# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001133228-26-002094
**Filing Date:** 2026-2
**Character Count:** 193347
**Document Hash:** 0a7f4b7d57fbdd13610f416fd6fa4385
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002094.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001133228-26-002094

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671

**ORGANIZATION NAME:**
- **EIN:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 26677834

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CAPITAL MANAGER TRUST /MA/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Putnam VT High Yield Fund (Series ID: S000003875)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010845 | Class IA Shares |  |
| C000010846 | Class IB Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-01-1574200172200_PutnamVTHighYieldFund_ClassIA_TSRAnnual

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)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 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: **December 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam VT High Yield Fund**  | ![image](img2199_202405220716489.jpg) |
| Class IA  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam VT High Yield Fund for the period January 1, 2025, to December 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 IA<sup>1</sup>  | $74 | 0.71% |

---

1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class IA shares of Putnam VT High Yield Fund returned 8.86%. The Fund compares its performance to the JPMorgan Developed High Yield Index, which returned 8.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection within the technology, retail, and health care sectors |
| ↑ | Security selection within B and non-rated credits (i.e. convertibles) |
| ↑ | Overweight exposure to Seagate Technology |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection within the chemicals, paper & packaging, and food & beverages sectors |
| ↓ | Overweight exposure to Vibrantz Technology, position was sold before the end of the period |

---

Putnam VT High Yield Fund PAGE 1 38920-ATSIA-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class IA** 12/31/2015 — 12/31/2025

![image](ts6355img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class IA**  | 8.86 | 4.28 | 5.94 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **JPMorgan Developed High Yield Index**  | 8.65 | 4.96 | 6.71 |

---

Performance does not reflect expenses incurred from investing through variable annuity or variable life insurance products, which if reflected, would reduce performance of the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $138922844 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 383 |
| **Total Management Fee Paid** | $755500 |
| **Portfolio Turnover Rate** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6355img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Putnam VT High Yield Fund PAGE 2 38920-ATSIA-0226

------

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2025, the portfolio managers primarily responsible for the day-to-day management of the Fund are Bryant Dieffenbacher, CFA, Robert L. Salvin, and Glenn Voyles, CFA.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam VT High Yield Fund PAGE 3 38920-ATSIA-0226

------

---

| | |
|:---|:---|
| **Putnam VT High Yield Fund**  | ![image](img2199_202405220716489.jpg) |
| Class IB  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam VT High Yield Fund for the period January 1, 2025, to December 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 IB<sup>1</sup>  | $100 | 0.96% |

---

1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class IB shares of Putnam VT High Yield Fund returned 8.67%. The Fund compares its performance to the JPMorgan Developed High Yield Index, which returned 8.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection within the technology, retail, and health care sectors |
| ↑ | Security selection within B and non-rated credits (i.e. convertibles) |
| ↑ | Overweight exposure to Seagate Technology |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection within the chemicals, paper & packaging, and food & beverages sectors |
| ↓ | Overweight exposure to Vibrantz Technology, position was sold before the end of the period |

---

Putnam VT High Yield Fund PAGE 1 38920-ATSIB-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class IB** 12/31/2015 — 12/31/2025

![image](ts6356img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class IB**  | 8.67 | 4.05 | 5.70 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **JPMorgan Developed High Yield Index**  | 8.65 | 4.96 | 6.71 |

---

Performance does not reflect expenses incurred from investing through variable annuity or variable life insurance products, which if reflected, would reduce performance of the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $138922844 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 383 |
| **Total Management Fee Paid** | $755500 |
| **Portfolio Turnover Rate** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6356img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Putnam VT High Yield Fund PAGE 2 38920-ATSIB-0226

------

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2025, the portfolio managers primarily responsible for the day-to-day management of the Fund are Bryant Dieffenbacher, CFA, Robert L. Salvin, and Glenn Voyles, CFA.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam VT High Yield Fund PAGE 3 38920-ATSIB-0226

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending December 31, 2024 and December 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $1,105,519 in December 31, 2024 and $1,138,734 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in December 31, 2024 and $0 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $140,446 in December 31, 2024 and $195,135 in December 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in December 31, 2024 and $0 in December 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $864,236 in December 31, 2024 and $1,655,229 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

#### Putnam

#### VT

#### High

#### Yield

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

December 31, 2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 20
Notes

to

Financial

Statements

#### 24
Report

of

Independent

Registered

Public

Accounting

Firm

#### 36
Tax

Information

#### 37
Changes

In

and

Disagreements

with

Accountants

#### 38
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Variable

Trust

Financial

Highlights

#### Putnam

#### VT

#### High

#### Yield

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### IA

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.71

$5.61

$5.29

$6.30

$6.30

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.36 0.35 0.33 0.29 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.12 0.09 0.29 (0.98)

0.03 Total

from

investment

operations

....................

