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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 |
|
|
|
|
Putnam VT George Putnam Balanced Fund
|
|
|
Class IA
|
|
Semi-Annual Shareholder Report | June 30, 2026
|
|
|
This semi-annual shareholder report contains important information about Putnam VT George Putnam Balanced 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.
|
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class IA1
|
$
|
%
|
| 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
|
$337,161,142
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
685
|
|
Portfolio Turnover Rate
|
65%
|
Portfolio Composition* (% of Total Investments)
| * |
Does not include derivatives, except purchased options, if any. |
|
|
|
|
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 George Putnam Balanced Fund
|
PAGE 1
|
38974-STSIA-0826 |
true57.815.312.08.90.40.20.20.15.1
|
|
|
|
Putnam VT George Putnam Balanced Fund
|
|
|
Class IB
|
|
Semi-Annual Shareholder Report | June 30, 2026
|
|
|
This semi-annual shareholder report contains important information about Putnam VT George Putnam Balanced 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.
|
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class IB1
|
$
|
%
|
| 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
|
$337,161,142
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
685
|
|
Portfolio Turnover Rate
|
65%
|
Portfolio Composition* (% of Total Investments)
| * |
Does not include derivatives, except purchased options, if any. |
|
|
|
|
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 George Putnam Balanced Fund
|
PAGE 1
|
38974-STSIB-0826 |
true57.815.312.08.90.40.20.20.15.1
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
George
Putnam
Balanced
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
.
Financial
Statements
and
Other
Important
Information—Semiannual
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
28
Notes
to
Financial
Statements
32
Changes
In
and
Disagreements
with
Accountants
45
Results
of
Meeting(s)
of
Shareholders
45
Remuneration
Paid
to
Directors,
Officers
and
Others
45
Board
Approval
of
Management
and
Subadvisory
Agreements
45
Financial
Highlights
Putnam
VT
George
Putnam
Balanced
Fund
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
.....
$17.12
$15.86
$13.75
$11.61
$15.02
$14.13
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.15
0.29
0.27
0.20
0.15
0.13
Net
realized
and
unrealized
gains
(losses)
1.02
1.83
2.04
2.13
(2.39)
1.76
Total
from
investment
operations
........
1.17
2.12
2.31
2.33
(2.24)
1.89
Less
distributions
from:
Net
investment
income
..............
(0.28)
(0.26)
(0.20)
(0.19)
(0.16)
(0.15)
Net
realized
gains
.................
(0.96)
(0.60)
—
—
(1.01)
(0.85)
Total
distributions
...................
(1.24)
(0.86)
(0.20)
(0.19)
(1.17)
(1.00)
Net
asset
value,
end
of
period
..........
$17.05
$17.12
$15.86
$13.75
$11.61
$15.02
Total
return
c
.......................
7.70%
14.31%
16.94%
20.26%
(15.82)%
14.28%
Ratios
to
average
net
assets
d
Expenses
.........................
0.62%
0.63%
e
0.65%
e
0.67%
e
0.68%
e,f
0.64%
e
Net
investment
income
...............
1.77%
1.83%
1.78%
1.63%
1.25%
0.91%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$70,697
$69,348
$67,060
$64,912
$59,556
$77,232
Portfolio
turnover
rate
................
65%
107%
95%
47%
69%
97%
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
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
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
.....
$16.99
$15.76
$13.66
$11.54
$14.93
$14.05
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.25
0.23
0.17
0.12
0.09
Net
realized
and
unrealized
gains
(losses)
1.02
1.81
2.04
2.10
(2.38)
1.76
Total
from
investment
operations
........
1.15
2.06
2.27
2.27
(2.26)
1.85
Less
distributions
from:
Net
investment
income
..............
(0.24)
(0.23)
(0.17)
(0.15)
(0.12)
(0.12)
Net
realized
gains
.................
(0.96)
(0.60)
—
—
(1.01)
(0.85)
Total
distributions
...................
(1.20)
(0.83)
(0.17)
(0.15)
(1.13)
(0.97)
Net
asset
value,
end
of
period
..........
$16.94
$16.99
$15.76
$13.66
$11.54
$14.93
Total
return
c
.......................
7.61%
13.95%
16.73%
19.90%
(15.99)%
14.04%
Ratios
to
average
net
assets
d
Expenses
.........................
0.87%
0.88%
e
0.90%
e
0.92%
e
0.93%
e,f
0.89%
e
Net
investment
income
...............
1.52%
1.57%
1.53%
1.39%
1.00%
0.66%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$266,465
$241,191
$202,890
$160,460
$140,892
$175,233
Portfolio
turnover
rate
................
65%
107%
95%
47%
69%
97%
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%.
Schedule
of
Investments
(unaudited),
June
30,
2026
Putnam
VT
George
Putnam
Balanced
Fund
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
57.2%
Aerospace
&
Defense
1.7%
Airbus
SE
.........................................
France
4,161
$
925,789
a
Boeing
Co.
(The)
...................................
United
States
7,924
1,715,308
a
Honeywell
Aerospace,
Inc.
............................
United
States
4,095
905,212
Northrop
Grumman
Corp.
.............................
United
States
1,613
821,517
RTX
Corp.
........................................
United
States
6,983
1,324,885
5,692,711
Air
Freight
&
Logistics
0.3%
FedEx
Corp.
.......................................
United
States
3,274
1,025,188
Automobiles
0.5%
General
Motors
Co.
..................................
United
States
6,482
499,633
a
Tesla,
Inc.
.........................................
United
States
3,260
1,371,156
1,870,789
Banks
1.4%
Bank
of
America
Corp.
...............................
United
States
24,063
1,371,110
Citigroup,
Inc.
......................................
United
States
13,441
1,881,202
JPMorgan
Chase
&
Co.
...............................
United
States
4,207
1,377,077
4,629,389
Beverages
1.1%
Coca-Cola
Co.
(The)
.................................
United
States
23,033
1,871,892
Keurig
Dr.
Pepper,
Inc.
...............................
United
States
37,668
1,232,874
PepsiCo,
Inc.
......................................
United
States
3,741
506,531
3,611,297
Biotechnology
0.8%
AbbVie,
Inc.
.......................................
United
States
6,259
1,575,015
Gilead
Sciences,
Inc.
................................
United
States
4,225
533,786
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
928
460,965
2,569,766
Broadline
Retail
2.4%
a
Amazon.com,
Inc.
...................................
United
States
33,539
7,993,685
Building
Products
0.3%
Trane
Technologies
plc
...............................
United
States
2,185
1,073,185
Capital
Markets
1.7%
BlackRock,
Inc.
.....................................
United
States
642
617,321
Charles
Schwab
Corp.
(The)
...........................
United
States
14,119
1,302,760
CME
Group,
Inc.
....................................
United
States
2,645
584,095
KKR
&
Co.,
Inc.
.....................................
United
States
3,549
325,727
Morgan
Stanley
.....................................
United
States
3,177
664,120
Nasdaq,
Inc.
.......................................
United
States
7,264
572,548
a
Robinhood
Markets,
Inc.,
A
............................
United
States
2,410
241,675
State
Street
Corp.
...................................
United
States
2,136
362,266
b
TPG,
Inc.,
A
.......................................
United
States
17,975
728,886
5,399,398
Chemicals
0.5%
Corteva,
Inc.
.......................................
United
States
6,132
519,319
Linde
plc
..........................................
United
States
502
260,508
PPG
Industries,
Inc.
.................................
United
States
5,100
618,579
1,398,406
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Commercial
Services
&
Supplies
0.1%
Cintas
Corp.
.......................................
United
States
1,953
$
332,166
Communications
Equipment
1.3%
Cisco
Systems,
Inc.
.................................
United
States
37,483
4,402,753
Construction
Materials
0.3%
CRH
plc
..........................................
United
States
10,952
1,171,864
Consumer
Finance
0.6%
Capital
One
Financial
Corp.
...........................
United
States
9,774
1,960,860
Consumer
Staples
Distribution
&
Retail
0.9%
Costco
Wholesale
Corp.
..............................
United
States
1,612
1,507,978
a
US
Foods
Holding
Corp.
..............................
United
States
3,373
344,889
Walmart,
Inc.
......................................
United
States
12,802
1,449,955
3,302,822
Electric
Utilities
0.9%
American
Electric
Power
Co.,
Inc.
.......................
United
States
4,163
569,540
Constellation
Energy
Corp.
............................
United
States
705
175,101
NextEra
Energy,
Inc.
.................................
United
States
9,773
857,776
NRG
Energy,
Inc.
...................................
United
States
8,021
1,171,547
Xcel
Energy,
Inc.
....................................
United
States
6,175
495,852
3,269,816
Electrical
Equipment
0.8%
GE
Vernova,
Inc.
....................................
United
States
2,202
2,587,042
Electronic
Equipment,
Instruments
&
Components
0.4%
a
Coherent
Corp.
.....................................
United
States
3,155
1,244,553
Energy
Equipment
&
Services
0.0%
†
SLB
Ltd.
..........................................
United
States
3,221
149,744
Entertainment
1.2%
a
Liberty
Media
Corp.-Liberty
Formula
One
Corp.,
C
...........
United
States
5,693
541,632
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
5,416
991,724
a
Netflix,
Inc.
........................................
United
States
9,993
713,500
a
Spotify
Technology
SA
................................
United
States
1,432
657,474
b
Walt
Disney
Co.
(The)
................................
United
States
11,982
1,153,267
4,057,597
Financial
Services
2.0%
Apollo
Global
Management,
Inc.
........................
United
States
6,037
714,237
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
4,151
2,077,119
Mastercard,
Inc.,
A
..................................
United
States
4,773
2,451,413
Visa,
Inc.,
A
........................................
United
States
5,001
1,715,793
6,958,562
Ground
Transportation
0.3%
a
Fedex
Freight
Holding
Co.,
Inc.
.........................
United
States
2,053
310,003
Union
Pacific
Corp.
..................................
United
States
2,082
566,304
876,307
Health
Care
Equipment
&
Supplies
0.9%
Abbott
Laboratories
..................................
United
States
3,144
285,287
Becton
Dickinson
&
Co.
...............................
United
States
2,127
321,879
a
Boston
Scientific
Corp.
...............................
United
States
19,958
851,807
a
Dexcom,
Inc.
.......................................
United
States
4,903
330,217
a
Edwards
Lifesciences
Corp.
...........................
United
States
2,572
232,663
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
Intuitive
Surgical,
Inc.
................................
United
States
1,585
$
630,323
Stryker
Corp.
......................................
United
States
915
288,079
2,940,255
Health
Care
Providers
&
Services
1.0%
Cardinal
Health,
Inc.
.................................
United
States
1,428
339,236
CVS
Health
Corp.
...................................
United
States
4,310
445,869
McKesson
Corp.
....................................
United
States
1,306
986,814
UnitedHealth
Group,
Inc.
..............................
United
States
3,811
1,583,966
3,355,885
Health
Care
REITs
0.3%
Welltower,
Inc.
.....................................
United
States
4,627
1,050,190
Hotels,
Restaurants
&
Leisure
1.2%
a
Airbnb,
Inc.,
A
......................................
United
States
2,434
348,305
Booking
Holdings,
Inc.
...............................
United
States
941
167,724
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
1,720
568,391
McDonald's
Corp.
...................................
United
States
3,269
883,643
Royal
Caribbean
Cruises
Ltd.
..........................
United
States
1,626
516,304
Starbucks
Corp.
....................................
United
States
3,132
320,059
a
Viking
Holdings
Ltd.
.................................
United
States
11,195
1,171,781
3,976,207
Household
Durables
0.1%
PulteGroup,
Inc.
....................................
United
States
3,028
415,472
Household
Products
0.3%
Procter
&
Gamble
Co.
(The)
...........................
United
States
6,343
930,138
Industrial
Conglomerates
0.3%
Honeywell
International,
Inc.
...........................
United
States
4,095
916,759
Industrial
REITs
0.3%
Prologis,
Inc.
.......................................
