false 0000822671 N-1A N-CSRS 0000822671 tsr:C000010847Member 2026-01-01 2026-06-30 0000822671 tsr:C000010847Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202409043987_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202411054313_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202411054316_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202411054314_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202411054315_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202411054317_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202409043986_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202412044922_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202412044924_7840Member 2026-06-30 0000822671 tsr:C000010847Member tsr:bench202409043991_7840Member 2026-06-30 0000822671 2026-01-01 2026-06-30 tsr:Years iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000822671 tsr:C000010848Member 2026-01-01 2026-06-30 0000822671 tsr:C000010848Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202409043987_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202411054313_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202411054316_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202411054314_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202411054315_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202411054317_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202409043986_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202412044922_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202412044924_7839Member 2026-06-30 0000822671 tsr:C000010848Member tsr:bench202409043991_7839Member 2026-06-30
 

 

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 Income Fund
image
Class IA  
Semi-Annual Shareholder Report | June 30, 2026
image
This semi-annual shareholder report contains important information about Putnam VT Income Fund for the period January 1, 2026, to June 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class IA1
$28
0.56%
† Annualized.
1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.
KEY FUND STATISTICS (as of June 30, 2026)
Total Net Assets
$130,344,201
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
915
Portfolio Turnover Rate
166%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam VT Income Fund  PAGE 1  38921-STSIA-0826
true36.623.511.35.84.84.33.42.30.87.2
 
Putnam VT Income Fund
image
Class IB  
Semi-Annual Shareholder Report | June 30, 2026
image
This semi-annual shareholder report contains important information about Putnam VT Income Fund for the period January 1, 2026, to June 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class IB1
$40
0.81%
† Annualized.
1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.
KEY FUND STATISTICS (as of June 30, 2026)
Total Net Assets
$130,344,201
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
915
Portfolio Turnover Rate
166%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam VT Income Fund  PAGE 1  38921-STSIB-0826
true36.623.511.35.84.84.33.42.30.87.2
 
  (b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

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

 