0.48 0.44 0.62 (0.69)

0.31 Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.34)

(0.30)

(0.31)

(0.31)

Net

realized

gains

.............................

—

—

—

(0.01)

—

Total

distributions

...............................

(0.38)

(0.34)

(0.30)

(0.32)

(0.31)

Net

asset

value,

end

of

year

.......................

$5.81

$5.71

$5.61

$5.29

$6.30

Total

return

c

...................................

8.86%

8.19%

12.29%

(11.37)%

5.20%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

0.71%

0.73%

0.75%

0.75%

e

0.70%

Net

investment

income

...........................

6.30%

6.33%

6.18%

5.24%

4.56%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$95,401

$102,273

$99,901

$94,436

$119,199

Portfolio

turnover

rate

............................

45%

50%

45%

28%

44%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Variable

Trust

Financial

Highlights

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### IB

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.64

$5.55

$5.23

$6.23

$6.23

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.34 0.33 0.31 0.27 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.12 0.09 0.30 (0.97)

0.03 Total

from

investment

operations

....................

0.46 0.42 0.61 (0.70)

0.30 Less

distributions

from:

Net

investment

income

..........................

(0.36)

(0.33)

(0.29)

(0.29)

(0.30)

Net

realized

gains

.............................

—

—

—

(0.01)

—

Total

distributions

...............................

(0.36)

(0.33)

(0.29)

(0.30)

(0.30)

Net

asset

value,

end

of

year

.......................

$5.74

$5.64

$5.55

$5.23

$6.23

Total

return

c

...................................

8.67%

7.86%

12.13%

(11.60)%

4.97%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

0.96%

0.98%

1.00%

1.00%

e

0.95%

Net

investment

income

...........................

6.05%

6.08%

5.93%

4.98%

4.32%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$43,522

$43,804

$47,643

$37,446

$49,084

Portfolio

turnover

rate

............................

45%

50%

45%

28%

44%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Variable

Trust

Schedule

of

Investments,

December

31,

2025

#### Putnam

#### VT

#### High

#### Yield

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.5%

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
GFL

Environmental,

Inc.

..............................

United

States

4,430

$

190,268

#### Diversified

#### Telecommunication

#### Services

#### 0.1%
a

Altice

France

SA

....................................

France

4,005

72,130

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.3%
a

Viking

Holdings

Ltd.

.................................

United

States

5,800

414,178

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 333,408

####)
.......................................

#### 676,576

#### Convertible

#### Preferred

#### Stocks

#### 0.9%

#### Aerospace

#### &

#### Defense

#### 0.4%
Boeing

Co.

(The)

,

%

................................

United

States

8,265

570,781

#### Electric

#### Utilities

#### 0.3%
NextEra

Energy,

Inc.

,

7.299 %

..........................

United

States

7,375

381,804

#### Financial

#### Services

#### 0.2%
Apollo

Global

Management,

Inc.

,

6.75 %

..................

United

States

3,581

270,437

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 962,683

####)
............................

#### 1,223,022

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 1.6%

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

200,000

304,240

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

155,000

126,279

#### Entertainment

#### 0.2%
Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

3.125 %

,

1/15/29

..

United

States

195,000

283,822

#### Food

#### Products

#### 0.2%
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

243,000

262,075

#### Health

#### Care

#### REITs

#### 0.3%
b

Welltower

OP

LLC

,

Senior

Note

,

144A,

2.75 %

,

5/15/28

.......

United

States

208,000

407,888

#### Software

#### 0.3%
Guidewire

Software,

Inc.

,

Senior

Note

,

1.25 %

,

11/01/29

.......

United

States

366,000

403,332

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Seagate

HDD

Cayman

,

Senior

Note

,

3.5 %

,

6/01/28

..........

United

States

126,000

423,801

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 1,599,002

####)
...................................

#### 2,211,437

#### Corporate

#### Bonds

#### 87.3%

#### Aerospace

#### &

#### Defense

#### 3.5%
ATI,

Inc.

,

Senior

Bond

,

5.125 %

,

10/01/31

.......................

United

States

240,000

240,388

Senior

Note

,

5.875 %

,

12/01/27

.......................

United

States

435,000

437,202

Senior

Note

,

4.875 %

,

10/01/29

.......................

