Covenant
Logistics
Group,
Inc.
,
A
.......................
United
States
25,298
$
1,117,666
Health
Care
Equipment
&
Supplies
0.9%
a
Tactile
Systems
Technology,
Inc.
........................
United
States
36,900
1,098,882
Health
Care
Providers
&
Services
4.8%
a
BrightSpring
Health
Services,
Inc.
.......................
United
States
17,700
1,234,398
a
DocGo,
Inc.
.......................................
United
States
132,200
68,228
a
LifeStance
Health
Group,
Inc.
..........................
United
States
189,391
2,028,378
a
Lumexa
Imaging
Holdings,
Inc.
.........................
United
States
120,600
1,360,368
a
Option
Care
Health,
Inc.
..............................
United
States
54,300
1,138,671
5,830,043
Health
Care
REITs
2.8%
b
American
Healthcare
REIT,
Inc.
.........................
United
States
20,200
1,053,430
Diversified
Healthcare
Trust
...........................
United
States
149,100
1,386,630
Healthcare
Realty
Trust,
Inc.
,
A
.........................
United
States
45,500
917,735
3,357,795
Hotels,
Restaurants
&
Leisure
0.1%
Marriott
Vacations
Worldwide
Corp.
......................
United
States
1,200
122,256
Household
Durables
1.7%
a
Cavco
Industries,
Inc.
................................
United
States
1,720
1,056,734
Leggett
&
Platt,
Inc.
..................................
United
States
83,900
982,469
2,039,203
Insurance
2.1%
Abacus
Global
Management,
Inc.
.......................
United
States
119,945
1,284,611
Horace
Mann
Educators
Corp.
.........................
United
States
24,500
1,265,425
2,550,036
IT
Services
0.5%
a,b
Applied
Digital
Corp.
.................................
United
States
15,400
574,420
Leisure
Products
1.9%
a
MasterCraft
Boat
Holdings,
Inc.
.........................
United
States
55,859
1,442,279
Polaris,
Inc.
........................................
United
States
13,500
923,940
2,366,219
Life
Sciences
Tools
&
Services
0.3%
a
Codexis,
Inc.
.......................................
United
States
185,697
419,675
Machinery
2.4%
a,b
Alliance
Laundry
Holdings,
Inc.
.........................
United
States
50,300
1,333,956
Columbus
McKinnon
Corp.
............................
United
States
35,800
541,654
Wabash
National
Corp.
...............................
United
States
79,000
1,066,500
2,942,110
Metals
&
Mining
2.4%
a
Century
Aluminum
Co.
...............................
United
States
14,600
671,746
a,b
Critical
Metals
Corp.
.................................
Austria
9,008
92,332
b
Hudbay
Minerals,
Inc.
................................
Canada
34,200
807,462
Kaiser
Aluminum
Corp.
...............................
United
States
5,700
1,115,091
a
USA
Rare
Earth,
Inc.
.................................
United
States
9,400
202,852
2,889,483
Mortgage
Real
Estate
Investment
Trusts
(REITs)
2.0%
Ladder
Capital
Corp.
,
A
...............................
United
States
123,212
1,225,959
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Small
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
TPG
RE
Finance
Trust,
Inc.
............................
United
States
142,100
$
1,189,377
2,415,336
Multi-Utilities
0.9%
b
Algonquin
Power
&
Utilities
Corp.
.......................
Canada
194,400
1,139,184
Office
REITs
1.0%
b
SL
Green
Realty
Corp.
...............................
United
States
24,000
1,242,480
Oil,
Gas
&
Consumable
Fuels
5.2%
a
Antero
Resources
Corp.
..............................
United
States
26,000
913,640
Core
Natural
Resources,
Inc.
..........................
United
States
13,600
1,088,272
Frontline
plc
.......................................
Norway
21,400
744,506
b
Magnolia
Oil
&
Gas
Corp.
,
A
...........................
United
States
40,485
1,035,606
Matador
Resources
Co.
..............................
United
States
7,700
383,306
Peabody
Energy
Corp.
...............................
United
States
10,400
240,448
Permian
Resources
Corp.
,
A
...........................
United
States
41,213
758,732
Scorpio
Tankers,
Inc.
.................................
Monaco
8,100
561,006
Teekay
Tankers
Ltd.
,
A
...............................
Canada
8,900
577,343
6,302,859
Passenger
Airlines
1.8%
a
Allegiant
Travel
Co.
..................................
United
States
8,100
952,560
a
SkyWest,
Inc.
......................................
United
States
12,000
1,191,960
2,144,520
Personal
Care
Products
0.9%
b
Edgewell
Personal
Care
Co.
...........................
United
States
39,400
1,058,284
Pharmaceuticals
1.5%
a
Amneal
Pharmaceuticals,
Inc.
..........................
United
States
84,100
1,455,771
a,b
Hyperion
DeFi,
Inc.
..................................
United
States
109,172
342,800
1,798,571
Professional
Services
1.9%
a
IBEX
Holdings
Ltd.
..................................
United
States
48,857
1,483,787
b
ICF
International,
Inc.
................................
United
States
11,400
830,604
2,314,391
Real
Estate
Management
&
Development
0.9%
Newmark
Group,
Inc.
,
A
..............................
United
States
70,400
1,063,744
Retail
REITs
1.0%
Brixmor
Property
Group,
Inc.
...........................
United
States
40,500
1,276,965
Semiconductors
&
Semiconductor
Equipment
2.8%
a
Cohu,
Inc.
.........................................
United
States
30,000
2,217,300
a
Diodes,
Inc.
.......................................
United
States
5,900
645,696
a
Ichor
Holdings
Ltd.
..................................