United
States
6,821
924,041
Insurance
1.4%
Allstate
Corp.
(The)
..................................
United
States
6,708
1,596,101
American
International
Group,
Inc.
......................
United
States
10,479
781,000
Aon
plc,
A
.........................................
United
States
2,217
735,357
a
Arch
Capital
Group
Ltd.
...............................
United
States
5,472
531,112
Arthur
J
Gallagher
&
Co.
..............................
United
States
1,505
345,503
AXA
SA
...........................................
France
3,512
175,984
Prudential
plc
......................................
Hong
Kong
24,841
329,939
Unum
Group
.......................................
United
States
5,522
493,667
4,988,663
Interactive
Media
&
Services
4.2%
Alphabet,
Inc.,
A
....................................
United
States
29,334
10,483,092
Meta
Platforms,
Inc.,
A
...............................
United
States
6,593
3,713,771
14,196,863
IT
Services
0.5%
a
Snowflake,
Inc.,
A
...................................
United
States
6,517
1,658,576
Life
Sciences
Tools
&
Services
0.8%
a
Bio-Rad
Laboratories,
Inc.,
A
...........................
United
States
1,806
530,260
a
IQVIA
Holdings,
Inc.
.................................
United
States
1,166
225,295
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
2,866
1,436,898
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
a
Waters
Corp.
......................................
United
States
568
$
213,023
2,405,476
Machinery
0.5%
Ingersoll
Rand,
Inc.
..................................
United
States
7,465
612,055
Otis
Worldwide
Corp.
................................
United
States
12,863
920,991
1,533,046
Metals
&
Mining
0.3%
Barrick
Mining
Corp.
.................................
Canada
12,617
463,422
Glencore
plc
.......................................
Australia
77,206
526,423
989,845
Multi-Utilities
0.3%
Ameren
Corp.
......................................
United
States
6,796
768,220
CenterPoint
Energy,
Inc.
..............................
United
States
8,855
389,974
1,158,194
Oil,
Gas
&
Consumable
Fuels
2.0%
BP
plc
............................................
United
States
53,420
329,267
Cenovus
Energy,
Inc.
................................
Canada
23,938
593,956
ConocoPhillips
.....................................
United
States
14,940
1,553,162
Devon
Energy
Corp.
.................................
United
States
6,533
269,944
Exxon
Mobil
Corp.
...................................
United
States
21,800
2,980,496
Shell
plc
..........................................
United
States
12,401
481,841
a
WhiteHawk
Minerals
Corp.,
A
..........................
United
States
9,457
263,094
6,471,760
Passenger
Airlines
0.2%
Southwest
Airlines
Co.
...............................
United
States
11,712
602,231
Pharmaceuticals
1.8%
Bristol-Myers
Squibb
Co.
..............................
United
States
7,015
404,204
Eli
Lilly
&
Co.
......................................
United
States
2,479
2,973,387
Johnson
&
Johnson
.................................
United
States
7,045
1,789,219
Merck
&
Co.,
Inc.
...................................
United
States
9,100
1,169,350
6,336,160
Real
Estate
Management
&
Development
0.1%
a
CBRE
Group,
Inc.,
A
.................................
United
States
1,639
220,757
Semiconductors
&
Semiconductor
Equipment
11.1%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
8,266
4,801,802
Analog
Devices,
Inc.
.................................
United
States
7,922
3,146,381
a,b
ARM
Holdings
plc,
ADR
..............................
United
States
2,279
808,065
Broadcom,
Inc.
.....................................
United
States
13,187
4,981,389
Lam
Research
Corp.
.................................
United
States
15,703
6,804,581
Marvell
Technology,
Inc.
..............................
United
States
7,153
2,130,807
Micron
Technology,
Inc.
...............................
United
States
3,300
3,809,157
NVIDIA
Corp.
......................................
United
States
57,354
11,475,962
37,958,144
Software
4.1%
Microsoft
Corp.
.....................................
United
States
29,128
10,865,327
Oracle
Corp.
.......................................
United
States
14,493
2,123,949
a
Palantir
Technologies,
Inc.,
A
...........................
United
States
10,105
1,178,950
14,168,226
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialized
REITs
0.4%
American
Tower
Corp.
................................
United
States
7,724
$
1,263,415
Specialty
Retail
0.8%
Home
Depot,
Inc.
(The)
...............................
United
States
2,268
799,878
Lowe's
Cos.,
Inc.
....................................
United
States
2,155
475,156
a
O'Reilly
Automotive,
Inc.
..............................
United
States
3,554
327,288
TJX
Cos.,
Inc.
(The)
.................................
United
States
5,704
864,156
a
Ulta
Beauty,
Inc.
....................................
United
States
607
273,745
2,740,223
Technology
Hardware,
Storage
&
Peripherals
3.9%
Apple,
Inc.
........................................
United
States
45,451
13,151,701
Textiles,
Apparel
&
Luxury
Goods
0.3%
a
Amer
Sports,
Inc.
...................................
Finland
5,662
191,602
a
On
Holding
AG,
A
...................................
Switzerland
5,869
207,880
Ralph
Lauren
Corp.,
A
................................
United
States
707
283,797
683,279
Tobacco
0.3%
Philip
Morris
International,
Inc.
.........................
United
States
5,779
1,045,479
Trading
Companies
&
Distributors
0.3%
United
Rentals,
Inc.
..................................
United
States
909
1,029,797
Total
Common
Stocks
(Cost
$102,248,834)
...................................
192,688,682
Principal
Amount
*
Corporate
Bonds
11.9%
Aerospace
&
Defense
0.5%
c
BAE
Systems
plc
,
Senior
Bond
,
144A,
5.3
%
,
3/26/34
.........
United
Kingdom
200,000
203,678
Boeing
Co.
(The)
,
Senior
Bond,
6.125%,
2/15/33
........................
United
States
132,000
140,381
Senior
Bond,
3.6%,
5/01/34
..........................
United
States
107,000
96,341
Senior
Bond,
3.25%,
2/01/35
.........................
United
States
26,000
22,554
Senior
Bond,
3.5%,
3/01/39
..........................
United
States
70,000
57,123
Senior
Bond,
6.875%,
3/15/39
........................
United
States
80,000
89,578
Senior
Bond,
3.375%,
6/15/46
........................
United
States
38,000
26,695
Senior
Bond,
3.9%,
5/01/49
..........................
United
States
325,000
244,075
Senior
Bond,
6.858%,
5/01/54
........................
United
States
66,000
74,231
Senior
Bond,
3.95%,
8/01/59
.........................
United
States
55,000
39,324
c
Honeywell
Aerospace,
Inc.
,
Senior
Bond,
144A,
4.95%,
3/16/36
....................
United
States
185,000
182,244
Senior
Bond,
144A,
5.732%,
3/16/56
...................
United
States
45,000
45,030
Senior
Bond,
144A,
5.852%,
3/16/66
...................
United
States
35,000
35,293
Senior
Note,
144A,
4.6%,
3/16/33
.....................
United
States
102,000
100,160
Howmet
Aerospace,
Inc.
,
Senior
Bond,
4.75%,
4/15/36
.........................
United
States
5,000
4,867
Senior
Bond,
5.95%,
2/01/37
.........................
United
States
68,000
72,180
Senior
Note,
3%,
1/15/29
...........................
United
States
117,000
112,705
1,546,459
Automobiles
0.1%
c
Hyundai
Capital
America
,
Senior
Bond,
144A,
6.375%,
4/08/30
...................
United
States
14,000
14,633
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
120,000
124,600
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
67,000
67,940
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Automobiles
(continued)
c
Hyundai
Capital
America,
(continued)
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
35,000
$
34,740
Senior
Note,
144A,
5.4%,
1/08/31
.....................
United
States
32,000
32,536
Senior
Note,
144A,
5.4%,
6/23/32
.....................
United
States
75,000
76,213
350,662
Banks
1.9%
c
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/24/30,
FRN
thereafter
,
11/25/35
..............
Australia
200,000
179,129
Banco
Santander
SA
,
Senior
Non-Preferred
Note
,
1.722%
to
9/13/26,
FRN
thereafter
,
9/14/27
......................
Spain
600,000
596,610
Bank
of
America
Corp.
,
Senior
Bond,
5.468%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
38,000
38,758
Senior
Bond,
5.511%
to
1/23/35,
FRN
thereafter,
1/24/36
...
United
States
5,000
5,108
Senior
Note,
5.162%
to
1/23/30,
FRN
thereafter,
1/24/31
....
United
States
5,000
5,069
Sub.
Bond,
5.425%
to
8/14/34,
FRN
thereafter,
8/15/35
.....
United
States
185,000
185,624
Sub.
Bond,
6.11%,
1/29/37
..........................
United
States
150,000
157,961
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
502,000
466,650
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
200,000
207,321
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
200,000
202,855
c
CaixaBank
SA
,
Senior
Non-Preferred
Bond,
144A,
5.402%
to
4/21/36,
FRN
thereafter,
4/22/37
.................................
Spain
200,000
198,109
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
205,000
204,826
Citibank
NA
,
Senior
Note
,
4.846%
to
6/17/31,
FRN
thereafter
,
6/18/32
.........................................
United
States
250,000
249,876
Citigroup,
Inc.
,
d
Junior
Sub.
Bond,
6.625%
to
2/14/31,
FRN
thereafter,
Perpetual
.......................................
United
States
100,000
101,928
d
CC,
Junior
Sub.
Bond,
7.125%
to
8/14/29,
FRN
thereafter,
Perpetual
.......................................
United
States
113,000
115,660
d
GG,
Junior
Sub.
Bond,
6.875%
to
8/14/30,
FRN
thereafter,
Perpetual
.......................................
United
States
206,000
211,083
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
264,000
263,627
Sub.
Bond,
6.174%
to
5/24/33,
FRN
thereafter,
5/25/34
.....
United
States
35,000
36,535
Sub.
Bond,
4.75%,
5/18/46
..........................
United
States
255,000
217,986
c
Commonwealth
Bank
of
Australia
,
Sub.
Bond
,
144A,
5.837
%
,
3/13/34
.........................................
Australia
215,000
221,357
JPMorgan
Chase
&
Co.
,
e
W,
Junior
Sub.
Bond,
FRN,
4.913%,
(3-month
SOFR
+
1.262%),
5/15/47
.................................
United
States
82,000
74,556
Senior
Bond,
5.502%
to
1/23/35,
FRN
thereafter,
1/24/36
...
United
States
63,000
64,411
Senior
Note,
5.14%
to
1/23/30,
FRN
thereafter,
1/24/31
.....
United
States
162,000
163,848
Sub.
Bond,
5.717%
to
9/13/32,
FRN
thereafter,
9/14/33
.....
United
States
215,000
221,964
Sub.
Bond,
5.576%
to
7/22/35,
FRN
thereafter,
7/23/36
.....
United
States
45,000
45,703
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond,
5.373%
to
7/20/35,
FRN
thereafter,
7/21/36
...
United
States
30,000
30,291
Sub.
Bond,
4.626%
to
6/05/32,
FRN
thereafter,
6/06/33
.....
United
States
345,000
335,842
Truist
Financial
Corp.
,
Senior
Bond
,
5.711%
to
1/23/34,
FRN
thereafter
,
1/24/35
.................................
United
States
122,000
125,668
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
213,000
185,468
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Wells
Fargo
&
Co.
,
Senior
Note
,
4.844%
to
5/19/31,
FRN
thereafter
,
5/20/32
.................................
United
States
240,000
$
239,240
Westpac
Banking
Corp.
,
Sub.
Bond,
4.421%,
7/24/39
.........................
Australia
81,000
72,915
Sub.
Bond,
2.963%,
11/16/40
........................
Australia
75,000
55,714
5,481,692
Beverages
0.0%
†
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
5.3
%
,
3/15/34
.........
United
States
55,000
55,157
Biotechnology
0.1%
AbbVie,
Inc.
,
Senior
Bond,
5.05%,
3/15/34
.........................
