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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-05346

 

Putnam Variable Trust

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Alexander V. Kymn, Vice President

100 Federal Street

Boston, Massachusetts 02110

 

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

 

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

 

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

 

Date of fiscal year end: December 31

 

Date of reporting period: June 30, 2026

 

 
 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

  (a) The Report to Shareholders is filed herewith
Putnam VT Diversified Income Fund
image
Class IA  
Semi-Annual Shareholder Report | June 30, 2026
image
This semi-annual shareholder report contains important information about Putnam VT Diversified 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
$39
0.78%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† 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
$94,513,288
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
640
Portfolio Turnover Rate
242%
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 Diversified Income Fund  PAGE 1  39058-STSIA-0826
true33.018.58.58.26.55.43.83.53.20.19.3
 
Putnam VT Diversified Income Fund
image
Class IB  
Semi-Annual Shareholder Report | June 30, 2026
image
This semi-annual shareholder report contains important information about Putnam VT Diversified 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
$51
1.03%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† 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
$94,513,288
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
640
Portfolio Turnover Rate
242%
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 Diversified Income Fund  PAGE 1  39058-STSIB-0826
true33.018.58.58.26.55.43.83.53.20.19.3
 
  (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
Diversified
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
35
Notes
to
Financial
Statements
39
Changes
In
and
Disagreements
with
Accountants
55
Results
of
Meeting(s)
of
Shareholders
55
Remuneration
Paid
to
Directors,
Officers
and
Others
55
Board
Approval
of
Management
and
Subadvisory
Agreements
55
Putnam
Variable
Trust
Financial
Highlights
Putnam
VT
Diversified
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
.....
$4.68
$4.59
$4.62
$4.70
$5.26
$5.69
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.10
0.24
0.27
0.26
0.15
0.23
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.15
—
c
(0.04)
(0.24)
(0.61)
Total
from
investment
operations
........
0.07
0.39
0.27
0.22
(0.09)
(0.38)
Less
distributions
from:
Net
investment
income
..............
(0.29)
(0.30)
(0.30)
(0.30)
(0.36)
(0.05)
Net
realized
gains
.................
—
—
—
—
(0.11)
—
Total
distributions
...................
(0.29)
(0.30)
(0.30)
(0.30)
(0.47)
(0.05)
Net
asset
value,
end
of
period
..........
$4.46
$4.68
$4.59
$4.62
$4.70
$5.26
Total
return
d
.......................
1.71%
8.94%
6.09%
5.01%
(2.06)%
(6.73)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.78%
0.79%
0.83%
0.89%
0.85%
0.77%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.78%
f
0.79%
g
0.80%
g
0.81%
g
0.81%
g
0.77%
g
Net
investment
income
...............
4.30%
5.29%
6.07%
5.92%
3.17%
4.07%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$35,228
$37,779
$39,624
$41,289
$45,181
$50,798
Portfolio
turnover
rate
................
242%
391%
926%
1395%
1417%
1115%
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
Amount
rounds
to
less
than
$0.01
per
share.
d
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.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Variable
Trust
Financial
Highlights
Putnam
VT
Diversified
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
.....
$4.71
$4.62
$4.65
$4.72
$5.28
$5.71
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.23
0.27
0.25
0.14
0.21
Net
realized
and
unrealized
gains
(losses)
(0.02)
0.15
(0.01)
(0.04)
(0.25)
(0.60)
Total
from
investment
operations
........
0.07
0.38
0.26
0.21
(0.11)
(0.39)
Less
distributions
from:
Net
investment
income
..............
(0.28)
(0.29)
(0.29)
(0.28)
(0.34)
(0.04)
Net
realized
gains
.................
—
—
—
—
(0.11)
—
Total
distributions
...................
(0.28)
(0.29)
(0.29)
(0.28)
(0.45)
(0.04)
Net
asset
value,
end
of
period
..........
$4.50
$4.71
$4.62
$4.65
$4.72
$5.28
Total
return
c
.......................
1.64%
8.58%
5.76%
4.82%
(2.35)%
(6.95)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.03%
1.04%
1.08%
1.14%
1.10%
1.02%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.03%
e
1.04%
f
1.05%
f
1.06%
f
1.06%
f
1.02%
f
Net
investment
income
...............
4.05%
5.04%
5.82%
5.65%
2.86%
3.81%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$59,286
$62,415
$65,946
$68,605
$71,937
$112,542
Portfolio
turnover
rate
................
242%
391%
926%
1395%
1417%
1115%
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
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited),
June
30,
2026
Putnam
VT
Diversified
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
Convertible
Bonds
3.8%
Aerospace
&
Defense
0.1%
a
AeroVironment,
Inc.
,
Senior
Note
,
1.12%
,
7/15/30
...........
United
States
20,000
$
19,118
b
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
11/01/30
United
States
73,000
74,934
94,052
Automobile
Components
0.0%
†
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
25,000
37,059
Automobiles
0.1%
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
36,000
42,753
Biotechnology
0.4%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note,
1%,
9/15/27
...........................
United
States
12,000
14,458
a,b
Senior
Note,
144A,
3.59%,
9/15/28
....................
United
States
30,000
27,752
b
Bridgebio
Pharma,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
2/01/33
....
United
States
48,000
47,645
b
Cytokinetics,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
10/01/31
.......
United
States
47,000
70,500
b
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
144A,
0.875
%
,
11/15/32
........................................
United
States
78,000
85,901
b
Ionis
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
12/01/30
........................................
United
States
120,000
128,100
Revolution
Medicines,
Inc.
,
Senior
Note
,
0.5
%
,
5/01/33
.......
United
States
28,000
35,128
409,484
Broadline
Retail
0.1%
Etsy,
Inc.
,
Senior
Note
,
1
%
,
6/15/30
......................
United
States
61,000
70,864
Capital
Markets
0.0%
†
b
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
21,000
20,612
b
WisdomTree,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
8/15/30
.......
United
States
20,000
23,911
44,523
Communications
Equipment
0.1%
b
Ciena
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/31
.........
United
States
57,000
60,135
Consumer
Staples
Distribution
&
Retail
0.1%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
26,000
58,191
Diversified
REITs
0.1%
b
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
75,000
80,550
Diversified
Telecommunication
Services
0.0%
†
b
Bandwidth,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
7/01/32
.......
United
States
18,000
20,691
Electric
Utilities
0.3%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
43,000
56,524
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
46,000
47,070
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
90,000
102,263
205,857
Electrical
Equipment
0.1%
b
Bloom
Energy
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
11/15/30
..
United
States
57,000
104,438
Electronic
Equipment,
Instruments
&
Components
0.1%
b
Advanced
Energy
Industries,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/31
.........................................
United
States
28,000
30,669
b
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
20,000
28,030
Itron,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
59,000
58,908
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Convertible
Bonds
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
b
OSI
Systems,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
2/01/31
........
United
States
30,000
$
28,227
145,834
Energy
Equipment
&
Services
0.0%
†
b
Liberty
Energy,
Inc.
,
Senior
Note,
144A,
Zero
Cpn.,
3/01/31
.................
United
States
20,000
20,645
a
Senior
Note,
144A,
0.56%,
3/01/32
....................
United
States
9,000
8,719
a,b
ProPetro
Holding
Corp.
,
Senior
Note
,
144A,
1.02%
,
11/15/31
...
United
States
19,000
17,990
47,354
Entertainment
0.2%
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
59,000
73,219
Live
Nation
Entertainment,
Inc.
,
Senior
Note,
3.125%,
1/15/29
........................
United
States
21,000
37,464
Senior
Note,
2.875%,
1/15/30
........................
United
States
47,000
56,212
166,895
Ground
Transportation
0.0%
†
b
Knight-Swift
Transportation
Holdings,
Inc.
,
Senior
Note
,
144A,
1
%
,
11/15/31
.....................................
United
States
19,000
22,140
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
33,000
39,534
61,674
Health
Care
REITs
0.1%
b
Welltower
OP
LLC
,
Senior
Note
,
144A,
3.125
%
,
7/15/29
......
United
States
32,000
57,440
Hotels,
Restaurants
&
Leisure
0.1%
a
DoorDash,
Inc.
,
Senior
Note
,
0.36%
,
5/15/30
...............
United
States
61,000
60,161
NCL
Corp.
Ltd.
,
Senior
Note
,
0.875
%
,
4/15/30
..............
United
States
25,000
27,906
88,067
Household
Products
0.0%
†
Spectrum
Brands,
Inc.
,
Senior
Note
,
3.375
%
,
6/01/29
........
United
States
21,000
21,939
IT
Services
0.5%
Akamai
Technologies,
Inc.
,
Senior
Note,
1.125%,
2/15/29
........................
United
States
83,000
98,923
a,b
Senior
Note,
144A,
1.53%,
5/15/30
....................
United
States
18,000
16,972
Cloudflare,
Inc.
,
Senior
Note
,
Zero
Cpn.,
6/15/30
............
United
States
92,000
116,564
b
CoreWeave,
Inc.
,
Senior
Note,
144A,
1.75%,
12/01/31
...................
United
States
55,000
65,728
Senior
Note,
144A,
1.75%,
10/01/32
...................
United
States
67,000
73,954
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/29
...........
United
States
56,000
99,154
471,295
Life
Sciences
Tools
&
Services
0.1%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
48,000
49,338
Machinery
0.1%
b
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
60,000
60,852
Metals
&
Mining
0.0%
†
b
Almonty
Industries,
Inc.
,
Senior
Note
,
144A,
2.25
%
,
7/01/31
...
Canada
19,000
20,330
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Convertible
Bonds
(continued)
Multi-Utilities
0.0%
†
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
33,000
$
36,853
Office
REITs
0.0%
†
b
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
30,000
29,160
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
19,000
18,734
Pharmaceuticals
0.0%
†
b
Ligand
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/31
.........................................
United
States
37,000
41,810
b
Zoetis,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
6/15/29
.............
United
States
41,000
37,311
79,121
Real
Estate
Management
&
Development
0.0%
†
b
Compass,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
4/15/31
..........
United
States
30,000
32,637
Semiconductors
&
Semiconductor
Equipment
0.8%
MACOM
Technology
Solutions
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/15/29
....................................
United
States
19,000
43,833
b
Microchip
Technology,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
2/15/30
.........................................
United
States
122,000
140,730
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
27,000
79,577
b
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
21,000
38,839
ON
Semiconductor
Corp.
,
Senior
Note,
0.5%,
3/01/29
..........................
United
States
33,000
39,847
a,b
Senior
Note,
144A,
0.07%,
5/01/31
....................
United
States
38,000
37,867
b
Onto
Innovation,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/01/31
...
United
States
37,000
48,873
b
Semtech
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/15/30
......
United
States
25,000
46,012
SiTime
Corp.
,
Senior
Note
,
Zero
Cpn.,
6/15/31
.............
United
States
28,000
31,066
506,644
Software
0.4%
Box,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/29
....................
United
States
39,000
38,161
b
Cipher
Digital,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/01/31
...
United
States
35,000
61,447
Datadog,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/01/29
............
United
States
53,000
75,472
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
56,000
53,900
b
IREN
Ltd.
,
Senior
Note
,
144A,
1
%
,
12/01/33
...............
Australia
29,000
25,244
Nutanix,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/29
.................
United
States
42,000
41,429
b
Terawulf,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/01/32
........
United
States
65,000
96,441
b
Tyler
Technologies,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
7/15/31
....
United
States
29,000
28,761
420,855
Specialty
Retail
0.0%
†
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
22,000
35,123
Total
Convertible
Bonds
(Cost
$3,120,323)
...................................
3,578,742
Corporate
Bonds
39.2%
Aerospace
&
Defense
1.2%
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
8,000
7,529
Senior
Note,
2.7%,
2/01/27
..........................
United
States
92,000
91,007
Senior
Note,
6.298%,
5/01/29
........................
United
States
267,000
278,008
b
Bombardier,
Inc.
,
Senior
Bond
,
144A,
7.45
%
,
5/01/34
........
Canada
180,000
199,452
b
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
125,000
122,877
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Aerospace
&
Defense
(continued)
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
200,000
$
199,474
b
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
90,000
92,554
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
95,000
97,553
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
15,000
15,318
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
40,000
41,057
1,144,829
Automobile
Components
0.3%
b
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
250,000
250,051
Automobiles
0.3%
b
Hyundai
Capital
America
,
Senior
Note
,
144A,
5
%
,
6/18/31
.....
United
States
80,000
79,895
b
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.625
%
,
11/24/27
..................................
Germany
200,000
191,771
271,666
Banks
1.9%
Bank
of
America
Corp.
,
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
285,000
291,033
Senior
Note,
4.695%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
120,000
119,016
Citigroup,
Inc.
,
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
.........................................
United
States
275,000
271,482
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
200,000
198,997
JPMorgan
Chase
&
Co.
,
Senior
Note,
6.07%
to
10/21/26,
FRN
thereafter,
10/22/27
...
United
States
540,000
542,651
Senior
Note,
4.622%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
120,000
118,642
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
265,000
269,503
1,811,324
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note
,
4.125
%
,
3/15/31
................
United
States
85,000
83,218
b
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
200,000
203,933
287,151
Broadline
Retail
0.6%
Amazon.com,
Inc.
,
Senior
Note
,
4.25
%
,
3/13/31
............
United
States
70,000
68,947
b
Match
Group
Holdings
II
LLC
,
Senior
Bond
,
144A,
4.125
%
,
8/01/30
.........................................
United
States
200,000
188,363
b
Wayfair
LLC
,
Senior
Secured
Note,
144A,
7.75%,
9/15/30
.............
United
States
180,000
189,345
Senior
Secured
Note,
144A,
6.75%,
11/15/32
............
United
States
100,000
102,772
549,427
Building
Products
0.7%
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
10,000
10,054
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
35,000
35,315
b
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
195,000
199,223
b
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
180,000
189,891
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Building
Products
(continued)
b