United
States
4,609
517,498
3,380,494
Software
2.7%
a
Cleanspark,
Inc.
....................................
United
States
32,500
472,875
a,b
Keel
Infrastructure
Corp.
..............................
United
States
51,000
292,740
a,b
Realloys,
Inc.
......................................
United
States
19,998
288,971
a
REalloys,
Inc.
......................................
United
States
939
13,569
RingCentral,
Inc.
,
A
..................................
United
States
33,100
1,290,238
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Riot
Platforms,
Inc.
..................................
United
States
34,300
$
939,134
3,297,527
Specialty
Retail
2.5%
b
Academy
Sports
&
Outdoors,
Inc.
.......................
United
States
22,800
1,074,564
b
Advance
Auto
Parts,
Inc.
..............................
United
States
22,200
1,381,284
b
Signet
Jewelers
Ltd.
.................................
United
States
6,200
534,440
2,990,288
Technology
Hardware,
Storage
&
Peripherals
1.0%
a
Diebold
Nixdorf,
Inc.
.................................
United
States
14,500
1,232,790
Textiles,
Apparel
&
Luxury
Goods
2.4%
a
Capri
Holdings
Ltd.
..................................
United
States
51,300
952,641
Oxford
Industries,
Inc.
................................
United
States
24,300
847,341
Rocky
Brands,
Inc.
..................................
United
States
27,700
1,142,348
2,942,330
Trading
Companies
&
Distributors
1.0%
Herc
Holdings,
Inc.
..................................
United
States
8,200
1,175,388
Total
Common
Stocks
(Cost
$
109,171,603
)
...................................
121,923,518
Rights
Rights
0.0%
Distributors
0.0%
a,b,c
BlackBox,
Inc.,
CVR
,
2/24/28
..........................
United
States
26,200
—
Total
Rights
(Cost
$
–
)
......................................................
—
Total
Long
Term
Investments
(Cost
$
109,171,603
)
.............................
121,923,518
a
Short
Term
Investments
16.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
0.1%
d,e
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.837
%
.......
United
States
128,389
128,389
Total
Management
Investment
Companies
(Cost
$
128,389
)
.....................
128,389
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Small
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
See
Abbreviations
on
page
22.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
f
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
16.1%
Money
Market
Funds
16.1%
d,e
Putnam
Cash
Collateral
Pool,
LLC
,
3.856
%
................
United
States
19,575,517
$
19,575,517
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
19,575,517
)
.........................................................
19,575,517
Total
Short
Term
Investments
(Cost
$
19,703,906
)
..............................
19,703,906
a
Total
Investments
(Cost
$
128,875,509
)
116.3
%
................................
$141,627,424
Other
Assets,
less
Liabilities
(
16.3
)
%
........................................
(19,796,193)
Net
Assets
100.0%
.........................................................
$121,831,231
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2026.
See
Note
1
(
d
).
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
regarding
fair
value
measurements.
d
See
Note
3
(
f
)
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
f
See
Note
1
(
d
)
regarding
securities
on
loan.
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Putnam
VT
Small
Cap
Value
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$109,171,603
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
19,703,906
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$
18,827,972
)
.................................
$121,923,518
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
19,703,906
Cash
....................................................................................
7,200
Receivables:
Investment
securities
sold
...................................................................
564,682
Capital
shares
sold
........................................................................
90,842
Dividends
...............................................................................
192,934
Prepaid
expenses
..........................................................................
29,613
Total
assets
..........................................................................
142,512,695
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
465,673
Capital
shares
redeemed
...................................................................
464,490
Management
fees
.........................................................................
57,475
Administrative
fees
........................................................................
619
Distribution
fees
..........................................................................
15,950
Transfer
agent
fees
........................................................................
13,097
Trustees'
fees
and
expenses
.................................................................
48,145
Payable
upon
return
of
securities
loaned
(Note
1
d
)
..................................................
19,575,517
Accrued
expenses
and
other
liabilities
...........................................................
40,498
Total
liabilities
.........................................................................
20,681,464
Net
assets,
at
value
.................................................................
$121,831,231
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$96,874,106
Total
distributable
earnings
(losses)
.............................................................
24,957,125
Net
assets,
at
value
.................................................................
$121,831,231
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Putnam
VT
Small
Cap
Value
Fund
Class
IA:
Net
assets,
at
value
.......................................................................
$41,450,920
Shares
outstanding
........................................................................
3,289,286
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$12.60
Class
IB:
Net
assets,
at
value
.......................................................................
$80,380,311
Shares
outstanding
........................................................................
6,557,480
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$12.26
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Variable
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Putnam
VT
Small
Cap
Value
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$3,239)
Unaffiliated
issuers
........................................................................
$784,454
Non-controlled
affiliates
(Note
3
f
)
.............................................................
14,475
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
(108,928)
Non-controlled
affiliates
(Note
3
f
)
.............................................................
142,388
Total
investment
income
...................................................................
832,389
Expenses:
Management
fees
(Note
3
a
)
...................................................................
334,762
Administrative
fees
(Note
3
b
)
..................................................................
756
Distribution
fees:
(Note
3c
)
    Class
IB
................................................................................
92,019
Transfer
agent
fees:
(Note
3d
)
    Class
IA
................................................................................
13,372
    Class
IB
................................................................................
25,551
Custodian
fees
.............................................................................
274
Reports
to
shareholders
fees
..................................................................
15,082
Professional
fees
...........................................................................
27,396
Trustees'
fees
and
expenses
(Note
3
e
)
...........................................................
2,301
Other
....................................................................................
3,050
Total
expenses
.........................................................................
514,563
Net
investment
income
................................................................
317,826
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
12,051,967
Written
options
...........................................................................