United

States

90,000

90,118

Senior

Note

,

7.25 %

,

8/15/30

.........................

United

States

335,000

354,118

b

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

3/15/30

...................

United

States

270,000

279,408

Senior

Note

,

144A,

6.25 %

,

3/15/33

....................

United

States

210,000

219,343

Boeing

Co.

(The)

,

Senior

Bond

,

5.875 %

,

2/15/40

............

United

States

210,000

216,431

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

2/01/29

.....................

Canada

175,000

$

182,606

Senior

Note

,

144A,

8.75 %

,

11/15/30

...................

Canada

260,000

281,231

Senior

Note

,

144A,

7.25 %

,

7/01/31

....................

Canada

130,000

138,697

Senior

Note

,

144A,

%

,

6/01/32

......................

Canada

20,000

21,158

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

540,000

546,747

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

545,000

546,025

b

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

...........

United

States

290,000

303,638

Senior

Secured

Note

,

144A,

7.125 %

,

12/01/31

...........

United

States

70,000

73,655

Senior

Secured

Note

,

144A,

%

,

1/15/33

................

United

States

440,000

450,683

Senior

Secured

Note

,

144A,

6.25 %

,

1/31/34

.............

United

States

95,000

98,629

Senior

Sub.

Note

,

144A,

6.75 %

,

1/31/34

................

United

States

340,000

354,389

4,834,466

#### Automobile

#### Components

#### 1.7%
b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25 %

,

4/15/31

United

States

560,000

589,169

b

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

10/15/32

..................................

United

States

285,000

290,395

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

...................................

United

States

290,000

300,900

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

410,000

355,463

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

330,000

340,955

b

,c

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

7.75 %

,

11/15/30

.........

Germany

255,000

268,148

Senior

Secured

Note

,

144A,

PIK,

%

,

11/15/32

...........

Germany

230,000

243,165

2,388,195

#### Automobiles

#### 0.3%
b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

385,000

409,456

#### Banks

#### 0.4%
b

,d

Societe

Generale

SA

,

Junior

Sub.

Bond

,

144A,

4.75%

to

5/25/26,

FRN

thereafter

,

Perpetual

.......................................

France

255,000

254,378

Junior

Sub.

Bond

,

144A,

5.375%

to

11/17/30,

FRN

thereafter

,

Perpetual

.......................................

France

260,000

249,364

503,742

#### Biotechnology

#### 1.5%
b

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Note

,

144A,

7.25 %

,

12/15/33

...................

Denmark

450,000

473,063

Senior

Secured

Note

,

144A,

6.25 %

,

12/15/32

............

Denmark

450,000

461,494

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875 %

,

10/15/28

...........

Spain

965,000

EUR

1,125,932

2,060,489

#### Broadline

#### Retail

#### 1.0%
b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

190,000

209,476

b

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.25 %

,

10/31/29

............

United

States

375,000

391,764

Senior

Secured

Note

,

144A,

7.75 %

,

9/15/30

.............

United

States

320,000

342,052

Senior

Secured

Note

,

144A,

6.75 %

,

11/15/32

............

United

States

440,000

452,870

1,396,162

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products

#### 2.8%
b

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.375 %

,

3/01/34

...................

United

States

195,000

$

201,861

Senior

Bond

,

144A,

6.75 %

,

5/15/35

....................

United

States

165,000

172,716

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

...................................

United

States

350,000

271,507

b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375 %

,

12/15/30

.......................

United

States

110,000

EUR

135,100

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

............

United

States

40,000

40,883

Senior

Secured

Note

,

144A,

6.125 %

,

7/31/32

............

United

States

170,000

174,607

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

385,000

394,939

b

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

3/01/33

....................

United

States

135,000

141,072

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

............

United

States

265,000

276,007

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

%

,

11/01/28

...............

United

States

225,000

226,213

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

...........

United

States

350,000

374,629

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

8/15/32

.....................

United

States

435,000

448,157

Senior

Note

,

144A,

6.25 %

,

8/01/33

....................

United

States

375,000

383,288

b

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

7/15/30

...................

United

States

630,000

608,193

Senior

Bond

,

144A,

3.375 %

,

1/15/31

...................

United

States

35,000

32,176

3,881,348

#### Capital

#### Markets

#### 1.2%
b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151 %

,

6/30/31

.........................................

United

States

150,000

165,127

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

...........

United

States

905,000

921,498

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

.............

United

States

330,000

344,671

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

255,000

264,669

1,695,965

#### Chemicals

#### 2.0%
b

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

150,000

154,270

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

........................................