United
States
39,000
39,433
Senior
Bond,
4.75%,
3/15/36
.........................
United
States
20,000
19,574
Senior
Note,
4.4%,
3/15/33
..........................
United
States
65,000
63,622
Amgen,
Inc.
,
Senior
Bond,
4.663%,
6/15/51
........................
United
States
79,000
67,168
Senior
Bond,
5.65%,
3/02/53
.........................
United
States
46,000
44,802
Senior
Bond,
5.75%,
3/02/63
.........................
United
States
84,000
81,516
Senior
Note,
5.25%,
3/02/30
.........................
United
States
92,000
93,755
409,870
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond,
4.875%,
3/13/36
........................
United
States
77,000
75,828
Senior
Bond,
5.8%,
3/13/56
..........................
United
States
10,000
9,943
Senior
Bond,
2.7%,
6/03/60
..........................
United
States
164,000
88,987
Senior
Bond,
6.05%,
3/13/76
.........................
United
States
67,000
66,850
Senior
Note,
4.55%,
3/13/33
.........................
United
States
50,000
49,205
290,813
Building
Products
0.0%
†
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
55,000
54,871
Capital
Markets
0.7%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
40,000
40,410
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
73,000
72,106
Goldman
Sachs
Group,
Inc.
(The)
,
d
U,
Junior
Sub.
Bond,
3.65%
to
8/09/26,
FRN
thereafter,
Perpetual
.......................................
United
States
25,000
25,055
Senior
Bond,
4.223%
to
4/30/28,
FRN
thereafter,
5/01/29
...
United
States
97,000
96,181
Senior
Bond,
5.065%
to
1/20/36,
FRN
thereafter,
1/21/37
...
United
States
45,000
43,952
Senior
Bond,
5.425%
to
6/02/36,
FRN
thereafter,
6/03/37
...
United
States
45,000
45,172
Senior
Note,
4.153%
to
10/20/28,
FRN
thereafter,
10/21/29
..
United
States
136,000
134,098
Senior
Note,
5.094%
to
4/19/33,
FRN
thereafter,
4/20/34
....
United
States
35,000
34,869
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
140,000
144,048
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
160,000
159,888
c
KKR
Group
Finance
Co.
VI
LLC
,
Senior
Bond
,
144A,
3.75
%
,
7/01/29
.........................................
United
States
25,000
24,190
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
67,000
69,718
Senior
Note,
5.2%,
3/15/30
..........................
United
States
106,000
106,727
Morgan
Stanley
,
Senior
Bond,
5.073%
to
1/29/36,
FRN
thereafter,
1/30/37
...
United
States
65,000
63,589
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Senior
Bond,
5.9%
to
3/12/46,
FRN
thereafter,
3/13/47
.....
United
States
65,000
$
65,735
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
105,000
105,651
Senior
Note,
4.994%
to
4/11/28,
FRN
thereafter,
4/12/29
....
United
States
142,000
142,795
Senior
Note,
5.23%
to
1/14/30,
FRN
thereafter,
1/15/31
.....
United
States
65,000
65,744
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
65,000
63,751
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
95,000
93,849
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.....
United
States
20,000
20,585
Sub.
Bond,
5.942%
to
2/06/34,
FRN
thereafter,
2/07/39
.....
United
States
99,000
102,129
c
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
235,000
222,394
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
................
United
States
20,000
20,581
S&P
Global,
Inc.
,
Senior
Bond
,
2.5
%
,
12/01/29
.............
United
States
175,000
163,674
2,126,891
Chemicals
0.0%
†
Celanese
US
Holdings
LLC
,
Senior
Note
,
1.4
%
,
8/05/26
......
United
States
95,000
94,611
Commercial
Services
&
Supplies
0.1%
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
210,000
212,852
Waste
Connections,
Inc.
,
Senior
Bond,
5%,
3/01/34
...........................
United
States
66,000
66,123
Senior
Bond,
4.8%,
7/15/36
..........................
United
States
80,000
77,878
356,853
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Bond,
2.3%,
11/15/30
.........................
United
States
27,000
24,364
Senior
Bond,
5.4%,
4/15/34
..........................
United
States
110,000
111,410
Senior
Note,
4.85%,
8/15/30
.........................
United
States
31,000
31,123
166,897
Consumer
Finance
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.3
%
,
1/30/32
..........................
Ireland
270,000
246,870
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
84,000
93,582
c
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
130,000
132,965
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
135,000
133,877
Capital
One
Financial
Corp.
,
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
40,000
39,260
Senior
Note,
7.624%
to
10/29/30,
FRN
thereafter,
10/30/31
..
United
States
35,000
38,396
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
200,000
201,060
c
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
100,000
98,644
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
5.45%,
9/06/34
.........................
United
States
55,000
55,125
Senior
Note,
4.2%,
10/27/28
.........................
United
States
40,000
39,575
Senior
Note,
5.8%,
1/07/29
..........................
United
States
90,000
92,194
Senior
Note,
4.9%,
10/06/29
.........................
United
States
61,000
61,170
c
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note,
144A,
5.15%,
3/17/30
....................
United
Kingdom
68,000
67,833
Senior
Note,
144A,
6.5%,
3/26/31
.....................
United
Kingdom
90,000
94,095
1,394,646
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Staples
Distribution
&
Retail
0.1%
c
7-Eleven,
Inc.
,
Senior
Bond,
144A,
1.8%,
2/10/31
.....................
United
States
28,000
$
24,374
Senior
Note,
144A,
1.3%,
2/10/28
.....................
United
States
232,000
220,437
c
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond
,
144A,
2.95
%
,
1/25/30
.........................................
Canada
131,000
123,489
368,300
Containers
&
Packaging
0.1%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
70,000
69,360
WestRock
MWV
LLC
,
Senior
Bond,
8.2%,
1/15/30
..........................
United
States
140,000
155,232
Senior
Bond,
7.95%,
2/15/31
.........................
United
States
9,000
10,106
234,698
Diversified
Consumer
Services
0.1%
Service
Corp.
International
,
Senior
Bond,
3.375%,
8/15/30
........................
United
States
20,000
18,567
Senior
Note,
4%,
5/15/31
...........................
United
States
165,000
155,854
174,421
Diversified
REITs
0.2%
VICI
Properties
LP
,
Senior
Bond,
5.75%,
4/01/34
.........................
United
States
99,000
100,564
Senior
Note,
4.75%,
2/15/28
.........................
United
States
95,000
94,998
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
35,000
34,787
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
120,000
119,223
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
100,000
97,178
446,750
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
........................
United
States
162,000
136,109
Senior
Bond,
5.125%,
4/30/36
........................
United
States
55,000
53,922
Senior
Bond,
4.75%,
5/15/46
.........................
United
States
12,000
10,096
Senior
Bond,
6.2%,
10/30/56
.........................
United
States
50,000
49,460
c
Beacon
Point
DC
LLC
,
Senior
Secured
Bond
,
144A,
6.129
%
,
11/30/42
........................................
United
States
55,000
55,494
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
270,000
281,009
c
RD
Michigan
Property
Owner
I
LLC
,
Senior
Secured
Bond
,
144A,
7.5
%
,
3/30/45
....................................
United
States
160,000
159,559
c
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
85,000
84,800
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
198,000
207,463
c
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
75,000
73,966
TELUS
Corp.
,
Junior
Sub.
Bond
,
6.625%
to
10/14/30,
FRN
thereafter
,
10/15/55
................................
Canada
194,000
196,821
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond,
6.05%
to
5/13/33,
FRN
thereafter,
5/14/58
.
United
States
95,000
95,904
Senior
Bond,
5.25%,
4/02/35
.........................
United
States
95,000
95,008
Senior
Bond,
5.875%,
11/30/55
.......................
United
States
40,000
38,834
1,538,445
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
1.3%
American
Electric
Power
Co.,
Inc.
,
C,
Junior
Sub.
Bond,
5.8%
to
3/14/31,
FRN
thereafter,
3/15/56
United
States
155,000
$
154,216
D,
Junior
Sub.
Bond,
6.05%
to
3/14/36,
FRN
thereafter,
3/15/56
.........................................
United
States
50,000
49,734
Senior
Bond,
5.625%,
3/01/33
........................
United
States
51,000
52,870
J,
Senior
Bond,
4.3%,
12/01/28
.......................
United
States
66,000
65,622
c
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
48,000
42,996
Appalachian
Power
Co.
,
L
,
Senior
Bond
,
5.8
%
,
10/01/35
......
United
States
57,000
58,903
Commonwealth
Edison
Co.
,
Senior
Bond
,
5.875
%
,
2/01/33
....
United
States
14,000
14,629
DTE
Electric
Co.
,
Senior
Bond,
5.25%,
5/15/35
.........................
United
States
120,000
121,435
A,
Senior
Bond,
4.85%,
3/01/36
.......................
United
States
65,000
63,553
Duke
Energy
Corp.
,
Senior
Bond,
5.75%,
9/15/33
.........................
United
States
150,000
156,447
Senior
Bond,
5.8%,
6/15/54
..........................
United
States
106,000
103,390
Senior
Note,
4.85%,
1/05/29
.........................
United
States
15,000
15,090
Duke
Energy
Indiana
LLC
,
DDDD
,
Senior
Bond
,
4.95
%
,
3/15/36
United
States
55,000
54,084
c
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
7.5
%
,
10/14/32
........................................
Italy
200,000
224,164
Entergy
Mississippi
LLC
,
Senior
Bond
,
5.05
%
,
4/15/36
.......
United
States
75,000
73,766
Exelon
Corp.
,
Senior
Bond,
5.625%,
6/15/35
........................
United
States
89,000
91,150
Senior
Note,
5.15%,
3/15/29
.........................
United
States
210,000
212,900
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
25,000
24,824
Georgia
Power
Co.
,
Senior
Bond,
4.95%,
5/17/33
.........................
United
States
114,000
114,724
Senior
Bond,
5.25%,
3/15/34
.........................
United
States
89,000
90,422
IPALCO
Enterprises,
Inc.
,
Senior
Secured
Note
,
4.25
%
,
5/01/30
United
States
110,000
106,872
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
5.9%,
3/15/55
..........................
United
States
55,000
54,488
AA,
Senior
Bond,
6%
to
9/30/31,
FRN
thereafter,
10/01/56
...
United
States
60,000
59,988
Senior
Note,
5.3%,
3/15/32
..........................
United
States
175,000
178,404
c
NRG
Energy,
Inc.
,
Senior
Secured
Bond,
144A,
5.407%,
10/15/35
...........
United
States
200,000
196,698
Senior
Secured
Note,
144A,
2.45%,
12/02/27
............
United
States
114,000
110,270
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond
,
5.75
%
,
3/15/29
.........................................
United
States
55,000
56,564
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
5.9%,
6/15/32
..........................
United
States
64,000
66,217
Senior
Bond,
5.2%,
5/01/36
..........................
United
States
10,000
9,717
Senior
Bond,
4.95%,
7/01/50
.........................
United
States
66,000
55,139
Senior
Bond,
6.75%,
1/15/53
.........................
United
States
60,000
63,041
Senior
Note,
2.1%,
8/01/27
..........................
United
States
30,000
29,217
Senior
Note,
3.3%,
12/01/27
.........................
United
States
130,000
127,596
Senior
Note,
5.55%,
5/15/29
.........................
United
States
35,000
35,731
Senior
Note,
5.05%,
11/15/31
........................
United
States
70,000
69,951
Southern
Co.
(The)
,
Senior
Bond,
5.7%,
3/15/34
..........................
United
States
99,000
102,595
Senior
Note,
5.5%,
3/15/29
..........................
United
States
15,000
15,343
Virginia
Electric
and
Power
Co.
,
Senior
Bond,
5.05%,
8/15/34
.........................
United
States
104,000
104,120
Senior
Bond,
4.95%,
3/15/36
.........................
United
States
125,000
122,401
C,
Senior
Bond,
4.9%,
9/15/35
.......................
United
States
145,000
141,987
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
c
Vistra
Operations
Co.