8,645
Foreign
currency
transactions
................................................................
(151)
Net
realized
gain
(loss)
..................................................................
12,060,461
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
10,933,567
Net
realized
and
unrealized
gain
(loss)
............................................................
22,994,028
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$23,311,854
Putnam
Variable
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Putnam
VT
Small
Cap
Value
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$317,826
$982,066
Net
realized
gain
(loss)
.................................................
12,060,461
6,893,424
Net
change
in
unrealized
appreciation
(depreciation)
...........................
10,933,567
(2,167,729)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
23,311,854
5,707,761
Distributions
to
shareholders:
Class
IA
............................................................
(2,684,442)
(3,665,207)
Class
IB
............................................................
(5,090,698)
(6,976,509)
Total
distributions
to
shareholders
..........................................
(7,775,140)
(10,641,716)
Capital
share
transactions:
(Note
2
)
Class
IA
............................................................
(424,546)
(1,312,387)
Class
IB
............................................................
(653,227)
384,669
Total
capital
share
transactions
............................................
(1,077,773)
(927,718)
Net
increase
(decrease)
in
net
assets
...................................
14,458,941
(5,861,673)
Net
assets:
Beginning
of
period
.....................................................
107,372,290
113,233,963
End
of
period
..........................................................
$121,831,231
$107,372,290
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
Small
Cap
Value
Fund
14
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Putnam
Variable
Trust
 (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty separate
funds.
The Trust
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
VT
Small
Cap
Value
Fund
(Fund)
is
included
in
this
report.
Shares
of
the
Fund
are
generally
sold
only
to
insurance
company
separate
accounts
to
fund
the
benefits
of
variable
life
insurance
policies
or
variable
annuity
contracts. At
June
30,
2026,
40.7%
of
the
Fund's
shares
were
held
through
one
insurance
company.
Investment
activities
of
these
insurance
company
separate
accounts
could
have
a
material
impact
on
the
Fund.
The
Fund
offers two classes
of
shares:
Class
IA
and
Class
IB.
Each
class
of
shares
may
differ
by
its
distribution
fees,
voting
rights
on
matters
affecting
a
single
class
and
its
exchange
privilege.
The
following
summarizes
the 
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
Semiannual
Report
Putnam
VT
Small
Cap
Value
Fund
(continued)
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
The
Fund
purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain exposure
to
equity
price
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
Option
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
7 regarding
other
derivative
information.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
Putnam
VT
Small
Cap
Value
Fund
(continued)
d.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
the
Putnam
Cash
Collateral
Pool,
LLC,
a
limited
liability
company,
an
affiliate
of
Putnam
Management. The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the Statement of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
Securities
on
loan
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund‘s
Schedule
of
Investments.
e.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis. Estimated
expenses
are
accrued
daily.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Distributions
to
shareholders
are recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
Putnam
VT
Small
Cap
Value
Fund
(continued)
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
h.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
June
30,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
Shares
Amount
Shares
Amount
Class
IA
Shares:
83737
–
Shares
sold
...................................
244,170
$2,892,945
273,641
$2,869,363
Shares
issued
in
reinvestment
of
distributions
..........
263,439
2,684,442
374,766
3,665,207
Shares
redeemed
...............................
(511,508)
(6,001,933)
(728,245)
(7,846,957)
Net
increase
(decrease)
..........................
(3,899)
$(424,546)
(79,838)
$(1,312,387)
Class
IB
Shares:
(145115)
–
Shares
sold
...................................
140,624
$1,590,611
559,951
$5,537,331
Shares
issued
in
reinvestment
of
distributions
..........
513,175
5,090,698
731,290
6,976,509
Shares
redeemed
...............................
(647,338)
(7,334,536)
(1,152,587)
(12,129,171)
Net
increase
(decrease)
..........................
6,461
$(653,227)
138,654
$384,669
Subsidiary
Affiliation
Putnam
Investment
Management,
LLC
(Putnam
Management)
Investment
manager
Franklin
Advisers,
Inc.
(Advisers)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
Putnam
VT
Small
Cap
Value
Fund
(continued)
a.
Management
Fees
The
Fund
pays
Putnam
Management
a
management
fee
(based
on
the
Fund’s
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
“double
counting”
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
June
30,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.597%
of
the
Fund’s
average daily
net
assets.
Putnam
Management
retained
Advisers
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Advisers
provides
certain
advisory
and
related
services
to
the
Fund.
Putnam
Management
pays
a
monthly
fee
to
Advisers
based
on
the
costs
of
Advisers
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Putnam
Management
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Putnam
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Putnam
Management
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Putnam
Management
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b–1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
Annualized
Fee
Rate
Net
Assets
0.780%
of
the
first
$5
billion,
0.730%
of
the
next
$5
billion,
0.680%
of
the
next
$10
billion,
0.630%
of
the
next
$10
billion,
0.580%
of
the
next
$50
billion,
0.560%
of
the
next
$50
billion,
0.550%
of
the
next
$100
billion
and
0.545%
of
any
excess
thereafter.
Maximum
%
Approved
%
Class
IB
..................................................................
0.35%
0.25%
3.
Transactions
with
Affiliates
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
Putnam
VT
Small
Cap
Value
Fund
(continued)
d.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Putnam
Management,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
was
paid
a
monthly
fee
for
investor
servicing
at
an
annual
rate
of
0.07%
of
the
Fund’s
average
daily
net
assets.
e.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
June
30,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
g.
Waiver
and
Expense
Reimbursements
Putnam
Management has
contractually
agreed,
through
April
30,
2028,
to
waive
fees
and/or
reimburse
the
Fund’s
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund’s
investor
servicing
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
VT
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
......