(b) Not applicable.
 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Putnam
VT
Income
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
38
Notes
to
Financial
Statements
42
Changes
In
and
Disagreements
with
Accountants
57
Results
of
Meeting(s)
of
Shareholders
57
Remuneration
Paid
to
Directors,
Officers
and
Others
57
Board
Approval
of
Management
and
Subadvisory
Agreements
57
Putnam
Variable
Trust
Financial
Highlights
Putnam
VT
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
IA
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.31
$8.13
$8.40
$8.50
$10.40
$11.60
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.15
0.38
0.42
0.42
0.34
0.36
Net
realized
and
unrealized
gains
(losses)
(0.06)
0.22
(0.22)
(0.02)
(1.69)
(0.87)
Total
from
investment
operations
........
0.09
0.60
0.20
0.40
(1.35)
(0.51)
Less
distributions
from:
Net
investment
income
..............
(0.40)
(0.42)
(0.47)
(0.50)
(0.55)
(0.18)
Net
realized
gains
.................
—
—
—
—
—
(0.51)
Total
distributions
...................
(0.40)
(0.42)
(0.47)
(0.50)
(0.55)
(0.69)
Net
asset
value,
end
of
period
..........
$8.00
$8.31
$8.13
$8.40
$8.50
$10.40
Total
return
c
.......................
1.23%
7.45%
2.56%
4.96%
(13.48)%
(4.44)%
Ratios
to
average
net
assets
d
Expenses
.........................
0.56%
0.57%
e
0.59%
e
0.63%
e
0.62%
e,f
0.56%
e
Net
investment
income
...............
3.72%
4.73%
5.11%
5.13%
3.78%
3.36%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$72,733
$73,912
$76,688
$81,851
$85,874
$111,757
Portfolio
turnover
rate
................
166%
225%
461%
890%
793%
800%
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
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
IB
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.19
$8.02
$8.29
$8.39
$10.28
$11.46
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.36
0.39
0.39
0.32
0.33
Net
realized
and
unrealized
gains
(losses)
(0.05)
0.20
(0.21)
(0.01)
(1.69)
(0.85)
Total
from
investment
operations
........
0.09
0.56
0.18
0.38
(1.37)
(0.52)
Less
distributions
from:
Net
investment
income
..............
(0.38)
(0.39)
(0.45)
(0.48)
(0.52)
(0.15)
Net
realized
gains
.................
—
—
—
—
—
(0.51)
Total
distributions
...................
(0.38)
(0.39)
(0.45)
(0.48)
(0.52)
(0.66)
Net
asset
value,
end
of
period
..........
$7.90
$8.19
$8.02
$8.29
$8.39
$10.28
Total
return
c
.......................
1.10%
7.25%
2.32%
4.69%
(13.81)%
(4.59)%
Ratios
to
average
net
assets
d
Expenses
.........................
0.81%
0.82%
e
0.84%
e
0.88%
e
0.87%
e,f
0.81%
e
Net
investment
income
...............
3.47%
4.48%
4.86%
4.88%
3.53%
3.12%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$57,611
$59,506
$61,387
$65,947
$71,037
$99,028
Portfolio
turnover
rate
................
166%
225%
461%
890%
793%
800%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
include
fees,
charges
or
expenses
imposed
by
the
variable
annuity
and
life
insurance
contracts
for
which
Putnam
Variable
Trust
serves
as
an
underlying
investment
vehicle.
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Includes
one-time
proxy
cost
of
0.01%.
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited),
June
30,
2026
Putnam
VT
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
42.9%
Aerospace
&
Defense
1.2%
a
BAE
Systems
plc
,
Senior
Bond
,
144A,
5.3
%
,
3/26/34
.........
United
Kingdom
205,000
$
208,771
Boeing
Co.
(The)
,
Senior
Bond
,
2.95
%
,
2/01/30
.........................
United
States
25,000
23,528
Senior
Bond
,
6.125
%
,
2/15/33
........................
United
States
55,000
58,492
Senior
Bond
,
3.6
%
,
5/01/34
..........................
United
States
36,000
32,414
Senior
Bond
,
3.25
%
,
2/01/35
.........................
United
States
30,000
26,024
Senior
Bond
,
3.5
%
,
3/01/39
..........................
United
States
30,000
24,481
Senior
Bond
,
6.875
%
,
3/15/39
........................
United
States
70,000
78,381
Senior
Bond
,
3.375
%
,
6/15/46
........................
United
States
205,000
144,011
Senior
Bond
,
3.9
%
,
5/01/49
..........................
United
States
216,000
162,216
Senior
Bond
,
6.858
%
,
5/01/54
........................
United
States
80,000
89,977
Senior
Note
,
6.259
%
,
5/01/27
........................
United
States
20,000
20,269
a
Bombardier,
Inc.
,
Senior
Bond
,
144A,
7.45
%
,
5/01/34
........
Canada
140,000
155,129
a
Honeywell
Aerospace,
Inc.
,
Senior
Bond
,
144A,
4.95
%
,
3/16/36
....................
United
States
100,000
98,511
Senior
Bond
,
144A,
5.732
%
,
3/16/56
...................
United
States
55,000
55,036
Senior
Bond
,
144A,
5.852
%
,
3/16/66
...................
United
States
40,000
40,334
Senior
Note
,
144A,
4.6
%
,
3/16/33
.....................
United
States
50,000
49,098
Howmet
Aerospace,
Inc.
,
Senior
Bond
,
4.75
%
,
4/15/36
.........................
United
States
20,000
19,470
Senior
Bond
,
5.95
%
,
2/01/37
.........................
United
States
16,000
16,983
Senior
Note
,
3
%
,
1/15/29
...........................
United
States
142,000
136,787
a
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
12/15/30
United
States
140,000
143,973
1,583,885
Automobiles
0.3%
a
Hyundai
Capital
America
,
Senior
Bond
,
144A,
6.375
%
,
4/08/30
...................
United
States
8,000
8,362
Senior
Note
,
144A,
6.5
%
,
1/16/29
.....................
United
States
295,000
306,307
Senior
Note
,
144A,
5.35
%
,
3/19/29
....................
United
States
41,000
41,575
Senior
Note
,
144A,
4.55
%
,
9/26/29
....................
United
States
50,000
49,629
Senior
Note
,
144A,
5.4
%
,
1/08/31
.....................
United
States
20,000
20,335
Senior
Note
,
144A,
5.4
%
,
6/23/32
.....................
United
States
20,000
20,324
446,532
Banks
4.9%
Banco
Santander
SA
,
Senior
Non-Preferred
Bond
,
4.379
%
,
4/12/28
.........................................
Spain
200,000
199,248
Bank
of
America
Corp.
,
Senior
Bond
,
2.496%
to
2/12/30,
FRN
thereafter
,
2/13/31
...
United
States
195,000
180,235
Senior
Bond
,
5.468%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
50,000
50,997
b
Sub.
Bond
,
FRN
,
4.686
%
,
(
3-month
SOFR
+
1.022
%
),
9/15/26
United
States
100,000
100,045
Sub.
Bond
,
5.425%
to
8/14/34,
FRN
thereafter
,
8/15/35
.....
United
States
100,000
100,337
Sub.
Bond
,
6.11
%
,
1/29/37
..........................
United
States
300,000
315,922
Sub.
Bond
,
3.846%
to
3/07/32,
FRN
thereafter
,
3/08/37
.....
United
States
604,000
561,468
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
a
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
5.673%
to
3/14/29,
FRN
thereafter
,
3/15/30
......................
Spain
200,000
204,524
Citigroup,
Inc.
,
c
Junior
Sub.
Bond
,
6.625%
to
2/14/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
120,000
122,313
c
CC
,
Junior
Sub.
Bond
,
7.125%
to
8/14/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
70,000
71,648
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Citigroup,
Inc.,
(continued)
c
GG
,
Junior
Sub.
Bond
,
6.875%
to
8/14/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
259,000
$
265,391
Sub.
Bond
,
6.174%
to
5/24/33,
FRN
thereafter
,
5/25/34
.....
United
States
76,000
79,333
a
Commonwealth
Bank
of
Australia
,
Sub.
Bond
,
144A,
5.837
%
,
3/13/34
.........................................
Australia
200,000
205,914
Fifth
Third
Bancorp
,
Senior
Note
,
6.339%
to
7/26/28,
FRN
thereafter
,
7/27/29
....
United
States
115,000
118,853
Senior
Note
,
4.895%
to
9/05/29,
FRN
thereafter
,
9/06/30
....
United
States
60,000
60,099
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
107,000
109,034
ING
Groep
NV
,
Senior
Note
,
6.083%
to
9/10/26,
FRN
thereafter
,
9/11/27
.........................................
Netherlands
200,000
200,556
JPMorgan
Chase
&
Co.
,
b
W
,
Junior
Sub.
Bond
,
FRN
,
4.913
%
,
(
3-month
SOFR
+
1.262
%
),
5/15/47
.................................
United
States
63,000
57,280
Senior
Bond
,
5.294%
to
7/21/34,
FRN
thereafter
,
7/22/35
...
United
States
125,000
126,349
Senior
Bond
,
5.502%
to
1/23/35,
FRN
thereafter
,
1/24/36
...
United
States
34,000
34,762
Senior
Note
,
6.07%
to
10/21/26,
FRN
thereafter
,
10/22/27
...
United
States
155,000
155,761
Senior
Note
,
5.14%
to
1/23/30,
FRN
thereafter
,
1/24/31
.....
United
States
86,000
86,981
Sub.
Bond
,
2.956%
to
5/12/30,
FRN
thereafter
,
5/13/31
.....
United
States
300,000
280,169
Sub.
Bond
,
5.717%
to
9/13/32,
FRN
thereafter
,
9/14/33
.....
United
States
380,000
392,309
Sub.
Bond
,
5.576%
to
7/22/35,
FRN
thereafter
,
7/23/36
.....
United
States
60,000
60,937
Lloyds
Banking
Group
plc
,
Sub.
Bond
,
3.369%
to
12/13/41,
FRN
thereafter
,
12/14/46
................................
United
Kingdom
305,000
223,807
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
5.373%
to
7/20/35,
FRN
thereafter
,
7/21/36
...
United
States
40,000
40,388
Sub.
Bond
,
4.626%
to
6/05/32,
FRN
thereafter
,
6/06/33
.....
United
States
350,000
340,709
Toronto-Dominion
Bank
(The)
,
Junior
Sub.
Bond
,
8.125%
to
10/30/27,
FRN
thereafter
,
10/31/82
.....................
Canada
200,000
206,848
Truist
Financial
Corp.
,
Senior
Bond
,
5.711%
to
1/23/34,
FRN
thereafter
,
1/24/35
.................................
United
States
120,000
123,608
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
260,000
226,393
Wells
Fargo
Bank
NA
,
Sub.
Bond
,
6.6
%
,
1/15/38
............
United
States
495,000
542,872
Westpac
Banking
Corp.
,
Sub.
Bond
,
4.421
%
,
7/24/39
........
Australia
185,000
166,535
6,421,801
Beverages
0.1%
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
5.3
%
,
3/15/34
.........
United
States
65,000
65,186
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/34
.........................
United
States
61,000
61,677
Senior
Bond
,
4.75
%
,
3/15/36
.........................
United
States
25,000
24,468
Amgen,
Inc.
,
Senior
Note
,
5.25
%
,
3/02/30
.................
United
States
273,000
278,208
Biogen,
Inc.
,
Senior
Bond
,
2.25
%
,
5/01/30
.................
United
States
145,000
132,394
496,747
Broadline
Retail
0.4%
Amazon.com,
Inc.
,
Senior
Bond
,
4.875
%
,
3/13/36
........................
United
States
91,000
89,615
Senior
Bond
,
5.8
%
,
3/13/56
..........................
United
States
10,000
9,943
Senior
Bond
,
6.05
%
,
3/13/76
.........................
United
States
82,000
81,816
a
Match
Group
Holdings
II
LLC
,
Senior
Bond
,
144A,
4.125
%
,
8/01/30
.........................................
United
States
140,000
131,854
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Broadline
Retail
(continued)
a
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/15/30
.....
United
States
255,000
$
268,239
581,467
Building
Products
0.2%
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
65,000
64,848
a
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
7/15/30
.
United
States
150,000
142,574
207,422
Capital
Markets
2.2%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
...........................
United
States
35,000
35,359
Senior
Note
,
5.95
%
,
7/15/29
.........................
United
States
58,000
58,602
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
112,000
110,628
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
4.223%
to
4/30/28,
FRN
thereafter
,
5/01/29
...
United
States
353,000
350,018
Senior
Bond
,
5.065%
to
1/20/36,
FRN
thereafter
,
1/21/37
...
United
States
50,000
48,836
Senior
Bond
,
5.425%
to
6/02/36,
FRN
thereafter
,
6/03/37
...
United
States
50,000
50,191
Senior
Note
,
5.094%
to
4/19/33,
FRN
thereafter
,
4/20/34
....
United
States
45,000
44,832
a
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
185,000
190,349
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
190,000
189,867
a
KKR
Group
Finance
Co.
VI
LLC
,
Senior
Bond
,
144A,
3.75
%
,
7/01/29
.........................................
United
States
110,000
106,437
LPL
Holdings,
Inc.
,
Senior
Note
,
6.75
%
,
11/17/28
........................
United
States
41,000
42,663
Senior
Note
,
5.2
%
,
3/15/30
..........................
United
States
179,000
180,228
a
Senior
Note
,
144A,
4.625
%
,
11/15/27
..................
United
States
50,000
49,771
Morgan
Stanley
,
Senior
Bond
,
5.073%
to
1/29/36,
FRN
thereafter
,
1/30/37
...
United
States
80,000
78,264
Senior
Note
,
5.123%
to
1/31/28,
FRN
thereafter
,
2/01/29
....
United
States
35,000
35,217
Senior
Note
,
4.994%
to
4/11/28,
FRN
thereafter
,
4/12/29
....
United
States
67,000
67,375
Senior
Note
,
5.23%
to
1/14/30,
FRN
thereafter
,
1/15/31
.....
United
States
15,000
15,172
Senior
Note
,
4.493%
to
1/15/31,
FRN
thereafter
,
1/16/32
....
United
States
80,000
78,463
Senior
Note
,
4.708%
to
3/11/31,
FRN
thereafter
,
3/12/32
....
United
States
115,000
113,606
Sub.
Bond
,
5.297%
to
4/19/32,
FRN
thereafter
,
4/20/37
.....
United
States
314,000
312,819
Sub.
Bond
,
5.948%
to
1/18/33,
FRN
thereafter
,
1/19/38
.....
United
States
12,000
12,351
Sub.
Bond
,
5.942%
to
2/06/34,
FRN
thereafter
,
2/07/39
.....
United
States
60,000
61,897
a
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
...................
United
States
111,000
105,045
Senior
Bond
,
144A,
3.25
%
,
8/15/33
....................
United
States
250,000
220,376
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
................
United
States
19,000
19,552
S&P
Global,
Inc.
,
Senior
Bond
,
2.5
%
,
12/01/29
.........................
United
States
70,000
65,470
Senior
Note
,
4.75
%
,
8/01/28
.........................
United
States
65,000
65,344
a
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
140,000
147,081
2,855,813
Commercial
Services
&
Supplies
0.3%
a
GFL
Environmental,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
8/15/29
..
United
States
160,000
155,657
Waste
Connections,
Inc.
,
Senior
Bond
,
3.5
%
,
5/01/29
..........................
United
States
110,000
107,256
Senior
Bond
,
3.2
%
,
6/01/32
..........................
United
States
22,000
20,219
Senior
Bond
,
5
%
,
3/01/34
...........................
United
States
40,000
40,075
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Commercial
Services
&
Supplies
(continued)
Waste
Connections,
Inc.,
(continued)
Senior
Bond
,
4.8
%
,
7/15/36
..........................
United
States
95,000
$
92,480
415,687
Communications
Equipment
0.2%
Motorola
Solutions,
Inc.
,
Senior
Bond
,
2.3
%
,
11/15/30
.........................
United
States
35,000
31,582
Senior
Bond
,
5.4
%
,
4/15/34
..........................
United
States
130,000
131,667
Senior
Note
,
4.85
%
,
8/15/30
.........................
United
States
40,000
40,159
203,408
Construction
&
Engineering
0.1%
MasTec,
Inc.
,
Senior
Note
,
5.9
%
,
6/15/29
.................
United
States
170,000
174,969
Construction
Materials
0.0%
†
Cemex
SAB
de
CV
,
Senior
Bond
,
5.75
%
,
6/05/36
...........
Mexico
40,000
39,920
Consumer
Finance
2.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.3
%
,
1/30/32
..........................
Ireland
245,000
224,012
Senior
Note
,
5.1
%
,
1/19/29
..........................
Ireland
150,000
151,430
a
Aircastle
Ltd.
/
Aircastle
Ireland
DAC
,
Senior
Note
,
144A,
5.25
%
,
3/15/30
.........................................
United
States
150,000
151,108
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
145,000
161,541
American
Express
Co.
,
Senior
Note
,
5.098%
to
2/15/27,
FRN
thereafter
,
2/16/28
.................................
United
States
50,000
50,203
a
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
5.75
%
,
11/15/29
...................
Ireland
166,000
169,786
Senior
Note
,
144A,
4.9
%
,
10/10/30
....................
Ireland
170,000
168,586
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
....
United
States
30,000
29,445
Senior
Note
,
7.624%
to
10/29/30,
FRN
thereafter
,
10/30/31
..
United
States
132,000
144,808
Sub.
Bond
,
2.359%
to
7/28/31,
FRN
thereafter
,
7/29/32
.....
United
States
225,000
195,382
a
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
...................
United
States
125,000
128,605
Senior
Note
,
144A,
6.125
%
,
5/01/34
...................
United
States
100,000
99,592
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
305,000
306,616
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
5.45
%
,
9/06/34
.........................
United
States
65,000
65,148
Senior
Note
,
4.2
%
,
10/27/28
.........................
United
States
45,000
44,521
Senior
Note
,
5.8
%
,
1/07/29
..........................
United
States
140,000
143,414
Senior
Note
,
4.9
%
,
10/06/29
.........................
United
States
91,000
91,253
a
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
8.25
%
,
5/15/30
.........................................
United
States
160,000
168,330
a
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
....................
United
Kingdom
100,000
99,754
Senior
Note
,
144A,
6.5
%
,
3/26/31
.....................
United
Kingdom
114,000
119,187
OneMain
Finance
Corp.
,
Senior
Note
,
7.5
%
,
5/15/31
.........
United
States
250,000
258,432
2,971,153
Consumer
Staples
Distribution
&
Retail
0.6%
a
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.....................
United
States
34,000
29,596
Senior
Note
,
144A,
1.3
%
,
2/10/28
.....................
United
States
303,000
287,899
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Staples
Distribution
&
Retail
(continued)
a
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond
,
144A,
3.55
%
,
7/26/27
....................
Canada
260,000
$
257,785
Senior
Bond
,
144A,
2.95
%
,
1/25/30
....................
Canada
134,000
126,317
a
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.........
United
States
145,000
141,661
843,258
Containers
&
Packaging
0.3%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
85,000
84,222
Berry
Global,
Inc.
,
Senior
Secured
Note
,
1.65
%
,
1/15/27
..................
United
States
155,000
152,691
Senior
Secured
Note
,
5.5
%
,
4/15/28
...................
United
States
13,000
13,202
WestRock
MWV
LLC
,
Senior
Bond
,
8.2
%
,
1/15/30
..........................
United
States
105,000
116,424
Senior
Bond
,
7.95
%
,
2/15/31
.........................
United
States
39,000
43,793
410,332
Diversified
Consumer
Services
0.0%
†
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
15,000
13,925
Diversified
REITs
0.5%
VICI
Properties
LP
,
Senior
Bond
,
5.75
%
,
4/01/34
.........................
United
States
70,000
71,106
Senior
Note
,
4.75
%
,
2/15/28
.........................
United
States
58,000
57,999
a
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
9/01/26
.....................
United
States
145,000
144,920
Senior
Note
,
144A,
3.75
%
,
2/15/27
....................
United
States
22,000
21,866
Senior
Note
,
144A,
3.875
%
,
2/15/29
...................
United
States
410,000
398,430
694,321
Diversified
Telecommunication
Services
1.3%
a
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
115,000
124,126
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
65,000
63,726
Senior
Bond
,
4.75
%
,
5/15/46
.........................
United
States
335,000
281,838
Senior
Bond
,
6.2
%
,
10/30/56
.........................
United
States
55,000
54,406
a
Beacon
Point
DC
LLC
,
Senior
Secured
Bond
,
144A,
6.129
%
,
11/30/42
........................................
United
States
60,000
60,539
a
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
145,000
129,434
a
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
135,000
140,504
a
RD
Michigan
Property
Owner
I
LLC
,
Senior
Secured
Bond
,
144A,
7.5
%
,
3/30/45
....................................
United
States
185,000
184,490
a
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
95,000
94,777
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
149,000
156,121
TELUS
Corp.
,
Junior
Sub.
Bond
,
6.625%
to
10/14/30,
FRN
thereafter
,
10/15/55
................................
Canada
110,000
111,599
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond
,
6.05%
to
5/13/33,
FRN
thereafter
,
5/14/58
.
United
States
110,000
111,047
Senior
Bond
,
5.401
%
,
7/02/37
........................
United
States
117,000
116,743
Senior
Bond
,
5.875
%
,
11/30/55
.......................
United
States
50,000
48,542
1,814,001
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
4.0%
American
Electric
Power
Co.,
Inc.
,
C
,
Junior
Sub.
Bond
,
5.8%
to
3/14/31,
FRN
thereafter
,
3/15/56
United
States
180,000
$
179,089
D
,
Junior
Sub.
Bond
,
6.05%
to
3/14/36,
FRN
thereafter
,
3/15/56
.........................................
United
States
60,000
59,681
Senior
Bond
,
5.625
%
,
3/01/33
........................
United
States
45,000
46,650
a
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
65,000
58,223
DTE
Electric
Co.
,
Senior
Bond
,
5.25
%
,
5/15/35
.........................
United
States
85,000
86,016
A
,
Senior
Bond
,
4.85
%
,
3/01/36
.......................
United
States
75,000
73,331
Duke
Energy
Corp.
,
Senior
Bond
,
3.15
%
,
8/15/27
.........................
United
States
180,000
177,459
Senior
Bond
,
5.75
%
,
9/15/33
.........................
United
States
29,000
30,246
Senior
Bond
,
4.2
%
,
6/15/49
..........................
United
States
65,000
50,853
Senior
Bond
,
5.8
%
,
6/15/54
..........................
United
States
21,000
20,483
Senior
Note
,
4.85
%
,
1/05/29
.........................
United
States
25,000
25,149
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
65,000
66,182
a
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
7.5
%
,
10/14/32
........................................
Italy
200,000
224,164
a
Evergy
Missouri
West,
Inc.
,
Senior
Note
,
144A,
5.15
%
,
12/15/27
United
States
165,000
165,767
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
165,000
166,916
Exelon
Corp.
,
Senior
Bond
,
5.625
%
,
6/15/35
........................
United