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%,
8/15/32
.....................
United
States
80,000
$
80,535
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
70,000
69,575
b
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
7/15/30
.
United
States
50,000
47,525
632,118
Capital
Markets
1.6%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
270,000
272,770
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
4.594%
to
4/19/29,
FRN
thereafter,
4/20/30
....
United
States
45,000
44,752
Senior
Note,
4.972%
to
6/02/31,
FRN
thereafter,
6/03/32
....
United
States
80,000
79,971
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
320,000
329,252
Morgan
Stanley
,
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
405,000
407,512
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
60,000
58,847
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
85,000
83,970
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
230,000
236,696
1,513,770
Chemicals
0.5%
b,c
Braskem
Idesa
SAPI
,
Senior
Secured
Note
,
Reg
S,
7.45
%
,
11/15/29
........................................
Mexico
200,000
128,544
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
205,000
200,158
b
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
155,000
165,514
494,216
Commercial
Services
&
Supplies
0.9%
b,c
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
10.875
%
,
2/05/33
.....
Brazil
200,000
46,000
b
GFL
Environmental,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
8/15/29
..
United
States
205,000
199,435
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
175,000
181,614
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
135,000
138,238
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
240,000
246,190
811,477
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Note
,
5
%
,
4/15/29
...........
United
States
110,000
111,214
Construction
&
Engineering
0.2%
b
Arcosa,
Inc.
,
Senior
Note,
144A,
4.375%,
4/15/29
...................
United
States
115,000
113,190
Senior
Note,
144A,
6.875%,
8/15/32
...................
United
States
30,000
31,319
144,509
Consumer
Finance
2.0%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
4.625
%
,
9/10/29
.........................
Ireland
200,000
199,126
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
.............................
United
States
85,000
83,429
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/32
.........................................
United
States
200,000
200,422
b
FirstCash,
Inc.
,
Senior
Note,
144A,
6.875%,
3/01/32
...................
United
States
213,000
219,142
Senior
Note,
144A,
6.125%,
5/01/34
...................
United
States
70,000
69,715
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Consumer
Finance
(continued)
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
200,000
$
201,060
b
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
100,000
98,644
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
United
States
35,000
34,628
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
9.5%,
2/15/29
.....................
United
States
135,000
141,509
Senior
Note,
144A,
8.25%,
5/15/30
....................
United
States
180,000
189,371
OneMain
Finance
Corp.
,
Senior
Note
,
7.125
%
,
11/15/31
......
United
States
215,000
219,530
b
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.......
United
States
270,000
263,339
1,919,915
Consumer
Staples
Distribution
&
Retail
0.1%
b
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.........
United
States
140,000
136,776
Containers
&
Packaging
0.3%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
60,000
59,451
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
180,000
174,843
234,294
Distributors
0.2%
b
Gates
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
...........
United
States
140,000
143,364
Diversified
Consumer
Services
0.1%
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
100,000
92,834
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
275,000
274,310
Diversified
Telecommunication
Services
1.4%
b
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
255,000
275,235
AT&T,
Inc.
,
Senior
Note
,
4.1
%
,
2/15/28
...................
United
States
220,000
218,389
b
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
90,000
91,266
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
345,000
307,963
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
135,000
140,504
b
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
70,000
69,836
b
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
95,000
93,691
b
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
180,000
189,173
1,386,057
Electric
Utilities
1.5%
Duke
Energy
Carolinas
LLC
,
A
,
Senior
Bond
,
6
%
,
12/01/28
....
United
States
105,000
108,528
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
130,000
131,510
b
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
230,000
232,981
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
105,000
104,725
Pacific
Gas
and
Electric
Co.
,
Senior
Note,
6.1%,
1/15/29
..........................
United
States
130,000
133,881
Senior
Note,
5.05%,
11/15/31
........................
United
States
60,000
59,958
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
135,000
138,083
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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.
,
A
,
Senior
Bond
,
2.875
%
,
7/15/29
United
States
235,000
$
224,231
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
155,000
152,347
Senior
Note,
144A,
4.7%,
1/31/31
.....................
United
States
65,000
63,792
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
120,000
124,336
1,474,372
Energy
Equipment
&
Services
0.9%
b
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
65,000
64,649
b
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/33
..
United
States
150,000
152,134
b,d
Oceaneering
International,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/34
.........................................
United
States
55,000
55,898
b
Transocean
International
Ltd.
,
Senior
Note,
144A,
7.875%,
10/15/32
..................
United
States
135,000
141,003
Senior
Secured
Note,
144A,
8.75%,
2/15/30
.............
United
States
126,000
131,012
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
190,000
193,962
738,658
Entertainment
0.3%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
210,000
215,411
b
OAK-Eagle
Acquireco,
Inc.
,
Senior
Secured
Note
,
144A,
7.25
%
,
7/01/33
.........................................
United
States
110,000
115,132
330,543
Financial
Services
0.9%
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
225,000
242,927
b
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25
%
,
2/01/29
.........................................
United
States
90,000
93,333
b
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
235,000
235,537
b
Rocket
Cos.,
Inc.
,
Senior
Note,
144A,
6.125%,
8/01/31
...................
United
States
85,000
86,874
Senior
Note,
144A,
6.375%,
8/01/33
...................
United
States
215,000
218,916
877,587
Food
Products
0.8%
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
115,000
118,729
b
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
235,000
230,603
b
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
255,000
260,050
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
73,000
70,086
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
35,000
34,626
714,094
Ground
Transportation
0.6%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
........
United
Kingdom
200,000
196,885
b
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
200,000
207,775
b
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
195,000
200,356
605,016
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Health
Care
Equipment
&
Supplies
0.7%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
45,000
$
44,606
Senior
Note,
4.8%,
8/14/29
..........................
United
States
135,000
135,737
b
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
190,000
192,862
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
250,000
242,911
616,116
Health
Care
Providers
&
Services
1.0%
b
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
1/15/34
...............................
United
States
230,000
240,426
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
110,000
114,251
Senior
Bond,
1.875%,
2/28/31
........................
United
States
40,000
35,094
b
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
185,000
190,900
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
15,000
15,487
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
295,000
291,343
887,501
Health
Care
REITs
0.3%
b
Diversified
Healthcare
Trust
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/15/30
........................................
United
States
230,000
237,019
Health
Care
Technology
0.3%
b
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
275,000
279,930
Hotel
&
Resort
REITs
0.4%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
4.5%,
2/15/29
.....................
United
States
50,000
49,109
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
120,000
122,854
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
40,000
41,065
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
195,000
199,744
412,772
Hotels,
Restaurants
&
Leisure
2.2%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
210,000
198,371
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
45,000
44,722
b
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
120,000
119,872
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
95,000
96,217
b
Carnival
UK
Ltd.
,
Senior
Note
,
144A,
4.125
%
,
7/15/31
........
United
States
100,000
EUR
115,090
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
5/01/29
....................
United
States
100,000
96,697
Senior
Note,
144A,
5.75%,
9/15/33
....................
United
States
115,000
115,488
b
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
225,000
234,526
b
NCL
Corp.
Ltd.
,
Senior
Note,
144A,
5.875%,
1/15/31
...................
United
States
145,000
140,835
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
150,000
145,764
b
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
195,000
197,548
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
50,000
50,434
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
72,000
73,607
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
143,000
145,057
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Hotels,
Restaurants
&
Leisure
(continued)
b
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
255,000
$
242,267
b
Viking
Cruises
Ltd.
,
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
90,000
94,351
Senior
Note,
144A,
5.875%,
10/15/33
..................
United
States
120,000
120,247
2,231,093
Household
Durables
0.4%
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
145,000
140,922
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
195,000
192,457
Whirlpool
Corp.
,
Senior
Bond,
5.75%,
3/01/34
.........................
United
States
110,000
85,247
b
Senior
Secured
Note,
144A,
7.5%,
7/01/31
..............
United
States
15,000
15,217
b
Senior
Secured
Note,
144A,
7.875%,
7/01/34
............
United
States
25,000
25,165
459,008
Independent
Power
and
Renewable
Electricity
Producers
0.9%
b
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
200,000
207,739
b
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75
%
,
1/15/32
.........................................
United
States
155,000
141,137
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
105,000
106,675
Senior
Note,
4.4%,
1/15/31
..........................
United
States
40,000
39,335
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
45,000
44,221
b
Talen
Energy
Supply
LLC
,
Senior
Note,
144A,
6.125%,
5/01/31
...................
United
States
115,000
115,050
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
195,000
193,897
848,054
Insurance
1.6%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
235,000
223,044
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note,
144A,
6.75%,
4/15/28
.............
United
States
195,000
196,658
Senior
Secured
Note,
144A,
7%,
1/15/31
................
United
States
45,000
45,755
b
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
................................
United
States
80,000
80,670
b
Athene
Global
Funding
,
Senior
Secured
Note
,
144A,
5.583
%
,
1/09/29
.........................................
United
States
130,000
131,901
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
7.4
%
,
1/13/28
.......
United
States
130,000
133,722
b
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
150,000
149,397
b
HUB
International
Ltd.
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/15/30
.........................................
United
States
230,000
236,154
b
New
York
Life
Global
Funding
,
Senior
Secured
Note
,
144A,
4.9
%
,
6/13/28
.........................................
United
States
110,000
110,772
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
175,000
178,031
1,486,104
IT
Services
0.3%
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
215,000
193,715
b
CoreWeave,
Inc.
,
Senior
Note
,
144A,
9.75
%
,
10/01/31
.......
United
States
50,000
49,925
243,640
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Leisure
Products
0.2%
b
Mattel,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
4/01/29
.............
United
States
155,000
$
150,350
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
75,000
75,027
Machinery
0.3%
b
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
200,000
200,717
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
65,000
65,879
266,596
Media
0.9%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
170,000
177,203
b
Nexstar
Media,
Inc.
,
Senior
Note,
144A,
7.25%,
4/15/34
....................
United
States
85,000
84,868
Senior
Secured
Note,
144A,
6.5%,
9/15/33
..............
United
States
145,000
145,087
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
180,000
185,115
b
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
8.875
%
,
4/15/33
...................................
United
States
95,000
93,585
b
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
5
%
,
1/15/32
.........................................
Netherlands
215,000
188,380
874,238
Metals
&
Mining
0.6%
b
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/32
........
United
States
95,000
94,368
Commercial
Metals
Co.
,
Senior
Bond,
4.375%,
3/15/32
........................
United
States
158,000
149,761
b
Senior
Note,
144A,
5.75%,
11/15/33
...................
United
States
45,000
44,759
b
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......
Australia
140,000
145,016
b
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
....................
United
States
120,000
116,143
Senior
Note,
144A,
6.875%,
1/30/30
...................
United
States
113,000
115,925
665,972
Multi-Utilities
0.1%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
110,000
110,937
Oil,
Gas
&
Consumable
Fuels
4.1%
b
Aker
BP
ASA
,
Senior
Note
,
144A,
5.6
%
,
6/13/28
............
Norway
150,000
152,175
b
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
145,000
146,108
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
190,000
195,817
Energy
Transfer
LP
,
Junior
Sub.
Bond,
8%
to
5/14/29,
FRN
thereafter,
5/15/54
...
United
States
135,000
143,379
Senior
Bond,
5.25%,
4/15/29
.........................
United
States
270,000
273,655
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
35,000
35,266
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
155,000
149,597
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
51,000
50,918
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6.875
%
,
5/15/34
...................................
United
States
190,000
184,994
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
280,000
282,728
Kinder
Morgan,
Inc.
,
Senior
Note
,
5
%
,
2/01/29
.............
United
States
165,000
166,516
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
265,000
266,660
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Murphy
Oil
Corp.
,
Senior
Note,
6%,
10/01/32
..........................
United
States
65,000
$
64,773
Senior
Note,
6.5%,
2/15/34
..........................
United
States
30,000
29,737