$800,548
$17,193,043
$(17,865,202)
$—
$—
$128,389
128,389
$14,475
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
3.856%
.............
$8,430,624
$63,682,495
$(52,537,602)
$—
$—
$19,575,517
19,575,517
$142,388
Total
Affiliated
Securities
...
$9,231,172
$80,875,538
$(70,402,804)
$—
$—
$19,703,906
$156,863
3.
Transactions
with
Affiliates
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
Putnam
VT
Small
Cap
Value
Fund
(continued)
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund’s
average
net
assets
over
such
fiscal
year-to-date
period.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
4.
Expense
Offset
Arrangement
The Fund has entered
into an
arrangement
with PSERV
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees.
During
the
period
ended
June
30,
2026,
there
were
no
credits
earned.  
5.
Income
Taxes
At
June
30,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
passive
foreign
investment
company
shares
and
REITs.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2026,
aggregated
$82,046,395 and
$89,571,373,
respectively. 
At
June
30,
2026,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$19,575,517
of
cash
collateral.
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
Cost
of
investments
..........................................................................
$129,067,520
Unrealized
appreciation
........................................................................
$19,336,244
Unrealized
depreciation
........................................................................
(6,776,340)
Net
unrealized
appreciation
(depreciation)
..........................................................
$12,559,904
3.
Transactions
with
Affiliates
(continued)
g.
Waiver
and
Expense
Reimbursements
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
Putnam
VT
Small
Cap
Value
Fund
(continued)
7.
Other
Derivative
Information
For
the
period
ended
June
30,
2026,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
June
30,
2026
,
the
average
month
end
notional
amount
of
Options
represented
$64,392,786.
See
Note
1(c) regarding
derivative
financial
instruments. 
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
June
30,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
9.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
VT
Small
Cap
Value
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Equity
contracts
..............
Investments
$164,589
a
Investments
$—
a
Written
options
8,645
Written
options
—
Total
.......................
$173,234
$–
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Statement
of
Operations.
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
Putnam
VT
Small
Cap
Value
Fund
(continued)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of June
30,
2026,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
10.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
A
management
group
of
the
Fund’s
investment
manager serves
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
11.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
VT
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
$
121,923,518
$
—
$
—
$
121,923,518
Rights
................................
—
—
—
b
—
Short
Term
Investments
...................
128,389
19,575,517
—
19,703,906
Total
Investments
in
Securities
...........
$122,051,907
$19,575,517
$—
$141,627,424
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
Selected
Portfolio
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust
9.
Fair
Value
Measurements
(continued)
Putnam
Variable
Trust
23
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Putnam
VT
Small
Cap
Value
Fund
Trustee
approval
of
management
contracts
(unaudited)
Consideration
of
your
fund’s
management
and
sub-advisory
contracts
At
their
meeting
on
June
26,
2026,
the
Board
of
Trustees
(“Board”
or
the
“Trustees”)
of
your
fund,
including
all
of
the
Trustees
who
are
not
“interested
persons”
(as
this
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”))
of
the
Putnam
mutual
funds
and
exchange-traded
funds
(collectively,
the
“funds”)
(the
“Independent
Trustees”),
approved
the
continuance
of
a
management
contract
with
Putnam
Investment
Management,
LLC
(the
“Advisor”),
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Templeton
Investment
Management
Limited
(“FTIML”),
and
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Advisers,
Inc.
(“Franklin
Advisers”
and
together
with
FTIML,
the
“Subadvisors”)
(collectively,
the
“Management
Contracts”).
The
Advisor,
FTIML,
Franklin
Advisers
are
each
direct
or
indirect,
wholly-owned
subsidiaries
of
Franklin
Templeton,
Inc.
(together
with
its
subsidiaries,
“Franklin
Templeton”).
General
conclusions
The
Board
oversees
the
management
of
each
fund
and,
as
required
by
law,
determines
annually
whether
to
approve
the
continuance
of
your
fund’s
management
contract
with
the
Advisor
and
the
sub-advisory
contract
with
respect
to
your
fund
between
the
Advisor
and
each
Subadvisor.
Because
the
Subadvisors
are
affiliates
of
the
Advisor
and
the
Advisor
remains
fully
responsible
for
all
services
provided
by
the
Subadvisors,
the
Trustees
did
not
attempt
to
evaluate
the
Subadvisors
as
separate
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Putnam
Variable
Trust
24
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entities.
All
references
to
the
Advisor
in
the
descriptions
of
the
Board’s
considerations
should
be
deemed
to
include
references
to
the
applicable
Subadvisor
as
necessary
or
appropriate
in
the
context.
The
Board,
with
the
assistance
of
its
Contract
Committee,
requests
and
evaluates
all
information
it
deems
reasonably
necessary
under
the
circumstances
in
connection
with
its
annual
contract
review.
The
Contract
Committee
consists
solely
of
Independent
Trustees.
At
the
outset
of
the
review
process,
the
Board’s
independent
staff
and
independent
legal
counsel,
as
defined
in
Rule
0-1(a)
(6)
under
the
1940
Act
(their
“independent
legal
counsel”),
considered
any
possible
changes
to
the
annual
contract
review
materials
furnished
to
the
Contract
Committee
in
prior
years
and,
as
applicable,
identified
those
changes
to
the
Advisor.
Following
these
discussions
and
in
consultation
with
the
Contract
Committee,
the
Independent
Trustees’
independent
legal
counsel
submitted
an
initial
request
that
the
Advisor
and
its
affiliates
furnish
specified
information,
together
with
any
additional
information
the
Advisor
considered
relevant,
to
the
Contract
Committee.