States
225,000
230,435
Senior
Note
,
5.15
%
,
3/15/29
.........................
United
States
280,000
283,867
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
45,000
44,684
Georgia
Power
Co.
,
Senior
Bond
,
4.95
%
,
5/17/33
.........................
United
States
270,000
271,716
Senior
Bond
,
5.25
%
,
3/15/34
.........................
United
States
10,000
10,160
IPALCO
Enterprises,
Inc.
,
Senior
Secured
Note
,
4.25
%
,
5/01/30
United
States
105,000
102,014
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
3.55
%
,
5/01/27
.........................
United
States
100,000
99,363
Senior
Bond
,
5.9
%
,
3/15/55
..........................
United
States
25,000
24,767
AA
,
Senior
Bond
,
6%
to
9/30/31,
FRN
thereafter
,
10/01/56
...
United
States
65,000
64,987
Senior
Note
,
5.3
%
,
3/15/32
..........................
United
States
80,000
81,556
Northern
States
Power
Co.
,
Senior
Bond
,
5.05
%
,
5/15/35
.....
United
States
65,000
65,252
a
NRG
Energy,
Inc.
,
Senior
Bond
,
144A,
6.25
%
,
11/01/34
...................
United
States
150,000
151,944
Senior
Note
,
144A,
3.375
%
,
2/15/29
...................
United
States
160,000
152,688
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond
,
5.75
%
,
3/15/29
..................
United
States
161,000
165,579
Senior
Secured
Note
,
3.7
%
,
11/15/28
..................
United
States
90,000
88,467
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
5.9
%
,
6/15/32
..........................
United
States
64,000
66,217
Senior
Bond
,
4.95
%
,
7/01/50
.........................
United
States
145,000
121,139
Senior
Bond
,
6.75
%
,
1/15/53
.........................
United
States
75,000
78,801
Senior
Note
,
2.1
%
,
8/01/27
..........................
United
States
100,000
97,391
Senior
Note
,
3.3
%
,
12/01/27
.........................
United
States
190,000
186,486
Senior
Note
,
6.1
%
,
1/15/29
..........................
United
States
45,000
46,344
Senior
Note
,
5.05
%
,
11/15/31
........................
United
States
75,000
74,947
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
3/15/34
..........................
United
States
85,000
88,087
Senior
Note
,
5.5
%
,
3/15/29
..........................
United
States
10,000
10,228
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
5.05
%
,
8/15/34
.........................
United
States
120,000
120,138
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Virginia
Electric
and
Power
Co.,
(continued)
Senior
Bond
,
4.95
%
,
3/15/36
.........................
United
States
145,000
$
141,985
C
,
Senior
Bond
,
4.9
%
,
9/15/35
.......................
United
States
85,000
83,234
a
Vistra
Operations
Co.
LLC
,
Senior
Bond
,
144A,
6.95
%
,
10/15/33
...................
United
States
9,000
9,798
Senior
Bond
,
144A,
6
%
,
4/15/34
......................
United
States
80,000
82,448
Senior
Bond
,
144A,
5.25
%
,
10/15/35
...................
United
States
50,000
48,660
Senior
Note
,
144A,
3.7
%
,
1/30/27
.....................
United
States
465,000
462,554
Senior
Note
,
144A,
4.6
%
,
10/15/30
....................
United
States
10,000
9,843
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
..............
United
States
82,000
80,372
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
.........................
United
States
170,000
173,260
Senior
Bond
,
5.6
%
,
4/15/35
..........................
United
States
90,000
91,728
5,341,348
Electrical
Equipment
0.5%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.4
%
,
4/15/33
...........
United
States
98,000
104,069
a
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
329,000
325,956
Vertiv
Holdings
Co.
,
Senior
Bond
,
4.85
%
,
3/15/36
.........................
United
States
134,000
130,194
Senior
Bond
,
5.8
%
,
3/15/56
..........................
United
States
30,000
29,547
589,766
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
150,000
145,895
Energy
Equipment
&
Services
0.2%
a
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
30,000
29,838
a
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/33
..
United
States
120,000
121,707
a
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
160,000
163,336
314,881
Entertainment
0.3%
a
Netflix,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/29
..........
United
States
242,000
248,432
a
OAK-Eagle
Acquireco,
Inc.
,
Senior
Secured
Note
,
144A,
7.25
%
,
7/01/33
.........................................
United
States
95,000
99,432
347,864
Financial
Services
0.4%
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
100,000
97,768
a
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
35,000
35,080
a
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
195,000
198,552
Woodside
Finance
Ltd.
,
Senior
Bond
,
6
%
,
5/19/35
...........
Australia
66,000
68,579
399,979
Food
Products
0.9%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Bond
,
5.5
%
,
1/15/36
..........................
United
States
52,000
51,957
a
Senior
Bond
,
144A,
5.625
%
,
3/10/37
...................
United
States
87,000
86,692
a
Senior
Bond
,
144A,
6.4
%
,
5/10/57
.....................
United
States
25,000
24,958
Senior
Note
,
3
%
,
2/02/29
...........................
United
States
157,000
150,733
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
(continued)
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings,
(continued)
Senior
Note
,
5.75
%
,
4/01/33
.........................
United
States
19,000
$
19,518
Senior
Note
,
6.75
%
,
3/15/34
.........................
United
States
7,000
7,642
Senior
Note
,
5.95
%
,
4/20/35
.........................
United
States
25,000
25,804
Kellanova
,
Senior
Bond
,
4.5
%
,
4/01/46
..........................
United
States
18,000
15,531
B
,
Senior
Bond
,
7.45
%
,
4/01/31
.......................
United
States
30,000
33,526
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
6.875
%
,
1/26/39
........................
United
States
50,000
54,826
Senior
Bond
,
4.625
%
,
10/01/39
.......................
United
States
50,000
44,694
Senior
Bond
,
5
%
,
6/04/42
...........................
United
States
165,000
147,914
a
Mars,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
5/01/45
....................
United
States
70,000
69,594
Senior
Bond
,
144A,
5.7
%
,
5/01/55
.....................
United
States
145,000
142,950
Senior
Bond
,
144A,
5.8
%
,
5/01/65
.....................
United
States
35,000
34,776
Senior
Note
,
144A,
5.2
%
,
3/01/35
.....................
United
States
310,000
311,338
Pilgrim's
Pride
Corp.
,
Senior
Note
,
3.5
%
,
3/01/32
...........
United
States
30,000
27,367
1,249,820
Ground
Transportation
0.6%
a
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
8/15/27
...................
United
Kingdom
200,000
199,267
Senior
Bond
,
144A,
5.95
%
,
10/15/33
...................
United
Kingdom
200,000
206,411
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.55
%
,
3/15/56
United
States
75,000
73,504
a
ERAC
USA
Finance
LLC
,
Senior
Bond
,
144A,
3.3
%
,
12/01/26
..
United
States
40,000
39,853
a
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Bond
,
144A,
3.4
%
,
11/15/26
....................
United
States
133,000
132,475
Senior
Note
,
144A,
4.4
%
,
7/01/27
.....................
United
States
110,000
109,827
761,337
Health
Care
Equipment
&
Supplies
0.4%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
4.8
%
,
8/14/29
.
United
States
225,000
226,229
a
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
170,000
165,179
a
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
6/15/33
..........................
United
States
85,000
84,547
a
VSP
Optical
Group,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
6/01/36
....................
United
States
15,000
15,078
Senior
Note
,
144A,
5.4
%
,
6/01/33
.....................
United
States
25,000
25,075
516,108
Health
Care
Providers
&
Services
1.4%
CVS
Health
Corp.
,
Junior
Sub.
Bond
,
7%
to
3/09/30,
FRN
thereafter
,
3/10/55
...
United
States
135,000
140,217
Senior
Bond
,
1.875
%
,
2/28/31
........................
United
States
50,000
43,868
Senior
Bond
,
4.78
%
,
3/25/38
.........................
United
States
292,000
273,887
a
DaVita,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/01/32
...........
United
States
140,000
144,465
HCA,
Inc.
,
Senior
Bond
,
4.5
%
,
2/15/27
..........................
United
States
66,000
65,978
Senior
Bond
,
4.125
%
,
6/15/29
........................
United
States
30,000
29,544
Senior
Bond
,
5.6
%
,
4/01/34
..........................
United
States
41,000
41,878
Senior
Bond
,
6
%
,
4/01/54
...........................
United
States
54,000
53,380
Senior
Note
,
3.625
%
,
3/15/32
........................
United
States
50,000
46,561
Senior
Note
,
4.6
%
,
11/15/32
.........................
United
States
75,000
73,073
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
a
Horseshoe
Funding
Trust
I
,
Senior
Note
,
144A,
6.062
%
,
2/15/36
United
States
200,000
$
203,250
Humana,
Inc.
,
Junior
Sub.
Bond
,
6.625%
to
9/14/31,
FRN
thereafter
,
9/15/56
United
States
110,000
109,707
Senior
Note
,
5.75
%
,
3/01/28
.........................
United
States
165,000
167,845
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
110,000
112,073
1,710,125
Health
Care
Technology
0.1%
a
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
150,000
152,689
Hotel
&
Resort
REITs
0.1%
a
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
6/15/33
...............................
United
States
165,000
169,395
Hotels,
Restaurants
&
Leisure
1.7%
a
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
150,000
141,694
Airbnb,
Inc.
,
Senior
Bond
,
5.25
%
,
3/16/36
.........................
United
States
30,000
29,887
Senior
Note
,
4.65
%
,
3/16/31
.........................
United
States
60,000
59,629
a
Carnival
Corp.
Ltd.
,
Senior
Note
,
144A,
5.125
%
,
5/01/29
...................
United
States
185,000
184,802
Senior
Note
,
144A,
5.75
%
,
3/15/30
....................
United
States
193,000
195,473
Senior
Note
,
144A,
5.75
%
,
8/01/32
....................
United
States
110,000
111,212
Senior
Secured
Note
,
144A,
4
%
,
8/01/28
................
United
States
533,000
523,403
a
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
130,000
130,551
Hyatt
Hotels
Corp.
,
Senior
Note
,
5.75
%
,
1/30/27
.........................
United
States
22,000
22,128
Senior
Note
,
5.05
%
,
3/30/28
.........................
United
States
80,000
80,521
Senior
Note
,
5.25
%
,
6/30/29
.........................
United
States
105,000
106,607
Senior
Note
,
5.375
%
,
12/15/31
.......................
United
States
75,000
76,347
Marriott
International,
Inc.
,
Senior
Note
,
4.5
%
,
5/01/33
........
United
States
80,000
77,467
a
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
125,000
126,633
a
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
4/01/28
United
States
20,000
20,193
a
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
150,000
142,510
a
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
10/15/33
.....
United
States
155,000
155,319
2,184,376
Household
Durables
0.3%
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.........................
United
States
73,000
72,669
Senior
Bond
,
3.8
%
,
11/01/29
.........................
United
States
145,000
140,922
Whirlpool
Corp.
,
Senior
Bond
,
4.5
%
,
6/01/46
..........................
United
States
60,000
35,783
a
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/31
..............
United
States
20,000
20,289
a
Senior
Secured
Note
,
144A,
7.875
%
,
7/01/34
............
United
States
35,000
35,231
304,894
Independent
Power
and
Renewable
Electricity
Producers
0.7%
a
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
200,000
208,951
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
........................
United
States
44,000
$
46,742
Senior
Bond
,
6.5
%
,
10/01/53
.........................
United
States
106,000
113,814
Senior
Bond
,
5.75
%
,
3/15/54
.........................
United
States
43,000
42,454
Senior
Note
,
5.6
%
,
3/01/28
..........................
United
States
272,000
276,338
Senior
Note
,
4.4
%
,
1/15/31
..........................
United
States
60,000
59,003
Southern
Power
Co.
,
B
,
Senior
Bond
,
4.9
%
,
10/01/35
.......................
United
States
55,000
53,381
A
,
Senior
Note
,
4.25
%
,
10/01/30
......................
United
States
30,000
29,481
830,164
Insurance
1.3%
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
95,000
95,730
a
Athene
Global
Funding
,
Secured
Note
,
144A,
5.322
%
,
11/13/31
.................
United
States
74,000
73,859
Senior
Secured
Bond
,
144A,
5.543
%
,
8/22/35
............
United
States
175,000
172,316
Senior
Secured
Note
,
144A,
5.526
%
,
7/11/31
............
United
States
80,000
80,763
Athene
Holding
Ltd.
,
Senior
Bond
,
5.875
%
,
1/15/34
........................
United
States
40,000
40,469
Senior
Bond
,
6.25
%
,
4/01/54
.........................
United
States
35,000
32,274
Brown
&
Brown,
Inc.
,
Senior
Note
,
4.9
%
,
6/23/30
..........................
United
States
92,000
91,885
Senior
Note
,
5.25
%
,
6/23/32
.........................
United
States
82,000
82,118
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
65,000
64,417
a
CNO
Global
Funding
,
Secured
Note
,
144A,
2.65
%
,
1/06/29
...................
United
States
150,000
142,128
Secured
Note
,
144A,
4.95
%
,
9/09/29
...................
United
States
95,000
94,962
a
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.2
%
,
6/24/29
United
States
305,000
307,981
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
60,000
61,342
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
140,000
140,515
a
Mutual
of
Omaha
Cos.
Global
Funding
,
Secured
Note
,
144A,
5.8
%
,
7/27/26
....................................
United
States
125,000
125,144
1,605,903
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Bond
,
5.25
%
,
5/15/36
.........................
United
States
85,000
84,432
Senior
Bond
,
6.3
%
,
5/15/56
..........................
United
States
60,000
59,765
144,197
IT
Services
0.3%
a
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
101,000
103,085
a
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
270,000
243,270
346,355
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..........................
United
States
44,000
38,494
Senior
Note
,
5.85
%
,
3/18/29
.........................
United
States
50,000
51,167
89,661
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Life
Sciences
Tools
&
Services
0.3%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
105,000
$
105,038
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
4.902
%
,
2/12/36
........................
United
States
70,000
69,203
Senior
Note
,
2.6
%
,
10/01/29
.........................
United
States
135,000
127,194
301,435
Machinery
0.2%
a
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
145,000
145,520
Oshkosh
Corp.
,
Senior
Bond
,
4.6
%
,
5/15/28
..........................
United
States
125,000
124,870
Senior
Bond
,
3.1
%
,
3/01/30
..........................
United
States
15,000
14,110
284,500
Media
0.7%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
5.85
%
,
12/01/35
.................
United
States
10,000
9,684
Senior
Secured
Note
,
2.25
%
,
1/15/29
..................
United
States
168,000
156,555
a
Nexstar
Media,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/15/33
United
States
155,000
155,093
Omnicom
Group,
Inc.
,
Senior
Note
,
4.65
%
,
10/01/28
.........
United
States
150,000
149,811
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
334,000
370,358
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
4.5
%
,
9/15/42
.
United
States
115,000
86,734
928,235
Metals
&
Mining
0.4%
a
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
5
%
,
3/21/33
...
South
Africa
200,000
198,495
Commercial
Metals
Co.
,
Senior
Note
,
4.125
%
,
1/15/30
.......
United
States
150,000
145,459
a
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
4
%
,
3/27/27
......................
Australia
124,000
123,597
Senior
Bond
,
144A,
5.634
%
,
4/04/34
...................
Australia
20,000
20,534
Senior
Bond
,
144A,
5.508
%
,
4/01/36
...................
Australia
105,000
105,682
Senior
Note
,
144A,
6.375
%
,
10/06/30
..................
Australia
70,000
73,807
667,574
Multi-Utilities
0.9%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
75,000
75,639
Berkshire
Hathaway
Energy
Co.
,
Senior
Bond
,
4.25
%
,
10/15/50
United
States
100,000
79,834
Consolidated
Edison
Co.
of
New
York,
Inc.
,
12-A
,
Senior
Bond
,
4.2
%
,
3/15/42
....................................
United
States
85,000
72,051
Dominion
Energy,
Inc.
,
Junior
Sub.
Bond
,
6.2%
to
2/14/36,
FRN
thereafter
,
2/15/56
..
United
States
90,000
90,315
C
,
Senior
Bond
,
4.9
%
,
8/01/41
.......................
United
States
135,000
124,459
DTE
Energy
Co.
,
Senior
Bond
,
5.85
%
,
6/01/34
.........................
United
States
45,000
46,984
Senior
Note
,
4.95
%
,
7/01/27
.........................
United
States
145,000
145,746
NiSource,
Inc.
,
Senior
Bond
,
5.85
%
,
4/01/55
.........................
United
States
100,000
99,231
Senior
Note
,
5.2
%
,
7/01/29
..........................
United
States
230,000
233,628
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
4.9
%
,
3/15/30
United
States
60,000
60,497
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
50,000
51,426
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
45,000
44,467
1,124,277
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
3.7%
a
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
75,000
$
69,870
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
7.2
%
,
1/15/32
..........................
Canada
110,000
121,833
Senior
Note
,
5
%
,
12/15/29
..........................
Canada
124,000
125,271
Cheniere
Energy
Partners
LP
,
Senior
Bond
,
3.25
%
,
1/31/32
.........................
United
States
89,000
81,594
Senior
Note
,
4.5
%
,
10/01/29
.........................
United
States
195,000
193,750
a
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.2
%
,
7/30/36
.....
United
States
20,000
19,700
a
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
50,000
51,972
a
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
60,000
61,837
Diamondback
Energy,
Inc.
,
Senior
Bond
,
6.25
%
,
3/15/33
......
United
States
75,000
79,773
a
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
12/15/34
......
United
States
75,000
76,676
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.8
%
,
1/15/35
..........................
United
States
43,000
44,516
Senior
Bond
,
5.65
%
,
10/15/54
........................
United
States
17,000
16,280
Enbridge,
Inc.
,
Senior
Bond
,
4.25
%
,
12/01/26
..............
Canada
95,000
94,947
Energy
Transfer
LP
,
c
B
,
Junior
Sub.
Bond
,
6.625%
to
2/14/28,
FRN
thereafter
,
Perpetual
.......................................
United
States
125,000
126,074
Senior
Bond
,
6.5
%
,
2/01/42
..........................
United
States
20,000
21,146
Senior
Note
,
5.5
%
,
6/01/27
..........................
United
States
182,000
183,220
Senior
Note
,
5.25
%
,
7/01/29
.........................
United
States
30,000
30,435
Senior
Note
,
5.2
%
,
4/01/30
..........................
United
States
129,000
130,977
a
Eni
SpA
,
Senior
Bond
,
144A,
5.25
%
,
5/18/36
...............
Italy
200,000
196,761
a
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
4.25
%
,
2/15/30
.........................................
United
States
205,000
197,855
a
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6
%
,
2/01/31
......................................
United
States
200,000
193,841
a
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
200,000
201,949
a
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
6.625
%
,
12/15/28
.....
United
States
165,000
167,808
Murphy
Oil
Corp.
,
Senior
Note
,
6
%
,
10/01/32
..........................
United
States
90,000
89,686
Senior
Note
,
6.5
%
,
2/15/34
..........................
United
States
35,000
34,693
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
139,000
154,031
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
15,000
14,833
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
180,000
180,656
Spectra
Energy
Partners
LP
,
Senior
Note
,
3.375
%
,
10/15/26
...
United
States
145,000
144,591
a
Sunoco
LP
,
Senior
Note
,
144A,
6.25
%
,
7/01/33
.............
United
States
165,000
166,559
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
65,000
63,522
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond
,
5
%
,
1/15/28
...........................
United
States
220,000
219,923
Senior
Bond
,
4.875
%
,
2/01/31
........................
United
States
93,000
92,680
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
5.1
%
,
3/15/36
.........................................
United
States
80,000
79,229
a
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
...............
United
States
50,000
50,569
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
.............
United
States
365,000
374,002
a
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
250,000
260,326
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
a
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
...............................
United
States
125,000
$
137,244
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
..........................
United
States
72,000
73,183
Senior
Note
,
4.9
%
,
8/01/30
..........................
United
States
77,000
76,786
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
87,000
88,804
4,789,402
Paper
&
Forest
Products
0.1%
a
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.9
%
,
5/15/33
.......
United
States
175,000
174,130
Passenger
Airlines
0.2%
a