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
200,000
199,713
b
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
200,000
110,000
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
135,000
135,492
b
Sunoco
LP
,
Senior
Note,
144A,
6.25%,
7/01/33
....................
United
States
186,000
187,757
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
20,000
19,532
Targa
Resources
Corp.
,
Senior
Note,
6.15%,
3/01/29
.........................
United
States
130,000
134,644
Senior
Note,
4.35%,
4/15/31
.........................
United
States
50,000
48,863
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
......................................
United
States
140,000
141,592
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
315,000
328,011
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
15,000
16,829
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
40,000
42,432
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
170,000
186,652
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
25,000
26,061
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
16,000
16,263
3,736,164
Paper
&
Forest
Products
0.2%
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.6
%
,
5/15/31
.......
United
States
140,000
138,872
b
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
..
United
States
130,000
121,448
260,320
Passenger
Airlines
0.2%
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
147,000
145,056
Personal
Care
Products
0.6%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/29
.......
United
States
250,000
242,210
b
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
285,000
290,899
533,109
Pharmaceuticals
1.0%
Novartis
Capital
Corp.
,
Senior
Note,
4.1%,
11/05/30
.........................
United
States
170,000
167,060
Senior
Note,
4.4%,
3/18/31
..........................
United
States
135,000
134,043
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
185,000
193,870
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
160,000
157,381
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
8.125
%
,
9/15/31
...................................
Israel
249,000
280,886
933,240
Professional
Services
0.2%
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
195,000
197,890
Semiconductors
&
Semiconductor
Equipment
0.7%
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
200,000
206,442
NVIDIA
Corp.
,
Senior
Note
,
4.5
%
,
6/15/31
.................
United
States
325,000
323,921
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
b
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
20,000
$
20,374
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
185,000
186,216
736,953
Software
0.7%
b
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
205,000
202,191
Oracle
Corp.
,
Senior
Note,
4.55%,
2/04/29
.........................
United
States
210,000
207,053
Senior
Note,
4.45%,
9/26/30
.........................
United
States
60,000
57,940
Senior
Note,
4.95%,
2/04/31
.........................
United
States
115,000
112,612
Salesforce,
Inc.
,
Senior
Note
,
4.5
%
,
3/15/28
...............
United
States
120,000
119,891
699,687
Specialized
REITs
0.6%
American
Tower
Corp.
,
Senior
Note
,
2.75
%
,
1/15/27
.........
United
States
275,000
272,437
b
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/35
.......
United
States
70,000
70,360
b
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
200,000
202,840
545,637
Specialty
Retail
0.3%
b
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
144A,
4
%
,
10/01/29
..
United
States
245,000
238,604
Technology
Hardware,
Storage
&
Peripherals
0.1%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note
,
4.75
%
,
7/15/31
United
States
20,000
19,884
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
5.875
%
,
7/15/30
.........................................
United
States
95,000
96,745
116,629
Textiles,
Apparel
&
Luxury
Goods
0.3%
b
Beach
Acquisition
Bidco
LLC
,
e
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
155,809
169,227
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
100,000
EUR
116,523
285,750
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
35,000
35,180
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
95,000
100,448
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
..
United
States
270,000
274,138
409,766
Trading
Companies
&
Distributors
0.8%
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
135,000
136,623
b
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
95,000
97,030
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
105,000
109,356
d
Secured
Note,
144A,
7.125%,
7/01/34
..................
United
States
75,000
73,784
b
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
3/15/31
.......
United
States
95,000
94,954
Sumisho
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
......
United
States
300,000
304,915
816,662
Wireless
Telecommunication
Services
0.7%
T-Mobile
USA,
Inc.
,
Senior
Note,
2.05%,
2/15/28
.........................
United
States
115,000
110,531
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.,
(continued)
Senior
Note,
3.375%,
4/15/29
........................
United
States
545,000
$
526,975
637,506
Total
Corporate
Bonds
(Cost
$37,219,233)
....................................
37,086,902
f
Senior
Floating
Rate
Interests
4.2%
g
Aerospace
&
Defense
0.2%
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.12%,
(1-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
83,092
83,201
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N,
6.12%,
(1-month
SOFR
+
2.5%),
2/14/33
.............................
United
States
45,349
45,400
128,601
a
a
a
a
a
a
Air
Freight
&
Logistics
0.1%
g
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
55,925
55,875
Automobile
Components
0.1%
g
Clarios
Global
LP,
First
Lien,
Amendment
No.
7
Dollar
CME
Term
Loan,
6.144%,
(1-month
SOFR
+
2.5%),
1/28/32
..........
United
States
35,298
35,375
Biotechnology
0.1%
g
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
40,896
40,936
Broadline
Retail
0.1%
g
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
5.982%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
59,438
59,556
g
Building
Products
0.3%
Advanced
Drainage
Systems,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.245%,
(1-month
SOFR
+
1.625%),
2/11/33
........
United
States
46,222
46,684
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
5.894%,
(1-month
SOFR
+
2.25%),
8/04/31
.
United
States
113,255
113,295
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.894%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
117,002
117,187
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.62%,
(1-month
SOFR
+
3%),
3/30/29
.............
United
States
14,540
14,613
291,779
a
a
a
a
a
a
Chemicals
0.1%
g
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.413%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
128,992
124,961
g
Commercial
Services
&
Supplies
0.3%
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.12%,
(1-month
SOFR
+
1.5%),
10/11/32
.....................
United
States
44,705
44,941
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.144%,
(1-month
SOFR
+
2.5%),
10/23/28
...
United
States
62,761
62,868
Garda
World
Security
Corp.,
First
Lien,
Fifteenth
Additional
CME
Term
Loan,
6.419%,
(3-month
SOFR
+
2.75%),
2/01/29
.....
Canada
107,192
107,192
Rosen
International
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
3/26/31
.........................................
Luxembourg
49,377
49,418
264,419
a
a
a
a
a
a
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
f
Senior
Floating
Rate
Interests
(continued)
Construction
Materials
0.0%
†
g
Knife
River
Corp.,
First
Lien,
2026
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
3/08/32
.....................
United
States
25,063
$
25,149
Containers
&
Packaging
0.0%
†
g
Graham
Packaging
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.894%,
(1-month
SOFR
+
2.25%),
1/26/33
..............
United
States
16,741
16,771
Distributors
0.0%
†
g
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.732%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
19,457
18,439
Electrical
Equipment
0.1%
g
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.182%,
(3-month
SOFR
+
2.5%),
10/01/32
..............
United
States
37,895
38,014
g
Entertainment
0.1%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3,
6.37%,
(1-month
SOFR
+
2.75%),
3/01/28
...............
France
44,306
44,394
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.508%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
98,698
96,028
140,422
a
a
a
a
a
a
Financial
Services
0.1%
g
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
8/16/32
......................
United
States
118,985
119,038
Food
Products
0.1%
g
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
6.127%,
(6-month
SOFR
+
2.5%),
9/30/32
......................
United
States
129,675
128,935
Ground
Transportation
0.1%
g
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
78,600
78,364
Health
Care
Equipment
&
Supplies
0.1%
g
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.394%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
124,094
124,544
g
Health
Care
Providers
&
Services
0.2%
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.232%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
59,699
51,416
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
5.644%,
(1-month
SOFR
+
2%),
2/21/31
.......................
United
States
106,800
106,722
158,138
a
a
a
a
a
a
g
Hotels,
Restaurants
&
Leisure
0.2%
Caesars
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.894%,
(1-month
SOFR
+
2.25%),
2/06/31
..............
United
States
131,963
127,303
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.894%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
18,681
18,683
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
63,375
62,915
208,901
a
a
a
a
a
a
Household
Durables
0.1%
g
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.732%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
106,629
106,751
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
f
Senior
Floating
Rate
Interests
(continued)
IT
Services
0.0%
†
g
Tempo
Acquisition
LLC,
First
Lien,
Seventh
Incremental
CME
Term
Loan,
5.394%,
(1-month
SOFR
+
1.75%),
8/31/28
.....
United
States
14,347
$
12,168
g
Machinery
0.2%
Chart
Industries,
Inc.,
First
Lien,
Amendment
No.
7
CME
Term
Loan,
6.182%,
(3-month
SOFR
+
2.5%),
3/15/30
..........
United
States
211,299
211,564
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
2/03/33
...............
United
States
16,623
16,613
228,177
a
a
a
a
a
a
g
Media
0.2%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.735%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
55,000
55,142
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.175%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
116,562
117,364
172,506
a
a
a
a
a
a
g
Oil,
Gas
&
Consumable
Fuels
0.3%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.45%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
153,344
152,666
Delek
US
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.62%,
(1-month
SOFR
+
3%),
5/17/32
.......................
United
States
119,605
119,689
272,355
a
a
a
a
a
a
g
Passenger
Airlines
0.3%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.425%,
(3-month
SOFR
+
2.75%),
5/28/32
.....
United
States
9,900
9,914
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.925%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
203,354
203,402
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
2/14/31
.....................
Canada
97,750
95,009
308,325
a
a
a
a
a
a
g
Pharmaceuticals
0.2%
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.37%,
(1-month
SOFR
+
3.75%),
4/23/31
......
United
States
108,618
108,822
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.156%,
(3-month
SOFR
+
2.5%),
12/04/31
.....
United
States
129,025
129,055
237,877
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.1%
g
Altar
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
6.858%,
(12-month
SOFR
+
3.35%),
2/01/29
............................
United
States
107,048
107,126
g
Software
0.3%
d,h
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.1%,
(1-day
SOFR
+
4.5%),
11/17/31
.....
United
States
2,067
2,112
Tuple
US
Bidco
LLC,
First
Lien,
USD
CME
Term
Loan,
B1,
7.385%,
(6-month
SOFR
+
3.75%),
1/14/33
..............
United
States
63,935
61,377
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.913%,
(3-month
SOFR
+
2.25%),
2/10/31
............................
United
States
117,909
111,317
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.644%,
(1-month
SOFR
+
2%),
10/22/29
................
United
States
54,052
53,984
228,790
a
a
a
a
a
a
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
f
Senior
Floating
Rate
Interests
(continued)
g
Specialty
Retail
0.2%
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.092%,
(12-month
SOFR
+
2.25%),
6/23/33
............................
United
States
19,258
$
19,270
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.894%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
170,437
170,381
189,651
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.0%
†
g
DXP
Enterprises,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.894%,
(1-month
SOFR
+
3.25%),
10/11/30
....................
United
States
32,338
32,523
Water
Utilities
0.0%
†
g
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.902%,
(3-month
SOFR
+
2.25%),
10/01/32
.............
United
States
25,791
25,903
Total
Senior
Floating
Rate
Interests
(Cost
$3,993,232)
.........................
3,980,369
Foreign
Government
and
Agency
Securities
9.8%
b
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
.
Angola
220,000
222,259
b
Argentina
Provincia
de
Cordoba
,
Senior
Note
,
144A,
8.6
%
,
2/03/35
.........................................
Argentina
60,000
59,775
b
Argentina
Provincia
del
Chubut
,
Senior
Secured
Bond
,
144A,
9.45
%
,
4/29/36
...................................
Argentina
50,000
53,000
b
Armenia
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
2/02/31
Armenia
200,000
184,525
b
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
210,000
EUR
226,890
Brazil
Government
Bond
,
Senior
Bond
,
3.875
%
,
6/12/30
......
Brazil
590,000
562,476
b
Bulgaria
Government
Bond
,
Senior
Bond,
Reg
S,
5%,
3/05/37
......................
Bulgaria
60,000
58,681
Senior
Note,
Reg
S,
3.625%,
9/05/32
...................
Bulgaria
100,000
EUR
116,371
b
Cameroon
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
7/07/32
.........................................
Cameroon
190,000
EUR
194,504
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
200,000
201,840
Colombia
Government
Bond
,
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
200,000
214,000
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
110,000
EUR
126,222
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
2/19/31
.........................................
Costa
Rica
200,000
206,884
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
210,000
213,066
Senior
Bond,
Reg
S,
4.875%,
9/23/32
..................
Dominican
Republic
230,000
218,925
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
280,000
281,484
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
120,000
110,164
b
Egypt
Government
Bond
,
Senior
Note
,
144A,
8.625
%
,
2/04/30
.
Egypt
200,000
214,100
b
El
Salvador
Government
Bond
,
Senior
Bond,
144A,
7.65%,
6/15/35
....................
El
Salvador
110,000
114,068
Senior
Bond,
Reg
S,
8.625%,
2/28/29
..................
El
Salvador
100,000
105,613
b,i
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
9.125%
to
6/14/33,
FRN
thereafter
,
Perpetual
.....................
France
200,000
232,307
b
Gabon
Government
Bond
,
Senior
Bond
,
Reg
S,
6.625
%
,
2/06/31
Gabon
230,000
198,397
b
Ghana
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
7/03/35
....
Ghana
100,000
92,845
b
Guatemala
Government
Bond
,
Senior
Bond
,
Reg
S,
6.6
%
,
6/13/36
.........................................
Guatemala
420,000
448,510
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
200,000
202,666
Indonesia
Government
Bond
,
Senior
Note
,
5.03
%
,
5/29/31
....
Indonesia
200,000
200,983
b
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
165,000
163,801