Over
the
course
of
several
months
ending
in
June
2026,
the
Contract
Committee
met
on
a
number
of
occasions
with
representatives
of
the
Advisor,
and
separately
in
executive
session,
to
consider
the
information
that
the
Advisor
provided,
including
information
provided
in
response
to
supplemental
requests
submitted
by
independent
legal
counsel.
Throughout
this
process,
the
Contract
Committee
was
assisted
by
the
Board’s
independent
staff
and
by
independent
legal
counsel.
At
the
Board’s
June
2026
meeting,
the
Contract
Committee
met
in
executive
session
to
discuss
and
consider
its
recommendations
with
respect
to
the
continuance
of
the
Management
Contracts.
At
that
meeting,
the
Contract
Committee
also
met
in
executive
session
with
the
other
Independent
Trustees
to
review
a
summary
of
the
process
undertaken
by
the
Contract
Committee
and
key
information
that
the
Contract
Committee
considered
in
the
course
of
its
review.
The
Contract
Committee
then
presented
its
written
report,
which
summarized
the
key
factors
that
the
Committee
had
considered
and
set
forth
its
recommendations.
The
Contract
Committee
recommended,
and
the
Independent
Trustees
approved,
the
continuance
of
your
fund’s
Management
Contracts,
effective
July
1,
2026.
In
considering
the
continuance
of
the
Management
Contracts,
the
Board
took
into
account
a
number
of
factors,
including:
1.
That
the
fee
schedule
in
effect
for
your
fund
represented
reasonable
compensation
in
light
of
the
nature
and
quality
of
the
services
being
provided
to
the
fund,
the
fees
paid
by
competitive
funds,
the
costs
incurred
by
the
Advisor
in
providing
services
to
the
fund
and
the
application
of
certain
reductions
and
waivers
noted
below;
2.
That
the
fee
schedule
in
effect
for
your
fund
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
that
may
exist
in
the
management
of
the
fund
at
current
asset
levels;
3.
That
the
funds
benefited,
and
were
expected
to
continue
to
benefit,
from
Franklin
Templeton’s
large
retail
and
institutional
global
distribution
capabilities
and
significant
network
of
intermediary
relationships,
which
may
provide
additional
opportunities
for
the
funds
to
increase
assets
and
reduce
the
impact
of
expenses
by
spreading
them
over
a
larger
asset
base;
and
4.
The
financial
strength,
reputation,
experience
and
resources
of
Franklin
Templeton
and
its
investment
advisory
subsidiaries.
These
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
provided
to
the
Trustees
and
were
not
the
result
of
any
single
factor.
Some
of
the
factors
that
figured
particularly
in
the
Trustees’
deliberations
and
how
the
Trustees
considered
these
factors
are
described
below,
although
individual
Trustees
may
have
evaluated
the
information
presented
differently,
giving
different
weights
to
various
factors.
It
is
also
important
to
recognize
that
the
management
arrangements
for
your
fund
and
most
of
the
other
funds
are
the
result
of
many
years
of
review
and
discussion
between
the
Independent
Trustees
and
management,
occurring
both
in
connection
with
formal
contract
reviews
as
well
as
throughout
the
year
and
that
the
Trustees’
conclusions
may
be
based,
in
part,
on
their
consideration
of
fee
arrangements
in
previous
years.
For
example,
with
certain
exceptions
primarily
involving
newer
funds
or
repositioned
funds,
the
current
fee
arrangements
under
the
majority
of
the
funds’
management
contracts
were
first
implemented
at
the
beginning
of
2010
following
extensive
review
by
the
Contract
Committee
and
discussions
with
management,
as
well
as
approval
by
shareholders.
Putnam
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Trust
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Management
fee
schedules
and
total
expenses
The
Trustees
reviewed
the
management
fee
schedules
in
effect
for
all
funds,
including
fee
levels
and
any
breakpoints.
Under
its
management
contract,
your
fund
has
the
benefit
of
breakpoints
in
its
management
fee
schedule
that
provide
shareholders
with
reduced
fee
levels
as
aggregate
assets
under
management
of
the
fund
and
other
mutual
funds
sponsored
by
the
Advisor
(or
that
have
been
deemed
to
be
sponsored
by
the
Advisor
for
the
purpose
of
the
management
fee
calculation)
increase.
The
Trustees
also
reviewed
the
total
expenses
of
each
fund,
recognizing
that
in
most
cases
management
fees
represented
the
major,
but
not
the
sole,
determinant
of
total
costs
to
fund
shareholders.
(Two
mutual
funds
and
each
of
the
exchange-traded
funds
have
implemented
so-called
“all-in”
or
unitary
management
fees
covering
substantially
all
routine
fund
operating
costs.)
In
reviewing
fees
and
expenses,
the
Trustees
generally
focus
their
attention
on
material
changes
in
circumstances
—
for
example,
changes
in
assets
under
management,
changes
in
a
fund’s
investment
strategy,
changes
in
the
Advisor’s
operating
costs
or
profitability,
or
changes
in
competitive
practices
in
the
fund
industry
—
that
suggest
that
consideration
of
fee
changes
might
be
warranted.
The
Trustees
concluded
that
the
circumstances
did
not
indicate
that
changes
to
the
management
fee
schedule
for
your
fund
would
be
appropriate
at
this
time.
As
in
the
past,
the
Trustees
also
focused
on
the
competitiveness
of
each
fund’s
total
expense
ratio.
The
Trustees,
the
Advisor
and
the
funds’
investor
servicing
agent,
Putnam
Investor
Services,
Inc.
(“PSERV”),
have
implemented
expense
limitations
that
were
in
effect
during
your
fund’s
fiscal
year
ending
in
2025.