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
230,000
228,168
Personal
Care
Products
0.4%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/29
.......
United
States
250,000
242,210
Kenvue,
Inc.
,
Senior
Note
,
4.9
%
,
3/22/33
.................
United
States
315,000
316,309
558,519
Pharmaceuticals
1.2%
Merck
&
Co.,
Inc.
,
Senior
Bond
,
5.2
%
,
5/22/36
..........................
United
States
85,000
86,087
Senior
Note
,
4.45
%
,
12/04/32
........................
United
States
40,000
39,383
Novartis
Capital
Corp.
,
Senior
Note
,
4.6
%
,
3/18/33
..........
United
States
70,000
69,376
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
120,000
125,753
Royalty
Pharma
plc
,
Senior
Bond
,
5.4
%
,
9/02/34
..........................
United
States
103,000
104,036
Senior
Bond
,
5.2
%
,
9/25/35
..........................
United
States
110,000
109,031
Senior
Note
,
2.2
%
,
9/02/30
..........................
United
States
82,000
74,122
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
.........................
Israel
145,000
112,005
Senior
Note
,
8.125
%
,
9/15/31
........................
Israel
235,000
265,094
Viatris,
Inc.
,
Senior
Note
,
2.3
%
,
6/22/27
...................
United
States
110,000
107,438
Wyeth
LLC
,
Senior
Bond
,
5.95
%
,
4/01/37
.................
United
States
225,000
238,997
Zoetis,
Inc.
,
Senior
Bond
,
2
%
,
5/15/30
....................
United
States
74,000
66,960
1,398,282
Professional
Services
0.1%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
80,000
80,709
Semiconductors
&
Semiconductor
Equipment
1.4%
Broadcom,
Inc.
,
Senior
Bond
,
4.95
%
,
1/15/36
..............
United
States
60,000
58,954
a
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
235,000
225,438
Senior
Bond
,
5.3
%
,
5/15/36
..........................
United
States
62,281
61,998
Senior
Bond
,
6.125
%
,
5/15/56
........................
United
States
39,172
39,149
Marvell
Technology,
Inc.
,
Senior
Bond
,
5.3
%
,
4/15/36
..........................
United
States
90,000
89,586
Senior
Note
,
5.75
%
,
2/15/29
.........................
United
States
68,000
69,769
Senior
Note
,
4.75
%
,
7/15/30
.........................
United
States
5,000
4,990
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Marvell
Technology,
Inc.,
(continued)
Senior
Note
,
5.95
%
,
9/15/33
.........................
United
States
67,000
$
70,475
NVIDIA
Corp.
,
Senior
Bond
,
5.55
%
,
6/15/46
.........................
United
States
140,000
139,043
Senior
Bond
,
5.625
%
,
6/15/56
........................
United
States
95,000
94,365
Senior
Note
,
4.75
%
,
6/15/33
.........................
United
States
105,000
104,730
Senior
Note
,
4.95
%
,
6/15/36
.........................
United
States
105,000
104,120
a
Qnity
Electronics,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
8/15/32
.........................................
United
States
145,000
145,954
Xilinx,
Inc.
,
Senior
Bond
,
2.375
%
,
6/01/30
.................
United
States
320,000
294,941
1,922,052
Software
1.1%
Crowdstrike
Holdings,
Inc.
,
Senior
Note
,
3
%
,
2/15/29
.........
United
States
140,000
133,622
Oracle
Corp.
,
Senior
Bond
,
4.3
%
,
7/08/34
..........................
United
States
80,000
71,425
Senior
Bond
,
3.9
%
,
5/15/35
..........................
United
States
74,000
62,811
Senior
Bond
,
5.7
%
,
2/04/36
..........................
United
States
71,000
68,785
Senior
Bond
,
3.65
%
,
3/25/41
.........................
United
States
237,000
170,302
Senior
Bond
,
6.7
%
,
2/04/56
..........................
United
States
45,000
42,381
Senior
Note
,
4.45
%
,
9/26/30
.........................
United
States
80,000
77,254
Senior
Note
,
4.8
%
,
9/26/32
..........................
United
States
110,000
104,711
Salesforce,
Inc.
,
Senior
Note
,
5.2
%
,
3/15/33
...............
United
States
170,000
170,347
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
..............
United
States
240,000
210,463
Synopsys,
Inc.
,
Senior
Bond
,
5.15
%
,
4/01/35
.........................
United
States
185,000
184,028
Senior
Bond
,
5.7
%
,
4/01/55
..........................
United
States
10,000
9,706
Senior
Note
,
4.85
%
,
4/01/30
.........................
United
States
90,000
90,173
1,396,008
Specialized
REITs
1.1%
American
Tower
Corp.
,
Senior
Bond
,
3.55
%
,
7/15/27
.........................
United
States
118,000
116,993
Senior
Bond
,
2.9
%
,
1/15/30
..........................
United
States
48,000
45,105
Senior
Bond
,
2.7
%
,
4/15/31
..........................
United
States
195,000
177,497
Senior
Bond
,
5.55
%
,
7/15/33
.........................
United
States
250,000
256,579
Senior
Note
,
4.9
%
,
3/15/30
..........................
United
States
60,000
60,292
Senior
Note
,
4.7
%
,
12/15/32
.........................
United
States
50,000
49,202
Crown
Castle,
Inc.
,
Senior
Bond
,
3.65
%
,
9/01/27
.........................
United
States
130,000
128,755
Senior
Note
,
4.9
%
,
9/01/29
..........................
United
States
230,000
230,922
EPR
Properties
,
Senior
Bond
,
4.5
%
,
6/01/27
...............
United
States
24,000
23,956
Equinix,
Inc.
,
Senior
Bond
,
3.2
%
,
11/18/29
.........................
United
States
193,000
183,847
Senior
Note
,
2.5
%
,
5/15/31
..........................
United
States
70,000
62,743
Extra
Space
Storage
LP
,
Senior
Note
,
5.9
%
,
1/15/31
.........
United
States
130,000
134,894
1,470,785
Specialty
Retail
0.1%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
3.15
%
,
1/15/32
.........................
United
States
160,000
146,149
Senior
Bond
,
4.1
%
,
1/15/52
..........................
United
States
60,000
43,793
189,942
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
0.4%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
5.25
%
,
2/15/37
.........................
United
States
105,000
$
103,407
Senior
Bond
,
8.35
%
,
7/15/46
.........................
United
States
5,000
6,324
Senior
Note
,
4.75
%
,
7/15/31
.........................
United
States
30,000
29,826
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.55
%
,
10/15/29
........................
United
States
221,000
219,749
Senior
Note
,
4.85
%
,
10/15/31
........................
United
States
55,000
54,788
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
5.875
%
,
7/15/30
.........................................
United
States
125,000
127,297
541,391
Textiles,
Apparel
&
Luxury
Goods
0.2%
a
Beach
Acquisition
Bidco
LLC
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/32
.........................................
United
States
130,000
EUR
151,480
Tapestry,
Inc.
,
Senior
Bond
,
3.05
%
,
3/15/32
.........................
United
States
17,000
15,403
Senior
Bond
,
5.5
%
,
3/11/35
..........................
United
States
37,000
37,277
Senior
Note
,
5.1
%
,
3/11/30
..........................
United
States
92,000
92,723
296,883
Tobacco
0.7%
BAT
Capital
Corp.
,
Senior
Bond
,
4.39
%
,
8/15/37
.........................
United
Kingdom
94,000
86,012
Senior
Note
,
4.625
%
,
3/22/33
........................
United
Kingdom
335,000
327,960
a
,d
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
296,000
300,537
Senior
Note
,
4.375
%
,
4/30/30
........................
United
States
65,000
64,363
977,712
Trading
Companies
&
Distributors
0.5%
a
Aircastle
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
7/18/28
............
United
States
75,000
77,230
a
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
...................
United
States
210,000
212,525
Senior
Note
,
144A,
5.125
%
,
4/10/30
...................
United
States
130,000
130,447
a
,d
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
7.125
%
,
7/01/34
United
States
105,000
103,298
523,500
Wireless
Telecommunication
Services
0.5%
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
...........................
Canada
90,000
90,569
Senior
Note
,
3.8
%
,
3/15/32
..........................
Canada
38,000
35,447
Sub.
Bond
,
7.125%
to
4/14/35,
FRN
thereafter
,
4/15/55
.....
Canada
40,000
41,115
NC5
,
Sub.
Bond
,
7%
to
4/14/30,
FRN
thereafter
,
4/15/55
....
Canada
80,000
81,901
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5
%
,
2/15/36
...........................
United
States
125,000
122,323
Senior
Note
,
3.875
%
,
4/15/30
........................
United
States
7,000
6,784
Senior
Note
,
5.125
%
,
5/15/32
........................
United
States
74,000
74,790
Senior
Note
,
6.7
%
,
12/15/33
.........................
United
States
175,000
191,289
644,218
Total
Corporate
Bonds
(Cost
$
56,286,802
)
....................................
55,942,306
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e
Senior
Floating
Rate
Interests
4.0%
Aerospace
&
Defense
0.1%
f
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N
,
6.12
%
,
(
1-month
SOFR
+
2.5
%
),
2/14/33
.............................
United
States
55,814
$
55,877
Air
Freight
&
Logistics
0.1%
f
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
CME
Term
Loan
,
5.657
%
,
(
3-month
SOFR
+
2
%
),
4/09/32
.......
United
States
159,600
159,401
Automobile
Components
0.1%
f
Allison
Transmission,
Inc.,
First
Lien,
2026
CME
Term
Loan
,
5.375
%
,
(
1-month
SOFR
+
1.75
%
),
1/03/33
..............
United
States
74,729
74,745
f
Biotechnology
0.0%
†
Alkermes,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.482
%
,
(
3-month
SOFR
+
2.75
%
),
8/12/31
.....................
United
States
14,732
14,806
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.428
%
,
(
6-month
SOFR
+
1.75
%
),
4/27/33
............
United
States
50,333
50,383
Genmab
A/S,
First
Lien,
Amendment
No.
1
CME
Term
Loan
,
5.732
%
,
(
3-month
SOFR
+
2
%
),
12/13/32
................
Denmark
23,200
23,211
88,400
a
a
a
a
a
a
Broadline
Retail
0.1%
f
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8
,
5.982
%
,
(
3-month
SOFR
+
2.25
%
),
9/29/32
.....................
Netherlands
73,155
73,300
Building
Products
0.1%
f
Advanced
Drainage
Systems,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.245
%
,
(
1-month
SOFR
+
1.625
%
),
2/11/33
........
United
States
56,889
57,458
f
Capital
Markets
0.3%
d
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
Loan
,
5.661
%
,
(
3-month
SOFR
+
2
%
),
6/10/33
.......................
United
States
90,852
90,757
CPI
Holdco
B
LLC,
First
Lien,
2025
Fourth
Amendment
Incremental
CME
Term
Loan
,
5.644
%
,
(
1-month
SOFR
+
2
%
),
5/19/31
.........................................
United
States
159,595
159,163
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan
,
5.666
%
,
(
3-month
SOFR
+
2
%
),
12/15/31
................
United
States
158,743
157,500
407,420
a
a
a
a
a
a
Chemicals
0.1%
f
Element
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
B3
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
12/18/30
....................
United
States
159,583
159,882
f
Commercial
Services
&
Supplies
0.2%
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.12
%
,
(
1-month
SOFR
+
1.5
%
),
10/11/32
.....................
United
States
159,376
160,216
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2
,
5.369
%
,
(
1-month
SOFR
+
1.75
%
),
3/08/32
...................................
United
States
158,797
156,647
316,863
a
a
a
a
a
a
Construction
&
Engineering
0.0%
†
f
Dycom
Industries,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.401
%
,
(
3-month
SOFR
+
1.75
%
),
1/27/33
.....................
United
States
10,619
10,648
Diversified
Consumer
Services
0.1%
f
Covista,
Inc.,
First
Lien,
2026
CME
Term
Loan
,
5.87
%
,
(
1-month
SOFR
+
2.25
%
),
3/02/33
............................
United
States
85,185
85,532
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e
Senior
Floating
Rate
Interests
(continued)
f
Electric
Utilities
0.2%
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
9/30/31
..............
United
States
158,788
$
157,612
Constellation
Renewables
LLC,
First
Lien,
CME
Term
Loan
,
5.666
%
,
(
3-month
SOFR
+
2
%
),
12/15/27
................
United
States
94,892
94,793
252,405
a
a
a
a
a
a
f
Entertainment
0.3%
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
6.241
%
,
(
12-month
SOFR
+
2.5
%
),
6/03/33
.....
United
States
54,542
54,625
Live
Nation
Entertainment,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.639
%
,
(
1-month
SOFR
+
2
%
),
10/21/32
.............
United
States
128,458
128,679
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
6.508
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
.....................
United
States
158,329
154,045
337,349
a
a
a
a
a
a
f
Financial
Services
0.4%
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan
,
5.38
%
,
(
1-day
SOFR
+
1.75
%
),
7/30/32
.................
United
States
159,200
158,371
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6
,
5.37
%
,
(
1-month
SOFR
+
1.75
%
),
11/05/32
......
United
States
73,672
73,553
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.2
%
,
(
3-month
SOFR
+
3.5
%
),
8/16/32
......................
United
States
135,983
136,043
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2
,
6.139
%
,
(
1-month
SOFR
+
2.5
%
),
3/18/30
...............
United
States
159,200
158,297
526,264
a
a
a
a
a
a
Food
Products
0.1%
f
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan
,
5.894
%
,
(
1-month
SOFR
+
2.25
%
),
10/28/32
....................
United
States
86,809
87,080
Ground
Transportation
0.1%
f
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.482
%
,
(
3-month
SOFR
+
1.75
%
),
4/10/31
..............
United
States
158,788
158,312
f
Health
Care
Providers
&
Services
0.1%
DaVita,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
5/09/31
............................
United
States
91,372
91,394
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B
,
5.982
%
,
(
3-month
SOFR
+
2.25
%
),
6/09/32
.................................
United
States
16,998
17,023
108,417
a
a
a
a
a
a
f
Hotels,
Restaurants
&
Leisure
0.5%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
9/20/30
.....................
Canada
151,579
151,516
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B
,
5.894
%
,
(
1-month
SOFR
+
2.25
%
),
2/06/30
...
United
States
158,043
153,327
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
5.482
%
,
(
3-month
SOFR
+
1.75
%
),
12/02/30
......
Ireland
158,779
157,627
Penn
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.644
%
,
(
1-month
SOFR
+
2
%
),
5/30/33
.......................
United
States
159,173
158,974
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan
,
5.62
%
,
(
1-month
SOFR
+
2
%
),
11/03/32
United
States
113,306
112,964
734,408
a
a
a
a
a
a
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e
Senior
Floating
Rate
Interests
(continued)
f
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
7/31/30
...................................
United
States
160,000
$
160,074
Talen
Energy
Supply
LLC,
First
Lien,
2025-1
Incremental
CME
Term
Loan,
B
,
5.644
%
,
(
1-month
SOFR
+
2
%
),
11/25/32
.....
United
States
215,156
213,979
374,053
a
a
a
a
a
a
Media
0.1%
f
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.144
%
,
(
1-month
SOFR
+
2.5
%
),
6/28/32
......................
United
States
159,198
157,805
f
Oil,
Gas
&
Consumable
Fuels
0.2%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B
,
5.45
%
,
(
3-month
SOFR
+
1.75
%
),
12/31/32
...........................
United
States
159,598
158,893
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.144
%
,
(
1-month
SOFR
+
2.5
%
),
2/22/30
...............
United
States
159,175
159,658
318,551
a
a
a
a
a
a
Passenger
Airlines
0.1%
f
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan
,
5.925
%
,
(
3-month
SOFR
+
2.25
%
),
4/20/28
.....................
United
States
158,797
158,834
Professional
Services
0.1%
f
SS&C
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B8
,
5.62
%
,
(
1-month
SOFR
+
2
%
),
5/09/31
.......................
United
States
149,146
149,022
f
Software
0.1%
d,g
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan
,
8.1
%
,
(
1-day
SOFR
+
4.5
%
),
11/17/31
.....
United
States
3,308
3,379
Gen
Digital,
Inc.,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
B
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
4/16/32
United
States
158,797
156,951
160,330
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
0.1%
f
Samsonite
IP
Holdings
SARL,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
11/08/32
...........
United
States
61,860
62,151
Trading
Companies
&
Distributors
0.1%
f
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.62
%
,
(
1-month
SOFR
+
2
%
),
4/30/32
.................
United
States
27,948
27,937
d
5.842
%
,
(
12-month
SOFR
+
2
%
),
6/03/33
................
United
States
71,111
71,042
98,979
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
5,185,560
)
.........................
5,173,486
Foreign
Government
and
Agency
Securities
2.7%
a
Bank
Gospodarstwa
Krajowego
,
Senior
Bond
,
Reg
S,
5.375
%
,
5/22/33
.........................................
Poland
200,000
203,302
a
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
100,000
EUR
108,043
Brazil
Government
Bond
,
Senior
Bond
,
3.75
%
,
9/12/31
.......
Brazil
300,000
277,590
a
Bulgaria
Government
Bond
,
Senior
Bond
,
Reg
S,
5
%
,
3/05/37
......................
Bulgaria
30,000
29,341
Senior
Note
,
Reg
S,
3.625
%
,
9/05/32
...................
Bulgaria
70,000
EUR
81,459
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
220,000
222,024
Colombia
Government
Bond
,
Senior
Bond
,
3.125
%
,
4/15/31
...
Colombia
300,000
265,785
a
Dominican
Republic
Government
Bond
,
Senior
Bond
,
Reg
S,
4.5
%
,
1/30/30
....................................
Dominican
Republic
180,000
173,988
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
a
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
250,000
$
251,325
a
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
70,000
73,930
a
Guatemala
Government
Bond
,
Senior
Bond
,
Reg
S,
6.6
%
,
6/13/36
.........................................
Guatemala
200,000
213,576
Indonesia
Government
Bond
,
Senior
Note
,
5.03
%
,
5/29/31
....
Indonesia
200,000
200,983
a
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/15/33
.........................................
Ivory
Coast
200,000
198,789
a
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
100,000
EUR
113,885
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
130,000
120,100
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
20,000
20,189
Philippines
Government
Bond
,
Senior
Bond
,
5.5
%
,
2/04/35
....
Philippines
200,000
204,249
a
Romania
Government
Bond
,
Senior
Bond
,
Reg
S,
5.625
%
,
2/22/36
..................
Romania
100,000
EUR
115,479
Senior
Note
,
144A,
3
%
,
2/27/27
.......................
Romania
100,000
98,808
South
Africa
Government
Bond
,
Senior
Bond
,
4.85
%
,
9/27/27
..
South
Africa
200,000
200,690
Turkiye
Government
Bond
,
Senior
Bond
,
5.95
%
,
1/15/31
......
Turkiye
200,000
196,995
Uruguay
Government
Bond
,
Senior
Bond
,
7.875
%
,
1/15/33
....
Uruguay
110,000
128,777
Total
Foreign
Government
and
Agency
Securities
(Cost
$
3,500,900
)
.............
3,499,307
Asset-Backed
Securities
13.2%
Capital
Markets
0.2%
a
,f
Magnetite
XL
Ltd.
,
2024-40A
,
A1
,
144A,
FRN
,
5.123
%
,
(
3-month
SOFR
+
1.45
%
),
7/15/37
.
............................
United
States
250,000
250,216
Consumer
Finance
1.6%
Capital
One
Prime
Auto
Receivables
Trust
,
2025-1
,
A3
,
3.85
%
,
7/15/30
.
.........................................
United
States
193,000
191,360
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-1
,
A3
,
4.66
%
,
2/16/28
.
................................
United
States
93,182
93,291
Harley-Davidson
Motorcycle
Trust
,
2024-B
,
A3
,
4.31
%
,
7/16/29
..........................
United
States
534,595
534,626
2025-A
,
A3
,
4.67
%
,
4/15/30
..........................
United
States
105,000
105,355
Hyundai
Auto
Receivables
Trust
,
2023-B
,
A3
,
5.48
%
,
4/17/28
..........................
United
States
166,743
167,322
f
2025-C
,
A2B
,
FRN
,
3.943
%
,
(
30-day
SOFR
Average
+
0.35
%
),
7/17/28
.........................................
United
States
400,535
400,553
f
2026-A
,
A2B
,
FRN
,
3.933
%
,
(
30-day
SOFR
Average
+
0.34
%
),
2/15/29
.........................................
United
States
252,000
252,080
Toyota
Auto
Receivables
Owner
Trust
,
2024-A
,
A3
,
4.83
%
,
10/16/28
.........................
United
States
79,417
79,665
2026-A
,
A3
,
3.86
%
,
9/16/30
..........................
United
States
50,000
49,549
World
Omni
Auto
Receivables
Trust
,
2025-C
,
A3
,
4.08
%
,
11/15/30
.........................
United
States
100,000
99,605
2026-A
,
A3
,
3.86
%
,
5/15/31
..........................
United
States
238,000
235,177
2,208,583
a
a
a
a
a
a
Consumer
Staples
Distribution
&
Retail
0.0%
†
CVS
Pass-Through
Trust
,
6.036
%
,
12/10/28
..................................
United
States
7,285
7,309
a
2013
,
144A,
4.704
%
,
1/10/36
.........................
United
States
75,951
70,931
78,240
a
a
a
a
a
a
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
11.4%
a
,f
AGL
Core
CLO
31
Ltd.
,
2024-31A
,
A
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
7/20/37
.
.....................
United
States
250,000
$
250,373
a
,f
AIMCO
CLO
17
Ltd.
,
2022-17A
,
A1R
,
144A,
FRN
,
5.014
%
,
(
3-month
SOFR
+
1.35
%
),
7/20/37
.
....................
Jersey
250,000
250,724
a
,f
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.112
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
250,000
250,318
a
,f
Apex
Credit
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.187
%
,
(
3-month
SOFR
+
1.52
%
),
7/25/37
.
............................
United
States
250,000
250,620
a
,f
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.814
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