LLC
,
Senior
Bond,
144A,
6.95%,
10/15/33
...................
United
States
95,000
$
103,420
Senior
Bond,
144A,
6%,
4/15/34
......................
United
States
119,000
122,641
Senior
Bond,
144A,
5.25%,
10/15/35
...................
United
States
45,000
43,794
Senior
Note,
144A,
3.7%,
1/30/27
.....................
United
States
120,000
119,369
Senior
Note,
144A,
4.6%,
10/15/30
....................
United
States
65,000
63,983
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
58,000
56,849
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.6
%
,
4/15/35
..............
United
States
170,000
173,264
4,174,578
Electrical
Equipment
0.1%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.4
%
,
4/15/33
...........
United
States
86,000
91,326
c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
278,000
275,428
Vertiv
Holdings
Co.
,
Senior
Bond,
4.85%,
3/15/36
.........................
United
States
110,000
106,876
Senior
Bond,
5.8%,
3/15/56
..........................
United
States
25,000
24,623
498,253
Entertainment
0.1%
c
Netflix,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/29
..........
United
States
227,000
233,033
Financial
Services
0.0%
†
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
95,000
92,880
c
Neuberger
Berman
Group
LLC
/
Neuberger
Berman
Finance
Corp.
,
Senior
Bond
,
144A,
4.875
%
,
4/15/45
..............
United
States
38,000
32,803
Woodside
Finance
Ltd.
,
Senior
Bond
,
6
%
,
5/19/35
...........
Australia
64,000
66,502
192,185
Food
Products
0.3%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
c
Senior
Bond,
144A,
5.625%,
3/10/37
...................
United
States
25,000
24,912
c
Senior
Bond,
144A,
6.4%,
5/10/57
.....................
United
States
25,000
24,958
Senior
Note,
3%,
2/02/29
...........................
United
States
135,000
129,611
Senior
Note,
6.75%,
3/15/34
.........................
United
States
12,000
13,101
Senior
Note,
5.95%,
4/20/35
.........................
United
States
40,000
41,286
Kellanova
,
Senior
Bond,
4.5%,
4/01/46
..........................
United
States
17,000
14,668
B,
Senior
Bond,
7.45%,
4/01/31
.......................
United
States
20,000
22,351
Kraft
Heinz
Foods
Co.
,
Senior
Bond,
6.875%,
1/26/39
........................
United
States
40,000
43,861
Senior
Bond,
4.625%,
10/01/39
.......................
United
States
40,000
35,755
Senior
Bond,
5%,
6/04/42
...........................
United
States
135,000
121,021
c
Mars,
Inc.
,
Senior
Bond,
144A,
5.65%,
5/01/45
....................
United
States
65,000
64,623
Senior
Bond,
144A,
5.7%,
5/01/55
.....................
United
States
125,000
123,233
Senior
Bond,
144A,
5.8%,
5/01/65
.....................
United
States
30,000
29,808
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
10,000
10,012
Senior
Note,
144A,
5%,
3/01/32
......................
United
States
15,000
15,110
Senior
Note,
144A,
5.2%,
3/01/35
.....................
United
States
105,000
105,453
Pilgrim's
Pride
Corp.
,
Senior
Note
,
3.5
%
,
3/01/32
...........
United
States
75,000
68,418
888,181
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
0.1%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.55
%
,
3/15/56
United
States
60,000
$
58,803
c
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Bond,
144A,
3.4%,
11/15/26
....................
United
States
86,000
85,661
Senior
Note,
144A,
4.4%,
7/01/27
.....................
United
States
260,000
259,590
c
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.3
%
,
4/03/29
.........................................
Ireland
225,000
227,749
631,803
Health
Care
Equipment
&
Supplies
0.0%
†
c
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
145,000
140,888
c
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
6/15/33
..........................
United
States
75,000
74,600
c
VSP
Optical
Group,
Inc.
,
Senior
Bond,
144A,
5.65%,
6/01/36
....................
United
States
10,000
10,052
Senior
Note,
144A,
5.4%,
6/01/33
.....................
United
States
20,000
20,060
245,600
Health
Care
Providers
&
Services
0.5%
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
115,000
119,444
Senior
Bond,
1.875%,
2/28/31
........................
United
States
45,000
39,481
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
52,000
48,775
HCA,
Inc.
,
Senior
Bond,
5.6%,
4/01/34
..........................
United
States
56,000
57,200
Senior
Bond,
6%,
4/01/54
...........................
United
States
76,000
75,127
Senior
Note,
3.625%,
3/15/32
........................
United
States
33,000
30,730
Senior
Note,
4.6%,
11/15/32
.........................
United
States
60,000
58,458
c
Horseshoe
Funding
Trust
I
,
Senior
Note
,
144A,
6.062
%
,
2/15/36
United
States
100,000
101,625
Humana,
Inc.
,
Junior
Sub.
Bond,
6.625%
to
9/14/31,
FRN
thereafter,
9/15/56
United
States
95,000
94,747
Senior
Note,
5.75%,
3/01/28
.........................
United
States
130,000
132,242
Senior
Note,
5.375%,
4/15/31
........................
United
States
150,000
152,076
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.849
%
,
5/08/29
.........................................
United
States
200,000
204,399
UnitedHealth
Group,
Inc.
,
Senior
Note
,
5.3
%
,
6/15/35
........
United
States
220,000
224,145
1,338,449
Hotels,
Restaurants
&
Leisure
0.3%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/29
..............................
Canada
65,000
66,009
Airbnb,
Inc.
,
Senior
Bond,
5.25%,
3/16/36
.........................
United
States
25,000
24,906
Senior
Note,
4.65%,
3/16/31
.........................
United
States
50,000
49,690
c
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
160,000
159,829
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
164,000
166,101
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
135,000
136,488
Senior
Secured
Note,
144A,
4%,
8/01/28
................
United
States
338,000
331,914
c
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
200,000
199,396
Hyatt
Hotels
Corp.
,
Senior
Note,
5.25%,
6/30/29
.........................
United
States
80,000
81,224
Senior
Note,
5.375%,
12/15/31
.......................
United
States
55,000
55,988
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Marriott
International,
Inc.
,
Senior
Note
,
4.5
%
,
5/01/33
........
United
States
70,000
$
67,783
1,339,328
Household
Durables
0.0%
†
DR
Horton,
Inc.
,
Senior
Bond
,
5
%
,
10/15/34
...............
United
States
30,000
29,701
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
64,000
63,709
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
75,000
72,891
166,301
Independent
Power
and
Renewable
Electricity
Producers
0.3%
c
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
200,000
208,951
Constellation
Energy
Generation
LLC
,
Senior
Bond,
6.125%,
1/15/34
........................
United
States
57,000
60,552
Senior
Bond,
6.5%,
10/01/53
.........................
United
States
141,000
151,394
Senior
Bond,
5.75%,
3/15/54
.........................
United
States
57,000
56,276
Senior
Note,
5.6%,
3/01/28
..........................
United
States
185,000
187,950
Senior
Note,
4.4%,
1/15/31
..........................
United
States
50,000
49,170
Southern
Power
Co.
,
B,
Senior
Bond,
4.9%,
10/01/35
.......................
United
States
45,000
43,676
A,
Senior
Note,
4.25%,
10/01/30
......................
United
States
25,000
24,567
782,536
Insurance
0.3%
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
60,000
60,461
c
Athene
Global
Funding
,
Secured
Note,
144A,
5.322%,
11/13/31
.................
United
States
101,000
100,808
Senior
Secured
Bond,
144A,
5.543%,
8/22/35
............
United
States
80,000
78,773
Senior
Secured
Note,
144A,
5.526%,
7/11/31
............
United
States
132,000
133,258
Athene
Holding
Ltd.
,
Senior
Bond,
5.875%,
1/15/34
........................
United
States
54,000
54,633
Senior
Bond,
6.25%,
4/01/54
.........................
United
States
38,000
35,040
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
4.3%,
5/15/43
..........................
United
States
79,000
69,759
Senior
Bond,
2.85%,
10/15/50
........................
United
States
28,000
17,814
Brown
&
Brown,
Inc.
,
Senior
Note,
4.9%,
6/23/30
..........................
United
States
120,000
119,850
Senior
Note,
5.25%,
6/23/32
.........................
United
States
43,000
43,062
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
76,000
75,318
c
CNO
Global
Funding
,
Secured
Note
,
144A,
4.95
%
,
9/09/29
....
United
States
20,000
19,992
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
95,000
97,125
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
95,000
95,350
c
Massachusetts
Mutual
Life
Insurance
Co.
,
Sub.
Bond
,
144A,
3.729
%
,
10/15/70
..................................
United
States
165,000
106,185
c
MetLife
Capital
Trust
IV
,
Junior
Sub.
Bond
,
144A,
7.875
%
,
12/15/37
........................................
United
States
400,000
439,132
c
Teachers
Insurance
&
Annuity
Association
of
America
,
Sub.
Bond
,
144A,
6.85
%
,
12/16/39
..............................
United
States
38,000
42,082
1,588,642
Interactive
Media
&
Services
0.0%
†
Meta
Platforms,
Inc.
,
Senior
Bond,
5.25%,
5/15/36
.........................
United
States
75,000
74,499
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Interactive
Media
&
Services
(continued)
Meta
Platforms,
Inc.,
(continued)
Senior
Bond,
6.3%,
5/15/56
..........................
United
States
50,000
$
49,804
124,303
IT
Services
0.1%
c
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
190,000
193,923
Leisure
Products
0.0%
†
Brunswick
Corp.
,
Senior
Bond,
2.4%,
8/18/31
..........................
United
States
82,000
71,739
Senior
Note,
5.85%,
3/18/29
.........................
United
States
70,000
71,633
143,372
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
69,000
69,025
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
4.902
%
,
2/12/36
...
United
States
60,000
59,317
128,342
Machinery
0.0%
†
Oshkosh
Corp.
,
Senior
Bond,
4.6%,
5/15/28
..........................
United
States
99,000
98,898
Senior
Bond,
3.1%,
3/01/30
..........................
United
States
19,000
17,872
116,770
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond,
5.85%,
12/01/35
.................
United
States
60,000
58,105
Senior
Secured
Bond,
3.5%,
6/01/41
...................
United
States
55,000
38,530
Senior
Secured
Bond,
3.7%,
4/01/51
...................
United
States
5,000
3,105
Senior
Secured
Note,
2.25%,
1/15/29
..................
United
States
55,000
51,253
Omnicom
Group,
Inc.
,
Senior
Note
,
4.65
%
,
10/01/28
.........
United
States
197,000
196,752
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
290,000
321,569
669,314
Metals
&
Mining
0.3%
c
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
5
%
,
3/21/33
...
South
Africa
200,000
198,495
c
Glencore
Finance
Canada
Ltd.
,
Senior
Bond
,
144A,
6
%
,
11/15/41
Australia
5,000
5,156
c
Glencore
Funding
LLC
,
Senior
Bond,
144A,
2.5%,
9/01/30
.....................
Australia
244,000
222,472
Senior
Bond,
144A,
5.634%,
4/04/34
...................
Australia
127,000
130,394
Senior
Bond,
144A,
5.508%,
4/01/36
...................
Australia
90,000
90,584
Rio
Tinto
Finance
USA
plc
,
Senior
Note
,
4.875
%
,
3/14/30
.....
Australia
150,000
151,454
798,555
Multi-Utilities
0.1%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
12-A
,
Senior
Bond
,
4.2
%
,
3/15/42
....................................
United
States
38,000
32,211
Dominion
Energy,
Inc.
,
Junior
Sub.
Bond,
6.2%
to
2/14/36,
FRN
thereafter,
2/15/56
..
United
States
75,000
75,262
Senior
Bond,
5.35%,
6/15/36
.........................
United
States
125,000
125,206
DTE
Energy
Co.
,
Senior
Bond
,
5.85
%
,
6/01/34
.............
United
States
66,000
68,910
NiSource,
Inc.
,
Senior
Note
,
5.2
%
,
7/01/29
................