These
expense
limitations
were:
(i)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
25
basis
points
on
investor
servicing
fees
and
expenses
and
(ii)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
20
basis
points
on
so-called
“other
expenses”
(i.e.,
all
expenses
exclusive
of
management
fees,
distribution
fees,
investor
servicing
fees,
investment-related
expenses,
interest,
taxes,
brokerage
commissions,
acquired
fund
fees
and
expenses
and
extraordinary
expenses).
These
expense
limitations
attempt
to
maintain
competitive
expense
levels
for
the
funds.
Most
funds
(including
your
fund)
had
sufficiently
low
expenses
that
these
expense
limitations
were
not
operative
during
their
fiscal
years
ending
in
2025.
The
Advisor
and
PSERV
have
agreed
to
maintain
these
expense
limitations
until
at
least
April
30,
2028.
The
Advisor
and
PSERV’s
commitment
to
these
expense
limitation
arrangements,
which
were
intended
to
support
an
effort
to
have
the
mutual
fund
expenses
meet
competitive
standards,
was
an
important
factor
in
the
Trustees’
decision
to
approve
the
continuance
of
your
fund’s
Management
Contracts.
The
Trustees
reviewed
comparative
fee
and
expense
information
for
a
custom
group
of
competitive
funds
selected
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”).
This
comparative
information
included
your
fund’s
percentile
ranking
for
effective
management
fees
and
total
expenses
(excluding
any
applicable
12b-1
fees),
which
provides
a
general
indication
of
your
fund’s
relative
standing.
In
the
custom
peer
group,
your
fund
ranked
in
the
first
quintile
in
effective
management
fees
(determined
for
your
fund
and
the
other
funds
in
the
custom
peer
group
assuming
the
same
fund
asset
size
for
your
fund
and
the
other
funds
in
the
custom
peer
group
and
the
applicable
contractual
management
fee
schedule)
and
in
the
second
quintile
in
total
expenses
(excluding
any
applicable
12b-1
fees)
as
of
December
31,
2025.
(Total
expenses
reflect
the
fees
and
expenses
borne
directly
by
the
fund
and
the
competitive
funds
included
in
the
custom
Lipper
peer
groups,
as
well
as
any
underlying
funds’
net
fees
and
expenses.)
The
first
quintile
represents
the
least
expensive
funds
and
the
fifth
quintile
the
most
expensive
funds.
The
fee
and
expense
data
reported
by
Broadridge
as
of
December
31,
2025
reflected
the
most
recent
fiscal
year-end
data
available
in
Broadridge’s
database
at
that
time.
In
connection
with
their
review
of
fund
management
fees
and
total
expenses,
the
Trustees
also
reviewed
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Advisor
and
its
affiliates
from
their
contractual
relationships
with
the
funds.
This
information
included
trends
in
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates
relating
to
the
investment
management,
investor
servicing
and
distribution
services
provided
to
the
funds,
as
applicable.
In
this
regard,
the
Trustees
also
reviewed
an
analysis
of
the
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates,
allocated
on
a
fund-by-fund
basis,
with
respect
to
(as
applicable)
the
funds’
management,
distribution
and
investor
servicing
contracts.
For
each
fund,
the
analysis
presented
information
about
revenues,
expenses
and
profitability
in
2025
for
each
of
the
applicable
Putnam
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Trust
26
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agreements
separately
and
for
the
agreements
taken
together
on
a
combined
basis.
The
Trustees
concluded
that,
at
current
asset
levels,
the
fee
schedules
in
place
for
each
of
the
funds,
including
the
fee
schedule
for
your
fund,
represented
reasonable
compensation
for
the
services
being
provided
and
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
as
may
exist
in
the
management
of
the
funds
at
that
time.
The
information
examined
by
the
Trustees
in
connection
with
their
annual
contract
review
for
the
funds
included
information
regarding
services
provided
and
fees
charged
by
the
Advisor
and
certain
affiliates
to
other
products
that
are
managed
by
a
portfolio
team
that
also
manages
one
or
more
U.S.
registered
mutual
funds
in
a
category
of
similar
strategies
offered
by
the
funds
(including
exchange
traded
funds,
sub-advised
U.S.
mutual
funds,
other
U.S.
products
(such
as
collective
investment
trusts,
private
funds,
and
separately
managed
and
institutional
accounts),
non-U.S.
funds,
and
other
non-U.S.
products).
This
information
included
comparisons
of
the
fees
charged
to
other
clients,
by
category,
with
fees
charged
to
the
funds,
as
well
as
a
detailed
assessment
of
the
differences
in
the
services
provided
to
these
clients
as
compared
to
the
services
provided
to
the
funds.
The
Trustees
observed
that
the
differences
in
fee
rates
between
these
clients
and
the
funds
are
by
no
means
uniform
when
examined
by
individual
asset
classes,
suggesting
that
differences
in
the
pricing
of
investment
management
services
to
these
types
of
clients
may
reflect,
among
other
things,
historical
competitive
forces
operating
in
separate
marketplaces,
the
characteristics
of
different
clients,
the
particulars
of
different
fee
structures,
factors
unique
to
specific
market
segments,
and
the
distinct
risks
and
costs
associated
with
providing
services
to
different
clients.
The
Trustees
considered
the
fact
that
in
many
cases
fee
rates
across
different
asset
classes
are
higher
on
average
for
1940
Act-registered
funds
than
for
other
clients,
and
the
Trustees
also
considered
the
differences
between
the
services
that
the
Advisor
provides
to
the
funds
and
those
that
it
provides
to
its
other
clients.
The
Trustees
did
not
rely
on
these
fee
comparisons
to
any
significant
extent
in
concluding
that
the
management
fees
paid
by
your
fund
are
reasonable.