250,000
250,227
a
,f
Battalion
CLO
18
Ltd.
,
2020-18A
,
ARR
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.18
%
),
10/15/36
.
...................
United
States
235,000
235,276
a
,f
Beechwood
Park
CLO
Ltd.
,
2019-1A
,
A2RR
,
144A,
FRN
,
5.01
%
,
(
3-month
SOFR
+
1.33
%
),
1/17/35
.
....................
Jersey
350,000
350,176
a
,f
Birch
Grove
CLO
2
Ltd.
,
2021-2A
,
A1R
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
10/19/37
.
....................
United
States
175,000
175,348
a
,f
BlueMountain
CLO
XXVI
Ltd.
,
2019-26A
,
CR2
,
144A,
FRN
,
5.488
%
,
(
3-month
SOFR
+
1.85
%
),
10/20/34
.
.............
United
States
500,000
500,000
a
,f
BRAVO
Residential
Funding
Trust
,
2025-HE1
,
A1
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
.
........
United
States
130,199
130,600
a
,f
Carlyle
US
CLO
Ltd.
,
2020-2A
,
A1R2
,
144A,
FRN
,
4.747
%
,
(
3-month
SOFR
+
1.08
%
),
1/25/35
.
....................
United
States
390,000
390,385
CarMax
Auto
Owner
Trust
,
2024-3
,
A3
,
4.89
%
,
7/16/29
..........................
United
States
602,667
605,521
2026-1
,
A2A
,
3.87
%
,
4/16/29
.........................
United
States
155,000
154,518
2026-1
,
A3
,
4.04
%
,
3/17/31
..........................
United
States
124,000
123,173
a
Chase
Auto
Owner
Trust
,
2024-3A
,
A3
,
144A,
5.22
%
,
7/25/29
.
..
United
States
474,732
477,251
a
,f
CIFC
Funding
Ltd.
,
2014-2RA
,
AR
,
144A,
FRN
,
5.027
%
,
(
3-month
SOFR
+
1.36
%
),
10/24/37
........................................
United
States
250,000
250,249
2021-4A
,
AR
,
144A,
FRN
,
5.026
%
,
(
3-month
SOFR
+
1.36
%
),
7/23/37
.........................................
United
States
250,000
250,725
2021-7A
,
AR
,
144A,
FRN
,
4.756
%
,
(
3-month
SOFR
+
1.09
%
),
1/23/35
.........................................
United
States
322,000
322,318
a
Compass
Datacenters
Issuer
II
LLC
,
2024-2A
,
A1
,
144A,
5.022
%
,
8/25/49
...................
United
States
203,000
201,564
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
..................
United
States
392,000
384,061
a
Corporate
One
Auto
Receivables
Trust
,
2026-1A
,
A2
,
144A,
4.13
%
,
9/15/28
.
...................................
United
States
331,000
330,694
a
,f
Crown
Point
CLO
10
Ltd.
,
2021-10A
,
A
,
144A,
FRN
,
5.107
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
250,000
250,430
a
,f
Diameter
Capital
CLO
7
Ltd.
,
2024-7A
,
A1A
,
144A,
FRN
,
5.155
%
,
(
3-month
SOFR
+
1.48
%
),
7/20/37
.
....................
United
States
250,000
250,312
a
,f
Elmwood
CLO
16
Ltd.
,
2022-3A
,
BRR
,
144A,
FRN
,
5.125
%
,
(
3-month
SOFR
+
1.45
%
),
4/20/37
.
....................
United
States
300,000
300,513
a
,f
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1R3
,
144A,
FRN
,
4.795
%
,
(
3-month
SOFR
+
1.12
%
),
4/20/37
.
....................
United
States
100,000
99,951
a
,f
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.055
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
250,000
250,216
Ford
Credit
Auto
Owner
Trust
,
2024-B
,
A3
,
5.1
%
,
4/15/29
.
.....
United
States
542,557
545,692
Honda
Auto
Receivables
Owner
Trust
,
2025-4
,
A2A
,
4.04
%
,
6/15/28
.........................
United
States
289,109
288,904
2026-1
,
A2A
,
3.71
%
,
9/21/28
.........................
United
States
384,000
382,738
a
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
325,000
323,487
a
,f
J.P.
Morgan
Mortgage
Trust
,
2023-HE3
,
A1
,
144A,
FRN
,
5.209
%
,
(
30-day
SOFR
Average
+
1.6
%
),
5/20/54
....................................
United
States
195,073
195,656
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
a,f
J.P.
Morgan
Mortgage
Trust,
(continued)
2026-HE1
,
A1
,
144A,
FRN
,
4.859
%
,
(
30-day
SOFR
Average
+
1.25
%
),
9/20/56
...................................
United
States
51,046
$
51,265
a
Lendbuzz
Securitization
Trust
,
2024-3A
,
A2
,
144A,
4.97
%
,
10/15/29
.
........................................
United
States
111,778
111,821
a
,f
MP
CLO
VIII
Ltd.
,
2015-2A
,
CR3
,
144A,
FRN
,
5.497
%
,
(
3-month
SOFR
+
1.85
%
),
4/28/34
.
............................
United
States
550,000
551,249
a
,f
Neuberger
Berman
Loan
Advisers
CLO
25
Ltd.
,
2017-25A
,
AR2
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
7/18/38
.
.....
United
States
250,000
250,217
a
,f
Northwoods
Capital
27
Ltd.
,
2021-27A
,
A1R
,
144A,
FRN
,
4.86
%
,
(
3-month
SOFR
+
1.18
%
),
10/17/34
.
...................
United
States
350,000
350,407
a
,d
,f
Northwoods
Capital
Ltd.
,
2018-11BAR
,
D1R2
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
3.55
%
),
7/19/37
.
................
United
States
275,000
275,275
a
,f
Oaktree
CLO
Ltd.
,
2019-4A
,
ARR
,
144A,
FRN
,
5.185
%
,
(
3-month
SOFR
+
1.51
%
),
7/20/37
.........................................
United
States
250,000
250,317
2019-4AR
,
AR3
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.23
%
),
7/20/37
...................................
United
States
250,000
250,124
2021-1A
,
A1R
,
144A,
FRN
,
5.023
%
,
(
3-month
SOFR
+
1.35
%
),
1/15/38
.........................................
United
States
250,000
250,550
a
OCCU
Auto
Receivables
Trust
,
2025-1A
,
A3
,
144A,
4.81
%
,
11/15/29
.
........................................
United
States
110,000
110,370
a
PRET
LLC
,
2026-NPL3
,
A1
,
144A,
4.968
%
,
2/25/56
.
.........
United
States
495,644
491,595
a
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
.
.........
United
States
103,466
103,597
a
RCO
IX
Mortgage
LLC
,
2026-2
,
A1
,
144A,
5.765
%
,
5/25/31
.
...
United
States
96,850
96,756
a
,d
,f
Regatta
XI
Funding
Ltd.
,
2018-1AR
,
D1R2
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
2.95
%
),
7/17/37
.
................
United
States
250,000
250,250
a
,f
RR
29
Ltd.
,
2024-29RA
,
A1R
,
144A,
FRN
,
5.063
%
,
(
3-month
SOFR
+
1.39
%
),
7/15/39
.
............................
United
States
250,000
250,680
a
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
249,000
247,061
a
,f
Sound
Point
CLO
XXVI
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
5.107
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
250,000
250,361
a
,f
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.697
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
250,000
250,117
a
Stack
Infrastructure
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5
%
,
3/27/56
.
United
States
245,000
237,717
a
,f
Trinitas
CLO
XVI
Ltd.
,
2021-16A
,
A1R
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
7/20/34
.
....................
United
States
340,000
340,367
a
USB
Auto
Owner
Trust
,
2025-1A
,
A3
,
144A,
4.49
%
,
6/17/30
.
...
United
States
139,000
139,220
a
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
87,430
86,832
a
,f
Voya
CLO
Ltd.
,
2024-4A
,
A1
,
144A,
FRN
,
5.025
%
,
(
3-month
SOFR
+
1.35
%
),
7/20/37
.
............................
United
States
250,000
250,522
a
,f
Wise
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.133
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.
.................................
United
States
250,000
250,226
14,718,916
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
17,266,683
)
.............................
17,255,955
Commercial
Mortgage-Backed
Securities
5.6%
Financial
Services
5.6%
h
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
B
,
FRN
,
4.429
%
,
9/15/48
..............................
United
States
196,829
196,122
BANK
,
a
2018-BN11
,
D
,
144A,
3
%
,
3/15/61
.....................
United
States
100,000
86,217
h,i
2018-BN13
,
XA
,
IO,
FRN
,
0.599
%
,
8/15/61
..............
United
States
5,547,509
46,799
h
2019-BN19
,
C
,
FRN
,
4.165
%
,
8/15/61
..................
United
States
92,000
69,096
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
h
BANK5
Trust
,
i
2025-5YR15
,
XA
,
IO,
FRN
,
1.438
%
,
7/15/58
.............
United
States
1,430,160
$
61,865
2026-5YR22
,
C
,
FRN
,
5.962
%
,
6/15/59
.................
United
States
145,000
145,439
a
,h
Barclays
Commercial
Mortgage
Trust
,
2019-C5
,
F
,
144A,
FRN
,
2.665
%
,
11/15/52
..................................
United
States
234,000
138,745
h
,i
BBCMS
Mortgage
Trust
,
2023-C20
,
XB
,
IO,
FRN
,
0.771
%
,
7/15/56
................
United
States
4,831,000
150,170
2025-5C34
,
XA
,
IO,
FRN
,
1.394
%
,
5/15/58
...............
United
States
1,064,491
42,257
2025-5C38
,
XA
,
IO,
FRN
,
1.674
%
,
11/15/58
..............
United
States
2,323,000
128,748
Benchmark
Mortgage
Trust
,
h
2018-B6
,
B
,
FRN
,
4.738
%
,
10/10/51
....................
United
States
139,000
131,610
2019-B13
,
A2
,
2.889
%
,
8/15/57
.......................
United
States
151,819
146,755
a
2025-V18
,
D
,
144A,
4.5
%
,
10/15/58
....................
United
States
169,000
143,341
a,h,i
2025-V18
,
XD
,
IO,
144A,
FRN
,
2.164
%
,
10/15/58
..........
United
States
1,000,000
72,879
2026-V21
,
AS
,
5.506
%
,
3/15/59
.......................
United
States
134,000
135,189
h,i
2026-V21
,
XA
,
IO,
FRN
,
1.648
%
,
3/15/59
................
United
States
1,191,819
70,354
a
,f
BIKE
Pass-Through
Trust
,
2026-BAND
,
B
,
144A,
FRN
,
7.78
%
,
(
1-month
SOFR
+
4.15
%
),
7/15/43
.....................
United
States
110,000
110,292
h
,i
BMO
Mortgage
Trust
,
2025-5C10
,
XA
,
IO,
FRN
,
1.58
%
,
5/15/58
United
States
999,804
43,889
a
,f
BX
Commercial
Mortgage
Trust
,
2026-CSMO
,
C
,
144A,
FRN
,
5.625
%
,
(
1-month
SOFR
+
2
%
),
2/15/43
................
United
States
200,000
202,112
a
BX
Trust
,
h
2025-ARIA
,
C
,
144A,
FRN
,
5.701
%
,
12/13/42
.............
United
States
166,000
165,771
f
2025-VOLT
,
A
,
144A,
FRN
,
5.325
%
,
(
1-month
SOFR
+
1.7
%
),
12/15/44
........................................
United
States
140,000
140,362
a
,h
CFCRE
Commercial
Mortgage
Trust
,
2011-C2
,
D
,
144A,
FRN
,
5.08
%
,
12/15/47
...................................
United
States
24,260
23,865
COMM
Mortgage
Trust
,
a,h
2012-CR1
,
D
,
144A,
FRN
,
5.274
%
,
5/15/45
..............
United
States
65,221
61,158
2012-CR4
,
AM
,
3.251
%
,
10/15/45
.....................
United
States
138,000
134,024
a,h
2013-CR13
,
D
,
144A,
FRN
,
5.002
%
,
11/10/46
............
United
States
226,922
128,490
h
2014-CR17
,
C
,
FRN
,
4.941
%
,
5/10/47
..................
United
States
193,000
188,306
a,h
2014-CR17
,
D
,
144A,
FRN
,
5.005
%
,
5/10/47
.............
United
States
198,000
175,426
a
,h
,i
Credit
Suisse
Commercial
Mortgage
Trust
,
2007-C2
,
AX
,
IO,
144A,
FRN
,
0.029
%
,
1/15/49
.........................
United
States
2,967,697
819
h
CSAIL
Commercial
Mortgage
Trust
,
2015-C1
,
C
,
FRN
,
3.891
%
,
4/15/50
.........................................
United
States
116,000
110,489
h
,i
CSMC
Trust
,
2016-NXSR
,
XA
,
IO,
FRN
,
0.714
%
,
12/15/49
....
United
States
2,774,846
224
a
,h
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.534
%
,
8/10/44
.........................................
United
States
256,577
250,945
h
GS
Mortgage
Securities
Trust
,
i
2014-GC22
,
XA
,
IO,
FRN
,
0.715
%
,
6/10/47
..............
United
States
2,431,738
13,713
a
2014-GC24
,
D
,
144A,
FRN
,
4.47
%
,
9/10/47
..............
United
States
120,000
84,901
a
,h
IRV
Trust
,
2025-200P
,
C
,
144A,
FRN
,
5.921
%
,
3/14/47
.......
United
States
200,000
200,138
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
a,h
2007-CB20
,
E
,
144A,
FRN
,
10.072
%
,
2/12/51
............
United
States
4,331
6,114
a,h
2011-C3
,
B
,
144A,
FRN
,
5.013
%
,
2/15/46
................
United
States
119,218
118,782
a,h
2012-C6
,
E
,
144A,
FRN
,
5.138
%
,
5/15/45
...............
United
States
26,786
26,523
a,h
2012-LC9
,
D
,
144A,
FRN
,
3.691
%
,
12/15/47
.............
United
States
127,000
124,058
2016-JP3
,
AS
,
3.144
%
,
8/15/49
.......................
United
States
215,000
209,143
h
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12
,
C
,
FRN
,
4.072
%
,
7/15/45
...................
United
States
72,952
72,068
a
2013-C14
,
D
,
144A,
FRN
,
4.171
%
,
8/15/46
..............
United
States
122,000
97,371
i
2014-C22
,
XA
,
IO,
FRN
,
1.402
%
,
9/15/47
................
United
States
696,166
11
i
2014-C25
,
XA
,
IO,
FRN
,
0.545
%
,
11/15/47
...............
United
States
461,970
1,878
a
,h
,i
LCCM
Trust
,
2017-LC26
,
XA
,
IO,
144A,
FRN
,
1.666
%
,
7/12/50
.
United
States
5,508,866
36,844
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
a
,h
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
6.571
%
,
10/15/42
..................................
United
States
261,000
$
263,285
h
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
2013-C10
,
B
,
FRN
,
4.081
%
,
7/15/46
...................
United
States
61,799
58,795
a
2013-C10
,
F
,
144A,
FRN
,
4.081
%
,
7/15/46
...............
United
States
273,000
45,361
2013-C9
,
B
,
FRN
,
3.708
%
,
5/15/46
....................
United
States
49,279
47,107
2015-C22
,
B
,
FRN
,
3.883
%
,
4/15/48
...................
United
States
225,000
206,020
i
2025-5C2
,
XA
,
IO,
FRN
,
1.455
%
,
11/15/58
...............
United
States
1,687,000
80,579
Morgan
Stanley
Capital
I
Trust
,
a,h
2011-C3
,
E
,
144A,
FRN
,
5.069
%
,
7/15/49
................
United
States
26,093
26,010
h,i
2016-BNK2
,
XA
,
IO,
FRN
,
1.065
%
,
11/15/49
.............
United
States
2,833,119
4,806
h,i
2016-UB12
,
XA
,
IO,
FRN
,
0.758
%
,
12/15/49
.............
United
States
6,945,334
154
a
2018-H3
,
D
,
144A,
3
%
,
7/15/51
.......................
United
States
110,000
93,782
h
2018-L1
,
C
,
FRN
,
4.932
%
,
10/15/51
....................
United
States
205,000
187,970
h,i
2019-H7
,
XA
,
IO,
FRN
,
1.363
%
,
7/15/52
.................
United
States
4,424,442
134,268
a
,j
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
859,373
107
UBS
Commercial
Mortgage
Trust
,
2017-C7
,
A4
,
3.679
%
,
12/15/50
.......................
United
States
128,000
126,038
h,i
2017-C7
,
XA
,
IO,
FRN
,
1.114
%
,
12/15/50
................
United
States
3,854,757
42,355
h,i
2018-C12
,
XA
,
IO,
FRN
,
1.001
%
,
8/15/51
................
United
States
3,969,031
56,200
a,h
2018-C15
,
D
,
144A,
FRN
,
5.307
%
,
12/15/51
.............
United
States
87,000
79,061
h,i
2019-C17
,
XA
,
IO,
FRN
,
1.577
%
,
10/15/52
...............
United
States
5,442,623
203,956
a
,h
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.424
%
,
7/10/36
.........
United
States
133,000
132,756
a
,h
VRTX
Trust
,
2025-HQ
,
D
,
144A,
FRN
,
6.815
%
,
8/05/42
.......
United
States
191,000
189,030
h
,i
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.488
%
,
11/15/48
..................................
United
States
3,172
2
Wells
Fargo
Commercial
Mortgage
Trust
,
a
2014-LC16
,
D
,
144A,
3.938
%
,
8/15/50
..................
United
States
68,179
8,242
2015-C31
,
D
,
3.852
%
,
11/15/48
.......................
United
States
116,000
105,557
h,i
2017-C41
,
XA
,
IO,
FRN
,
1.29
%
,
11/15/50
................
United
States
2,984,212
30,103
h,i
2018-C43
,
XA
,
IO,
FRN
,
0.717
%
,
3/15/51
................
United
States
12,635,263
111,190
2019-C49
,
B
,
4.546
%
,
3/15/52
........................
United
States
148,000
142,335
a
2019-C50
,
D
,
144A,
3
%
,
5/15/52
......................
United
States
89,000
71,401
h,i
2019-C50
,
XA
,
IO,
FRN
,
1.571
%
,
5/15/52
................
United
States
2,158,110
64,855
a
2019-C53
,
D
,
144A,
2.5
%
,
10/15/52
....................
United
States
218,000
174,274
h
2020-C57
,
C
,
FRN
,
4.157
%
,
8/15/53
...................
United
States
122,000
111,939
h
WFRBS
Commercial
Mortgage
Trust
,
i
2013-C14
,
XA
,
IO,
FRN
,
0.456
%
,
6/15/46
................
United
States
126,453
1
a
2013-C15
,
D
,
144A,
FRN
,
4.286
%
,
8/15/46
..............
United
States
90,551
63,884
i
2014-C22
,
XA
,
IO,
FRN
,
0.383
%
,
9/15/57
................
United
States
1,430,682
246
7,354,971
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
8,092,370
)
...............
7,354,971
Mortgage-Backed
Securities
32.5%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.2%
FHLMC
Pool,
30
Year
,
3
%,
3/01/43
-
6/01/46
...............
United
States
460,022
414,845
FHLMC
Pool,
30
Year
,
3.5
%,
8/01/43
-
2/01/47
.............
United
States
772,203
717,673
FHLMC
Pool,
30
Year
,
4
%,
9/01/45
......................
United
States
223,158
212,878
FHLMC
Pool,
30
Year
,
4.5
%,
8/01/44
-
3/01/45
.............
United
States
164,054
160,227
1,505,623
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
24.2%
FNMA
,
3.5
%,
6/01/56
................................
United
States
1,018,400
923,584
FNMA
,
3.5
%,
9/01/57
................................
United
States
663,111
597,244
FNMA
,
5.28
%,
12/01/28
..............................
United
States
226,000
229,667
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
FNMA,
15
Year
,
2
%,
2/01/37
...........................
United
States
701,388
$
640,893
FNMA,
30
Year
,
3
%,
9/01/42
-
8/01/46
....................
United
States
881,698
794,375
FNMA,
30
Year
,
3
%,
4/01/52
...........................
United
States
817,611
718,020
FNMA,
30
Year
,
3.5
%,
7/01/43
.........................
United
States
161,987
150,872
FNMA,
30
Year
,
4
%,
9/01/45
-
6/01/46
....................
United
States
371,237
354,252
FNMA,
30
Year
,
4.5
%,
7/01/44
-
5/01/45
..................
United
States
365,490
354,361
FNMA,
30
Year
,
5
%,
3/01/38
...........................
United
States
2,822
2,847
FNMA,
30
Year
,
5.5
%,
9/01/53
.........................
United
States
81,102
82,044
k
Uniform
Mortgage-Backed
Securities
,
1.5
%
,
TBA,
8/25/41
.....
United
States
1,000,000
891,474
k
Uniform
Mortgage-Backed
Securities
,
2
%
,
TBA,
8/25/56
......
United
States
9,000,000
7,185,894
k
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
8/25/56
.....
United
States
7,000,000
5,847,734
k
Uniform
Mortgage-Backed
Securities
,
3
%
,
TBA,
7/25/56
......
United
States
800,000
702,750
k
Uniform
Mortgage-Backed
Securities
,
3
%
,
TBA,
8/25/56
......
United
States
800,000
697,250
k
Uniform
Mortgage-Backed
Securities
,
3.5
%
,
TBA,
7/25/56
.....
United
States
1,000,000
912,344
k
Uniform
Mortgage-Backed
Securities
,
4
%
,
TBA,
8/25/56
......
United
States
1,000,000
934,060
k
Uniform
Mortgage-Backed
Securities
,
4.5
%
,
TBA,
8/25/56
.....
United
States
1,500,000
1,435,840
k
Uniform
Mortgage-Backed
Securities
,
5
%
,
TBA,
8/25/56
......
United
States
2,000,000
1,963,128
k
Uniform
Mortgage-Backed
Securities
,
5.5
%
,
TBA,
8/25/56
.....
United
States
2,500,000
2,504,668
k
Uniform
Mortgage-Backed
Securities
,
6
%
,
TBA,
7/25/56
......
United
States
1,800,000
1,839,797
k
Uniform
Mortgage-Backed
Securities
,
6
%
,
TBA,
8/25/56
......
United
States
1,800,000
1,834,353
31,597,451
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
7.1%
GNMA
I,
Single-family,
30
Year
,
3.5
%,
11/15/47
.............
United
States
40,340
37,002
GNMA
II,
30
Year
,
5.5
%,
7/20/53
........................
United
States
372,487
380,366
GNMA
II,
Single-family,
30
Year
,
3
%,
2/20/53
...............
United
States
847,975
757,580
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/47
-
11/20/49
....
United
States
552,266
501,504
GNMA
II,
Single-family,
30
Year
,
4
%,
2/20/48
-
5/20/48
.......
United
States
594,668
549,718
GNMA
II,
Single-family,
30
Year
,
4.5
%,
7/20/47
.............
United
States
795,610
781,263
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/48
.............
United
States
75,051
72,885
GNMA
II,
Single-family,
30
Year
,
5
%,
5/20/48
-
6/20/48
.......
United
States
207,996
208,880
k
GNMA
II,
Single-family,
30
Year
,
5
%,
8/15/56
...............
United
States
3,000,000
2,954,829
GNMA
II,
Single-family,
30
Year
,
5.5
%,
6/20/53
-
7/20/53
......
United
States
200,849
204,733
GNMA
II,
Single-family,
30
Year
,
5.5
%,
4/20/54
.............
United
States
934,400
949,583
k
GNMA
II,
Single-family,
30
Year
,
6
%,
7/15/56
...............
United
States
1,000,000
1,021,680
GNMA
II,
Single-family,
30
Year
,
6
%,
11/20/53
..............
United
States
747,107
783,598
9,203,621
Total
Mortgage-Backed
Securities
(Cost
$
43,007,809
)
..........................
42,306,695
Residential
Mortgage-Backed
Securities
6.7%
Financial
Services
6.7%
a
A&D
Mortgage
Trust
,
2023-NQM4
,
A1
,
144A,
7.472
%
,
9/25/68
.
United
States
407,286
408,947
a
Angel
Oak
Mortgage
Trust
,
2023-3
,
A1
,
144A,
4.8
%
,
9/26/67
...
United
States
80,770
80,334
a
,h
Arroyo
Mortgage
Trust
,
2019-3
,
M1
,
144A,
FRN
,
4.204
%
,
10/25/48
........................................
United
States
330,000
313,677
a
BRAVO
Residential
Funding
Trust
,
h
2020-RPL1
,
M1
,
144A,
FRN
,
3.25
%
,
5/26/59
.............
United
States
353,000
337,597
2023-NQM8
,
A1
,
144A,
6.394
%
,
10/25/63
...............
United
States
62,752
62,856
2024-NQM2
,
A1
,
144A,
6.285
%
,
2/25/64
................
United
States
64,645
64,880
a
,h
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A3
,
144A,
FRN
,
3.253
%
,
2/25/55
...................................
United
States
332,000
325,563
a
,f
Chase
Home
Lending
Mortgage
Trust
,
2025-10
,
A11
,
144A,
FRN
,
4.928
%
,
(
30-day
SOFR
Average
+
1.3
%
),
7/25/56
.........
United
States
80,041
80,262
a
,f
Chevy
Chase
Funding
LLC
,
2004-3A
,
A2
,
144A,
FRN
,
4.063
%
,
(
1-month
SOFR
+
0.414
%
),
8/25/35
....................
United
States
32,586
32,156
a
COLT
Mortgage
Loan
Trust
,
2023-3
,
A1
,
144A,
7.18
%
,
9/25/68
.
United
States
325,180
325,782
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
a
,h
Ellington
Financial
Mortgage
Trust
,
2020-1
,
A2
,
144A,
FRN
,
3.149
%
,
5/25/65
...................................
United
States
115,509
$
114,540
h
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
,
a
2019-2
,
M
,
144A,
FRN
,
4.75
%
,
8/25/58
.................
United
States
205,417
200,396
2019-3
,
M
,
FRN
,
4.75
%
,
10/25/58
.....................
United
States
239,129
235,629
a
,f
FHLMC
STACR
REMIC
Trust
,
2021-DNA5
,
M2
,
144A,
FRN
,
5.278
%
,
(
30-day
SOFR