Germany

335,000

347,981

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

325,000

257,508

b

Olympus

Water

US

Holding

Corp.

,

Senior

Secured

Note

,

Reg

S,

3.875 %

,

10/01/28

..................................

United

States

155,000

EUR

180,397

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

310,000

323,202

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

5/01/29

...................

United

States

305,000

306,569

Senior

Secured

Note

,

144A,

4.875 %

,

5/01/28

............

United

States

395,000

396,516

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

585,000

590,507

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.

United

States

235,000

224,607

2,781,557

#### Commercial

#### Services

#### &

#### Supplies

#### 1.6%
b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

275,000

283,526

b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/31

...

United

States

115,000

120,799

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

1,100,000

1,137,669

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

155,000

$

166,852

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

305,000

314,704

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

155,000

162,870

2,186,420

#### Communications

#### Equipment

#### 0.4%
b

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

205,000

206,241

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

310,000

295,134

501,375

#### Construction

#### &

#### Engineering

#### 0.1%
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

165,000

174,569

#### Construction

#### Materials

#### 0.1%
b

,d

Cemex

SAB

de

CV

,

Sub.

Bond

,

144A,

7.2%

to

9/09/30,

FRN

thereafter

,

Perpetual

...............................

Mexico

200,000

208,830

#### Consumer

#### Finance

#### 2.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

6.95%

to

12/09/29,

FRN

thereafter

,

3/10/55

....

Ireland

175,000

183,582

Ally

Financial,

Inc.

,

Senior

Bond

,

%

,

11/01/31

.............

United

States

370,000

420,505

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25 %

,

4/01/29

.............

United

States

205,000

216,275

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/30

..............

United

States

610,000

656,467

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

995,000

1,036,245

OneMain

Finance

Corp.

,

Senior

Note

,

7.5 %

,

5/15/31

..........................

United

States

355,000

373,772

Senior

Note

,

7.125 %

,

11/15/31

.......................

United

States

355,000

370,825

Senior

Note

,

6.5 %

,

3/15/33

..........................

United

States

250,000

253,032

3,510,703

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.3%
b

US

Foods,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

1/15/32

....................

United

States

120,000

126,285

Senior

Note

,

144A,

5.75 %

,

4/15/33

....................

United

States

280,000

285,464

411,749

#### Containers

#### &

#### Packaging

#### 2.1%
b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

Reg

S,

%

,

9/01/29

......................

United

States

100,000

EUR

111,935

Senior

Note

,

144A,

%

,

9/01/29

......................

United

States

280,000

263,829

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

425,000

437,302

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

8/15/28

United

States

385,000

386,100

b

Graphic

Packaging

International

LLC

,

Senior

Note

,

Reg

S,

2.625 %

,

2/01/29

...................................

United

States

215,000

EUR

245,069

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25 %

,

4/15/30

...................

United

States

465,000

448,725

Senior

Secured

Note

,

144A,

7.875 %

,

4/15/30

............

United

States

350,000

347,562

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

645,000

644,701

2,885,223

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Distributors

#### 0.3%
b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

395,000

$

413,452

#### Diversified

#### Telecommunication

#### Services

#### 4.3%
b

Altice

Financing

SA

,

Senior

Secured

Note

,

144A,

%

,

1/15/28

..

Luxembourg

205,000

143,717

b

Altice

France

SA

,

Senior

Secured

Note

,

144A,

6.875 %

,

10/15/30

...........

France

308,040

299,051

Senior

Secured

Note

,

144A,

6.5 %

,

4/15/32

..............

France

215,628

206,849

Senior

Secured

Note

,

144A,

6.875 %

,

7/15/32

............

France

157,870

151,492

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

........................................

United

States

935,000

917,867

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.375 %

,

6/01/29

...................

United

States

675,000

667,845

Senior

Bond

,

144A,

4.75 %

,

3/01/30

....................

United

States

1,010,000

965,225

Senior

Bond

,

144A,

4.75 %

,

2/01/32

....................

United

States

875,000

800,347

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

........................................

United

States

370,000

377,301

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

5/15/30

...............................

United

States

295,000

308,359

b

Virgin

Media

Finance

plc

,

Senior

Bond

,

144A,

%

,

7/15/30

....

United

Kingdom

475,000

419,238

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

....................................

United

Kingdom

245,000

227,691

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

495,000

510,349

5,995,331

#### Electric

#### Utilities

#### 2.3%
b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

660,000

662,517

b

NRG

Energy,

Inc.

,

d

Junior

Sub.

Bond

,

144A,

10.25%

to

3/14/28,

FRN

thereafter

,

Perpetual

.......................................