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Foreign
Government
and
Agency
Securities
(continued)
b
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
Reg
S,
10.5
%
,
12/06/28
........................................
Turkiye
200,000
$
214,760
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
4.875
%
,
1/30/32
.........................................
Ivory
Coast
300,000
EUR
339,024
b
Jordan
Government
Bond
,
Senior
Note
,
Reg
S,
7.5
%
,
1/13/29
..
Jordan
200,000
209,095
b
Nigeria
Government
Bond
,
Senior
Bond
,
144A,
8.631
%
,
1/13/36
Nigeria
200,000
217,316
b
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
140,000
EUR
159,438
b
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
470,000
440,681
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
260,000
240,201
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
50,000
50,474
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
250,000
240,174
b
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
270,000
EUR
311,793
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
280,000
276,664
b
Serbia
Government
Bond
,
Senior
Note
,
Reg
S,
6.25
%
,
5/26/28
.
Serbia
260,000
265,277
South
Africa
Government
Bond
,
Senior
Bond
,
5.875
%
,
4/20/32
.
South
Africa
200,000
205,033
b
Suriname
Government
Bond
,
Senior
Bond
,
144A,
8.5
%
,
11/06/35
Suriname
200,000
219,220
Turkiye
Government
Bond
,
Senior
Note,
9.125%,
7/13/30
.........................
Turkiye
400,000
440,928
b
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
200,000
213,879
Total
Foreign
Government
and
Agency
Securities
(Cost
$8,871,095)
.............
9,268,313
U.S.
Government
and
Agency
Securities
0.1%
j
U.S.
Treasury
Notes
,
0.625
%,
11/30/27
...................
United
States
133,000
126,610
Total
U.S.
Government
and
Agency
Securities
(Cost
$126,610)
..................
126,610
Asset-Backed
Securities
4.6%
Financial
Services
4.6%
b,g
Allegro
CLO
XIII
Ltd.
,
2021-1A
,
D1R
,
144A,
FRN
,
6.825
%
,
(
3-month
SOFR
+
3.15
%
),
7/20/38
.
....................
United
States
300,000
300,894
b,g
Black
Diamond
CLO
Ltd.
,
2024-1A
,
D1
,
144A,
FRN
,
8.117
%
,
(
3-month
SOFR
+
4.45
%
),
10/25/37
.
...................
Jersey
260,000
261,907
b,g
CIFC
Funding
Ltd.
,
2017-1A
,
DR3
,
144A,
FRN
,
6.768
%
,
(
3-month
SOFR
+
3.1
%
),
4/21/37
.
.............................
United
States
280,000
280,293
b,g
Elmwood
CLO
29
Ltd.
,
2024-5A
,
D1R2
,
144A,
FRN
,
6.876
%
,
(
3-month
SOFR
+
3.25
%
),
4/20/37
.
....................
United
States
275,000
275,481
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
111,429
111,164
g
GSAA
Home
Equity
Trust
,
2006-8
,
2A2
,
FRN
,
4.123
%
,
(
1-month
SOFR
+
0.474
%
),
5/25/36
.
...........................
United
States
504,940
99,019
b
Lendbuzz
Securitization
Trust
,
2026-1A,
C,
144A,
5.74%,
9/15/31
.....................
United
States
49,107
48,698
2026-1A,
D,
144A,
6.86%,
2/15/33
.....................
United
States
73,661
73,942
b
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
153,000
126,474
b,d,g
Northwoods
Capital
Ltd.
,
2018-11BAR
,
D1R2
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
3.55
%
),
7/19/37
.
................
United
States
325,000
325,325
b
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
229,698
228,123
b
PRET
LLC
,
2026-NPL3,
A1,
144A,
4.968%,
2/25/56
.................
United
States
371,491
368,456
2026-NPL6,
A1,
144A,
5.693%,
5/25/56
.................
United
States
229,542
229,509
d
2026-RN2,
A1,
144A,
5.77%,
7/25/56
...................
United
States
245,000
245,687
b
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
.
.........
United
States
98,539
98,664
b
RCO
IX
Mortgage
LLC
,
2026-2
,
A1
,
144A,
5.765
%
,
5/25/31
.
...
United
States
154,961
154,809
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
SF
ABS
Issuer
LLC
,
2025-1A
,
A2
,
144A,
5.377
%
,
11/25/55
.
....
United
States
208,000
$
204,819
b
Stack
Infrastructure
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5
%
,
3/27/56
.
United
States
216,000
209,579
b
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
87,430
86,832
b,g
Vibrant
CLO
XVI
Ltd.
,
2023-16A
,
C1R2
,
144A,
FRN
,
6.923
%
,
(
3-month
SOFR
+
3.25
%
),
7/15/36
.
....................
Jersey
250,000
250,498
g
WaMu
Asset-Backed
Certificates
Trust
,
2006-HE2,
A3,
FRN,
4.063%,
(1-month
SOFR
+
0.414%),
5/25/36
.........................................
United
States
317,195
253,771
2007-HE4,
1A,
FRN,
3.933%,
(1-month
SOFR
+
0.284%),
7/25/47
.........................................
United
States
96,095
73,367
4,307,311
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$4,487,989)
..............................
4,307,311
Commercial
Mortgage-Backed
Securities
7.8%
Financial
Services
7.8%
k
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
B
,
FRN
,
4.429
%
,
9/15/48
..............................
United
States
106,768
106,385
BANK
,
b
2018-BN11,
D,
144A,
3%,
3/15/61
.....................
United
States
80,000
68,974
k
2019-BN19,
C,
FRN,
4.165%,
8/15/61
..................
United
States
65,000
48,817
k,l
2024-BNK48,
XA,
IO,
FRN,
1.347%,
10/15/57
............
United
States
2,660,171
199,180
k,l
BANK5
Trust
,
2024-5YR10,
XA,
IO,
FRN,
1.399%,
10/15/57
.............
United
States
4,127,983
136,722
2024-5YR12,
XA,
IO,
FRN,
0.694%,
12/15/57
.............
United
States
4,353,630
67,088
b,k
Barclays
Commercial
Mortgage
Trust
,
2019-C5,
F,
144A,
FRN,
2.665%,
11/15/52
...............
United
States
336,000
199,224
l
2019-C5,
XF,
IO,
144A,
FRN,
1.25%,
11/15/52
............
United
States
1,000,000
35,432
k,l
BBCMS
Mortgage
Trust
,
2022-C14,
XA,
IO,
FRN,
0.795%,
2/15/55
................
United
States
2,874,447
81,703
2024-5C29,
XA,
IO,
FRN,
1.819%,
9/15/57
...............
United
States
4,810,092
210,681
2024-C26,
XA,
IO,
FRN,
1.24%,
5/15/57
.................
United
States
1,587,654
104,463
Benchmark
Mortgage
Trust
,
b
2018-B1,
D,
144A,
2.75%,
1/15/51
.....................
United
States
284,000
113,161
k
2018-B6,
B,
FRN,
4.738%,
10/10/51
....................
United
States
103,000
97,524
k,l
2024-V10,
XA,
IO,
FRN,
1.522%,
9/15/57
................
United
States
3,820,523
136,973
k,l
2024-V11,
XA,
IO,
FRN,
0.773%,
11/15/57
...............
United
States
6,573,546
115,349
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
94,000
94,835
k,l
2026-V21,
XA,
IO,
FRN,
1.648%,
3/15/59
................
United
States
1,064,838
62,858
k,l
BMO
Mortgage
Trust
,
2024-5C6
,
XA
,
IO,
FRN
,
1.574
%
,
9/15/57
United
States
3,408,859
122,586
b,k
BX
Trust
,
2025-ARIA
,
C
,
144A,
FRN
,
5.701
%
,
12/13/42
.......
United
States
100,000
99,862
k
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
243,000
232,814
CFCRE
Commercial
Mortgage
Trust
,
2016-C7
,
A3
,
3.839
%
,
12/10/54
........................................
United
States
234,000
233,028
Citigroup
Commercial
Mortgage
Trust
,
b,k
2015-GC27,
D,
144A,
FRN,
4.522%,
2/10/48
.............
United
States
169,905
166,936
k
2015-GC33,
C,
FRN,
4.48%,
9/10/58
...................
United
States
115,000
100,248
2015-GC33,
D,
3.172%,
9/10/58
.......................
United
States
138,000
84,866
COMM
Mortgage
Trust
,
b,c,k
2012-CR3,
F,
144A,
FRN,
4.75%,
10/15/45
...............
United
States
169,087
8,858
2012-CR4,
AM,
3.251%,
10/15/45
.....................
United
States
184,000
178,699
2013-CR12,
AM,
4.3%,
10/10/46
......................
United
States
71,203
68,298
k
2014-CR14,
C,
FRN,
3.246%,
2/10/47
..................
United
States
98,000
95,856
k
2014-CR16,
C,
FRN,
4.887%,
4/10/47
..................
United
States
283,000
278,184
b,k
2014-CR17,
D,
144A,
FRN,
5.005%,
5/10/47
.............
United
States
182,000
161,250
k
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
86,785
85,689
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
COMM
Mortgage
Trust,
(continued)
k
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
62,719
$
60,363
k
2015-CR27,
C,
FRN,
4.673%,
10/10/48
.................
United
States
4,490
4,305
k
2015-DC1,
B,
FRN,
4.035%,
2/10/48
...................
United
States
264,000
253,226
k
GS
Mortgage
Securities
Trust
,
2014-GC24
,
B
,
FRN
,
4.449
%
,
9/10/47
.........................................
United
States
91,103
89,111
b,k
IRV
Trust
,
2025-200P
,
C
,
144A,
FRN
,
5.921
%
,
3/14/47
.......
United
States
147,000
147,102
b,k
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2007-
CB20
,
E
,
144A,
FRN
,
10.072
%
,
2/12/51
.................
United
States
4,987
7,040
k
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12,
D,
FRN,
4.072%,
7/15/45
...................
United
States
140,000
133,271
b
2014-C18,
D,
144A,
FRN,
4.659%,
2/15/47
..............
United
States
152,000
138,578
2014-C23,
B,
FRN,
4.673%,
9/15/47
...................
United
States
97,645
96,699
k
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8
,
C
,
FRN
,
4.913
%
,
6/15/51
...................................
United
States
123,000
112,832
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
229,654
228,372
b,k
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
6.571
%
,
10/15/42
..................................
United
States
140,000
141,225
k
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
2013-C10,
B,
FRN,
4.081%,
7/15/46
...................
United
States
164,797
156,787
b
2013-C10,
D,
144A,
FRN,
4.081%,
7/15/46
..............
United
States
230,000
192,203
b
2013-C12,
D,
144A,
FRN,
4.848%,
10/15/46
.............
United
States
123,000
117,670
2015-C22,
C,
FRN,
4.094%,
4/15/48
...................
United
States
263,000
223,627
Morgan
Stanley
Capital
I
Trust
,
b
2015-UBS8,
D,
144A,
3.18%,
12/15/48
..................
United
States
160,000
152,196
k
2016-UB11,
C,
FRN,
3.691%,
8/15/49
..................
United
States
192,000
190,665
k
2018-H3,
C,
FRN,
5.027%,
7/15/51
....................
United
States
125,000
120,549
k,l
Real
Estate
Asset
Liquidity
Trust
,
2024-RONA
,
X
,
IO,
FRN
,
1.051
%
,
12/12/41
..................................
Canada
5,274,572
CAD
95,766
SG
Commercial
Mortgage
Securities
Trust
,
2016-C5
,
A4
,
3.055
%
,
10/10/48
........................................
United
States
18,159
18,136
b,c
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
472,775
59
b,k
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.424
%
,
7/10/36
.........
United
States
99,000
98,818
b,k
VRTX
Trust
,
2025-HQ
,
C
,
144A,
FRN
,
6.119
%
,
8/05/42
.......
United
States
174,000
171,470
Wells
Fargo
Commercial
Mortgage
Trust
,
b,k
2013-LC12,
D,
144A,
FRN,
3.865%,
7/15/46
.............
United
States
293,000
202,902
b
2014-LC16,
D,
144A,
3.938%,
8/15/50
..................
United
States
228,553
27,629
2015-C31,
D,
3.852%,
11/15/48
.......................
United
States
74,000
67,338
b
2016-C33,
D,
144A,
3.123%,
3/15/59
...................
United
States
25,601
25,103
b,k
2016-C34,
D,
144A,
FRN,
5.424%,
6/15/49
..............
United
States
61,425
60,303
b
2019-C50,
D,
144A,
3%,
5/15/52
......................
United
States
60,000
48,136
k,l
2019-C52,
XA,
IO,
FRN,
1.688%,
8/15/52
................
United
States
1,652,346
64,617
b,k
WFRBS
Commercial
Mortgage
Trust
,
2013-C15
,
D
,
144A,
FRN
,
4.286
%
,
8/15/46
...................................
United
States
149,260
105,303
7,347,944
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$7,298,544)
...............
7,347,944
Mortgage-Backed
Securities
24.2%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
17.8%
FNMA,
30
Year,
5%,
1/01/49
-
5/01/49
....................
United
States
27,748
27,772
m
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/56
.....
United
States
1,000,000
835,391
m
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/56
.....
United
States
4,000,000
3,828,906
m
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
8,000,000
8,014,937
m
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
7/25/56
......
United
States
1,000,000
1,022,109
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
m
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
8/25/56
......
United
States
1,000,000
$
1,019,085
m
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
7/25/56
.....
United
States
1,000,000
1,034,844
m
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
8/25/56
.....
United
States
1,000,000
1,033,312
16,816,356
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
6.4%
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/49
-
11/20/49
....
United
States
40,255
35,779
GNMA
II,
Single-family,
30
Year,
5%,
5/20/49
...............
United
States
30,107
30,037
m
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%,
5/20/49
.............
United
States
11,905
12,152
m
GNMA
II,
Single-family,
30
Year,
5.5%,
8/15/56
.............
United
States
3,000,000
3,011,226
6,044,023
Total
Mortgage-Backed
Securities
(Cost
$22,926,370)
..........................
22,860,379
Residential
Mortgage-Backed
Securities
6.4%
Financial
Services
6.4%
b
A&D
Mortgage
Trust
,
2023-NQM4,
A1,
144A,
7.472%,
9/25/68
................
United
States
204,230
205,063
2024-NQM1,
A1,
144A,
6.195%,
2/25/69
................
United
States
81,833
82,011
Alternative
Loan
Trust
,
g
2005-65CB,
2A1,
FRN,
4.188%,
(1-month
SOFR
+
0.539%),
12/25/35
........................................
United
States
232,760
137,820
g
2006-OA10,
4A1,
FRN,
4.143%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
706,844
631,638
k
2006-OA7,
1A1,
FRN,
3.005%,
6/25/46
.................
United
States
438,304
410,976
g
2006-OA7,
1A2,
FRN,
4.684%,
(12-month
average
of
1-year
CMT
+
0.94%),
6/25/46
.............................
United
States
110,445
110,146
g
2007-OH1,
A1D,
FRN,
3.973%,
(1-month
SOFR
+
0.324%),
4/25/47
.........................................
United
States
56,272
50,571
k
Bear
Stearns
ALT-A
Trust
,
2005-8
,
21A1
,
FRN
,
4.87
%
,
10/25/35
United
States
94,302
77,947
b,g
Chevy
Chase
Funding
LLC
,
2006-4A
,
A2
,
144A,
FRN
,
3.943
%
,
(
1-month
SOFR
+
0.294
%
),
11/25/47
...................
United
States
81,212
73,363
b,g
FHLMC
STACR
REMIC
Trust
,
2020-DNA3,
B2,
144A,
FRN,
13.092%,
(30-day
SOFR
Average
+
9.464%),
6/25/50
................................
United
States
237,000
300,331
2020-DNA4,
B2,
144A,
FRN,
13.742%,
(30-day
SOFR
Average
+
10.114%),
8/25/50
................................
United
States
135,000
177,004
b,g
FHLMC
STACR
Trust
,
2018-DNA3,
B2,
144A,
FRN,
11.492%,
(30-day
SOFR
Average
+
7.864%),
9/25/48
................................
United
States
389,000
439,580
2018-HQA2,
B2,
144A,
FRN,
14.742%,
(30-day
SOFR
Average
+
11.114%),
10/25/48
...............................
United
States
333,000
401,586
2019-FTR3,
B2,
144A,
FRN,
8.542%,
(30-day
SOFR
Average
+
4.914%),
9/25/47
..................................
United
States
393,000
430,776
k
First
Horizon
Alternative
Mortgage
Securities
Trust
,
2006-AA6
,
2A1
,
FRN
,
4.755
%
,
11/25/36
.........................
United
States
190,222
126,386
g
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C05,
2B,
FRN,
14.492%,
(30-day
SOFR
Average
+
10.864%),
1/25/29
.................................
United
States
88,192
88,790
b
2020-R01,
1B1,
144A,
FRN,
6.992%,
(30-day
SOFR
Average
+
3.364%),
1/25/40
..................................
United
States
155,000
156,790
b
2020-SBT1,
1B1,
144A,
FRN,
10.492%,
(30-day
SOFR
Average
+
6.864%),
2/25/40
................................
United
States
500,000
516,697
b
2020-SBT1,
1M2,
144A,
FRN,
7.392%,
(30-day
SOFR
Average
+
3.764%),
2/25/40
................................
United
States
276,000
280,225
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
g
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
b
2022-R02,
2B1,
144A,
FRN,
8.128%,
(30-day
SOFR
Average
+
4.5%),
1/25/42
....................................
United
States
148,000
$
150,928
b
2026-R01,
2M2
,
144A,
FRN,
4.978%,
(30-day
SOFR
Average
+
1.35%),
1/25/46
...................................
United
States
98,000
97,897
g
GSR
Mortgage
Loan
Trust
,
2007-OA1
,
2A3A
,
FRN
,
4.073
%
,
(
1-month
SOFR
+
0.424
%
),
5/25/37
....................
United
States
106,380
58,449
g
HarborView
Mortgage
Loan
Trust
,
2005-2
,
1A
,
FRN
,
4.274
%
,
(
1-month
SOFR
+
0.634
%
),
5/19/35
....................
United
States
168,133
42,463
b
J.P.
Morgan
Mortgage
Trust
,
2026-NQX2
,
A1FC
,
144A,
5.628
%
,
10/25/66
........................................
United
States
231,000
230,999
b
MFA
Trust
,
2025-NQM3
,
A1
,
144A,