United
States
145,000
147,287
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Multi-Utilities
(continued)
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
4.9
%
,
3/15/30
United
States
125,000
$
126,036
Puget
Sound
Energy,
Inc.
,
Senior
Bond
,
5.448
%
,
6/01/53
.....
United
States
71,000
68,117
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
60,000
59,289
702,318
Oil,
Gas
&
Consumable
Fuels
0.5%
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
7.2
%
,
1/15/32
.
Canada
127,000
140,662
Cheniere
Energy
Partners
LP
,
Senior
Bond
,
3.25
%
,
1/31/32
....
United
States
66,000
60,508
c
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.2
%
,
7/30/36
.....
United
States
20,000
19,700
c
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
66,000
68,603
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond,
5.8%,
1/15/35
..........................
United
States
47,000
48,657
Senior
Bond,
5.65%,
10/15/54
........................
United
States
18,000
17,238
Enbridge,
Inc.
,
Senior
Bond
,
4.25
%
,
12/01/26
..............
Canada
42,000
41,976
Energy
Transfer
LP
,
d
B,
Junior
Sub.
Bond,
6.625%
to
2/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
257,000
259,208
Senior
Bond,
6.5%,
2/01/42
..........................
United
States
18,000
19,031
Senior
Note,
5.25%,
7/01/29
.........................
United
States
30,000
30,435
c
Eni
SpA
,
Senior
Bond
,
144A,
5.25
%
,
5/18/36
...............
Italy
200,000
196,761
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
131,000
145,166
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
100,000
98,886
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
115,000
115,419
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
55,000
53,749
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond,
5%,
1/15/28
...........................
United
States
130,000
129,955
Senior
Bond,
4.875%,
2/01/31
........................
United
States
58,000
57,800
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
5.1
%
,
3/15/36
.........................................
United
States
70,000
69,325
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
6%,
5/01/36
...............
United
States
45,000
45,512
Senior
Secured
Note,
144A,
6.25%,
1/15/30
.............
United
States
235,000
240,796
Viper
Energy
Partners
LLC
,
Senior
Bond,
5.7%,
8/01/35
..........................
United
States
166,000
168,728
Senior
Note,
4.9%,
8/01/30
..........................
United
States
65,000
64,819
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
89,000
90,845
2,183,779
Paper
&
Forest
Products
0.1%
c
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.9
%
,
5/15/33
.......
United
States
155,000
154,230
Passenger
Airlines
0.0%
†
c
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
150,000
148,806
Personal
Care
Products
0.1%
Kenvue,
Inc.
,
Senior
Note,
4.85%,
5/22/32
.........................
United
States
35,000
35,197
Senior
Note,
4.9%,
3/22/33
..........................
United
States
198,000
198,823
234,020
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
0.3%
Merck
&
Co.,
Inc.
,
Senior
Bond,
4.75%,
12/04/35
........................
United
States
55,000
$
53,918
Senior
Bond,
5.2%,
5/22/36
..........................
United
States
75,000
75,959
Senior
Note,
4.45%,
12/04/32
........................
United
States
35,000
34,460
Novartis
Capital
Corp.
,
Senior
Bond,
4.9%,
3/18/36
..........................
United
States
75,000
74,564
Senior
Bond,
5.7%,
3/18/56
..........................
United
States
40,000
40,790
Senior
Note,
4.1%,
11/05/30
.........................
United
States
240,000
235,849
Senior
Note,
4.6%,
3/18/33
..........................
United
States
60,000
59,465
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................................
United
States
118,000
116,902
Royalty
Pharma
plc
,
Senior
Bond,
5.4%,
9/02/34
..........................
United
States
99,000
99,996
Senior
Bond,
5.2%,
9/25/35
..........................
United
States
80,000
79,295
Senior
Note,
2.2%,
9/02/30
..........................
United
States
85,000
76,834
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
120,000
92,694
Viatris,
Inc.
,
Senior
Note
,
2.3
%
,
6/22/27
...................
United
States
75,000
73,253
Wyeth
LLC
,
Senior
Bond
,
5.95
%
,
4/01/37
.................
United
States
48,000
50,986
Zoetis,
Inc.
,
Senior
Bond,
3%,
9/12/27
...........................
United
States
90,000
88,569
Senior
Bond,
2%,
5/15/30
...........................
United
States
37,000
33,480
1,287,014
Semiconductors
&
Semiconductor
Equipment
0.5%
Analog
Devices,
Inc.
,
Senior
Note
,
5.05
%
,
4/01/34
..........
United
States
109,000
110,345
Broadcom,
Inc.
,
Senior
Bond,
4.15%,
11/15/30
........................
United
States
144,000
141,000
Senior
Bond,
4.95%,
1/15/36
.........................
United
States
50,000
49,128
Senior
Bond,
5.7%,
1/15/56
..........................
United
States
10,000
9,929
c
Senior
Bond,
144A,
3.187%,
11/15/36
..................
United
States
68,000
56,999
c
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note,
144A,
6.15%,
1/25/32
.............
United
States
200,000
209,924
Senior
Secured
Note,
144A,
5.9%,
1/25/33
..............
United
States
200,000
208,616
Intel
Corp.
,
Senior
Bond,
4.15%,
8/05/32
.........................
United
States
200,000
191,862
Senior
Bond,
5.3%,
5/15/36
..........................
United
States
53,054
52,813
Senior
Bond,
6.125%,
5/15/56
........................
United
States
33,831
33,811
Marvell
Technology,
Inc.
,
Senior
Bond,
5.3%,
4/15/36
..........................
United
States
35,000
34,839
Senior
Note,
5.75%,
2/15/29
.........................
United
States
100,000
102,601
Senior
Note,
4.75%,
7/15/30
.........................
United
States
5,000
4,990
Senior
Note,
5.95%,
9/15/33
.........................
United
States
94,000
98,875
NVIDIA
Corp.
,
Senior
Bond,
5.55%,
6/15/46
.........................
United
States
130,000
129,111
Senior
Bond,
5.625%,
6/15/56
........................
United
States
90,000
89,399
Senior
Note,
4.75%,
6/15/33
.........................
United
States
95,000
94,756
Senior
Note,
4.95%,
6/15/36
.........................
United
States
95,000
94,204
1,713,202
Software
0.3%
Oracle
Corp.
,
Senior
Bond,
5.7%,
2/04/36
..........................
United
States
120,000
116,257
Senior
Bond,
3.65%,
3/25/41
.........................
United
States
106,000
76,169
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
(continued)
Oracle
Corp.,
(continued)
Senior
Bond,
6.7%,
2/04/56
..........................
United
States
40,000
$
37,672
Senior
Note,
4.45%,
9/26/30
.........................
United
States
70,000
67,597
Senior
Note,
4.8%,
9/26/32
..........................
United
States
90,000
85,672
Salesforce,
Inc.
,
Senior
Note
,
5.2
%
,
3/15/33
...............
United
States
145,000
145,296
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
..............
United
States
188,000
164,863
Synopsys,
Inc.
,
Senior
Bond
,
5.15
%
,
4/01/35
...............
United
States
235,000
233,765
927,291
Specialized
REITs
0.3%
American
Tower
Corp.
,
Senior
Bond,
3.125%,
1/15/27
........................
United
States
230,000
228,354
Senior
Bond,
2.9%,
1/15/30
..........................
United
States
130,000
122,160
Senior
Bond,
2.7%,
4/15/31
..........................
United
States
122,000
111,049
Senior
Note,
4.9%,
3/15/30
..........................
United
States
115,000
115,560
Senior
Note,
4.7%,
12/15/32
.........................
United
States
40,000
39,362
Crown
Castle,
Inc.
,
Senior
Bond,
3.65%,
9/01/27
.........................
United
States
66,000
65,368
Senior
Bond,
4.75%,
5/15/47
.........................
United
States
28,000
23,727
Senior
Note,
4.9%,
9/01/29
..........................
United
States
20,000
20,080
EPR
Properties
,
Senior
Bond
,
4.5
%
,
6/01/27
...............
United
States
32,000
31,942
Equinix,
Inc.
,
Senior
Bond
,
3.2
%
,
11/18/29
................
United
States
194,000
184,800
942,402
Specialty
Retail
0.1%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond,
3.15%,
1/15/32
.........................
United
States
110,000
100,477
Senior
Bond,
4.1%,
1/15/52
..........................
United
States
90,000
65,690
166,167
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond,
5.25%,
2/15/37
.........................
United
States
95,000
93,559
Senior
Note,
4.75%,
7/15/31
.........................
United
States
25,000
24,855
Hewlett
Packard
Enterprise
Co.
,
Senior
Note,
4.55%,
10/15/29
........................
United
States
64,000
63,638
Senior
Note,
4.85%,
10/15/31
........................
United
States
74,000
73,715
255,767
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
Tapestry,
Inc.
,
Senior
Bond,
3.05%,
3/15/32
.........................
United
States
32,000
28,994
Senior
Note,
5.1%,
3/11/30
..........................
United
States
61,000
61,479
90,473
Tobacco
0.2%
BAT
Capital
Corp.
,
Senior
Bond,
4.39%,
8/15/37
.........................
United
Kingdom
77,000
70,457
Senior
Note,
4.625%,
3/22/33
........................
United
Kingdom
285,000
279,011
c,f
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
5.5
%
,
7/07/36
United
Kingdom
200,000
198,840
Philip
Morris
International,
Inc.
,
Senior
Note,
5.125%,
2/15/30
........................
United
States
191,000
193,928
Senior
Note,
4.375%,
4/30/30
........................
United
States
95,000
94,069
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.,
(continued)
Senior
Note,
4.75%,
11/01/31
........................
United
States
70,000
$
70,253
Reynolds
American,
Inc.
,
Senior
Bond
,
6.15
%
,
9/15/43
.......
United
Kingdom
150,000
152,712
1,059,270
Trading
Companies
&
Distributors
0.1%
c
Aviation
Capital
Group
LLC
,
Senior
Note,
144A,
5.375%,
7/15/29
...................
United
States
135,000
136,623
Senior
Note,
144A,
5.125%,
4/10/30
...................
United
States
135,000
135,464
272,087
Water
Utilities
0.0%
†
Essential
Utilities,
Inc.
,
Senior
Bond
,
5.125
%
,
3/15/36
........
United
States
75,000
73,963
Wireless
Telecommunication
Services
0.2%
Rogers
Communications,
Inc.
,
Senior
Bond,
8.75%,
5/01/32
.........................
Canada
9,000
10,376
Senior
Note,
3.8%,
3/15/32
..........................
Canada
77,000
71,828
Sub.
Bond,
7.125%
to
4/14/35,
FRN
thereafter,
4/15/55
.....
Canada
80,000
82,229
NC5,
Sub.
Bond,
7%
to
4/14/30,
FRN
thereafter,
4/15/55
....
Canada
155,000
158,683
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.05%,
7/15/33
.........................
United
States
21,000
20,972
Senior
Bond,
4.95%,
11/15/35
........................
United
States
50,000
48,931
Senior
Bond,
5%,
2/15/36
...........................
United
States
110,000
107,644
Senior
Note,
3.875%,
4/15/30
........................
United
States
6,000
5,815
Senior
Note,
6.7%,
12/15/33
.........................
United
States
50,000
54,654
561,132
Total
Corporate
Bonds
(Cost
$40,370,036)
....................................
40,117,425
Foreign
Government
and
Agency
Securities
0.1%
c,d
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
9.125%
to
6/14/33,
FRN
thereafter
,
Perpetual
.....................
France
200,000
232,307
Total
Foreign
Government
and
Agency
Securities
(Cost
$233,327)
..............
232,307
U.S.
Government
and
Agency
Securities
15.2%
U.S.
Treasury
Bonds
,
4.625%,
2/15/40
..................................
United
States
2,260,000
2,248,082
3.25%,
5/15/42
...................................
United
States
2,610,000
2,149,937
2.75%,
8/15/42
...................................
United
States
3,030,000
2,315,583
5%,
5/15/46
.....................................