Average
+
1.65
%
),
1/25/34
.................................
United
States
1,863
1,865
2021-DNA6
,
M2
,
144A,
FRN
,
5.128
%
,
(
30-day
SOFR
Average
+
1.5
%
),
10/25/41
.................................
United
States
43,478
43,534
2021-DNA7
,
M2
,
144A,
FRN
,
5.428
%
,
(
30-day
SOFR
Average
+
1.8
%
),
11/25/41
..................................
United
States
108,000
108,249
2022-DNA2
,
M1A
,
144A,
FRN
,
4.928
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/42
..................................
United
States
600
601
2022-HQA1
,
M2
,
144A,
FRN
,
8.878
%
,
(
30-day
SOFR
Average
+
5.25
%
),
3/25/42
.................................
United
States
911,000
937,526
2023-DNA1
,
M1A
,
144A,
FRN
,
5.73
%
,
(
30-day
SOFR
Average
+
2.1
%
),
3/25/43
..................................
United
States
20,125
20,362
2023-HQA3
,
M1
,
144A,
FRN
,
5.478
%
,
(
30-day
SOFR
Average
+
1.85
%
),
11/25/43
.................................
United
States
7,524
7,561
2025-DNA1
,
A1
,
144A,
FRN
,
4.578
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/45
...................................
United
States
41,400
41,450
2025-DNA3
,
M1
,
144A,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
9/25/45
..................................
United
States
84,483
84,568
a
,f
FNMA
Connecticut
Avenue
Securities
Trust
,
2021-R03
,
1M2
,
144A,
FRN
,
5.278
%
,
(
30-day
SOFR
Average
+
1.65
%
),
12/25/41
..................................
United
States
22,779
22,854
2022-R03
,
1M2
,
144A,
FRN
,
7.128
%
,
(
30-day
SOFR
Average
+
3.5
%
),
3/25/42
....................................
United
States
19,000
19,335
2022-R04
,
1M2
,
144A,
FRN
,
6.728
%
,
(
30-day
SOFR
Average
+
3.1
%
),
3/25/42
....................................
United
States
19,000
19,240
2023-R06
,
1M1
,
144A,
FRN
,
5.328
%
,
(
30-day
SOFR
Average
+
1.7
%
),
7/25/43
....................................
United
States
3,782
3,790
2024-R06
,
1A1
,
144A,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
9/25/44
...................................
United
States
37,083
37,189
2025-R01
,
1A1
,
144A,
FRN
,
4.578
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/45
...................................
United
States
18,297
18,315
2025-R01
,
1M1
,
144A,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
1/25/45
....................................
United
States
6,678
6,681
2025-R02
,
1A1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/45
.....................................
United
States
19,967
19,999
2025-R02
,
1M1
,
144A,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
2/25/45
...................................
United
States
18,320
18,326
2025-R03
,
2A1
,
144A,
FRN
,
5.078
%
,
(
30-day
SOFR
Average
+
1.45
%
),
3/25/45
...................................
United
States
23,617
23,738
2026-R01
,
2A1
,
144A,
FRN
,
4.478
%
,
(
30-day
SOFR
Average
+
0.85
%
),
1/25/46
...................................
United
States
125,707
125,712
2026-R01
,
2M1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
1/25/46
.....................................
United
States
117,389
117,400
a
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
22,493
21,959
a
Imperial
Fund
Mortgage
Trust
,
2022-NQM7
,
A1
,
144A,
7.369
%
,
11/25/67
........................................
United
States
211,129
211,346
a
J.P.
Morgan
Mortgage
Trust
,
f
2024-9
,
A11
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
2/25/55
...................................
United
States
92,256
92,429
2026-NQX2
,
A1FC
,
144A,
5.628
%
,
10/25/66
.............
United
States
185,000
185,000
a
,h
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
3.933
%
,
8/26/47
..............................
United
States
12,242
12,260
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
a
,f
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-4
,
AF
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/54
United
States
39,912
$
40,004
a
,h
New
Residential
Mortgage
Loan
Trust
,
2020-NQM2
,
A2
,
144A,
FRN
,
2.891
%
,
5/24/60
..............................
United
States
212,000
202,585
a
OBX
Trust
,
2022-NQM7
,
A1
,
144A,
5.11
%
,
8/25/62
.................
United
States
200,242
199,867
2023-NQM7
,
A1
,
144A,
6.844
%
,
4/25/63
................
United
States
209,076
209,813
f
2025-J2
,
AF
,
144A,
FRN
,
4.928
%
,
(
30-day
SOFR
Average
+
1.3
%
),
9/25/55
....................................
United
States
83,411
83,667
a
,h
Onity
Loan
Investment
Trust
,
2026-HB3
,
A
,
144A,
FRN
,
3
%
,
6/25/39
.........................................
United
States
100,000
97,958
a
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
95,397
94,670
a
PRKCM
Trust
,
2023-AFC2
,
A1
,
144A,
6.482
%
,
6/25/58
.......
United
States
280,515
279,880
a
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
185,038
182,845
a
,h
Residential
Mortgage
Loan
Trust
,
2020-2
,
A3
,
144A,
FRN
,
2.911
%
,
5/25/60
...................................
United
States
400,844
395,663
a
,f
Station
Place
Securitization
Trust
,
2025-1
,
A
,
144A,
FRN
,
4.543
%
,
(
1-month
SOFR
+
0.9
%
),
7/23/26
.........................................
United
States
277,000
277,140
2025-3
,
A
,
144A,
FRN
,
4.543
%
,
(
1-month
SOFR
+
0.9
%
),
9/23/26
.........................................
United
States
280,000
281,350
2025-7
,
A
,
144A,
FRN
,
4.543
%
,
(
1-month
SOFR
+
0.9
%
),
11/24/26
........................................
United
States
476,000
478,780
a
,h
Towd
Point
Mortgage
Trust
,
2018-5
,
M1
,
144A,
FRN
,
3.25
%
,
7/25/58
.........................................
United
States
153,000
129,543
a
Verus
Securitization
Trust
,
2024-1
,
A1
,
144A,
5.712
%
,
1/25/69
.
United
States
190,140
190,296
a
Visio
Trust
,
2022-1
,
A2
,
144A,
5.85
%
,
8/25/57
..............
United
States
84,307
84,100
f
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
2005-AR13
,
A1C4
,
FRN
,
4.623
%
,
(
1-month
SOFR
+
0.974
%
),
10/25/45
........................................
United
States
441,681
427,893
2005-AR17
,
A1B2
,
FRN
,
4.583
%
,
(
1-month
SOFR
+
0.934
%
),
12/25/45
........................................
United
States
369,979
342,674
8,782,636
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
8,567,315
)
................
8,782,636
Agency
Commercial
Mortgage-Backed
Securities
5.1%
Financial
Services
5.1%
FHLMC
,
f
3065
,
DC
,
FRN
,
8.738
%
,
(
-
3
x
30-day
SOFR
Average
+
19.517
%
),
3/15/35
.................................
United
States
47,157
47,897
h
3117
,
AF
,
FRN
,
Zero
Cpn.,
2/15/36
.....................
United
States
2,766
2,441
3369
,
BO
,
Strip
,
9/15/37
.............................
United
States
680
581
3391
,
Strip
,
4/15/37
................................
United
States
8,273
7,227
f
3408
,
EK
,
FRN
,
10.875
%
,
(
-
4
x
30-day
SOFR
Average
+
25.332
%
),
4/15/37
.................................
United
States
46,749
53,074
i
4018
,
DI
,
IO,
4.5
%
,
7/15/41
..........................
United
States
3,491
11
f
406
,
F30
,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
10/25/53
........................................
United
States
104,959
105,997
i
4132
,
IP
,
IO,
4.5
%
,
11/15/42
..........................
United
States
78,575
5,140
f,i
4945
,
SL
,
IO,
FRN
,
2.308
%
,
(
-
1
x
30-day
SOFR
Average
+
5.936
%
),
1/25/50
..................................
United
States
3,037,860
324,691
i
5050
,
IM
,
IO,
3.5
%
,
10/25/50
.........................
United
States
3,014,091
584,204
i
5349
,
IB
,
IO,
4
%
,
12/15/46
...........................
United
States
393,942
81,868
f
5391
,
FA
,
FRN
,
4.828
%
,
(
30-day
SOFR
Average
+
1.2
%
),
3/25/54
.........................................
United
States
331,353
334,298
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FHLMC,
(continued)
f
5419
,
AF
,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
6/25/54
.........................................
United
States
232,692
$
235,051
f
5473
,
GF
,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
11/25/54
........................................
United
States
128,256
129,273
f
5499
,
CF
,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/55
United
States
179,800
180,990
a
,f
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN3
,
M2
,
144A,
FRN
,
7.628
%
,
(
30-day
SOFR
Average
+
4
%
),
11/25/51
.
United
States
337,000
346,234
FNMA
,
f,i
2010-35
,
SG
,
IO,
FRN
,
2.658
%
,
(
-
1
x
30-day
SOFR
Average
+
6.286
%
),
4/25/40
..................................
United
States
172,631
16,844
i
2015-33
,
AI
,
IO,
5
%
,
6/25/45
.........................
United
States
452,796
52,868
i
2021-12
,
NI
,
IO,
2.5
%
,
3/25/51
........................
United
States
3,268,395
540,102
i
2023-49
,
IA
,
IO,
3
%
,
8/25/46
.........................
United
States
578,893
73,548
i
2023-49
,
IB
,
IO,
3.5
%
,
3/25/47
........................
United
States
230,332
34,895
f
2025-41
,
FA
,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
6/25/54
.........................................
United
States
74,218
75,087
372
,
1
,
Strip
,
8/25/36
...............................
United
States
5,182
4,282
a
,f
FNMA
Multi-family
Connecticut
Avenue
Securities
Trust
,
2019-01
,
M10
,
144A,
FRN
,
6.992
%
,
(
30-day
SOFR
Average
+
3.364
%
),
10/25/49
.................................
United
States
175,543
177,430
2020-01
,
M10
,
144A,
FRN
,
7.492
%
,
(
30-day
SOFR
Average
+
3.864
%
),
3/25/50
..................................
United
States
307,142
312,173
GNMA
,
i
2009-79
,
IC
,
IO,
6
%
,
8/20/39
.........................
United
States
172,071
16,371
h,i
2010-H19
,
GI
,
IO,
FRN
,
1.467
%
,
8/20/60
................
United
States
258,036
11,714
i
2012-113
,
ID
,
IO,
3.5
%
,
9/20/42
.......................
United
States
324,824
44,895
i
2012-136
,
IO,
3.5
%
,
11/20/42
.........................
United
States
471,708
57,689
i
2012-38
,
MI
,
IO,
4
%
,
3/20/42
.........................
United
States
1,120,122
186,595
i
2014-100
,
JI
,
IO,
3.5
%
,
7/16/29
.......................
United
States
82,662
1,647
i
2014-180
,
IO,
5
%
,
12/20/44
..........................
United
States
625,248
119,747
i
2014-76
,
IO,
5
%
,
5/20/44
............................
United
States
180,998
35,865
h,i
2014-H11
,
GI
,
IO,
FRN
,
1.566
%
,
6/20/64
................
United
States
839,110
29,014
i
2015-52
,
KI
,
IO,
3.5
%
,
11/20/40
.......................
United
States
101,763
2,563
i
2015-53
,
MI
,
IO,
4
%
,
4/16/45
.........................
United
States
509,435
98,831
h,i
2015-H01
,
CI
,
IO,
FRN
,
1.545
%
,
12/20/64
...............
United
States
122,118
2,516
h,i
2015-H04
,
AI
,
IO,
FRN
,
1.951
%
,
12/20/64
...............
United
States
436,292
16,082
h,i
2015-H10
,
CI
,
IO,
FRN
,
1.779
%
,
4/20/65
................
United
States
149,978
5,018
h,i
2015-H12
,
AI
,
IO,
FRN
,
1.847
%
,
5/20/65
................
United
States
199,949
7,591
h,i
2015-H12
,
EI
,
IO,
FRN
,
1.765
%
,
4/20/65
................
United
States
502,584
10,856
h,i
2015-H12
,
GI
,
IO,
FRN
,
1.83
%
,
5/20/65
.................
United
States
361,496
15,104
h,i
2015-H13
,
AI
,
IO,
FRN
,
2.198
%
,
6/20/65
................
United
States
474,003
31,661
h,i
2015-H16
,
XI
,
IO,
FRN
,
2.559
%
,
7/20/65
................
United
States
181,944
10,205
h,i
2015-H20
,
AI
,
IO,
FRN
,
1.86
%
,
8/20/65
.................
United
States
174,830
6,588
h,i
2015-H25
,
AI
,
IO,
FRN
,
1.679
%
,
9/20/65
................
United
States
281,772
6,795
h,i
2015-H25
,
CI
,
IO,
FRN
,
2.329
%
,
10/20/65
...............
United
States
250,646
11,317
h,i
2016-H11
,
HI
,
IO,
FRN
,
1.783
%
,
1/20/66
................
United
States
151,556
4,742
h,i
2016-H23
,
NI
,
IO,
FRN
,
2.732
%
,
10/20/66
...............
United
States
837,928
41,596
h,i
2016-H24
,
JI
,
IO,
FRN
,
2.735
%
,
11/20/66
................
United
States
217,211
13,543
h,i
2017-H08
,
NI
,
IO,
FRN
,
2.182
%
,
3/20/67
................
United
States
559,720
21,795
h,i
2017-H10
,
MI
,
IO,
FRN
,
1.875
%
,
4/20/67
................
United
States
664,522
18,955
h,i
2017-H12
,
QI
,
IO,
FRN
,
2.123
%
,
5/20/67
................
United
States
545,668
20,703
h,i
2017-H18
,
CI
,
IO,
FRN
,
2.055
%
,
9/20/67
................
United
States
648,886
48,320
f,i
2019-121
,
SD
,
IO,
FRN
,
2.246
%
,
(
-
1
x
1-month
SOFR
+
5.886
%
),
10/20/49
.................................
United
States
107,756
11,197
h,i
2019-H02
,
DI
,
IO,
FRN
,
2.553
%
,
11/20/68
...............
United
States
947,226
42,927
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA,
(continued)
f,i
2020-112
,
MS
,
IO,
FRN
,
2.546
%
,
(
-
1
x
1-month
SOFR
+
6.186
%
),
8/20/50
..................................
United
States
3,155,275
$
384,754
f
2023-152
,
FB
,
FRN
,
4.759
%
,
(
30-day
SOFR
Average
+
1.15
%
),
4/20/51
.........................................
United
States
197,006
201,610
f
2023-66
,
PS
,
FRN
,
6.353
%
,
(
-
3
x
30-day
SOFR
Average
+
15.375
%
),
5/20/53
.................................
United
States
374,019
353,215
h,i
2024-32
,
IO,
FRN
,
0.699
%
,
6/16/63
....................
United
States
2,480,022
129,739
f,i
2025-120
,
SD
,
IO,
FRN
,
2.246
%
,
(
-
1
x
1-month
SOFR
+
5.886
%
),
10/20/49
.................................
United
States
6,131,720
611,366
f
2025-169
,
FB
,
FRN
,
4.609
%
,
(
30-day
SOFR
Average
+
1
%
),
10/20/55
........................................
United
States
268,195
270,269
6,629,601
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
6,524,044
)
........
6,629,601
Municipal
Bonds
1.0%
California
0.4%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.19
%
,
6/01/37
......
United
States
145,000
135,648
City
of
Orange
,
Revenue
,
2021
,
Refunding
,
2.65
%
,
6/01/34
....
United
States
65,000
55,515
City
of
Pomona
,
Revenue
,
2020
BJ
,
3.716
%
,
8/01/40
........
United
States
40,000
34,014
County
of
Fresno
,
Revenue
,
2004
A
,
NATL
Insured
,
4.82
%,
8/15/32
.........................................
United
States
85,000
63,695
County
of
Tulare
,
Revenue
,
2018
,
4.445
%
,
6/01/37
..........
United
States
120,000
113,983
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
180,000
178,180
581,035
Florida
0.1%
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
130,000
135,298
Georgia
0.0%
†
Georgia
Higher
Education
Facilities
Authority
,
University
System
of
Georgia
,
Revenue
,
2026
A
,
5.273
%
,
1/01/40
...........
United
States
30,000
30,098
Illinois
0.1%
State
of
Illinois
,
GO
,
2026
A
,
4.954
%
,
4/01/33
..............
United
States
120,000
120,461
New
Jersey
0.0%
†
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2010
B
,
6.561
%
,
12/15/40
.............
United
States
25,000
27,424
New
York
0.1%
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2026
F-2
,
4.66
%
,
2/01/36
....................
United
States
100,000
97,812
Ohio
0.1%
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2020
A
,
ETM,
2.833
%
,
1/01/38
...................................
United
States
75,000
63,215
Pennsylvania
0.2%
Pennsylvania
Economic
Development
Financing
Authority
,
Revenue
,
2025
,
5.689
%
,
6/01/54
......................
United
States
90,000
90,282
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
5.002
%
,
11/01/38
.........
United
States
145,000
$
143,167
233,449
Total
Municipal
Bonds
(Cost
$
1,314,718
)
.....................................
1,288,792
Total
Long
Term
Investments
(Cost
$
149,746,201
)
.............................
148,233,749
a
Short
Term
Investments
8.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.2%
l
U.S.
Treasury
Bills
,
m
3.37
%,
7/16/26
...................................
United
States
1,300,000
1,298,053
3.75
%,
10/22/26
...................................
United
States
300,000
296,477
1,594,530
Total
U.S.
Government
and
Agency
Securities
(Cost
$
1,594,707
)
................
1,594,530
Shares
Management
Investment
Companies
7.2%
n,o
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.837
%
.......
United
States
9,376,443
9,376,443
Total
Management
Investment
Companies
(Cost
$
9,376,443
)
...................
9,376,443
Total
Short
Term
Investments
(Cost
$
10,971,150
)
..............................
10,970,973
a
Total
Investments
(Cost
$
160,717,351
)
122.1
%
................................
$159,204,722
TBA
Sale
Commitments
(
4.9
)
%
..............................................
(
6,402,502
)
Other
Assets,
less
Liabilities
(
17.2
)
%
........................................
(22,458,019)
Net
Assets
100.0%
.........................................................
$130,344,201
a
a
a
Principal
Amount
*
p
TBA
Sale
Commitments
(4.9)%
Mortgage-Backed
Securities
(4.9)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(3.3)%
Uniform
Mortgage-Backed
Securities
,
3
%
,
TBA,
7/25/56
..................................
United
States
(800,000)
(
702,750
)
3.5
%
,
TBA,
7/25/56
................................
United
States
(1,000,000)
(
912,344
)
3.5
%
,
TBA,
8/25/56
................................
United
States
(1,000,000)
(
906,679
)
6
%
,
TBA,
7/25/56
..................................
United
States
(1,800,000)
(
1,839,797
)
(4,361,570)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(1.6)%
GNMA
II,
Single-family,
30
Year
,
6
%
,
7/15/56
......................................
United
States
(1,000,000)
(
1,021,680
)
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
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
(continued)
GNMA
II,
Single-family,
30
Year,
(continued)
6
%
,
8/15/56
......................................
United
States
(1,000,000)
$
(
1,019,252
)
(2,040,932)
Total
TBA
Sale
Commitments
(Proceeds
$
(
6,399,172
)
)
.........................
$(6,402,502)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
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
$46,345,253,
representing
35.6%
of
net
assets.
b
The
coupon
rate
shown
represents
the
rate
at
period
end.
c
Perpetual
security
with
no
stated
maturity
date.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1
(
d
).
e
See
Note
1
(
f
)
regarding
senior
floating
rate
interests.
f
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
g
See
Note
8
regarding
unfunded
loan
commitments.
h
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.
i
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
j
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7
.
k
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1
(
d
).
l
The
rate
shown
represents
the
yield
at
period
end.
m
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
June
30,
2026,
the
value
of
this
security
pledged
amounted
to
$1,138,293,
representing
0.9%
of
net
assets.
n
See
Note
3
(
f
)
regarding
investments
in
affiliated
management
investment
companies.
o
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
p
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
(
d
).
Putnam
Variable
Trust
Schedule
of
Investments
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
At
June
30,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
e
). 
At
June
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(e). 
At
June
30,
2026
,
the
Fund
had
the
following forward
premium
swap
options contracts
outstanding.
See
Note
1
(
e
). 
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
60
$
6,593,438
9/21/26
$
12,202
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
44
4,948,625
9/21/26
(
25,497
)
U.S.
Treasury
2
Year
Notes
.....................
Short
28
5,771,719
9/30/26
10,372
U.S.
Treasury
5
Year
Notes
.....................
Long
382
40,891,906
9/30/26
(
24,145
)
U.S.
Treasury
Long
Bonds
.....................
Long
30
3,405,000
9/21/26
43,990
U.S.
Treasury
Ultra
Bonds
......................
Long
85
9,873,281
9/21/26
169,829
Total
Futures
Contracts
......................................................................
$186,751
*
As
of
period
end.
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
Euro
.............
HSBK
Sell
239,100
276,537
9/16/26
$
2,454
$
—
Euro
.............
MSCO
Sell
147,300
170,341
9/16/26
1,489
—
Euro
.............
SSBT
Sell
105,000
121,441
9/16/26
1,078
—
Total
Forward
Exchange
Contracts
...................................................
$5,021
$—
Net
unrealized
appreciation
(depreciation)
............................................
$5,021
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Forward
Premium
Swap
Option
Contracts
Fixed
right
or
obligation
to
receive
or
(pay)/
Floating
rate
index/Maturity
date
Counter
par
t
y
Expiration
date/strike
Notional/
Contract
amount
*
Premium
receivable/
(payable)
Unrealized
appreciation/
(depreciation)
a
a
a
a
a
(4.225%)/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
4.225%
103,000
$
5,274
$
(
4,272
)
3.725%/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
3.725%
103,000
5,037
(
4,413
)
(2.765%)/3-month
EURIBOR/Mar-28/
(Purchased)
BOFA
3/19/27
/
2.765%
EUR
12,227,000
51,138
(
29,928
)
(3.565%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.565%
EUR
12,227,000
(
20,965
)
16,129
(3.165%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.165%
EUR
12,227,000
(
31,589
)
22,126
3.428%/1-day
SOFR/Aug-37/(Purchased)
BOFA
8/13/27
/
3.428%
384,300
22,116
(
18,071
)
(3.428%)/1-day
SOFR/Aug-37/(Purchased)
BOFA
8/13/27
/
3.428%
384,300
22,116
1,000
3.953%/1-day
SOFR/Jun-39/(Purchased)
BOFA
6/18/29
/
3.953%
155,600
5,543
(
3
)
(4.453%)/1-day
SOFR/Jun-39/(Purchased)
BOFA
6/18/29
/
4.453%
155,600
5,543
(
24
)
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
1,549,300
193,198
(
28,367
)
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
1,549,300
193,198
(
28,147
)
(4.3%)/1-day
SOFR/Jul-36/(Purchased)
CITI
7/10/26
/
4.3%
2,442,000
6,410
(
6,299
)
(4.09%)/1-day
SOFR/Jul-36/(Written)
CITI
7/10/26
/
4.09%
3,663,000
(
20,940
)
15,392
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