5.261
%
,
8/25/70
.........
United
States
88,269
87,904
b,g
Morgan
Stanley
Re-REMIC
Trust
,
2010-R4
,
4B
,
144A,
FRN
,
3.06
%
,
(
1-month
SOFR
+
0.344
%
),
2/26/37
..............
United
States
105,928
102,995
g
MortgageIT
Trust
,
2005-3
,
M2
,
FRN
,
4.558
%
,
(
1-month
SOFR
+
0.909
%
),
8/25/35
..................................
United
States
17,278
17,003
b
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
95,397
94,670
b
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
138,074
136,438
g
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR1
,
2A1
,
FRN
,
4.123
%
,
(
1-month
SOFR
+
0.474
%
),
1/25/37
.........
United
States
150,591
137,705
b,k
Towd
Point
Mortgage
Trust
,
2019-2
,
A2
,
144A,
FRN
,
3.75
%
,
12/25/58
........................................
United
States
202,000
183,429
6,038,580
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$5,461,109)
................
6,038,580
Agency
Commercial
Mortgage-Backed
Securities
10.1%
Financial
Services
10.1%
l
FHLMC
,
304,
C37,
IO,
3.5%,
12/15/27
.........................
United
States
3,997
48
4000,
PI,
IO,
4.5%,
1/15/42
..........................
United
States
92,329
11,624
4077,
IK,
IO,
5%,
7/15/42
............................
United
States
194,895
40,083
4105,
HI,
IO,
3.5%,
7/15/41
..........................
United
States
91,284
3,808
g
4839,
WS,
IO,
FRN,
2.393%,
(-1
x
30-day
SOFR
Average
+
5.986%),
8/15/56
..................................
United
States
1,468,418
183,174
g
4945,
SL,
IO,
FRN,
2.308%,
(-1
x
30-day
SOFR
Average
+
5.936%),
1/25/50
..................................
United
States
1,284,216
137,259
g
5002,
SJ,
IO,
FRN,
2.358%,
(-1
x
30-day
SOFR
Average
+
5.986%),
7/25/50
..................................
United
States
1,642,559
173,850
g
5011,
SA,
IO,
FRN,
2.508%,
(-1
x
30-day
SOFR
Average
+
6.136%),
9/25/50
..................................
United
States
1,711,606
195,037
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
1,767,161
402,305
5093,
YI,
IO,
4.5%,
12/25/50
.........................
United
States
1,265,450
297,046
5134,
IC,
IO,
4%,
8/25/51
............................
United
States
2,293,299
450,938
5349,
IB,
IO,
4%,
12/15/46
...........................
United
States
1,260,615
261,979
b,g
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN3
,
M2
,
144A,
FRN
,
7.628
%
,
(
30-day
SOFR
Average
+
4
%
),
11/25/51
.
United
States
460,000
472,604
l
FNMA
,
g
2010-35,
SG,
IO,
FRN,
2.658%,
(-1
x
30-day
SOFR
Average
+
6.286%),
4/25/40
..................................
United
States
168,071
16,400
2012-127,
BI,
IO,
4.5%,
11/25/42
......................
United
States
79,152
15,731
2015-30,
IO,
5.5%,
5/25/45
..........................
United
States
506,687
63,486
g
2015-42,
LS,
IO,
FRN,
2.458%,
(-1
x
30-day
SOFR
Average
+
6.086%),
6/25/45
..................................
United
States
709,396
46,149
2016-3,
NI,
IO,
6%,
2/25/46
..........................
United
States
322,808
43,768
g
2017-32,
SA,
IO,
FRN,
2.408%,
(-1
x
30-day
SOFR
Average
+
6.036%),
5/25/47
..................................
United
States
1,919,070
184,942
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
l
FNMA,
(continued)
g
2018-20,
SB,
IO,
FRN,
2.508%,
(-1
x
30-day
SOFR
Average
+
6.136%),
3/25/48
..................................
United
States
929,754
$
76,383
g
2018-38,
SA,
IO,
FRN,
2.458%,
(-1
x
30-day
SOFR
Average
+
6.086%),
6/25/48
..................................
United
States
1,284,242
136,901
g
2019-43,
JS,
IO,
FRN,
2.308%,
(-1
x
30-day
SOFR
Average
+
5.936%),
8/25/49
..................................
United
States
824,141
73,292
2020-76,
BI,
IO,
4.5%,
11/25/50
.......................
United
States
1,631,326
369,912
374,
6,
IO,
5.5%,
8/25/36
............................
United
States
31,595
4,976
378,
19,
IO,
5%,
Strip,
6/25/35
........................
United
States
80,297
10,302
b,g
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
248,158
250,825
2020-01,
M10,
144A,
FRN,
7.492%,
(
30-day
SOFR
Average
+
3.864%),
3/25/50
..................................
United
States
439,754
446,958
l
GNMA
,
2012-128,
IA,
IO,
3.5%,
10/20/42
......................
United
States
590,134
91,612
2012-140,
IC,
IO,
3.5%,
11/20/42
......................
United
States
503,560
77,872
2012-146,
IO,
5%,
12/20/42
..........................
United
States
320,095
66,317
2013-34,
IH,
IO,
4.5%,
3/20/43
........................
United
States
467,382
83,324
k
2013-H08,
CI,
IO,
FRN,
1.45%,
2/20/63
.................
United
States
342,473
11,596
g
2014-119,
SA,
IO,
FRN,
1.846%,
(-1
x
1-month
SOFR
+
5.486%),
8/20/44
..................................
United
States
426,734
35,675
g
2014-60,
SD,
IO,
FRN,
2.426%,
(-1
x
1-month
SOFR
+
6.066%),
4/20/44
..................................
United
States
999,802
108,221
2014-76,
IO,
5%,
5/20/44
............................
United
States
190,896
37,827
k
2014-H21,
BI,
IO,
FRN,
1.528%,
10/20/64
...............
United
States
387,838
10,805
2015-64,
YI,
IO,
4%,
11/20/44
........................
United
States
249,517
34,657
2015-79,
GI,
IO,
5%,
10/20/39
........................
United
States
127,720
25,188
k
2015-H10,
BI,
IO,
FRN,
2.038%,
4/20/65
................
United
States
332,399
14,914
k
2015-H23,
BI,
IO,
FRN,
1.772%,
9/20/65
................
United
States
363,498
10,316
k
2015-H25,
AI,
IO,
FRN,
1.679%,
9/20/65
................
United
States
483,549
11,661
k
2015-H25,
EI,
IO,
FRN,
1.854%,
10/20/65
...............
United
States
215,758
8,057
2016-42,
IO,
5%,
2/20/46
............................
United
States
336,476
63,672
k
2016-H03,
AI,
IO,
FRN,
1.975%,
1/20/66
................
United
States
325,457
14,493
k
2016-H03,
DI,
IO,
FRN,
1.754%,
12/20/65
...............
United
States
57,370
1,841
k
2016-H06,
DI,
IO,
FRN,
2.086%,
7/20/65
................
United
States
476,561
18,960
k
2016-H09,
BI,
IO,
FRN,
1.838%,
4/20/66
................
United
States
491,232
19,780
k
2016-H10,
AI,
IO,
FRN,
1.752%,
4/20/66
................
United
States
595,288
17,522
k
2016-H22,
AI,
IO,
FRN,
2.724%,
10/20/66
...............
United
States
332,318
19,904
k
2016-H23,
NI,
IO,
FRN,
2.732%,
10/20/66
...............
United
States
1,184,895
58,821
k
2016-H24,
CI,
IO,
FRN,
1.673%,
10/20/66
...............
United
States
272,409
7,689
k
2016-H24,
JI,
IO,
FRN,
2.735%,
11/20/66
................
United
States
481,415
30,016
2017-26,
MI,
IO,
5%,
11/20/39
........................
United
States
610,725
107,802
2017-42,
IC,
IO,
4.5%,
8/20/41
........................
United
States
260,855
50,449
k
2017-H02,
BI,
IO,
FRN,
2.296%,
1/20/67
................
United
States
370,418
15,997
k
2017-H06,
BI,
IO,
FRN,
2.379%,
2/20/67
................
United
States
398,867
15,282
k
2017-H08,
NI,
IO,
FRN,
2.182%,
3/20/67
................
United
States
572,721
22,301
k
2017-H09,
IO,
FRN,
1.834%,
4/20/67
...................
United
States
732,706
22,133
k
2017-H10,
MI,
IO,
FRN,
1.875%,
4/20/67
................
United
States
901,685
25,720
k
2017-H11,
DI,
IO,
FRN,
2.019%,
5/20/67
................
United
States
431,593
22,268
k
2017-H12,
QI,
IO,
FRN,
2.123%,
5/20/67
................
United
States
510,881
19,383
k
2017-H16,
IG,
IO,
FRN,
1.727%,
7/20/67
................
United
States
695,634
17,300
k
2017-H16,
JI,
IO,
FRN,
2.141%,
8/20/67
.................
United
States
847,185
35,417
2018-127,
IC,
IO,
5%,
10/20/44
.......................
United
States
627,710
119,544
g
2018-139,
SA,
IO,
FRN,
2.396%,
(-1
x
1-month
SOFR
+
6.036%),
10/20/48
.................................
United
States
817,428
93,500
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
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
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
l
GNMA,
(continued)
2018-94,
AI,
IO,
4.5%,
7/20/48
........................
United
States
827,978
$
169,336
k
2018-H05,
BI,
IO,
FRN,
2.39%,
2/20/68
.................
United
States
923,309
37,806
g
2019-152,
ES,
IO,
FRN,
2.296%,
(-1
x
1-month
SOFR
+
5.936%),
12/20/49
.................................
United
States
712,565
72,712
g
2019-83,
SY,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
1,202,048
127,421
g
2019-89,
PS,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
7/20/49
..................................
United
States
1,665,867
175,453
g
2019-96,
SY,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
8/20/49
.........................................
United
States
2,830,498
307,361
2020-167,
PI,
IO,
3.5%,
11/20/50
......................
United
States
2,098,844
473,475
g
2020-63,
AS,
IO,
FRN,
2.246%,
(-1
x
1-month
SOFR
+
5.886%),
8/20/43
.........................................
United
States
1,380,804
136,511
g
2020-63,
PS,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
4/20/50
..................................
United
States
1,737,098
195,695
g
2020-97,
QS,
IO,
FRN,
2.396%,
(-1
x
1-month
SOFR
+
6.036%),
7/20/50
..................................
United
States
1,744,179
210,835
g
2021-116,
ES,
IO,
FRN,
2.452%,
(-1
x
1-month
SOFR
+
6.086%),
11/20/47
.................................
United
States
2,115,945
210,134
2021-156,
IO,
3.5%,
7/20/51
.........................
United
States
2,519,875
469,228
2021-59,
IP,
IO,
3%,
4/20/51
.........................
United
States
2,250,411
373,624
g
2021-59,
SQ,
IO,
FRN,
2.546%,
(-1
x
1-month
SOFR
+
6.186%),
4/20/51
..................................
United
States
1,463,227
170,804
g
2021-77,
SM,
IO,
FRN,
2.546%,
(-1
x
1-month
SOFR
+
6.186%),
5/20/51
..................................
United
States
1,929,079
234,124
g
2021-98,
SK,
IO,
FRN,
2.546%,
(-1
x
1-month
SOFR
+
6.186%),
6/20/51
..................................
United
States
1,331,034
161,982
k
2024-32,
IO,
FRN,
0.699%,
6/16/63
....................
United
States
3,071,260
160,669
9,504,786
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$9,643,519)
........
9,504,786
Total
Long
Term
Investments
(Cost
$103,148,024)
.............................
104,099,936
a
Short
Term
Investments
11.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.5%
a
U.S.
Treasury
Bills
,
n
3.37%,
7/16/26
...................................
United
States
200,000
199,700
3.75%,
10/22/26
...................................
United
States
300,000
296,477
496,177
Total
U.S.
Government
and
Agency
Securities
(Cost
$496,318)
..................
496,177
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
10.6%
o,p
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
.......
United
States
9,995,240
$
9,995,240
Total
Management
Investment
Companies
(Cost
$9,995,240)
...................
9,995,240
Total
Short
Term
Investments
(Cost
$10,491,558
)
..............................
10,491,417
a
Total
Investments
(Cost
$113,639,582)
121.3%
................................
$114,591,353
TBA
Sale
Commitments
(2.2)%
..............................................
(2,056,953)
Other
Assets,
less
Liabilities
(19.1)%
........................................
(18,021,112)
Net
Assets
100.0%
.........................................................
$94,513,288
a
a
a
Principal
Amount
*
q
TBA
Sale
Commitments
(2.2)%
Mortgage-Backed
Securities
(2.2)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(2.2)%
Uniform
Mortgage-Backed
Securities
,
6%,
TBA,
7/25/56
..................................
United
States
(1,000,000)
(1,022,109)
6.5%,
TBA,
7/25/56
................................
United
States
(1,000,000)
(1,034,844)
Total
TBA
Sale
Commitments
(Proceeds
$(2,057,266))
.........................
$(2,056,953)
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
rate
shown
represents
the
yield
at
period
end.
b
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
$46,106,753,
representing
48.8%
of
net
assets.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7
.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1
(
d
).
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
See
Note
1
(
f
)
regarding
senior
floating
rate
interests.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
See
Note
8
regarding
unfunded
loan
commitments.
i
Perpetual
security
with
no
stated
maturity
date.
j
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
See
Note
1
(
e
).
k
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.
l
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.
m
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1
(
d
).
n
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
$151,772,
representing
0.2%
of
net
assets.
o
See
Note
3
(
f
)
regarding
investments
in
affiliated
management
investment
companies.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
q
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
(unaudited)
Putnam
VT
Diversified
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
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). 
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
11
$
1,237,156
9/21/26
$
(6,374)
U.S.
Treasury
2
Year
Notes
.....................
Short
37
7,626,914
9/30/26
13,707
U.S.
Treasury
5
Year
Notes
.....................
Long
56
5,994,625
9/30/26
(3,540)
Total
Futures
Contracts
......................................................................
$3,793
*
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
Australian
Dollar
....
BOFA
Buy
198,400
140,358
7/15/26
$
—
$
(3,029)
Australian
Dollar
....
BZWS
Sell
61,500
43,520
7/15/26
951
—
Australian
Dollar
....
CITI
Buy
201,200
142,336
7/15/26
—
(3,069)
Australian
Dollar
....
HSBK
Sell
546,400
389,580
7/15/26
11,371
—
Australian
Dollar
....
JPHQ
Sell
482,800
341,643
7/15/26
7,456
—
Australian
Dollar
....
MSCO
Sell
751,800
532,004
7/15/26
11,620
—
Australian
Dollar
....
UBSW
Sell
17,200
12,171
7/15/26
266
—
Australian
Dollar
....
WPAC
Sell
8,000
5,661
7/15/26
124
—
Canadian
Dollar
....
BZWS
Sell
67,700
49,237
7/15/26
1,474
—
Canadian
Dollar
....
CITI
Buy
1,077,900
786,400
7/15/26
—
(25,928)
Canadian
Dollar
....
CITI
Sell
1,092,700
800,194
7/15/26
29,280
—
Canadian
Dollar
....
GSCO
Sell
5,900
4,291
7/15/26
129
—
Canadian
Dollar
....
HSBK
Sell
330,300
240,229
7/15/26
7,198
—
Canadian
Dollar
....
JPHQ
Sell
157,000
114,183
7/15/26
3,418
—
Canadian
Dollar
....
TDOM
Sell
707,800
514,823
7/15/26
15,461
—
Canadian
Dollar
....
UBSW
Sell
13,900
10,111
7/15/26
304
—
New
Zealand
Dollar
.
BOFA
Sell
14,000
8,227
7/15/26
272
—
New
Zealand
Dollar
.
CITI
Buy
23,400
13,750
7/15/26
—
(453)
New
Zealand
Dollar
.
MSCO
Sell
745,600
438,175
7/15/26
14,496
—
New
Zealand
Dollar
.
UBSW
Sell
53,000
31,145
7/15/26
1,028
—
Japanese
Yen
......
BOFA
Buy
44,868,200
286,062
8/19/26
—
(9,015)
Japanese
Yen
......
GSCO
Buy
66,603,400
424,399
8/19/26
—
(13,144)
Japanese
Yen
......
HSBK
Buy
38,011,300
242,378
8/19/26
—
(7,670)
Japanese
Yen
......
JPHQ
Buy
38,176,700
243,450
8/19/26
—
(7,721)
Japanese
Yen
......
SSBT
Buy
51,952,400
331,193
8/19/26
—
(10,403)
Japanese
Yen
......
TDOM
Buy
415,300
2,648
8/19/26
—
(84)
British
Pound
......
HSBK
Sell
299,200
399,600
9/16/26
2,727
—
British
Pound
......
JPHQ
Sell
145,600
194,382
9/16/26
1,251
—
Euro
.............
BOFA
Sell
52,000
60,147
9/16/26
539
—
Euro
.............
BZWS
Buy
133,400
154,297
9/16/26
—
(1,379)
Euro
.............
CITI
Sell
171,000
197,769
9/16/26
1,749
—
Euro
.............
HSBK
Sell
2,305,000
2,665,905
9/16/26
23,657
—
Euro
.............
JPHQ
Buy
369,600
427,420
9/16/26
—
(3,743)
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
At
June
30,
2026,
the
Fund
had
the
following forward
premium
swap
options contracts
outstanding.
See
Note
1(e). 
Forward
Exchange
Contracts
(continued)
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
(continued)
Euro
.............
MSCO
Buy
4,000
4,636
9/16/26
$
—
$
(50)
Euro
.............
SSBT
Buy
388,100
448,866
9/16/26
—
(3,983)
Euro
.............
UBSW
Buy
114,200
132,530
9/16/26
—
(1,621)
Euro
.............
WPAC
Sell
488,800
565,349
9/16/26
5,032
—
Norwegian
Krone
...
BOFA
Sell
758,200
79,613
9/16/26
3,098
—
Norwegian
Krone
...
MSCO
Sell
3,272,000
343,571
9/16/26
13,374
—
Swedish
Krona
.....
MSCO
Sell
3,806,600
401,550
9/16/26
7,268
—
Swiss
Franc
.......
TDOM
Buy
204,000
257,732
9/16/26
—
(3,085)
Swiss
Franc
.......
UBSW
Buy
492,600
622,743
9/16/26
—
(7,845)
Total
Forward
Exchange
Contracts
...................................................
$163,543
$(102,222)
Net
unrealized
appreciation
(depreciation)
............................................
$61,321
*