Investment
performance
The
quality
of
the
investment
process
provided
by
the
Advisor
represented
a
major
factor
in
the
Trustees’
evaluation
of
the
quality
of
services
provided
by
the
Advisor
under
your
fund’s
Management
Contracts.
The
Trustees
were
assisted
in
their
review
of
the
Advisor’s
investment
process
and
performance
by
the
work
of
the
investment
oversight
committees
of
the
Trustees
and
the
full
Board,
which
meet
on
a
regular
basis
with
individual
portfolio
managers
and
with
investment
leadership
of
the
Advisor
throughout
the
year.
The
Trustees
noted
that
the
Advisor
had
made
portfolio
management
assignment
changes
in
2025
to
strengthen
its
investment
teams
providing
services
to
the
funds.
The
Trustees
concluded
that
the
Advisor
generally
provides
a
high-quality
investment
process
—
as
measured
by
the
experience
and
skills
of
the
individuals
assigned
to
the
management
of
fund
portfolios,
the
resources
made
available
to
them
and
in
general
the
Advisor’s
ability
to
attract
and
retain
high-quality
personnel
—
but
also
recognized
that
this
does
not
guarantee
favorable
investment
results
for
every
fund
in
every
time
period.
The
Trustees
considered
that,
in
the
aggregate,
peer-relative
and
benchmark-relative
fund
performance
was
strong
in
2025
against
what
the
Advisor
characterized
as
a
complex
investing
environment.
The
Trustees
considered
the
Advisor’s
discussion
of
the
markets,
the
economy,
and
geopolitical
conditions
in
2025.
The
S&P
500
was
up
18%
in
2025
but
with
significant
periods
of
volatility,
and
the
Bloomberg
Aggregate
fixed
income
index
was
up
7%
during
the
year,
with
the
Federal
Reserve
cutting
the
Effective
Federal
Funds
rate
from
4.25%
at
year-end
2024
to
3.5%
at
year-end
2025.
Ten-year
Treasury
yields
ended
2025
at
4.2%,
down
from
4.6%
at
year-end
2024.
In
2025,
geopolitical
and
economic
conditions,
as
well
as
financial
markets,
provided
a
complex
investing
environment:
a
new
U.S.
presidential
administration
with
significant
policy
actions,
including
tariffs;
complex
inflation;
rates
and
Federal
Reserve
developments;
artificial
intelligence-related
impacts;
and
political
and
military
actions
across
the
globe.
Even
with
this
backdrop,
generally
strong
economic,
corporate
and
labor
market
conditions
continued
in
2025,
although
with
some
signs
of
concern.
For
the
one-year
period
ended
December
31,
2025,
the
Trustees
noted
that
the
funds,
on
an
asset-weighted
basis,
ranked
in
the
37
th
percentile
of
their
peers
as
determined
by
LSEG
Lipper
(“Lipper”)
and,
on
an
asset-weighted
basis,
outperformed
their
benchmarks
by
1.6%
gross
of
fees
over
the
one-year
period.
The
Contract
Committee
also
noted
that
the
funds’
aggregate
performance
over
longer-term
periods
continued
to
be
strong,
with
the
funds,
on
an
asset-weighted
basis,
ranking
in
the
26
th
,
22
nd
and
16
th
percentiles
of
their
Lipper
peers
over
the
three-year,
five-year
and
ten-year
periods
ended
December
31,
2025,
respectively.
The
Trustees
further
noted
that
the
funds,
in
the
aggregate,
solidly
outperformed
their
benchmarks
on
a
gross
Putnam
Variable
Trust
27
franklintempleton.com
Semiannual
Report
basis
for
each
of
the
three-year,
five-year
and
ten-year
periods.
The
Trustees
also
considered
the
Morningstar
Inc.
ratings
assigned
to
the
funds
and
that
41
funds
were
rated
four
or
five
stars
at
the
end
of
2025,
which
was
a
year-over-year
decrease
of
11
funds.
The
Trustees
also
considered
that
18
funds
were
five-star
rated
at
the
end
of
2025,
which
was
a
year-over-year
decrease
of
seven
funds.
The
Board
noted,
however,
the
disappointing
investment
performance
of
some
funds
for
periods
ended
December
31,
2025
and
considered
information
provided
by
the
Advisor
regarding
the
factors
contributing
to
the
underperformance
and,
where
relevant,
actions
being
taken
to
improve
the
performance
of
these
particular
funds.
The
Trustees
indicated
their
intention
to
continue
to
monitor
the
performance
of
those
funds.
For
purposes
of
the
Trustees’
evaluation
of
the
funds’
investment
performance,
the
Trustees
generally
focus
on
a
competitive
industry
ranking
of
each
fund’s
total
net
return
over
a
one-year,
three-year
and
five-year
period.
For
a
number
of
funds
with
relatively
unique
investment
mandates
for
which
the
Advisor
informed
the
Trustees
that
meaningful
competitive
performance
rankings
are
not
considered
to
be
available,
the
Trustees
evaluated
performance
based
on
their
total
gross
and
net
returns
and
comparisons
of
those
returns
to
the
returns
of
selected
investment
benchmarks.
In
the
case
of
your
fund,
the
Trustees
considered
information
about
your
fund’s
total
return
and
its
performance
relative
to
its
benchmark
over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2025.
Your
fund’s
class
IA
shares’
return,
net
of
fees
and
expenses,
was
positive
but
trailed
the
return
of
its
benchmark
over
the
one-year
period
ended
December
31,
2025,
and
was
positive
and
exceeded
the
return
of
its
benchmark
over
the
three-year
and
five-year
periods
ended
December
31,
2025.
(When
considering
performance
information,
shareholders
should
be
mindful
that
past
performance
is
not
a
guarantee
of
future
results.)