United
States
30,000
30,227
3%,
2/15/49
.....................................
United
States
2,080,000
1,517,100
2.875%,
5/15/49
..................................
United
States
370,000
262,844
1.875%,
2/15/51
..................................
United
States
3,780,000
2,101,961
2.25%,
2/15/52
...................................
United
States
460,000
277,087
2.875%,
5/15/52
..................................
United
States
1,030,000
712,692
3%,
8/15/52
.....................................
United
States
390,000
276,580
3.625%,
2/15/53
..................................
United
States
1,350,000
1,079,947
4.75%,
8/15/55
...................................
United
States
1,820,000
1,766,182
4.75%,
2/15/56
...................................
United
States
1,360,000
1,321,431
U.S.
Treasury
Notes
,
4.125%,
2/28/27
..................................
United
States
570,000
570,421
3.875%,
5/31/27
..................................
United
States
890,000
888,243
3.875%,
3/31/28
..................................
United
States
9,780,000
9,733,010
1.25%,
9/30/28
...................................
United
States
3,360,000
3,151,706
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
3.75%,
12/31/28
..................................
United
States
290,000
$
287,151
2.375%,
3/31/29
..................................
United
States
9,780,000
9,330,349
4.125%,
3/31/29
..................................
United
States
250,000
249,741
4.125%,
6/15/29
..................................
United
States
1,100,000
1,099,012
4.25%,
6/30/29
...................................
United
States
1,070,000
1,072,508
4%,
7/31/29
.....................................
United
States
3,170,000
3,155,203
4.125%,
5/31/31
..................................
United
States
1,120,000
1,116,063
4.375%,
5/15/34
..................................
United
States
1,000,000
1,000,488
3.875%,
8/15/34
..................................
United
States
2,850,000
2,753,145
4.25%,
11/15/34
..................................
United
States
640,000
633,812
Total
U.S.
Government
and
Agency
Securities
(Cost
$52,632,397)
...............
51,100,505
Asset-Backed
Securities
0.2%
Consumer
Finance
0.1%
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2026-2
,
A3
,
4.15
%
,
8/18/31
.
................................
United
States
164,000
163,101
Toyota
Auto
Receivables
Owner
Trust
,
2026-B
,
A3
,
4.13
%
,
12/16/30
.
........................................
United
States
146,000
145,245
World
Omni
Auto
Receivables
Trust
,
2026-B
,
A3
,
4.37
%
,
6/16/31
.
United
States
46,000
45,942
354,288
a
a
a
a
a
a
Consumer
Staples
Distribution
&
Retail
0.0%
†
c
CVS
Pass-Through
Trust
,
144A,
7.507%,
1/10/32
..............................
United
States
70,920
74,115
2013,
144A,
4.704%,
1/10/36
.........................
United
States
8,439
7,881
81,996
a
a
a
a
a
a
Financial
Services
0.1%
CarMax
Auto
Owner
Trust
,
2026-2,
A2A,
4.11%,
8/15/29
.........................
United
States
95,000
94,837
2026-2,
A3,
4.22%,
6/16/31
..........................
United
States
65,000
64,666
159,503
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$595,271)
................................
595,787
Commercial
Mortgage-Backed
Securities
0.2%
Financial
Services
0.2%
BANK
,
2021-BN34
,
A2
,
1.935
%
,
6/15/63
..................
United
States
290,665
273,790
Benchmark
Mortgage
Trust
,
2019-B12
,
A2
,
3.001
%
,
8/15/52
...
United
States
176,050
172,673
g
Citigroup
Commercial
Mortgage
Trust
,
2014-GC21
,
C
,
FRN
,
4.78
%
,
5/10/47
...................................
United
States
20,253
19,946
CSAIL
Commercial
Mortgage
Trust
,
2019-C17
,
AS
,
3.278
%
,
9/15/52
.........................................
United
States
170,000
154,692
c,h
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
220,229
27
Wells
Fargo
Commercial
Mortgage
Trust
,
2017-C40
,
A4
,
3.581
%
,
10/15/50
........................................
United
States
133,000
131,215
c,g,h
WFRBS
Commercial
Mortgage
Trust
,
2011-C3
,
D
,
144A,
FRN
,
5.415
%
,
3/15/44
...................................
United
States
20,645
7,587
759,930
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$865,854)
.................
759,930
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
11.3%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.4%
FHLMC
Pool,
30
Year,
2.5%,
1/01/52
.....................
United
States
812,390
$
691,978
FHLMC
Pool,
30
Year,
5.5%,
9/01/53
-
11/01/53
............
United
States
655,033
662,528
1,354,506
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
7.8%
FNMA,
15
Year,
2.5%,
2/01/36
.........................
United
States
117,540
110,191
FNMA,
30
Year,
2%,
4/01/52
...........................
United
States
848,685
685,482
FNMA,
30
Year,
2%,
10/01/50
..........................
United
States
1,801,877
1,455,108
FNMA,
30
Year,
2.5%,
10/01/50
-
4/01/52
.................
United
States
2,030,698
1,722,256
FNMA,
30
Year,
3%,
6/01/46
-
8/01/51
....................
United
States
1,440,796
1,284,592
FNMA,
30
Year,
3.5%,
11/01/49
-
12/01/49
................
United
States
536,606
493,052
FNMA,
30
Year,
4%,
9/01/52
-
5/01/53
....................
United
States
807,126
761,824
FNMA,
30
Year,
4.5%,
2/01/49
.........................
United
States
394,104
385,068
FNMA,
30
Year,
5%,
8/01/33
-
10/01/52
...................
United
States
761,763
756,051
FNMA,
30
Year,
5.5%,
7/01/33
-
9/01/53
..................
United
States
117,848
119,674
FNMA,
30
Year,
6%,
10/01/53
..........................
United
States
717,362
742,405
i
Uniform
Mortgage-Backed
Securities,
1.5%,
TBA,
8/25/41
.....
United
States
500,000
445,737
i
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
7/25/41
-
8/25/41
United
States
1,400,000
1,278,613
i
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/56
......
United
States
2,670,000
2,131,815
i
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
7/25/41
-
8/25/56
.........................................
United
States
1,275,000
1,085,420
i
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
7/25/56
-
8/25/56
United
States
1,140,000
997,500
i
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
8/25/56
.....
United
States
850,000
770,678
i
Uniform
Mortgage-Backed
Securities,
4%,
TBA,
8/25/56
......
United
States
380,000
354,943
i
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/41
-
8/25/56
.........................................
United
States
540,000
518,113
i
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
7/25/41
-
8/25/56
United
States
800,000
794,359
i
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
1,720,000
1,723,211
i
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
7/25/56
......
United
States
1,700,000
1,737,586
i
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
8/25/56
......
United
States
1,700,000
1,732,444
i
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
7/25/56
.....
United
States
2,000,000
2,069,688
i
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
8/25/56
.....
United
States
2,000,000
2,066,625
26,222,435
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
3.1%
GNMA
II,
30
Year,
3.5%,
5/20/52
........................
United
States
871,592
784,806
i
GNMA
II,
Single-family,
30
Year,
2%,
8/15/56
...............
United
States
1,100,000
900,749
GNMA
II,
Single-family,
30
Year,
2.5%,
2/20/53
.............
United
States
813,771
698,163
i
GNMA
II,
Single-family,
30
Year,
2.5%,
8/15/56
.............
United
States
230,000
196,300
GNMA
II,
Single-family,
30
Year,
3%,
7/20/46
-
11/20/46
.......
United
States
1,712,163
1,540,738
i
GNMA
II,
Single-family,
30
Year,
3%,
7/15/56
...............
United
States
800,000
713,500
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
............
United
States
81,574
74,097
i
GNMA
II,
Single-family,
30
Year,
3.5%,
7/15/56
.............
United
States
400,000
361,437
i
GNMA
II,
Single-family,
30
Year,
4%,
8/15/56
...............
United
States
500,000
464,533
GNMA
II,
Single-family,
30
Year,
4.5%,
3/20/49
.............
United
States
346,540
333,373
i
GNMA
II,
Single-family,
30
Year,
4.5%,
8/15/56
.............
United
States
150,000
143,965
i
GNMA
II,
Single-family,
30
Year,
5%,
8/15/56
...............
United
States
800,000
787,954
GNMA
II,
Single-family,
30
Year,
5.5%,
4/20/54
.............
United
States
934,400
949,583
i
GNMA
II,
Single-family,
30
Year,
6%,
7/15/56
-
8/15/56
.......
United
States
2,700,000
2,754,783
10,703,981
Total
Mortgage-Backed
Securities
(Cost
$39,064,400)
..........................
38,280,922
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
0.3%
California
0.2%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.19
%
,
6/01/37
......
United
States
120,000
$
112,260
City
of
Orange
,
Revenue
,
2021
,
Refunding
,
2.65
%
,
6/01/34
....
United
States
55,000
46,974
City
of
Pomona
,
Revenue
,
2020
BJ
,
3.716
%
,
8/01/40
........
United
States
35,000
29,762
County
of
Fresno
,
Revenue
,
2004
A
,
NATL
Insured
,
4.82
%,
8/15/32
.........................................
United
States
70,000
52,455
County
of
Tulare
,
Revenue
,
2018
,
4.445
%
,
6/01/37
..........
United
States
110,000
104,485
State
of
California
,
GO,
4.35%,
11/01/32
...............................
United
States
150,000
148,483
GO,
7.5%,
4/01/34
.................................
United
States
30,000
34,140
528,559
Florida
0.0%
†
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
110,000
114,483
Georgia
0.0%
†
Georgia
Higher
Education
Facilities
Authority
,
University
System
of
Georgia
,
Revenue
,
2026
A
,
5.273
%
,
1/01/40
...........
United
States
25,000
25,082
Illinois
0.0%
†
State
of
Illinois
,
GO
,
2026
A
,
4.954
%
,
4/01/33
..............
United
States
100,000
100,384
New
Jersey
0.0%
†
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2010
B
,
6.561
%
,
12/15/40
.............
United
States
20,000
21,939
New
York
0.0%
†
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2026
F-2
,
4.66
%
,
2/01/36
....................
United
States
80,000
78,250
Ohio
0.0%
†
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2020
A
,
ETM,
2.833
%
,
1/01/38
...................................
United
States
60,000
50,572
Pennsylvania
0.1%
Pennsylvania
Economic
Development
Financing
Authority
,
Revenue
,
2025
,
5.689
%
,
6/01/54
......................
United
States
80,000
80,250
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
5.002
%
,
11/01/38
.........
United
States
125,000
123,420
203,670
Texas
0.0%
†
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
2009
B
,
6.718
%
,
1/01/49
.............
United
States
55,000
60,277
Total
Municipal
Bonds
(Cost
$1,195,830)
.....................................
1,183,216
Total
Long
Term
Investments
(Cost
$237,205,949)
.............................
324,958,774
a
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
0.0%
†
Calls
-
Over-the-Counter
Equity
Options
0.0%
†
Keurig
Dr.
Pepper,
Inc.,
Counterparty
CITI,
January
Strike
Price
$33.00,
Expires
1/15/27
.............................
6,233
204,006
$
16,408
Total
Options
Purchased
(Cost
$5,298)
.......................................
16,408
Short
Term
Investments
5.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.1%
j
U.S.
Treasury
Bills,
3.37%,
7/16/26
......................
United
States
300,000
299,551
Total
U.S.
Government
and
Agency
Securities
(Cost
$299,552)
..................
299,551
Shares
Management
Investment
Companies
4.3%
k,l
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
.......
United
States
14,431,516
14,431,516
Total
Management
Investment
Companies
(Cost
$14,431,516)
..................
14,431,516
m
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.7%
Money
Market
Funds
0.7%
k,l
Putnam
Cash
Collateral
Pool,
LLC,
3.856%
................
United
States
2,423,025
2,423,025
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$2,423,025)
..........................................................
2,423,025
Total
Short
Term
Investments
(Cost
$17,154,093
)
..............................