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
(4.125%)/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
4.125%
288,900
$
13,376
$
(5,054)
3.625%/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
3.625%
288,900
13,376
(8,630)
3.725%/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
3.725%
1,218,400
59,580
(52,203)
(4.225%)/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
4.225%
1,218,400
62,382
(50,537)
(3.165%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.165%
EUR
18,232,000
(47,104)
32,994
(3.565%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.565%
EUR
18,232,000
(31,262)
24,050
(2.765%)/3-month
EURIBOR/Mar-28/
(Purchased)
BOFA
3/19/27
/
2.765%
EUR
18,232,000
76,253
(44,626)
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
137,100
17,096
(2,510)
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
137,100
17,096
(2,491)
(4.09%)/1-day
SOFR/Jul-36/(Written)
CITI
7/10/26
/
4.09%
5,367,000
(30,681)
22,552
(4.3%)/1-day
SOFR/Jul-36/(Purchased)
CITI
7/10/26
/
4.3%
3,578,000
9,392
(9,230)
(3.88%)/1-day
SOFR/Jul-36/(Purchased)
CITI
7/10/26
/
3.88%
1,789,000
21,736
(103)
(4.296%)/1-day
SOFR/Jun-58/(Purchased)
CITI
6/12/28
/
4.296%
410,000
29,930
(
4,303)
4.296%/1-day
SOFR/Jun-58/(Purchased)
CITI
6/12/28
/
4.296%
410,000
29,930
2,784
4.33%/1-day
SOFR/May-52/(Purchased)
DBAB
5/19/32
/
4.33%
56,400
7,064
(1,389)
(4.33%)/1-day
SOFR/May-52/(Purchased)
DBAB
5/19/32
/
4.33%
56,400
7,064
(
1,129)
2.35%/1-day
SOFR/Mar-59/(Purchased)
GSCO
3/12/29
/
2.35%
1,735,300
101,168
(79,895)
2.495%/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
2,121,400
131,589
(129,391)
(2.495%)/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
2,121,400
131,589
345,387
(4.13%)/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
600,000
47,010
(8,172)
4.13%/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
600,000
47,010
(13,431)
1.201%/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
1.201%
EUR
3,171,600
62,952
(49,233)
(4.201%)/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
4.201%
EUR
3,171,600
79,286
(28,882)
(1.445%)/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
1,311,400
50,150
183,888
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
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
1.445%/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
1,311,400
$
50,150
$
(41,462)
(4.384%)/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
4.384%
971,300
44,728
(21,631)
3.884%/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
3.884%
971,300
42,932
(17,809)
(4.2%)/1-day
SOFR/Feb-39/(Purchased)
MCM
2/05/29
/
4.2%
1,160,000
51,620
(4,794)
4.2%/1-day
SOFR/Feb-39/(Purchased)
MCM
2/05/29
/
4.2%
1,160,000
51,620
(154)
(4.01%)/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
81,200
9,736
(11)
4.01%/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
81,200
9,736
(3,115)
(2.952%)/6-month
EURIBOR/Jun-49/
(Purchased)
MSCO
6/18/29
/
2.952%
EUR
867,000
69,115
13,269
(2.98%)/6-month
EURIBOR/May-55/
(Purchased)
MSCO
5/08/35
/
2.98%
EUR
303,600
31,695
9,397
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
714,100
25,850
(16,627)
2%/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
1,703,900
90,377
(54,661)
(2%)/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
1,703,900
90,377
136,956
2.7%/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
800,600
48,572
(27,555)
(2.7%)/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
800,600
48,572
41,153
Unrealized
appreciation
812,430
Unrealized
(depreciation)
(679,028)
Total
$133,402
*
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
5,869,000
$
476,422
$
328,970
$
147,452
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$476,422
$328,970
$147,452
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.10
(5.00)%
Monthly
CITI
11/17/59
556,000
310,434
225,598
84,836
CMBX.NA.BB.10
(5.00)%
Monthly
MLCO
11/17/59
202,000
112,784
11,494
101,290
CMBX.NA.BB.13
(5.00)%
Monthly
GSCO
12/16/72
81,000
33,078
30,476
2,602
CMBX.NA.BB.6
.
(5.00)%
Monthly
CITI
5/11/63
544,000
67,754
71,848
(4,094)
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
296,000
36,866
34,290
2,576
CMBX.NA.BB.8
.
(5.00)%
Monthly
CITI
10/17/57
91,000
34,576
39,403
(4,827)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
CITI
11/17/59
182,000
53,160
54,703
(1,543)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
MSCO
11/17/59
329,000
96,095
106,386
(10,291)
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
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
Buy
Protection
c
(continued)
Traded
Index
(continued)
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
372,000
$
40,300
$
46,459
$
(6,159)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
124,000
25,058
22,506
2,552
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
248,000
54,922
51,997
2,925
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
JPHQ
12/16/72
321,000
71,088
62,180
8,908
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
95,000
6,830
17,795
(10,965)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
124,000
28,355
22,273
6,082
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.A.13
.
2.00%
Monthly
MLCO
12/16/72
264,000
(15,167)
(34,776)
19,609
Investment
Grade
CMBX.NA.BB.10
5.00%
Monthly
JPHQ
11/17/59
111,000
(61,975)
(8,906)
(53,069)
Non-
Investment
Grade
CMBX.NA.BB.13
5.00%
Monthly
CITI
12/16/72
81,000
(33,078)
(34,632)
1,554
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
719,000
(89,549)
(125,015)
35,466
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
JPHQ
5/11/63
430,000
(53,556)
(221,364)
167,808
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
51,000
(6,352)
(5,703)
(649)
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
283,000
(35,247)
(50,378)
15,131
Non-
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
CITI
4/17/65
27,000
(5,186)
(6,138)
952
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
GSCO
4/17/65
3,000
(576)
(616)
40
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
MSCO
4/17/65
16,000
(3,073)
(3,637)
564
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
95,000
(6,831)
(6,372)
(459)
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$660,710
$299,871
$360,839
Total
Credit
Default
Swap
Contracts
....................................
$1,137,132
$
628,841
$508,291
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
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
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
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
2.86%
....
Semi-Annual
9/16/28
2,177,000
CAD
$
(
4,067)
$
(2,649)
$
(1,418)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.04%
....
Annual
9/16/28
106,435,000
(30,456)
(233,104)
202,648
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
4.58%
....
Quarterly
9/16/28
10,611,000
AUD
(
21,322)
(23,747)
2,425
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.92%
....
Annual
9/16/28
2,745,000
EUR
(11,088)
(8,690)
(2,398)
Receive
Fixed
4.02%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/31
75,752,000
344,106
394,803
(50,697)
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.94%
....
Annual
9/16/31
1,359,000
EUR
(13,730)
(8,724)
(5,006)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/33
14,858,000
(
98,584)
(76,159)
(22,425)
Receive
Fixed
0.7%
...
Annual
Pay
Floating
1-day
SARON
..........
Annual
9/16/36
680,000
CHF
12,088
7,300
4,788
Receive
Floating
1-day
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
3.32%
....
Semi-Annual
9/16/36
183,000
CAD
(
1,804)
(1,582)
(222)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.16%
....
Annual
9/16/36
10,471,000
(108,442)
(74,289)
(34,153)
Receive
Fixed
3.02%
..
Annual
Pay
Floating
3-month
STIBOR
..........
Quarterly
9/16/36
3,989,000
SEK
8,665
3,572
5,093
Receive
Fixed
3.12%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/36
1,579,000
EUR
29,445
16,867
12,578
Receive
Fixed
4.54%
..
Annual
Pay
Floating
1-day
SONIA
...........
Annual
9/16/36
935,000
GBP
16,868
13,414
3,454
Receive
Fixed
5%
.....
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/16/36
4,333,000
AUD
34,398
28,291
6,107
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Diversified
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
See
Note 9 regarding
other
derivative
information.
See
Abbreviations
on
page
54
.
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Floating
6-month
NIBOR
.............
Semi-Annual
Pay
Fixed
4.4%
.....
Annual
9/16/36
9,851,000
NOK
$
(10,763)
$
(7,501)
$
(
3,262)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.3%
.....
Annual
9/16/56
566,000
(10,374)
(4,605)
(5,769)
Receive
Fixed
3.24%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/56
627,000
EUR
22,147
6,530
15,617
Receive
Fixed
5.08%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/16/56
1,084,000
AUD
12,617
10,406
2,211
Total
Interest
Rate
Swap
Contracts
.................................
$169,704
$
40,133
$129,571
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
Putnam
VT
Diversified
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$103,644,342
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
9,995,240
Value
-
Unaffiliated
issuers
..................................................................
$104,596,113
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
9,995,240
Cash
....................................................................................
841,825
Receivables:
Investment
securities
sold
...................................................................
575,398
Receivable
for
sales
of
TBA
securities
(Note
1
d
)
..................................................
2,057,578
Capital
shares
sold
........................................................................
45,959
Dividends
and
interest
.....................................................................
766,228
Deposits
with
brokers
for:
Futures
contracts
........................................................................
56,624
Centrally
cleared
swap
contracts
............................................................
1,414,837
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
5,229
OTC
swap
contracts
(upfront
payments)
..........................................................
797,408
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
163,543
Unrealized
appreciation
on
forward
premium
swap
option
contracts
.....................................
812,430
Unrealized
appreciation
on
OTC
swap
contracts
....................................................
452,895
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
8
)
.......................................
278
Prepaid
expenses
..........................................................................
38,162
Total
assets
..........................................................................
122,619,747
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
748,187
Payable
for
purchases
of
TBA
securities
(Note
1
d
)
................................................
22,717,735
Capital
shares
redeemed
...................................................................
80,488
Management
fees
.........................................................................
39,919
Administrative
fees
........................................................................
550
Distribution
fees
..........................................................................
12,191
Transfer
agent
fees
........................................................................
11,500
Trustees'
fees
and
expenses
.................................................................
65,431
Variation
margin
on
futures
contracts
...........................................................
1,867
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
790,000
TBA
transactions
........................................................................
10,000
OTC
swap
contracts
(upfront
receipts)
...........................................................
497,537
Unrealized
depreciation
on
OTC
swap
contracts
....................................................
92,056
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
102,222
Unrealized
depreciation
on
forward
premium
swap
option
contracts
.....................................
679,028
TBA
sale
commitments,
at
value
(proceeds
$2,057,266)
(Note
1d)
......................................
2,056,953
Collateral
on
certain
derivative
contracts,
at
value
(Note
1
e
)
...........................................
126,610
Accrued
expenses
and
other
liabilities
...........................................................
74,185
Total
liabilities
.........................................................................
28,106,459
Net
assets,
at
value
.................................................................
$94,513,288
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$188,169,308
Total
distributable
earnings
(losses)
.............................................................
(93,656,020)
Net
assets,
at
value
.................................................................
$94,513,288
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Putnam
VT
Diversified
Income
Fund
Class
IA:
Net
assets,
at
value
.......................................................................
$35,227,774
Shares
outstanding
........................................................................
7,893,277
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$4.46
Class
IB:
Net
assets,
at
value
.......................................................................
$59,285,514
Shares
outstanding
........................................................................
13,171,133
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$4.50
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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Putnam
VT
Diversified
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
f
)
.............................................................
$297,846
Interest:
Unaffiliated
issuers:
Payment-in-kind
.........................................................................
10,496
Paydown
gain
(loss)
.....................................................................
(141,096)
Paid
in
cash
a
...........................................................................
2,272,224
Total
investment
income
...................................................................
2,439,470
Expenses:
Management
fees
(Note
3
a
)
...................................................................
248,459
Administrative
fees
(Note
3
b
)
..................................................................
727
Distribution
fees:
(Note
3c
)
Class
IB
................................................................................
75,287
Transfer
agent
fees:
(Note
3d
)
Class
IA
................................................................................
12,757
Class
IB
................................................................................
21,385
Custodian
fees
............................................................................
297
Reports
to
shareholders
fees
..................................................................
15,131
Professional
fees
...........................................................................
69,692
Trustees'
fees
and
expenses
(Note
3
e
)
...........................................................
2,003
Other
....................................................................................
2,526
Total
expenses
.........................................................................
448,264
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(8)
Net
expenses
.........................................................................
448,256
Net
investment
income
................................................................
1,991,214
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
296,571
Foreign
currency
transactions
................................................................
4,323
Forward
exchange
contracts
.................................................................
(93,426)
Forward
premium
swap
option
contracts
........................................................
(1,337)
Futures
contracts