The
Trustees
expressed
concern
about
your
fund’s
significant
underperformance
relative
to
its
benchmark
for
the
one-year
period
ended
December
31,
2025.
The
Trustees
noted
and
considered
the
Advisor’s
observations
concerning
the
performance
of
your
fund.
In
the
Advisor’s
view:
1.
Stock
selection
accounted
for
most
of
the
underperformance,
whereas
sector
allocation
was
a
much
smaller
detractor.
2.
Stock
selection
within
the
health
care
sector,
primarily
in
the
biotech
industry,
detracted
almost
500
basis
points
from
performance
during
the
period.
From
an
individual
stock
perspective,
an
overweight
position
in
consumer
products
company
Helen
of
Troy
and
not
owning
satellite
and
wireless
communications
company
EchoStar
Corporation
were
the
largest
single
detractors.
An
out
of
benchmark
position
in
energy
and
home
services
company
NRG
Energy
and
an
overweight
position
in
business
process
outsourcing
company
IBEX
Holdings
were
the
strongest
contributors.
3.
Sector
allocation
was
a
small
detractor
overall.
Excluding
communication
services,
which
was
the
primary
detractor,
sector
allocation
would
have
been
a
slight
positive
contributor
to
relative
performance,
due
to
the
underweight
positioning
to
real
estate
and
the
overweight
positioning
to
materials.
The
Trustees
also
noted
that
the
Advisor
remained
confident
in
the
fund’s
portfolio
managers.
As
a
general
matter,
the
Trustees
believe
that
engaging
in
constructive
dialogue
with
the
Advisor
represents
the
most
effective
way
for
the
Trustees
to
address
investment
performance
concerns
that
may
arise
from
time
to
time.
The
Trustees
noted
that
investors
in
the
funds
have,
in
effect,
placed
their
trust
in
management,
under
the
oversight
of
the
funds’
Trustees,
to
make
appropriate
decisions
regarding
the
management
of
the
funds.
The
Trustees
also
considered
that
management
has
made
changes
in
light
of
subpar
investment
performance
when
warranted.
Based
on
the
Advisor’s
willingness
to
take
appropriate
measures
to
address
fund
performance
issues,
the
Trustees
concluded
that
it
continued
to
be
advisable
to
seek
change
within
the
Advisor
to
address
performance
shortcomings.
In
the
Trustees’
view,
the
alternative
of
engaging
a
new
investment
adviser
for
an
underperforming
fund,
with
all
the
attendant
risks
and
disruptions,
would
not
likely
provide
any
greater
assurance
of
improved
investment
performance.
Putnam
Variable
Trust
28
franklintempleton.com
Semiannual
Report
Brokerage
and
soft-dollar
allocations;
distribution
and
investor
servicing
The
Trustees
considered
various
potential
benefits
that
the
Advisor
may
receive
in
connection
with
the
services
it
provides
under
the
management
contract
with
your
fund.
These
include
benefits
related
to
brokerage
allocation
and
the
use
of
soft
dollars,
whereby
a
portion
of
the
commissions
paid
by
a
fund
for
brokerage
may
be
used
to
acquire
research
services
that
are
expected
to
be
useful
to
the
Advisor
in
managing
the
assets
of
the
fund
and
of
other
clients.
Subject
to
policies
approved
by
the
Trustees,
soft
dollars
generated
by
these
means
may
be
used
to
acquire
brokerage
and
research
services
(including
proprietary
executing
broker
research,
third-party
research
and
market
data)
that
enhance
the
Advisor’s
investment
capabilities
and
supplement
the
Advisor’s
internal
research
efforts.
The
Trustees
indicated
their
continued
intent
to
monitor
regulatory
and
industry
developments
in
this
area
with
the
assistance
of
their
Contract
Committee.
In
addition,
with
the
assistance
of
their
Contract
Committee,
the
Trustees
indicated
their
continued
intent
to
monitor
the
allocation
of
the
funds’
brokerage
in
order
to
ensure
that
the
principle
of
seeking
best
price
and
execution
remains
paramount
in
the
portfolio
trading
process.
The
Advisor
may
also
receive
benefits
from
payments
that
funds
make
to
the
Advisor
for
distribution
services
and
investor
services.
In
conjunction
with
the
review
of
your
fund’s
Management
Contracts,
the
Trustees
reviewed
your
fund’s
investor
servicing
agreement
with
PSERV
and
its
distributor’s
contract
and
distribution
plans
with
Franklin
Distributors,
LLC
(“Franklin
Distributors”),
both
of
which
are
affiliates
of
the
Advisor.
The
Trustees
concluded
that
the
fees
payable
by
the
mutual
funds
to
PSERV
and
Franklin
Distributors
for
such
services
were
fair
and
reasonable
in
relation
to
the
nature
and
quality
of
such
services,
the
fees
paid
by
competitive
funds
and
the
costs
incurred
by
PSERV
and
Franklin
Distributors
in
providing
such
services.
Furthermore,
the
Trustees
were
of
the
view
that
the
investor
services
provided
by
PSERV
were
required
for
the
operation
of
the
mutual
funds,
and
that
they
were
of
a
quality
at
least
equal
to
those
provided
by
other
providers.
38985-SFSOI
08/26
©
2026
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrants acknowledge the Staff’s comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations “Principal Executive Officer” and “Principal Financial Officer” in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory’s actual title with respect to the Funds alongside the required designation.

 

(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

 

 

Putnam Variable Trust

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: August 27, 2026  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: August 27, 2026  
     
By: /s/ Jeffrey White  
  Jeffrey White  
  Principal Financial Officer  
     
Date: August 27, 2026  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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