17,154,092
a
Total
Investments
(Cost
$254,365,340)
101.5%
................................
$342,129,274
TBA
Sale
Commitments
(2.6)%
..............................................
(8,766,285)
Other
Assets,
less
Liabilities
1.1%
...........................................
3,798,153
Net
Assets
100.0%
.........................................................
$337,161,142
a
a
a
Principal
Amount
*
n
TBA
Sale
Commitments
(2.6)%
Mortgage-Backed
Securities
(2.6)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(1.6)%
Uniform
Mortgage-Backed
Securities
,
2%,
TBA,
7/25/41
..................................
United
States
(700,000)
(640,774)
2.5%,
TBA,
7/25/41
................................
United
States
(100,000)
(
93,875)
3%,
TBA,
7/25/56
..................................
United
States
(570,000)
(500,709)
5%,
TBA,
7/25/41
..................................
United
States
(200,000)
(201,156)
6%,
TBA,
7/25/56
..................................
United
States
(1,700,000)
(1,737,586)
6.5%,
TBA,
7/25/56
................................
United
States
(2,000,000)
(2,069,688)
(5,243,788)
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(1.0)%
GNMA
II,
Single-family,
30
Year
,
3%,
7/15/56
......................................
United
States
(800,000)
$
(713,500)
3%,
8/15/56
......................................
United
States
(800,000)
(709,625)
3.5%,
7/15/56
....................................
United
States
(400,000)
(361,437)
3.5%,
8/15/56
....................................
United
States
(400,000)
(359,142)
6%,
7/15/56
......................................
United
States
(1,350,000)
(1,378,793)
(3,522,497)
Total
TBA
Sale
Commitments
(Proceeds
$(8,768,110))
.........................
$(8,766,285)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2026.
See
Note
1
(
e
).
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2026,
the
aggregate
value
of
these
securities
was
$12,029,365,
representing
3.6%
of
net
assets.
d
Perpetual
security
with
no
stated
maturity
date.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1
(
c
).
g
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7
.
i
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1
(
c
).
j
The
rate
shown
represents
the
yield
at
period
end.
k
See
Note
3
(
f
)
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
m
See
Note
1
(
e
)
regarding
securities
on
loan.
n
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
See
Note
1
(
c
).
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
At
June
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(d).
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Canadian
Dollar
....
BOFA
Buy
373,100
271,416
7/15/26
$
—
$
(8,188)
Canadian
Dollar
....
BOFA
Sell
79,300
57,605
7/15/26
1,658
—
Canadian
Dollar
....
BZWS
Sell
511,200
371,327
7/15/26
10,669
—
Canadian
Dollar
....
CITI
Buy
77,300
56,099
7/15/26
—
(1,563)
Canadian
Dollar
....
CITI
Sell
896,400
651,032
7/15/26
18,610
—
Canadian
Dollar
....
GSCO
Buy
128,600
93,413
7/15/26
—
(2,684)
Canadian
Dollar
....
HSBK
Buy
168,200
122,187
7/15/26
—
(3,520)
Canadian
Dollar
....
JPHQ
Sell
364,300
264,629
7/15/26
7,610
—
Canadian
Dollar
....
MSCO
Buy
466,800
339,166
7/15/26
—
(9,833)
Canadian
Dollar
....
SSBT
Buy
213,300
155,215
7/15/26
—
(4,728)
Canadian
Dollar
....
TDOM
Buy
341,900
248,307
7/15/26
—
(7,092)
Canadian
Dollar
....
UBSW
Sell
701,100
509,268
7/15/26
14,633
—
Canadian
Dollar
....
WPAC
Sell
377,900
274,508
7/15/26
7,894
—
Hong
Kong
Dollar
...
BZWS
Buy
2,734,400
350,189
8/12/26
—
(990)
Hong
Kong
Dollar
...
GSCO
Sell
343,500
44,000
8/12/26
133
—
Hong
Kong
Dollar
...
HSBK
Sell
2,399,800
307,363
8/12/26
895
—
British
Pound
......
BOFA
Buy
176,000
234,607
9/16/26
308
(1,460)
British
Pound
......
BZWS
Buy
49,200
65,213
9/16/26
48
—
British
Pound
......
BZWS
Sell
392,300
527,135
9/16/26
6,771
—
British
Pound
......
GSCO
Sell
433,300
581,740
9/16/26
6,991
—
British
Pound
......
HSBK
Buy
97,200
130,485
9/16/26
—
(1,555)
British
Pound
......
JPHQ
Sell
155,200
208,355
9/16/26
2,491
—
British
Pound
......
MSCO
Sell
732,800
983,203
9/16/26
11,183
—
British
Pound
......
SSBT
Buy
57,100
76,584
9/16/26
—
(844)
British
Pound
......
UBSW
Buy
56,800
76,216
9/16/26
—
(874)
British
Pound
......
UBSW
Sell
582,900
781,113
9/16/26
7,927
—
Danish
Krone
......
HSBK
Sell
1,489,400
232,229
9/16/26
3,608
—
Euro
.............
BOFA
Sell
49,600
57,790
9/16/26
933
—
Euro
.............
BZWS
Buy
21,900
25,513
9/16/26
—
(408)
Euro
.............
CITI
Sell
13,700
15,955
9/16/26
250
—
Euro
.............
GSCO
Sell
352,400
410,264
9/16/26
6,304
—
Euro
.............
HSBK
Buy
26,800
31,202
9/16/26
—
(481)
Euro
.............
MSCO
Sell
138,500
161,180
9/16/26
2,416
—
Euro
.............
SSBT
Sell
23,600
27,460
9/16/26
407
—
Euro
.............
TDOM
Buy
28,200
32,815
9/16/26
—
(489)
Euro
.............
UBSW
Sell
75,600
87,987
9/16/26
1,326
—
Swedish
Krona
.....
MSCO
Sell
6,288,600
672,774
9/16/26
21,410
—
Swiss
Franc
.......
MSCO
Sell
349,500
444,660
9/16/26
8,390
—
Total
Forward
Exchange
Contracts
...................................................
$142,865
$(44,709)
Net
unrealized
appreciation
(depreciation)
............................................
$98,156
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note
8
regarding
other
derivative
information.
See
A
bbreviations
on
page
44
.
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2026
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Putnam
VT
George
Putnam
Balanced
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$237,510,799
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
16,854,541
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$
2,391,870
)
..................................
$325,274,733
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
16,854,541
Cash
....................................................................................
23,464
Foreign
currency,
at
value
(cost
$
8,114
)
..........................................................
8,116
Receivables:
Investment
securities
sold
...................................................................
65,203
Receivable
for
sales
of
TBA
securities
(Note
1
c
)
..................................................
8,764,357
Capital
shares
sold
........................................................................
23,320,422
Dividends
and
interest
.....................................................................
1,230,804
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
142,865
Prepaid
expenses
..........................................................................
29,563
Total
assets
..........................................................................
375,714,068
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,738,962
Payable
for
purchases
of
TBA
securities
(Note
1
c
)
.................................................
23,996,500
Capital
shares
redeemed
...................................................................
268,876
Management
fees
.........................................................................
127,405
Administrative
fees
........................................................................
1,271
Distribution
fees
..........................................................................
50,007
Transfer
agent
fees
........................................................................
37,285
Trustees'
fees
and
expenses
.................................................................
48,274
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
44,709
TBA
sale
commitments,
at
value
(proceeds
$8,768,110)
(Note
1c)
.......................................
8,766,285
Payable
upon
return
of
securities
loaned
(Note
1
e
)
..................................................
2,423,025
Accrued
expenses
and
other
liabilities
...........................................................
50,327
Total
liabilities
.........................................................................
38,552,926
Net
assets,
at
value
.................................................................
$337,161,142
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$231,439,246
Total
distributable
earnings
(losses)
.............................................................
105,721,896
Net
assets,
at
value
.................................................................
$337,161,142
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2026
(unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
Putnam
VT
George
Putnam
Balanced
Fund
Class
IA:
Net
assets,
at
value
.......................................................................
$70,696,573
Shares
outstanding
........................................................................
4,146,932
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$17.05
Class
IB:
Net
assets,
at
value
.......................................................................
$266,464,569
Shares
outstanding
........................................................................
15,733,404
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$16.94
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)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Putnam
VT
George
Putnam
Balanced
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$6,826)
Unaffiliated
issuers
........................................................................
$1,099,094
Non-controlled
affiliates
(Note
3
f
)
.............................................................
264,373
Interest:
Unaffiliated
issuers
........................................................................
2,305,513
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
(6,382)
Non-controlled
affiliates
(Note
3
f
)
.............................................................
6,772
Total
investment
income
...................................................................
3,669,370
Expenses:
Management
fees
(Note
3
a
)
...................................................................
764,300
Administrative
fees
(Note
3
b
)
..................................................................
2,254
Distribution
fees:
(Note
3c
)
Class
IB
................................................................................
298,344
Transfer
agent
fees:
(Note
3d
)
Class
IA
................................................................................
24,315
Class
IB
................................................................................
84,275
Custodian
fees
............................................................................
779
Reports
to
shareholders
fees
..................................................................
13,055
Registration
and
filing
fees
....................................................................
1,156
Professional
fees
...........................................................................
50,912
Trustees'
fees
and
expenses
(Note
3
e
)
...........................................................
6,238
Other
....................................................................................
5,745
Total
expenses
.........................................................................
1,251,373
Net
investment
income
................................................................
2,417,997
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
17,735,259
Foreign
currency
transactions
................................................................
(808)
Forward
exchange
contracts
.................................................................
35,015
Futures
contracts
.........................................................................
8,006
TBA
sale
commitments
.....................................................................
1,042
Net
realized
gain
(loss)
..................................................................
17,778,514
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
2,467,327
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(97)
Forward
exchange
contracts
.................................................................
135,172
TBA
sale
commitments
.....................................................................
3,169
Net
change
in
unrealized
appreciation
(depreciation)
............................................
2,605,571
Net
realized
and
unrealized
gain
(loss)
............................................................
20,384,085
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$22,802,082
Putnam
Variable
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
Putnam
VT
George
Putnam
Balanced
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$2,417,997
$4,782,580
Net
realized
gain
(loss)
.................................................
17,778,514
16,085,787
Net
change
in
unrealized
appreciation
(depreciation)
...........................
2,605,571
17,991,306
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
22,802,082
38,859,673
Distributions
to
shareholders:
Class
IA
............................................................
(4,877,462)
(3,541,962)
Class
IB
............................................................
(16,750,896)
(11,446,490)
Total
distributions
to
shareholders
..........................................
(21,628,358)
(14,988,452)
Capital
share
transactions:
(Note
2
)
Class
IA
............................................................
1,067,437
(3,268,142)
Class
IB
............................................................
24,380,872
19,985,653
Total
capital
share
transactions
............................................
25,448,309
16,717,511
Net
increase
(decrease)
in
net
assets
...................................
26,622,033
40,588,732
Net
assets:
Beginning
of
period
.....................................................
310,539,109
269,950,377
End
of
period
..........................................................
$337,161,142
$310,539,109
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
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
George
Putnam
Balanced
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,
45.8%
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.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
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,
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
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
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.
At
June
30,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
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.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
The
Fund
may
also
enter
into
TBA
sale
commitments
to
hedge
its
portfolio
positions,
to
sell
mortgage-backed
securities
it
owns
under
delayed
delivery
arrangements
or
to
take
a
short
position
in
mortgage-backed
securities.
Proceeds
of
TBA
sale
commitments
are
not
received
until
the
contractual
settlement
date.
During
the
time
a
TBA
sale
commitment
is
outstanding,
either
equivalent
deliverable
securities
or
an
offsetting
TBA
purchase
commitment
deliverable
on
or
before
the
sale
commitment
date
are
held
as
“cover”
for
the
transaction,
or
other
liquid
assets
in
an
amount
equal
to
the
notional
value
of
the
TBA
sale
commitment
are
segregated.