.........................................................................
147,681
TBA
sale
commitments
.....................................................................
161,890
Swap
contracts
...........................................................................
(343,964)
Net
realized
gain
(loss)
..................................................................
171,738
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(922,977)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(20,759)
Unfunded
loan
commitments
(Note
8
)
..........................................................
115
Forward
exchange
contracts
.................................................................
121,271
Forward
premium
swap
option
contracts
........................................................
(125,090)
Futures
contracts
.........................................................................
(19,875)
TBA
sale
commitments
.....................................................................
15,458
Swap
contracts
...........................................................................
506,670
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(445,187)
Net
realized
and
unrealized
gain
(loss)
............................................................
(273,449)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$1,717,765
a
Includes
amortization
of
premium
and
accretion
of
discount.
Putnam
Variable
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
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Report
The
accompanying
notes
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an
integral
part
of
these
financial
statements.
38
Putnam
VT
Diversified
Income
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$1,991,214
$5,264,378
Net
realized
gain
(loss)
.................................................
171,738
819,329
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(445,187)
2,449,562
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
1,717,765
8,533,269
Distributions
to
shareholders:
Class
IA
............................................................
(2,253,213)
(2,524,564)
Class
IB
............................................................
(3,608,956)
(4,002,255)
Total
distributions
to
shareholders
..........................................
(5,862,169)
(6,526,819)
Capital
share
transactions:
(Note
2
)
Class
IA
............................................................
(970,371)
(2,630,776)
Class
IB
............................................................
(566,025)
(4,751,515)
Total
capital
share
transactions
............................................
(1,536,396)
(7,382,291)
Net
increase
(decrease)
in
net
assets
...................................
(5,680,800)
(5,375,841)
Net
assets:
Beginning
of
period
.....................................................
100,194,088
105,569,929
End
of
period
..........................................................
$94,513,288
$100,194,088
Putnam
Variable
Trust
39
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
Diversified
Income
Fund
1.
Organization
and
Significant
Accounting
Policies
Putnam
Variable
Trust
 (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty separate
funds.
The Trust
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
VT
Diversified
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. At
June
30,
2026,
53.3%
of
the
Fund's
shares
were
held
through
one
insurance
company.
Investment
activities
of
these
insurance
company
separate
accounts
could
have
a
material
impact
on
the
Fund.
The
Fund
offers two classes
of
shares:
Class
IA
and
Class
IB.
Each
class
of
shares
may
differ
by
its
distribution
fees,
voting
rights
on
matters
affecting
a
single
class
and
its
exchange
privilege.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
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.
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
Income
Fund
(continued)
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
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.
Collateral
has
been
pledged
and/or
received
for
open
TBA
trades.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
41
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Semiannual
Report
Putnam
VT
Diversified
Income
Fund
(continued)
daily
and
the
change
in
fair
value
is
recorded
by
the
Fund
as
an
unrealized
gain
or
loss.
Based
on
market
circumstances,
the
investment
manager
will
determine
whether
to
take
delivery
of
the
underlying
securities
or
to
dispose
of
the
TBA
commitments
prior
to
settlement.
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)
42
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Semiannual
Report
Putnam
VT
Diversified
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
entered
into
OTC
total
return
swap
contracts
primarily
to
manage
and/or
gain exposure
to
credit risk
of
an
underlying
instrument
such
as
a
stock,
bond,
index
or
basket
of
securities
or
indices.
A
total
return
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
a
return
linked
to
an
underlying
instrument
for
a
floating
or
fixed
rate
payment,
both
based
upon
a
notional
amount.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
or
received
are
accrued
daily
and
recorded
as
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
recognized
as
realized
gain
or
loss. Total
return
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
Income
Fund
(continued)
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
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
Income
Fund
(continued)
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
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
June
30,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
Shares
Amount
Shares
Amount
Class
IA
Shares:
Shares
sold
...................................
101,514
$466,937
271,218
$1,240,099
Shares
issued
in
reinvestment
of
distributions
..........
515,609
2,253,213
573,765
2,524,564
Shares
redeemed
...............................
(803,985)
(3,690,521)
(1,400,003)
(6,395,439)
Net
increase
(decrease)
..........................
(186,862)
$(970,371)
(555,020)
$(2,630,776)
Class
IB
Shares:
Shares
sold
...................................
218,609
$1,001,516
1,015,468
$4,666,681
Shares
issued
in
reinvestment
of
distributions
..........
818,358
3,608,956
901,409
4,002,255
Shares
redeemed
...............................
(1,127,884)
(5,176,497)
(2,941,311)
(13,420,451)
Net
increase
(decrease)
..........................
(90,917)
$(566,025)
(1,024,434)
$(4,751,515)
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)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
Income
Fund
(continued)
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
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 0.517%
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
0.700%
of
the
first
$5
billion,
0.650%
of
the
next
$5
billion,
0.600%
of
the
next
$10
billion,
0.550%
of
the
next
$10
billion,
0.500%
of
the
next
$50
billion,
0.480%
of
the
next
$50
billion,
0.470%
of
the
next
$100
billion
and
0.465%
of
any
excess
thereafter.
Maximum
%
Approved
%
Class
IB
..................................................................
0.35%
0.25%
3.
Transactions
with
Affiliates
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
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
Diversified
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
......
$20,905,155
$9,761,312
$(20,671,227)
$—
$—
$9,995,240
9,995,240
$297,846
Total
Affiliated
Securities
...
$20,905,155
$9,761,312
$(20,671,227)
$—
$—
$9,995,240
$297,846
3.
Transactions
with
Affiliates
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
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,
foreign
currency
transactions
and
derivative
financial
instruments.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2026,
aggregated
$261,837,480 and
$326,704,968,
respectively. 
7.
Credit
Risk
and
Defaulted
Securities
At
June
30,
2026,
the
Fund
had 36.7%
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
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
June
30,
2026,
the
aggregate
value
of
these
securities
was $183,461,
representing 0.2%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying Schedule
of
Investments.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
42,214,744
Long
term
................................................................................
41,662,061
Total
capital
loss
carryforwards
...............................................................
$83,876,805
Cost
of
investments
..........................................................................
$125,950,176
Unrealized
appreciation
........................................................................
$5,675,876
Unrealized
depreciation
........................................................................
(17,586,300)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(11,910,424)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
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
Diversified
Income
Fund
CoreWeave,
Inc.
$
3,754
First
Eagle
Holdings,
Inc.
20,416
Pinnacle
Buyer
LLC
7,306
$
31,476
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
Diversified
Income
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
13,707
a
Variation
margin
on
futures
contracts
$
9,914
a
Variation
margin
on
centrally
cleared
swap
contracts
254,921
a
Variation
margin
on
centrally
cleared
swap
contracts
125,350
a
Unrealized
appreciation
on
forward
premium
swap
option
contracts
812,430
Unrealized
depreciation
on
forward
premium
swap
option
contracts
679,028
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
163,543
Unrealized
depreciation
on
OTC
forward
exchange
contracts
102,222
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
147,452
a
Variation
margin
on
centrally
cleared
swap
contracts
—
OTC
swap
contracts
(upfront
payments)
797,408
OTC
swap
contracts
(upfront
receipts)
497,537
Unrealized
appreciation
on
OTC
swap
contracts
452,895
Unrealized
depreciation
on
OTC
swap
contracts
92,056
Total
....................
$2,642,356
$1,506,107
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)
49
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
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
Diversified
Income
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$147,681
Futures
contracts
$(19,875)
Swap
contracts
(341,606)
Swap
contracts
306,136
Forward
premium
swap
option
contracts
(1,337)
Forward
premium
swap
option
contracts
(125,090)
Foreign
exchange
contracts
.....
Forward
exchange
contracts
(93,426)
Forward
exchange
contracts
121,271
Credit
contracts
...............
Swap
contracts
(2,358)
Swap
contracts
200,534
Total
.......................
$(291,046)
$482,976
Putnam
VT
Diversified
Income
Fund
Futures
contracts
............................................................................
$13,064,443
Swap
contracts
..............................................................................
171,921,967
Forward
exchange
contracts
....................................................................
10,747,543
Options
....................................................................................
88,692,437
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Putnam
VT
Diversified
Income
Fund
Forward
Exchange
Contracts
.............................
$
163,543
$
102,222
Forward
Premium
Swap
Option
Contracts
...................
812,430
679,028
Swap
Contracts
.......................................
1,250,303
589,593
Total
.............................................
$2,226,276
$1,370,843
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)
50
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
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
a,b
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Putnam
VT
Diversified
Income
Fund
Counterparty
BNDP
...................
$
—
$
—
$
—
$
—
$
—
BOFA
....................
60,953
(60,953)
—
—
—
BZWS
...................
2,425
(1,379)
—
—
1,046
CITI
.....................
588,520
(230,300)
—
(330,000)
28,220
DBAB
...................
—
—
—
—
—
GSCO
...................
196,552
(99,814)
—
(96,738)
—
HSBK
...................
44,953
(7,670)
—
—
37,283
JPHQ
...................
780,296
(565,374)
(24,922)
(190,000)
—
MCM
....................
—
—
—
—
—
MLCO
...................
132,393
(41,128)
(91,265)
—
—
MSCO
...................
219,860
(64,356)
—
(100,000)
55,504
NATW
...................
—
—
—
—
—
SSBT
....................
—
—
—
—
—
TDOM
...................
15,461
(3,169)
—
—
12,292
UBSW
...................
179,707
(91,682)
—
(60,000)
28,025
WPAC
...................
5,156
—
—
—
5,156
Total
...................
$2,226,276
$(1,165,825)
$(116,187)
$(776,738)
$167,526
$
1
9.
Other
Derivative
Information
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
51
franklintempleton.com
Semiannual
Report
Putnam
VT
Diversified
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
54
.
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.
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
b,c
Cash
Collateral
Pledged
Net
Amount
(Not
less
than
zero)
Putnam
VT
Diversified
Income
Fund
Counterparty
BNDP
...................
$
13,684
$
—
$
—
$
—
$
13,684
BOFA
....................
171,242
(60,953)
(110,289)
—
—
BZWS
...................
1,379
(1,379)
—
—
—
CITI
.....................
230,300
(230,300)
—
—
—
DBAB
...................
2,518
—
(2,518)
—
—
GSCO
...................
99,814
(99,814)
—
—
—
HSBK
...................
7,670
(7,670)
—
—
—
JPHQ
...................
565,374
(565,374)
—
—
—
MCM
....................
47,514
—
—
—
47,514
MLCO
...................
41,128
(41,128)
—
—
—
MSCO
...................
64,356
(64,356)
—
—
—
NATW
...................
16,627
—
—
—
16,627
SSBT
....................
14,386
—
—
—
14,386
TDOM
...................
3,169
(3,169)
—
—
—
UBSW
...................
91,682
(91,682)
—
—
—
WPAC
...................
—
—
—
—
—
Total
...................
$1,370,843
$(1,165,825)
$(112,807)
$—
$92,211
a
At
June
30,
2026,
the
Fund
received
U.S.
Treasury
Bonds
and
Notes
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
c
See
the
accompanying
Schedule
of
Investments
for
securities
pledged
as
collateral
for
derivatives.
9.
Other
Derivative
Information
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
52
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Semiannual
Report
Putnam
VT
Diversified
Income
Fund
(continued)
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
June
30,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
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
Diversified
Income
Fund
Assets:
Investments
in
Securities:
a
Convertible
Bonds
.......................
$
—
$
3,578,742
$
—
$
3,578,742
Corporate
Bonds
........................
—
37,086,902
—
37,086,902
Senior
Floating
Rate
Interests
...............
—
3,980,369
—
3,980,369
Foreign
Government
and
Agency
Securities
....
—
9,268,313
—
9,268,313
U.S.
Government
and
Agency
Securities
.......
—
126,610
—
126,610
Asset-Backed
Securities
...................
—
4,307,311
—
4,307,311
Commercial
Mortgage-Backed
Securities
......
—
7,347,944
—
7,347,944
Mortgage-Backed
Securities
................
—
22,860,379
—
22,860,379
Residential
Mortgage-Backed
Securities
.......
—
6,038,580
—
6,038,580
Agency
Commercial
Mortgage-Backed
Securities
—
9,504,786
—
9,504,786
Short
Term
Investments
...................
9,995,240
496,177
—
10,491,417
Total
Investments
in
Securities
...........
$9,995,240
$104,596,113
$—
$114,591,353
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$163,543
$—
$163,543
Forward
Premium
Swap
Option
Contracts
.....
—
812,430
—
812,430
Futures
Contracts
.......................
13,707
—
—
13,707
Swap
Contracts
.........................
—
855,268
—
855,268
Unfunded
Loan
Commitments
..............
—
278
—
278
Total
Other
Financial
Instruments
.........
$13,707
$1,831,519
$—
$1,845,226
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
2,056,953
$
—
$
2,056,953
Forward
Exchange
Contracts
...............
—
102,222
—
102,222
Forward
Premium
Swap
Option
Contracts
......
—
679,028
—
679,028
10.
Credit
Facility
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
53
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Report