Putnam
Variable
Trust
Schedule
of
Investments
At
June
30,
2026
,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1
(
e
). 
Forward
Premium
Swap
Option
Contracts
(continued)
Fixed
right
or
obligation
to
receive
or
(pay)/
Floating
rate
index/Maturity
date
Counter
party
Expiration
date/strike
Notional/
Contract
amount
*
Premium
receivable/
(payable)
Unrealized
appreciation/
(depreciation)
a
a
a
a
a
(3.88%)/1-day
SOFR/Jul-36/(Purchased)
CITI
7/10/26
/
3.88%
1,221,000
$
14,835
$
(
70
)
(4.33%)/1-day
SOFR/May-52/(Purchased)
DBAB
5/19/32
/
4.33%
456,000
57,114
(
9,132
)
4.33%/1-day
SOFR/May-52/(Purchased)
DBAB
5/19/32
/
4.33%
456,000
57,114
(
11,230
)
2.35%/1-day
SOFR/Mar-59/(Purchased)
GSCO
3/12/29
/
2.35%
1,865,500
108,759
(
85,890
)
(4.01%)/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
304,800
36,545
(
41
)
4.01%/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
304,800
36,545
(
11,694
)
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
1,568,800
56,791
(
36,528
)
Unrealized
appreciation
54,647
Unrealized
(depreciation)
(274,109)
Total
$(219,462)
*
In
U.S.
dollars
unless
otherwise
indicated.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
1,050,000
$
85,235
$
48,160
$
37,075
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$85,235
$48,160
$37,075
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
225,000
28,023
29,570
(
1,547
)
CMBX.NA.BB.6
.
(5.00)%
Monthly
JPHQ
5/11/63
167,000
20,799
85,971
(
65,172
)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
GSCO
11/17/59
257,000
75,065
49,237
25,828
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
193,000
20,908
24,897
(
3,989
)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
193,000
39,003
35,030
3,973
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
386,000
85,484
80,932
4,552
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
JPHQ
12/16/72
424,000
93,898
82,132
11,766
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
285,000
20,491
53,386
(
32,895
)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
193,000
44,134
34,668
9,466
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
140,000
(
17,436
)
(
24,342
)
6,906
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
27,000
(
3,363
)
(
5,518
)
2,155
Non-
Investment
Grade
Putnam
Variable
Trust
Schedule
of
Investments
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
c,d
(continued)
Traded
Index
(continued)
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
450,000
$
(
56,047
)
$
(
59,749
)
$
3,702
Non-
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
285,000
(
20,492
)
(
17,136
)
(
3,356
)
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$330,467
$369,078
$(38,611)
Total
Credit
Default
Swap
Contracts
....................................
$415,702
$
417,238
$(1,536)
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Putnam
VT
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Putnam
Variable
Trust
Schedule
of
Investments
At
June
30,
2026
,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1
(
e
). 
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.04%
....
Annual
9/16/28
40,673,000
$
(
11,638
)
$
(
83,476
)
$
71,838
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.02%
....
Annual
9/16/31
197,000
(
895
)
(
1,043
)
148
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.94%
....
Annual
9/16/31
540,000
EUR
(
5,455
)
(
3,466
)
(
1,989
)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/33
35,981,000
(
238,737
)
(
179,061
)
(
59,676
)
Receive
Fixed
4.16%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/36
15,028,000
155,635
102,700
52,935
Receive
Fixed
4.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
37,000
—
776
(
776
)
Total
Interest
Rate
Swap
Contracts
.................................
$(101,090)
$
(
163,570
)
$62,480
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Note 
9
 regarding
other
derivative
information.
See
A
bbreviations
on
page
56
.
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Putnam
VT
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$151,340,908
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
9,376,443
Value
-
Unaffiliated
issuers
..................................................................
$149,828,279
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
9,376,443
Cash
....................................................................................
287,381
Receivables:
Investment
securities
sold
...................................................................
91,685
Receivable
for
sales
of
TBA
securities
(Note
1
d
)
..................................................
6,390,211
Capital
shares
sold
........................................................................
685,981
Dividends
and
interest
.....................................................................
1,131,259
Deposits
with
brokers
for:
Centrally
cleared
swap
contracts
............................................................
1,297,938
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
77,524
Due
from
custodian
........................................................................
108,618
OTC
swap
contracts
(upfront
payments
)
..........................................................
475,823
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
5,021
Unrealized
appreciation
on
forward
premium
swap
option
contracts
.....................................
54,647
Unrealized
appreciation
on
OTC
swap
contracts
....................................................
68,348
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
8
)
.......................................
345
Prepaid
expenses
..........................................................................
64,379
Total
assets
..........................................................................
169,943,882
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,402,824
Payable
for
purchases
of
TBA
securities
(Note
1
d
)
................................................
30,665,527
Capital
shares
redeemed
...................................................................
33,052
Management
fees
.........................................................................
38,744
Administrative
fees
........................................................................
709
Distribution
fees
..........................................................................
11,725
Transfer
agent
fees
........................................................................
15,532
Trustees'
fees
and
expenses
.................................................................
90,360
Variation
margin
on
futures
contracts
...........................................................
150,825
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
240,000
OTC
swap
contracts
(upfront
receipts
)
...........................................................
106,745
Unrealized
depreciation
on
OTC
swap
contracts
....................................................
106,959
Unrealized
depreciation
on
forward
premium
swap
option
contracts
.....................................
274,109
TBA
sale
commitments,
at
value
(proceeds
$6,399,172)
(Note
1d)
......................................
6,402,502
Accrued
expenses
and
other
liabilities
...........................................................
60,068
Total
liabilities
.........................................................................
39,599,681
Net
assets,
at
value
.................................................................
$130,344,201
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$225,574,430
Total
distributable
earnings
(losses)
.............................................................
(95,230,229)
Net
assets,
at
value
.................................................................
$130,344,201
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Putnam
VT
Income
Fund
Class
IA:
Net
assets,
at
value
.......................................................................
$72,733,283
Shares
outstanding
........................................................................
9,094,581
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$8.00
Class
IB:
Net
assets,
at
value
.......................................................................
$57,610,918
Shares
outstanding
........................................................................
7,295,402
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$7.90
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Variable
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Putnam
VT
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
f
)
.............................................................
$204,267
Interest:
Unaffiliated
issuers:
Paydown
gain
(loss)
.....................................................................
(474,394)
Paid
in
cash
a
...........................................................................
3,060,523
Total
investment
income
...................................................................
2,790,396
Expenses:
Management
fees
(Note
3
a
)
...................................................................
239,258
Administrative
fees
(Note
3
b
)
..................................................................
964
Distribution
fees:
(Note
3c
)
Class
IB
................................................................................
72,029
Transfer
agent
fees:
(Note
3d
)
Class
IA
................................................................................
25,743
Class
IB
................................................................................
20,364
Custodian
fees
............................................................................
329
Reports
to
shareholders
fees
..................................................................
13,982
Professional
fees
...........................................................................
56,175
Trustees'
fees
and
expenses
(Note
3
e
)
...........................................................
2,600
Other
....................................................................................
2,800
Total
expenses
.........................................................................
434,244
Net
investment
income
................................................................
2,356,152
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(494,000)
Foreign
currency
transactions
................................................................
695
Forward
exchange
contracts
.................................................................
10,693
Forward
premium
swap
option
contracts
........................................................
(37,773)
Futures
contracts
.........................................................................
(1,084,598)
TBA
sale
commitments
.....................................................................
79,197
Swap
contracts
...........................................................................
266,879
Net
realized
gain
(loss)
..................................................................
(1,258,907)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(495,934)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
305
Unfunded
loan
commitments
(Note
8
)
..........................................................
201
Forward
exchange
contracts
.................................................................
5,255
Forward
premium
swap
option
contracts
........................................................
(38,275)
Futures
contracts
.........................................................................
568,443
TBA
sale
commitments
.....................................................................
22,128
Swap
contracts
...........................................................................
252,878
Net
change
in
unrealized
appreciation
(depreciation)
............................................
315,001
Net
realized
and
unrealized
gain
(loss)
............................................................
(943,906)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$1,412,246
a
Includes
amortization
of
premium
and
accretion
of
discount.
Putnam
Variable
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
41
Putnam
VT
Income
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$2,356,152
$6,234,994
Net
realized
gain
(loss)
.................................................
(1,258,907)
(688,366)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
315,001
4,124,395
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
1,412,246
9,671,023
Distributions
to
shareholders:
Class
IA
............................................................
(3,491,463)
(3,819,973)
Class
IB
............................................................
(2,681,416)
(2,920,969)
Total
distributions
to
shareholders
..........................................
(6,172,879)
(6,740,942)
Capital
share
transactions:
(Note
2
)
Class
IA
............................................................
1,483,243
(4,432,450)
Class
IB
............................................................
202,959
(3,154,009)
Total
capital
share
transactions
............................................
1,686,202
(7,586,459)
Net
increase
(decrease)
in
net
assets
...................................
(3,074,431)
(4,656,378)
Net
assets:
Beginning
of
period
.....................................................
133,418,632
138,075,010
End
of
period
..........................................................
$130,344,201
$133,418,632
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
Income
Fund
42
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Putnam
Variable
Trust
 (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty separate
funds.
The Trust
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
VT
Income
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. 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. 
Debt
securities
generally
trade
in
the over-the-counter
(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.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
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
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
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.
Stripped
Securities 
The
Fund
may
invest
in
stripped
securities
which
represent
a
participation
in
securities
that
may
be
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest-only
securities
receive
all
of
the
interest
and
principal-only
securities
receive
all
of
the
principal.
If
the
interest
only
securities
experience
greater
than
anticipated
prepayments
of
principal,
the
Fund
may
fail
to
recoup
fully
its
initial
investment
in
these
securities.
Conversely,
principal-
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
fair
value
of
these
securities
is
highly
sensitive
to
changes
in
interest
rates.
d.
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
and to-be-
announced
(TBA)
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
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,
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Foreign
Currency
Translation 
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
the
investment
manager
will
determine
whether
to
take
delivery
of
the
underlying
securities
or
to
dispose
of
the
TBA
commitments
prior
to
settlement.
e.
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.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
or
at
the
broker and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
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
for
OTC
derivatives,
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
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
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 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
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
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
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
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.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
are
reflected
in
the Statement
of
Assets
and
Liabilities
and
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss
in
the Statement
of
Operations.
Credit
default
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
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.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Interest
rate
swap
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
interest
rate
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
9 regarding
other
derivative
information.
f.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
g.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
h.
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.
Paydown
gains
and
losses
are
recorded
separately
on
the
Statement
of
Operations.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
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.
i.
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.
j.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Senior
Floating
Rate
Interests
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
June
30,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund’s
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
Shares
Amount
Shares
Amount
Class
IA
Shares:
342689
–
Shares
sold
...................................
380,723
$3,128,537
446,947
$3,646,846
Shares
issued
in
reinvestment
of
distributions
..........
442,517
3,491,463
481,712
3,819,973
Shares
redeemed
...............................
(628,718)
(5,136,757)
(1,465,870)
(11,899,269)
Net
increase
(decrease)
..........................
194,522
$1,483,243
(537,211)
$(4,432,450)
Class
IB
Shares:
357807
–
Shares
sold
...................................
334,520
$2,689,097
550,930
$4,443,107
Shares
issued
in
reinvestment
of
distributions
..........
343,771
2,681,416
372,572
2,920,969
Shares
redeemed
...............................
(644,977)
(5,167,554)
(1,314,623)
(10,518,085)
Net
increase
(decrease)
..........................
33,314
$202,959
(391,121)
$(3,154,009)
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
1.
Organization
and
Significant
Accounting
Policies
(continued)
j.
Guarantees
and
Indemnifications
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
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 0.367%
of
the
Fund’s
average daily
net
assets.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
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
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
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
0.550%
of
the
first
$5
billion,
0.500%
of
the
next
$5
billion,
0.450%
of
the
next
$10
billion,
0.400%
of
the
next
$10
billion,
0.350%
of
the
next
$50
billion,
0.330%
of
the
next
$50
billion,
0.320%
of
the
next
$100
billion
and
0.315%
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)
49
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
d.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
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
Advisers 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
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.
    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
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
......
$13,516,993
$20,134,424
$(24,274,974)
$—
$—
$9,376,443
9,376,443
$204,267
Total
Affiliated
Securities
...
$13,516,993
$20,134,424
$(24,274,974)
$—
$—
$9,376,443
$204,267
3.
Transactions
with
Affiliates
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
50
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
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
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
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
and
derivative
financial
instruments.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2026,
aggregated
$239,354,579 and
$257,077,933,
respectively. 
7.
Credit
Risk
and
Defaulted
Securities
At
June
30,
2026,
the
Fund
had 10.1% of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund held
a defaulted
security
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
June
30,
2026,
the
value
of
this
security 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
security
has
been
identified
in
the
accompanying
Schedule
of
Investments.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
48,006,116
Long
term
................................................................................
39,778,060
Total
capital
loss
carryforwards
...............................................................
$87,784,176
Cost
of
investments
..........................................................................
$161,624,394
Unrealized
appreciation
........................................................................
$2,733,891
Unrealized
depreciation
........................................................................
(11,269,143)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(8,535,252)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
51
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
8.
Unfunded
Loan
Commitments
The
Fund
enters
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedule
of
Investments.
At
June
30,
2026,
unfunded
commitments
were
as
follows:
9.
Other
Derivative
Information
At
June
30,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
Borrower
Unfunded
Commitment
Putnam
VT
Income
Fund
CoreWeave,
Inc.
$
6,006
First
Eagle
Holdings,
Inc.
23,333
$
29,339