If
the
TBA
sale
commitment
is
closed
through
the
acquisition
of
an
offsetting
TBA
purchase
commitment,
the
Fund
realizes
a
gain
or
loss.
If
the
Fund
delivers
securities
under
the
commitment,
the
Fund
realizes
a
gain
or
a
loss
from
the
sale
of
the
securities
based
upon
the
unit
price
established
at
the
date
the
commitment
was
entered
into.
TBA
commitments,
which
are
accounted
for
as
purchase
and
sale
transactions,
may
be
considered
securities
themselves,
and
involve
a
risk
of
loss
due
to
changes
in
the
value
of
the
security
prior
to
the
settlement
date
as
well
as
the
risk
that
the
counterparty
to
the
transaction
will
not
perform
its
obligations.
Counterparty
risk
is
mitigated
by
having
a
master
agreement
between
the
Fund
and
the
counterparty.
Unsettled
TBA
commitments
are
valued
at
their
fair
value
according
to
the
procedures
described
in
the
Financial
Instrument
Valuation
note.
The
contract
is
marked
to
market
daily
and
the
change
in
fair
value
is
recorded
by
the
Fund
as
an
unrealized
gain
or
loss.
Based
on
market
circumstances,
the
investment
manager
will
determine
whether
to
take
delivery
of
the
underlying
securities
or
to
dispose
of
the
TBA
commitments
prior
to
settlement.
d.
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.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/
or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
At
June
30,
2026,
the
Fund
had
OTC
derivatives
in
a
net
liability
position
by
counterparty
of
$20,548.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
Forward
exchange
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to equity
price
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
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
8 regarding
other
derivative
information.
e.
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.
f.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
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.
g.
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.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
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.
h.
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.
i.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Income
and
Deferred
Taxes
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
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:
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
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
Shares
Amount
Shares
Amount
Class
IA
Shares:
80197
–
Shares
sold
...................................
68,586
$1,168,194
192,869
$2,964,106
Shares
issued
in
reinvestment
of
distributions
..........
320,886
4,877,462
243,769
3,541,962
Shares
redeemed
...............................
(294,171)
(4,978,219)
(612,136)
(9,774,210)
Net
increase
(decrease)
..........................
95,301
$1,067,437
(175,498)
$(3,268,142)
Class
IB
Shares:
(2858123)
–
Shares
sold
...................................
2,057,883
$34,796,268
2,918,557
$46,163,891
Shares
issued
in
reinvestment
of
distributions
..........
1,108,597
16,750,896
792,145
11,446,490
Shares
redeemed
...............................
(1,628,921)
(27,166,292)
(2,390,137)
(37,624,728)
Net
increase
(decrease)
..........................
1,537,559
$24,380,872
1,320,565
$19,985,653
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
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
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 0.497%
of
the
Fund’s
average daily
net
assets.
Under
a
subadvisory
agreement,
Advisers
provides
portfolio
management
and
certain
other
advisory
and
related
services
to
the
Fund.
With
respect
to
the
portfolio
management
services,
Putnam
Management
pays
a
fee
to
Advisers
equal
to
35%
of
the
net
investment
advisory
fee
payable
by
the
Fund
to
Putnam
Management
and
with
respect
to
the
other
advisory
and
related
services, Putnam
Management
pays
a
fee
to
Advisers
based
on
the
costs
of
Advisers
in
providing
these
services
to
the
Fund.
These
fees
are
not
an
additional
expense
to
the
Fund.
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
0.680%
of
the
first
$5
billion,
0.630%
of
the
next
$5
billion,
0.580%
of
the
next
$10
billion,
0.530%
of
the
next
$10
billion,
0.480%
of
the
next
$50
billion,
0.460%
of
the
next
$50
billion,
0.450%
of
the
next
$100
billion
and
0.445%
of
any
excess
thereafter.
Maximum
%
Approved
%
Class
IB
..................................................................
0.35%
0.25%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
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
George
Putnam
Balanced
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
......
$11,981,853
$121,998,524
$(119,548,861)
$—
$—
$14,431,516
14,431,516
$264,373
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
3.856%
.............
$—
$9,995,283
$(7,572,258)
$—
$—
$2,423,025
2,423,025
$6,772
Total
Affiliated
Securities
...
$11,981,853
$131,993,807
$(127,121,119)
$—
$—
$16,854,541
$271,145
3.
Transactions
with
Affiliates
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
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
defaulted
securities,
foreign
currency
transactions
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2026,
aggregated
$202,392,192 and
$233,316,059,
respectively.
At
June
30,
2026,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$2,423,025
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.
7.
Defaulted
Securities
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
June
30,
2026,
the
aggregate
value
of
these
securities represents less
than
0.1%
of
the
Fund's net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Schedule
of
Investments.
Cost
of
investments
..........................................................................
$247,886,659
Unrealized
appreciation
........................................................................
$93,090,573
Unrealized
depreciation
........................................................................
(7,516,087)
Net
unrealized
appreciation
(depreciation)
..........................................................
$85,574,486
3.
Transactions
with
Affiliates
(continued)
g.
Waiver
and
Expense
Reimbursements
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
8.
Other
Derivative
Information
At
June
30,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
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
futures
contracts
and
options
represented
$404,255
and
$2,671,
respectively. The
average
month
end
contract
value
of
forward
exchange
contracts
was
$9,202,368.
See
Note
1(d) regarding
derivative
financial
instruments.
9.
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.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
VT
George
Putnam
Balanced
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
142,865
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
44,709
Equity
contracts
...........
Investments
in
securities,
at
value
16,408
a
Options
written,
at
value
—
Total
....................
$159,273
$44,709
a
Purchased
option
contracts
are
included
in
investments
in
securities,
at
value
in
the
Statement
of
Assets
and
Liabilities.
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
George
Putnam
Balanced
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$35,015
Forward
exchange
contracts
$135,172
Equity
contracts
..............
Investments
—
Investments
11,110
a
Futures
contracts
8,006
Futures
contracts
—
Total
.......................
$43,021
$146,282
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)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
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.
10.
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)
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
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
VT
George
Putnam
Balanced
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
4,766,922
$
925,789
$
—
$
5,692,711
Air
Freight
&
Logistics
...................
1,025,188
—
—
1,025,188
Automobiles
..........................
1,870,789
—
—
1,870,789
Banks
...............................
4,629,389
—
—
4,629,389
Beverages
...........................
3,611,297
—
—
3,611,297
Biotechnology
.........................
2,569,766
—
—
2,569,766
Broadline
Retail
.......................
7,993,685
—
—
7,993,685
Building
Products
......................
1,073,185
—
—
1,073,185
Capital
Markets
........................
5,399,398
—
—
5,399,398
Chemicals
...........................
1,398,406
—
—
1,398,406
Commercial
Services
&
Supplies
...........
332,166
—
—
332,166
Communications
Equipment
..............
4,402,753
—
—
4,402,753
Construction
Materials
..................
1,171,864
—
—
1,171,864
Consumer
Finance
.....................
1,960,860
—
—
1,960,860
Consumer
Staples
Distribution
&
Retail
......
3,302,822
—
—
3,302,822
Electric
Utilities
........................
3,269,816
—
—
3,269,816
Electrical
Equipment
....................
2,587,042
—
—
2,587,042
Electronic
Equipment,
Instruments
&
Components
........................
1,244,553
—
—
1,244,553
Energy
Equipment
&
Services
.............
149,744
—
—
149,744
Entertainment
.........................
4,057,597
—
—
4,057,597
Financial
Services
......................
6,958,562
—
—
6,958,562
Ground
Transportation
..................
876,307
—
—
876,307
Health
Care
Equipment
&
Supplies
.........
2,940,255
—
—
2,940,255
9.
Credit
Facility
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Level
1
Level
2
Level
3
Total
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Health
Care
Providers
&
Services
..........
$
3,355,885
$
—
$
—
$
3,355,885
Health
Care
REITs
.....................
1,050,190
—
—
1,050,190
Hotels,
Restaurants
&
Leisure
.............
3,976,207
—
—
3,976,207
Household
Durables
....................
415,472
—
—
415,472
Household
Products
....................
930,138
—
—
930,138
Industrial
Conglomerates
................
916,759
—
—
916,759
Industrial
REITs
.......................
924,041
—
—
924,041
Insurance
............................
4,482,740
505,923
—
4,988,663
Interactive
Media
&
Services
..............
14,196,863
—
—
14,196,863
IT
Services
...........................
1,658,576
—
—
1,658,576
Life
Sciences
Tools
&
Services
............
2,405,476
—
—
2,405,476
Machinery
............................
1,533,046
—
—
1,533,046
Metals
&
Mining
.......................
463,422
526,423
—
989,845
Multi-Utilities
..........................
1,158,194
—
—
1,158,194
Oil,
Gas
&
Consumable
Fuels
.............
5,660,652
811,108
—
6,471,760
Passenger
Airlines
.....................
602,231
—
—
602,231
Pharmaceuticals
.......................
6,336,160
—
—
6,336,160
Real
Estate
Management
&
Development
....
220,757
—
—
220,757
Semiconductors
&
Semiconductor
Equipment
.
37,958,144
—
—
37,958,144
Software
.............................
14,168,226
—
—
14,168,226
Specialized
REITs
......................
1,263,415
—
—
1,263,415
Specialty
Retail
........................
2,740,223
—
—
2,740,223
Technology
Hardware,
Storage
&
Peripherals
.
13,151,701
—
—
13,151,701
Textiles,
Apparel
&
Luxury
Goods
..........
683,279
—
—
683,279
Tobacco
.............................
1,045,479
—
—
1,045,479
Trading
Companies
&
Distributors
..........
1,029,797
—
—
1,029,797
Corporate
Bonds
........................
—
40,117,425
—
40,117,425
Foreign
Government
and
Agency
Securities
....
—
232,307
—
232,307
U.S.
Government
and
Agency
Securities
.......
—
51,100,505
—
51,100,505
Asset-Backed
Securities
...................
—
595,787
—
595,787
Commercial
Mortgage-Backed
Securities
......
—
759,930
—
759,930
Mortgage-Backed
Securities
................
—
38,280,922
—
38,280,922
Municipal
Bonds
.........................
—
1,183,216
—
1,183,216
Options
Purchased
.......................
—
16,408
—
16,408
Short
Term
Investments
...................
14,431,516
2,722,576
—
17,154,092
Total
Investments
in
Securities
...........
$204,350,955
$137,778,319
b
$—
$342,129,274
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$142,865
$—
$142,865
Total
Other
Financial
Instruments
.........
$—
$142,865
$—
$142,865
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
8,766,285
$
—
$
8,766,285
Forward
Exchange
Contracts
...............
—
44,709
—
44,709
Total
Other
Financial
Instruments
.........
$—
$8,810,994
$—
$8,810,994
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$2,769,243,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
10.
Fair
Value
Measurements
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
George
Putnam
Balanced
Fund
(continued)
11.
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.
12.
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
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Selected
Portfolio
ADR
American
Depositary
Receipt
ETM
Escrowed
to
Maturity
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Putnam
VT
George
Putnam
Balanced
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,
and
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
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.
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
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.
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
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
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
that
its
class
IA
share
cumulative
total
return
performance
at
net
asset
value
was
in
the
following
quartiles
of
its
Lipper
peer
group
(Lipper
Variable
Insurance
Products
(Underlying
Funds)
–
Mixed-Asset
Target
Allocation
Moderate
Funds)
for
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2025
(the
first
quartile
representing
the
best-
performing
funds
and
the
fourth
quartile
the
worst-performing
funds):
For
the
three-year
and
five-year
periods
ended
December
31,
2025,
your
fund’s
performance
was
in
the
top
decile
of
its
Lipper
peer
group.
Over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2025,
there
were
265,
254
and
247
funds,
respectively,
in
your
fund’s
Lipper
peer
group.
(When
considering
performance
information,
shareholders
should
be
mindful
that
past
performance
is
not
a
guarantee
of
future
results.)
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.
One-year
period
Three-year
period
Five-year
period
2
nd
1
st
1
st
©
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. |
(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 |
|