Putnam
VT
Diversified
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.
Level
1
Level
2
Level
3
Total
Putnam
VT
Diversified
Income
Fund
(continued)
Liabilities:
(continued)
Other
Financial
Instruments:
(continued)
Futures
Contracts
........................
$9,914
$—
$—
$9,914
Swap
Contracts
.........................
—
217,406
—
217,406
Total
Other
Financial
Instruments
.........
$9,914
$3,055,609
$—
$3,065,523
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
11.
Fair
Value
Measurements
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
54
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Semiannual
Report
Putnam
VT
Diversified
Income
Fund
(continued)
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
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.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
NOK
Norwegian
Krone
SEK
Swedish
Krona
USD
United
States
Dollar
Index
CDX.NA.HY
CDX
North
America
High
Yield
Index
CMBX.NA
CMBX
North
America
Index
Selected
Portfolio
AUD
BBR
Australian
Bank
Bill
Rate
BBR
Bank
of
England
Base
Rate
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
CORRA
Canadian
Overnight
Repo
Rate
Average
EURIBOR
Euro
Inter-Bank
Offer
Rate
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
IO
Interest
Only
NIBOR
Norwegian
Interbank
Offered
Rate
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SARON
Swiss
Average
Rate
Overnight
SOFR
Secured
Overnight
Financing
Rate
SONIA
Sterling
Overnight
Index
Average
STACR
Structured
Agency
Credit
Risk
STIBOR
Stockholm
Interbank
Offered
Rate
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
REPO_CORRA
.................
2.34%
1-day
SARON
.......................
(0.04)%
1-day
SOFR
........................
3.68%
1-day
SONIA
........................
3.73%
3-month
AUD
BBR
...................
4.46%
3-month
EURIBOR
...................
2.32%
3-month
STIBOR
....................
1.97%
6-month
AUD
BBR
...................
4.80%
6-month
EURIBOR
...................
2.57%
6-month
NIBOR
.....................
4.81%
Putnam
Variable
Trust
55
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Putnam
VT
Diversified
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
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
56
franklintempleton.com
Semiannual
Report
entities.
All
references
to
the
Advisor
in
the
descriptions
of
the
Board’s
considerations
should
be
deemed
to
include
references
to
the
applicable
Subadvisor
as
necessary
or
appropriate
in
the
context.
The
Board,
with
the
assistance
of
its
Contract
Committee,
requests
and
evaluates
all
information
it
deems
reasonably
necessary
under
the
circumstances
in
connection
with
its
annual
contract
review.
The
Contract
Committee
consists
solely
of
Independent
Trustees.
At
the
outset
of
the
review
process,
the
Board’s
independent
staff
and
independent
legal
counsel,
as
defined
in
Rule
0-1(a)(6)
under
the
1940
Act
(their
“independent
legal
counsel”),
considered
any
possible
changes
to
the
annual
contract
review
materials
furnished
to
the
Contract
Committee
in
prior
years
and,
as
applicable,
identified
those
changes
to
the
Advisor.
Following
these
discussions
and
in
consultation
with
the
Contract
Committee,
the
Independent
Trustees’
independent
legal
counsel
submitted
an
initial
request
that
the
Advisor
and
its
affiliates
furnish
specified
information,
together
with
any
additional
information
the
Advisor
considered
relevant,
to
the
Contract
Committee.
Over
the
course
of
several
months
ending
in
June
2026,
the
Contract
Committee
met
on
a
number
of
occasions
with
representatives
of
the
Advisor,
and
separately
in
executive
session,
to
consider
the
information
that
the
Advisor
provided,
including
information
provided
in
response
to
supplemental
requests
submitted
by
independent
legal
counsel.
Throughout
this
process,
the
Contract
Committee
was
assisted
by
the
Board’s
independent
staff
and
by
independent
legal
counsel.
At
the
Board’s
June
2026
meeting,
the
Contract
Committee
met
in
executive
session
to
discuss
and
consider
its
recommendations
with
respect
to
the
continuance
of
the
Management
Contracts.
At
that
meeting,
the
Contract
Committee
also
met
in
executive
session
with
the
other
Independent
Trustees
to
review
a
summary
of
the
process
undertaken
by
the
Contract
Committee
and
key
information
that
the
Contract
Committee
considered
in
the
course
of
its
review.
The
Contract
Committee
then
presented
its
written
report,
which
summarized
the
key
factors
that
the
Committee
had
considered
and
set
forth
its
recommendations.
The
Contract
Committee
recommended,
and
the
Independent
Trustees
approved,
the
continuance
of
your
fund’s
Management
Contracts,
effective
July
1,
2026.
In
considering
the
continuance
of
the
Management
Contracts,
the
Board
took
into
account
a
number
of
factors,
including:
1.
That
the
fee
schedule
in
effect
for
your
fund
represented
reasonable
compensation
in
light
of
the
nature
and
quality
of
the
services
being
provided
to
the
fund,
the
fees
paid
by
competitive
funds,
the
costs
incurred
by
the
Advisor
in
providing
services
to
the
fund
and
the
application
of
certain
reductions
and
waivers
noted
below;
2.
That
the
fee
schedule
in
effect
for
your
fund
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
that
may
exist
in
the
management
of
the
fund
at
current
asset
levels;
3.
That
the
funds
benefited,
and
were
expected
to
continue
to
benefit,
from
Franklin
Templeton’s
large
retail
and
institutional
global
distribution
capabilities
and
significant
network
of
intermediary
relationships,
which
may
provide
additional
opportunities
for
the
funds
to
increase
assets
and
reduce
the
impact
of
expenses
by
spreading
them
over
a
larger
asset
base;
and
4.
The
financial
strength,
reputation,
experience
and
resources
of
Franklin
Templeton
and
its
investment
advisory
subsidiaries.
These
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
provided
to
the
Trustees
and
were
not
the
result
of
any
single
factor.
Some
of
the
factors
that
figured
particularly
in
the
Trustees’
deliberations
and
how
the
Trustees
considered
these
factors
are
described
below,
although
individual
Trustees
may
have
evaluated
the
information
presented
differently,
giving
different
weights
to
various
factors.
It
is
also
important
to
recognize
that
the
management
arrangements
for
your
fund
and
most
of
the
other
funds
are
the
result
of
many
years
of
review
and
discussion
between
the
Independent
Trustees
and
management,
occurring
both
in
connection
with
formal
contract
reviews
as
well
as
throughout
the
year
and
that
the
Trustees’
conclusions
may
be
based,
in
part,
on
their
consideration
of
fee
arrangements
in
previous
years.
For
example,
with
certain
exceptions
primarily
involving
newer
funds
or
repositioned
funds,
the
current
fee
arrangements
under
the
majority
of
the
funds’
management
contracts
were
first
implemented
at
the
beginning
of
2010
following
extensive
review
by
the
Contract
Committee
and
discussions
with
management,
as
well
as
approval
by
shareholders.
Putnam
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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
fifth
quintile
in
total
expenses
(excluding
any
applicable
12b-1
fees)
as
of
December
31,
2025.
(Total
expenses
reflect
the
fees
and
expenses
borne
directly
by
the
fund
and
the
competitive
funds
included
in
the
custom
Lipper
peer
groups,
as
well
as
any
underlying
funds’
net
fees
and
expenses.)
The
first
quintile
represents
the
least
expensive
funds
and
the
fifth
quintile
the
most
expensive
funds.
The
fee
and
expense
data
reported
by
Broadridge
as
of
December
31,
2025
reflected
the
most
recent
fiscal
year-end
data
available
in
Broadridge’s
database
at
that
time.
In
connection
with
their
review
of
fund
management
fees
and
total
expenses,
the
Trustees
also
reviewed
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Advisor
and
its
affiliates
from
their
contractual
relationships
with
the
funds.
This
information
included
trends
in
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates
relating
to
the
investment
management,
investor
servicing
and
distribution
services
provided
to
the
funds,
as
applicable.
In
this
regard,
the
Trustees
also
reviewed
an
analysis
of
the
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates,
allocated
on
a
fund-by-fund
basis,
with
respect
to
(as
applicable)
the
funds’
management,
distribution
and
investor
servicing
contracts.
For
each
fund,
the
analysis
presented
information
about
revenues,
expenses
and
profitability
in
2025
for
each
of
the
applicable
Putnam
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58
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agreements
separately
and
for
the
agreements
taken
together
on
a
combined
basis.
The
Trustees
concluded
that,
at
current
asset
levels,
the
fee
schedules
in
place
for
each
of
the
funds,
including
the
fee
schedule
for
your
fund,
represented
reasonable
compensation
for
the
services
being
provided
and
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
as
may
exist
in
the
management
of
the
funds
at
that
time.
The
information
examined
by
the
Trustees
in
connection
with
their
annual
contract
review
for
the
funds
included
information
regarding
services
provided
and
fees
charged
by
the
Advisor
and
certain
affiliates
to
other
products
that
are
managed
by
a
portfolio
team
that
also
manages
one
or
more
U.S.
registered
mutual
funds
in
a
category
of
similar
strategies
offered
by
the
funds
(including
exchange
traded
funds,
sub-advised
U.S.
mutual
funds,
other
U.S.
products
(such
as
collective
investment
trusts,
private
funds,
and
separately
managed
and
institutional
accounts),
non-U.S.
funds,
and
other
non-U.S.
products).
This
information
included
comparisons
of
the
fees
charged
to
other
clients,
by
category,
with
fees
charged
to
the
funds,
as
well
as
a
detailed
assessment
of
the
differences
in
the
services
provided
to
these
clients
as
compared
to
the
services
provided
to
the
funds.
The
Trustees
observed
that
the
differences
in
fee
rates
between
these
clients
and
the
funds
are
by
no
means
uniform
when
examined
by
individual
asset
classes,
suggesting
that
differences
in
the
pricing
of
investment
management
services
to
these
types
of
clients
may
reflect,
among
other
things,
historical
competitive
forces
operating
in
separate
marketplaces,
the
characteristics
of
different
clients,
the
particulars
of
different
fee
structures,
factors
unique
to
specific
market
segments,
and
the
distinct
risks
and
costs
associated
with
providing
services
to
different
clients.
The
Trustees
considered
the
fact
that
in
many
cases
fee
rates
across
different
asset
classes
are
higher
on
average
for
1940
Act-registered
funds
than
for
other
clients,
and
the
Trustees
also
considered
the
differences
between
the
services
that
the
Advisor
provides
to
the
funds
and
those
that
it
provides
to
its
other
clients.
The
Trustees
did
not
rely
on
these
fee
comparisons
to
any
significant
extent
in
concluding
that
the
management
fees
paid
by
your
fund
are
reasonable.
Investment
performance
The
quality
of
the
investment
process
provided
by
the
Advisor
represented
a
major
factor
in
the
Trustees’
evaluation
of
the
quality
of
services
provided
by
the
Advisor
under
your
fund’s
Management
Contracts.
The
Trustees
were
assisted
in
their
review
of
the
Advisor’s
investment
process
and
performance
by
the
work
of
the
investment
oversight
committees
of
the
Trustees
and
the
full
Board,
which
meet
on
a
regular
basis
with
individual
portfolio
managers
and
with
investment
leadership
of
the
Advisor
throughout
the
year.
The
Trustees
noted
that
the
Advisor
had
made
portfolio
management
assignment
changes
in
2025
to
strengthen
its
investment
teams
providing
services
to
the
funds.
The
Trustees
concluded
that
the
Advisor
generally
provides
a
high-quality
investment
process
—
as
measured
by
the
experience
and
skills
of
the
individuals
assigned
to
the
management
of
fund
portfolios,
the
resources
made
available
to
them
and
in
general
the
Advisor’s
ability
to
attract
and
retain
high-quality
personnel
—
but
also
recognized
that
this
does
not
guarantee
favorable
investment
results
for
every
fund
in
every
time
period.
The
Trustees
considered
that,
in
the
aggregate,
peer-relative
and
benchmark-relative
fund
performance
was
strong
in
2025
against
what
the
Advisor
characterized
as
a
complex
investing
environment.
The
Trustees
considered
the
Advisor’s
discussion
of
the
markets,
the
economy,
and
geopolitical
conditions
in
2025.
The
S&P
500
was
up
18%
in
2025
but
with
significant
periods
of
volatility,
and
the
Bloomberg
Aggregate
fixed
income
index
was
up
7%
during
the
year,
with
the
Federal
Reserve
cutting
the
Effective
Federal
Funds
rate
from
4.25%
at
year-end
2024
to
3.5%
at
year-end
2025.
Ten-year
Treasury
yields
ended
2025
at
4.2%,
down
from
4.6%
at
year-end
2024.
In
2025,
geopolitical
and
economic
conditions,
as
well
as
financial
markets,
provided
a
complex
investing
environment:
a
new
U.S.
presidential
administration
with
significant
policy
actions,
including
tariffs;
complex
inflation;
rates
and
Federal
Reserve
developments;
artificial
intelligence-related
impacts;
and
political
and
military
actions
across
the
globe.
Even
with
this
backdrop,
generally
strong
economic,
corporate
and
labor
market
conditions
continued
in
2025,
although
with
some
signs
of
concern.
For
the
one-year
period
ended
December
31,
2025,
the
Trustees
noted
that
the
funds,
on
an
asset-weighted
basis,
ranked
in
the
37
th
percentile
of
their
peers
as
determined
by
LSEG
Lipper
(“Lipper”)
and,
on
an
asset-weighted
basis,
outperformed
their
benchmarks
by
1.6%
gross
of
fees
over
the
one-year
period.
The
Contract
Committee
also
noted
that
the
funds’
aggregate
performance
over
longer-term
periods
continued
to
be
strong,
with
the
funds,
on
an
asset-weighted
basis,
ranking
in
the
26
th
,
22
nd
and
16
th
percentiles
of
their
Lipper
peers
over
the
three-year,
five-year
and
ten-year
periods
ended
December
31,
2025,
respectively.
The
Trustees
further
noted
that
the
funds,
in
the
aggregate,
solidly
outperformed
their
benchmarks
on
a
gross
Putnam
Variable
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59
franklintempleton.com
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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)
–
General
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
25,
25
and
22
funds,
respectively,
in
your
fund’s
Lipper
peer
group.
(When
considering
performance
information,
shareholders
should
be
mindful
that
past
performance
is
not
a
guarantee
of
future
results.)
Brokerage
and
soft-dollar
allocations;
distribution
and
investor
servicing
The
Trustees
considered
various
potential
benefits
that
the
Advisor
may
receive
in
connection
with
the
services
it
provides
under
the
management
contract
with
your
fund.
These
include
benefits
related
to
brokerage
allocation
and
the
use
of
soft
dollars,
whereby
a
portion
of
the
commissions
paid
by
a
fund
for
brokerage
may
be
used
to
acquire
research
services
that
are
expected
to
be
useful
to
the
Advisor
in
managing
the
assets
of
the
fund
and
of
other
clients.
Subject
to
policies
approved
by
the
Trustees,
soft
dollars
generated
by
these
means
may
be
used
to
acquire
brokerage
and
research
services
(including
proprietary
executing
broker
research,
third-party
research
and
market
data)
that
enhance
the
Advisor’s
investment
capabilities
and
supplement
the
Advisor’s
internal
research
efforts.
The
Trustees
indicated
their
continued
intent
to
monitor
regulatory
and
industry
developments
in
this
area
with
the
assistance
of
their
Contract
Committee.
In
addition,
with
the
assistance
of
their
Contract
Committee,
the
Trustees
indicated
their
continued
intent
to
monitor
the
allocation
of
the
funds’
brokerage
in
order
to
ensure
that
the
principle
of
seeking
best
price
and
execution
remains
paramount
in
the
portfolio
trading
process.
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.
One-year
period
Three-year
period
Five-year
period
2nd
2nd
2nd
39058-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 SARBANE-SOXLEY ACT OF 2002

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

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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