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
Income
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
236,393
a
Variation
margin
on
futures
contracts
$
49,642
a
Variation
margin
on
centrally
cleared
swap
contracts
124,921
a
Variation
margin
on
centrally
cleared
swap
contracts
62,441
a
Unrealized
appreciation
on
forward
premium
swap
option
contracts
54,647
Unrealized
depreciation
on
forward
premium
swap
option
contracts
274,109
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
5,021
Unrealized
depreciation
on
OTC
forward
exchange
contracts
—
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
37,075
a
Variation
margin
on
centrally
cleared
swap
contracts
—
OTC
swap
contracts
(upfront
payments)
475,823
OTC
swap
contracts
(upfront
receipts)
106,745
Unrealized
appreciation
on
OTC
swap
contracts
68,348
Unrealized
depreciation
on
OTC
swap
contracts
106,959
Total
....................
$1,002,228
$599,896
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
and
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
52
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
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,
swap
contracts
and
options,
and
the
average month
end
contract
value
for forward
exchange
contracts,
were as
follows:
At
June
30,
2026,
the
Fund's
OTC
derivative
assets
and
liabilities
are
as
follows:
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
Income
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$(1,084,598)
Futures
contracts
$568,443
Swap
contracts
277,111
Swap
contracts
162,498
Forward
premium
swap
option
contracts
(37,773)
Forward
premium
swap
option
contracts
(38,275)
Foreign
exchange
contracts
.....
Forward
exchange
contracts
10,693
Forward
exchange
contracts
5,255
Credit
contracts
...............
Swap
contracts
(10,232)
Swap
contracts
90,380
Total
.......................
$(844,799)
$788,301
Putnam
VT
Income
Fund
Futures
contracts
............................................................................
$50,592,313
Swap
contracts
..............................................................................
84,058,886
Forward
exchange
contracts
....................................................................
495,674
Options
....................................................................................
50,189,231
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Putnam
VT
Income
Fund
Forward
Exchange
Contracts
.............................
$
5,021
$
—
Forward
Premium
Swap
Option
Contracts
...................
54,647
274,109
Swap
Contracts
.......................................
544,171
213,704
Total
.............................................
$603,839
$487,813
a
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.
9.
Other
Derivative
Information
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
53
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
At
June
30,
2026,
OTC
derivative
assets,
which
may
be
offset
against
the
Fund's
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Putnam
VT
Income
Fund
Counterparty
BOFA
....................
$
39,255
$
(39,255)
$
—
$
—
$
—
CITI
.....................
75,684
(63,606)
—
—
12,078
DBAB
...................
—
—
—
—
—
GSCO
...................
254,019
(91,426)
—
(130,000)
32,593
HSBK
...................
2,454
—
—
—
2,454
JPHQ
...................
179,869
(65,172)
—
(110,000)
4,697
MCM
....................
—
—
—
—
—
MLCO
...................
2,155
(2,155)
—
—
—
MSCO
...................
49,325
(49,325)
—
—
—
NATW
...................
—
—
—
—
—
SSBT
....................
1,078
—
—
—
1,078
Total
...................
$603,839
$(310,939)
$—
$(240,000)
$52,900
$
1
9.
Other
Derivative
Information
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
54
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
At
June
30,
2026,
OTC
derivative
liabilities,
which
may
be
offset
against
the
Fund's
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(e)
 regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
56
.
10.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
June
30,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
(Not
less
than
zero)
Putnam
VT
Income
Fund
Counterparty
BOFA
....................
$
133,717
$
(39,255)
$
—
$
—
$
94,462
CITI
.....................
63,606
(63,606)
—
—
—
DBAB
...................
20,362
—
—
—
20,362
GSCO
...................
91,426
(91,426)
—
—
—
HSBK
...................
—
—
—
—
—
JPHQ
...................
65,172
(65,172)
—
—
—
MCM
....................
11,735
—
—
—
11,735
MLCO
...................
5,518
(2,155)
—
—
3,363
MSCO
...................
59,749
(49,325)
—
—
10,424
NATW
...................
36,528
—
—
—
36,528
SSBT
....................
—
—
—
—
—
Total
...................
$487,813
$(310,939)
$—
$—
$176,874
9.
Other
Derivative
Information
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
55
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
11.
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
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
55,942,306
$
—
$
55,942,306
Senior
Floating
Rate
Interests
...............
—
5,173,486
—
5,173,486
Foreign
Government
and
Agency
Securities
....
—
3,499,307
—
3,499,307
Asset-Backed
Securities
...................
—
17,255,955
—
17,255,955
Commercial
Mortgage-Backed
Securities
......
—
7,354,971
—
7,354,971
Mortgage-Backed
Securities
................
—
42,306,695
—
42,306,695
Residential
Mortgage-Backed
Securities
.......
—
8,782,636
—
8,782,636
Agency
Commercial
Mortgage-Backed
Securities
—
6,629,601
—
6,629,601
Municipal
Bonds
.........................
—
1,288,792
—
1,288,792
Short
Term
Investments
...................
9,376,443
1,594,530
—
10,970,973
Total
Investments
in
Securities
...........
$9,376,443
$149,828,279
$—
$159,204,722
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$5,021
$—
$5,021
Forward
Premium
Swap
Option
Contracts
.....
—
54,647
—
54,647
Futures
Contracts
.......................
236,393
—
—
236,393
Swap
Contracts
.........................
—
230,344
—
230,344
Unfunded
Loan
Commitments
..............
—
345
—
345
Total
Other
Financial
Instruments
.........
$236,393
$290,357
$—
$526,750
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
6,402,502
$
—
$
6,402,502
Forward
Premium
Swap
Option
Contracts
......
—
274,109
—
274,109
Futures
Contracts
........................
49,642
—
—
49,642
Swap
Contracts
.........................
—
169,400
—
169,400
Total
Other
Financial
Instruments
.........
$49,642
$6,846,011
$—
$6,895,653
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
56
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
Fund
(continued)
12.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
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. 
13.
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
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MCM
Mizuho
Capital
Markets
LLC
MLCO
Merrill
Lynch
International
&
Co.
MSCO
Morgan
Stanley
NATW
Natwest
Markets
plc
SSBT
State
Street
Bank
and
Trust
Co.
Cu
r
rency
EUR
Euro
Index
CDX.NA.HY
CDX
North
America
High
Yield
Index
CMBX.NA
CMBX
North
America
Index
Selected
Portfolio
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
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
IO
Interest
Only
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
3.68%
3-month
EURIBOR
...................
2.32%
6-month
EURIBOR
...................
2.57%
Putnam
Variable
Trust
57
franklintempleton.com
Semiannual
Report
Putnam
VT
Income
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
Franklin
Advisers,
Inc.
(the
“Advisor”),
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Templeton
Investment
Management
Limited
(“FTIML”),
and
a
subadvisory
agreement
between
the
Advisor
and
Putnam
Investment
Management,
LLC
(“Putnam
Management”
and
together
with
FTIML,
the
“Subadvisors”)
(collectively,
the
“Management
Contracts”).
The
Advisor,
FTIML,
and
Putnam
Management
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
Putnam
Variable
Trust
58
franklintempleton.com
Semiannual
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.
Putnam
Variable
Trust
59
franklintempleton.com
Semiannual
Report
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
third
quintile
in
total
expenses
(excluding
any
applicable
12b-1
fees)
as
of
December
31,
2025.
(Total
expenses
reflect
the
fees
and
expenses
borne
directly
by
the
fund
and
the
competitive
funds
included
in
the
custom
Lipper
peer
groups,
as
well
as
any
underlying
funds’
net
fees
and
expenses.)
The
first
quintile
represents
the
least
expensive
funds
and
the
fifth
quintile
the
most
expensive
funds.
The
fee
and
expense
data
reported
by
Broadridge
as
of
December
31,
2025
reflected
the
most
recent
fiscal
year-end
data
available
in
Broadridge’s
database
at
that
time.
In
connection
with
their
review
of
fund
management
fees
and
total
expenses,
the
Trustees
also
reviewed
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Advisor
and
its
affiliates
from
their
contractual
relationships
with
the
funds.
This
information
included
trends
in
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates
relating
to
the
investment
management,
investor
servicing
and
distribution
services
provided
to
the
funds,
as
applicable.
In
this
regard,
the
Trustees
also
reviewed
an
analysis
of
the
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates,
allocated
on
a
fund-by-fund
basis,
with
respect
to
(as
applicable)
the
funds’
management,
distribution
and
investor
servicing
contracts.
For
each
fund,
the
analysis
presented
information
about
revenues,
expenses
and
profitability
in
2025
for
each
of
the
applicable
Putnam
Variable
Trust
60
franklintempleton.com
Semiannual
Report
agreements
separately
and
for
the
agreements
taken
together
on
a
combined
basis.
The
Trustees
concluded
that,
at
current
asset
levels,
the
fee
schedules
in
place
for
each
of
the
funds,
including
the
fee
schedule
for
your
fund,
represented
reasonable
compensation
for
the
services
being
provided
and
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
as
may
exist
in
the
management
of
the
funds
at
that
time.
The
information
examined
by
the
Trustees
in
connection
with
their
annual
contract
review
for
the
funds
included
information
regarding
services
provided
and
fees
charged
by
the
Advisor
and
certain
affiliates
to
other
products
that
are
managed
by
a
portfolio
team
that
also
manages
one
or
more
U.S.
registered
mutual
funds
in
a
category
of
similar
strategies
offered
by
the
funds
(including
exchange
traded
funds,
sub-advised
U.S.
mutual
funds,
other
U.S.
products
(such
as
collective
investment
trusts,
private
funds,
and
separately
managed
and
institutional
accounts),
non-U.S.
funds,
and
other
non-U.S.
products).
This
information
included
comparisons
of
the
fees
charged
to
other
clients,
by
category,
with
fees
charged
to
the
funds,
as
well
as
a
detailed
assessment
of
the
differences
in
the
services
provided
to
these
clients
as
compared
to
the
services
provided
to
the
funds.
The
Trustees
observed
that
the
differences
in
fee
rates
between
these
clients
and
the
funds
are
by
no
means
uniform
when
examined
by
individual
asset
classes,
suggesting
that
differences
in
the
pricing
of
investment
management
services
to
these
types
of
clients
may
reflect,
among
other
things,
historical
competitive
forces
operating
in
separate
marketplaces,
the
characteristics
of
different
clients,
the
particulars
of
different
fee
structures,
factors
unique
to
specific
market
segments,
and
the
distinct
risks
and
costs
associated
with
providing
services
to
different
clients.
The
Trustees
considered
the
fact
that
in
many
cases
fee
rates
across
different
asset
classes
are
higher
on
average
for
1940
Act-registered
funds
than
for
other
clients,
and
the
Trustees
also
considered
the
differences
between
the
services
that
the
Advisor
provides
to
the
funds
and
those
that
it
provides
to
its
other
clients.
The
Trustees
did
not
rely
on
these
fee
comparisons
to
any
significant
extent
in
concluding
that
the
management
fees
paid
by
your
fund
are
reasonable.
Investment
performance
The
quality
of
the
investment
process
provided
by
the
Advisor
represented
a
major
factor
in
the
Trustees’
evaluation
of
the
quality
of
services
provided
by
the
Advisor
under
your
fund’s
Management
Contracts.
The
Trustees
were
assisted
in
their
review
of
the
Advisor’s
investment
process
and
performance
by
the
work
of
the
investment
oversight
committees
of
the
Trustees
and
the
full
Board,
which
meet
on
a
regular
basis
with
individual
portfolio
managers
and
with
investment
leadership
of
the
Advisor
throughout
the
year.
The
Trustees
noted
that
the
Advisor
had
made
portfolio
management
assignment
changes
in
2025
to
strengthen
its
investment
teams
providing
services
to
the
funds.
The
Trustees
concluded
that
the
Advisor
generally
provides
a
high-quality
investment
process
—
as
measured
by
the
experience
and
skills
of
the
individuals
assigned
to
the
management
of
fund
portfolios,
the
resources
made
available
to
them
and
in
general
the
Advisor’s
ability
to
attract
and
retain
high-quality
personnel
—
but
also
recognized
that
this
does
not
guarantee
favorable
investment
results
for
every
fund
in
every
time
period.
The
Trustees
considered
that,
in
the
aggregate,
peer-relative
and
benchmark-relative
fund
performance
was
strong
in
2025
against
what
the
Advisor
characterized
as
a
complex
investing
environment.
The
Trustees
considered
the
Advisor’s
discussion
of
the
markets,
the
economy,
and
geopolitical
conditions
in
2025.
The
S&P
500
was
up
18%
in
2025
but
with
significant
periods
of
volatility,
and
the
Bloomberg
Aggregate
fixed
income
index
was
up
7%
during
the
year,
with
the
Federal
Reserve
cutting
the
Effective
Federal
Funds
rate
from
4.25%
at
year-end
2024
to
3.5%
at
year-end
2025.
Ten-year
Treasury
yields
ended
2025
at
4.2%,
down
from
4.6%
at
year-end
2024.
In
2025,
geopolitical
and
economic
conditions,
as
well
as
financial
markets,
provided
a
complex
investing
environment:
a
new
U.S.
presidential
administration
with
significant
policy
actions,
including
tariffs;
complex
inflation;
rates
and
Federal
Reserve
developments;
artificial
intelligence-related
impacts;
and
political
and
military
actions
across
the
globe.
Even
with
this
backdrop,
generally
strong
economic,
corporate
and
labor
market
conditions
continued
in
2025,
although
with
some
signs
of
concern.
For
the
one-year
period
ended
December
31,
2025,
the
Trustees
noted
that
the
funds,
on
an
asset-weighted
basis,
ranked
in
the
37
th
percentile
of
their
peers
as
determined
by
LSEG
Lipper
(“Lipper”)
and,
on
an
asset-weighted
basis,
outperformed
their
benchmarks
by
1.6%
gross
of
fees
over
the
one-year
period.
The
Contract
Committee
also
noted
that
the
funds’
aggregate
performance
over
longer-term
periods
continued
to
be
strong,
with
the
funds,
on
an
asset-weighted
basis,
ranking
in
the
26
th
,
22
nd
and
16
th
percentiles
of
their
Lipper
peers
over
the
three-year,
five-year
and
ten-year
periods
ended
December
31,
2025,
respectively.
The
Trustees
further
noted
that
the
funds,
in
the
aggregate,
solidly
outperformed
their
benchmarks
on
a
gross
Putnam
Variable
Trust
61
franklintempleton.com
Semiannual
Report
basis
for
each
of
the
three-year,
five-year
and
ten-year
periods.
The
Trustees
also
considered
the
Morningstar
Inc.
ratings
assigned
to
the
funds
and
that
41
funds
were
rated
four
or
five
stars
at
the
end
of
2025,
which
was
a
year-over-year
decrease
of
11
funds.
The
Trustees
also
considered
that
18
funds
were
five-star
rated
at
the
end
of
2025,
which
was
a
year-over-year
decrease
of
seven
funds.
The
Board
noted,
however,
the
disappointing
investment
performance
of
some
funds
for
periods
ended
December
31,
2025
and
considered
information
provided
by
the
Advisor
regarding
the
factors
contributing
to
the
underperformance
and,
where
relevant,
actions
being
taken
to
improve
the
performance
of
these
particular
funds.
The
Trustees
indicated
their
intention
to
continue
to
monitor
the
performance
of
those
funds.
For
purposes
of
the
Trustees’
evaluation
of
the
funds’
investment
performance,
the
Trustees
generally
focus
on
a
competitive
industry
ranking
of
each
fund’s
total
net
return
over
a
one-year,
three-year
and
five-year
period.
For
a
number
of
funds
with
relatively
unique
investment
mandates
for
which
the
Advisor
informed
the
Trustees
that
meaningful
competitive
performance
rankings
are
not
considered
to
be
available,
the
Trustees
evaluated
performance
based
on
their
total
gross
and
net
returns
and
comparisons
of
those
returns
to
the
returns
of
selected
investment
benchmarks.
In
the
case
of
your
fund,
the
Trustees
considered
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)
–
Core
Bond
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):
Over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2025,
there
were
116,
114
and
109
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.)
The
Trustees
expressed
concern
about
your
fund’s
fourth
quartile
performance
for
the
five-year
period
ended
December
31,
2025.
The
Trustees
considered
the
Advisor’s
observations
that:
1.
Your
fund’s
fourth
quartile
performance
was
driven
by
significant
underperformance
in
both
the
commercial
mortgage-
backed
sector
as
well
as
the
residential
mortgage-backed
sector.
2.
COVID
and
the
ensuing
policy
response
dramatically
changed
the
fundamental
picture
for
commercial
and
residential
real
estate.
3.
The
management
team
recalibrated
its
structured
product
models
and
moderated
your
fund’s
allocation
to
structured
product
in
order
to
deliver
more
resilient
performance.
Your
fund’s
second
quartile
performance
over
the
one-year
and
three-
year
periods
ended
December
31,
2025
improved
to
top
quartile
as
of
March
31,
2026.
The
Trustees
also
noted
that
the
Advisor
remained
confident
in
your
fund’s
portfolio
managers.
As
a
general
matter,
the
Trustees
believe
that
engaging
in
constructive
dialogue
with
the
Advisor
represents
the
most
effective
way
for
the
Trustees
to
address
investment
performance
concerns
that
may
arise
from
time
to
time.
The
Trustees
noted
that
investors
in
the
funds
have,
in
effect,
placed
their
trust
in
management,
under
the
oversight
of
the
funds’
Trustees,
to
make
appropriate
decisions
regarding
the
management
of
the
funds.
The
Trustees
also
considered
that
management
has
made
changes
in
light
of
subpar
investment
performance
when
warranted.
Based
on
the
Advisor’s
willingness
to
take
appropriate
measures
to
address
fund
performance
issues,
the
Trustees
concluded
that
it
continued
to
be
advisable
to
seek
change
within
the
Advisor
to
address
performance
shortcomings.
In
the
Trustees’
view,
the
alternative
of
engaging
a
new
investment
adviser
for
an
underperforming
fund,
with
all
the
attendant
risks
and
disruptions,
would
not
likely
provide
any
greater
assurance
of
improved
investment
performance.
One-year
period
Three-year
period
Five-year
period
2
nd
2
nd
4
th
Putnam
Variable
Trust
62
franklintempleton.com
Semiannual
Report
Brokerage
and
soft-dollar
allocations;
distribution
and
investor
servicing
The
Trustees
considered
various
potential
benefits
that
the
Advisor
may
receive
in
connection
with
the
services
it
provides
under
the
management
contract
with
your
fund.
These
include
benefits
related
to
brokerage
allocation
and
the
use
of
soft
dollars,
whereby
a
portion
of
the
commissions
paid
by
a
fund
for
brokerage
may
be
used
to
acquire
research
services
that
are
expected
to
be
useful
to
the
Advisor
in
managing
the
assets
of
the
fund
and
of
other
clients.
Subject
to
policies
approved
by
the
Trustees,
soft
dollars
generated
by
these
means
may
be
used
to
acquire
brokerage
and
research
services
(including
proprietary
executing
broker
research,
third-party
research
and
market
data)
that
enhance
the
Advisor’s
investment
capabilities
and
supplement
the
Advisor’s
internal
research
efforts.
The
Trustees
indicated
their
continued
intent
to
monitor
regulatory
and
industry
developments
in
this
area
with
the
assistance
of
their
Contract
Committee.
In
addition,
with
the
assistance
of
their
Contract
Committee,
the
Trustees
indicated
their
continued
intent
to
monitor
the
allocation
of
the
funds’
brokerage
in
order
to
ensure
that
the
principle
of
seeking
best
price
and
execution
remains
paramount
in
the
portfolio
trading
process.
Your
fund
is
not
expected
to
generate
a
significant
amount
of
soft-dollar
credits.
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.
38921-SFSOI
08/26
©
2026
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

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

 

ITEM 16. CONTROLS AND PROCEDURES.

 

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

 

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

 

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

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

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

Exhibit 99.CERT

 

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

Exhibit 99.906CERT

 

 

SIGNATURES

 

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

 

 

Putnam Variable Trust

 

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

 

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

 

 

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

ATTACHMENTS / EXHIBITS

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

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

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: R4.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: pvif-efp26750_ncsrs_htm.xml