United

States

345,000

377,041

Senior

Bond

,

144A,

6.25 %

,

11/01/34

...................

United

States

390,000

400,902

Senior

Bond

,

144A,

%

,

1/15/36

......................

United

States

670,000

679,225

PG&E

Corp.

,

Junior

Sub.

Bond

,

7.375%

to

3/14/30,

FRN

thereafter

,

3/15/55

United

States

230,000

239,682

Senior

Secured

Bond

,

5.25 %

,

7/01/30

..................

United

States

95,000

94,384

b

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

6.875 %

,

4/15/32

United

States

755,000

795,687

3,249,438

#### Electrical

#### Equipment

#### 0.6%
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

280,000

EUR

318,999

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875 %

,

9/01/30

.

United

States

490,000

497,937

816,936

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.4%
b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

565,000

553,969

#### Energy

#### Equipment

#### &

#### Services

#### 2.2%
b

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note

,

144A,

10.375 %

,

11/15/30

.................................

Mexico

199,544

199,187

b

Kodiak

Gas

Services

LLC

,

Senior

Bond

,

144A,

6.75 %

,

10/01/35

...................

United

States

140,000

144,015

Senior

Note

,

144A,

7.25 %

,

2/15/29

....................

United

States

305,000

317,489

Senior

Note

,

144A,

6.5 %

,

10/01/33

....................

United

States

245,000

250,324

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

580,000

563,051

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

68,692

70,679

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Energy

#### Equipment

#### &

#### Services
(continued)

Transocean

International

Ltd.

,

Senior

Bond

,

6.8 %

,

3/15/38

..........................

United

States

485,000

$

417,423

b

Senior

Secured

Note

,

144A,

8.75 %

,

2/15/30

.............

United

States

472,500

493,946

b

Senior

Secured

Note

,

144A,

7.875 %

,

10/15/32

...........

United

States

65,000

68,194

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

...................

United

States

168,000

172,318

Senior

Note

,

144A,

6.75 %

,

10/15/33

...................

United

States

365,000

373,994

3,070,620

#### Entertainment

#### 1.0%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

690,000

719,250

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

310,000

GBP

421,208

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

.....

United

States

270,000

190,688

1,331,146

#### Financial

#### Services

#### 4.6%
b

Boost

Newco

Borrower

LLC

,

Senior

Secured

Note

,

144A,

7.5 %

,

1/15/31

.........................................

United

States

365,000

388,132

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

....................

United

States

400,000

408,499

Senior

Note

,

144A,

6.75 %

,

12/01/32

...................

United

States

600,000

612,727

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

320,000

355,132

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

595,000

626,797

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

.....................

United

States

470,000

495,790

Senior

Note

,

144A,

8.25 %

,

5/15/30

....................

United

States

500,000

526,234

b

Osaic

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

8/01/33

......................

United

States

325,000

339,781

Senior

Secured

Note

,

144A,

6.75 %

,

8/01/32

.............

United

States

205,000

214,262

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

960,000

997,017

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

510,000

529,742

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

2/01/32

...................

United

States

380,000

399,938

Senior

Note

,

144A,

6.375 %

,

8/01/33

...................

United

States

415,000

433,206

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

...........................

United

States

100,000

EUR

120,585

6,447,842

#### Food

#### Products

#### 0.7%
b

,c

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

147,345

154,067

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

380,000

396,861

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

455,000

461,609

1,012,537

#### Ground

#### Transportation

#### 0.6%
b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

235,000

245,923

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

575,000

602,524

848,447

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.6%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

125,000

$

130,625

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

b,e

Senior

Secured

Note

,

144A,

FRN

,

5.872 %

,

(3-month

EURIBOR

+

7.75 %),

1/15/31

.................................

United

States

300,000

EUR

358,852

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

60,000

62,773

b

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25 %

,

10/01/29

...................

United

States

90,000

90,540

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

............

United

States

245,000

239,366

882,156

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4.0%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

5.25 %

,

5/15/30

.............

United

States

855,000

804,549

Senior

Secured

Note

,

144A,

10.875 %

,

1/15/32

...........

United

States

458,000

500,452

Senior

Secured

Note

,

144A,

9.75 %

,

1/15/34

.............

United

States

335,000

352,279

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

335,000

350,763

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

.................................

United

States

520,000

545,843

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/01/32

...................

United

States

890,000

926,994

Senior

Note

,

144A,

6.75 %

,

7/15/33

....................

United

States

65,000

67,449

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

1,000,000

986,034

Tenet

Healthcare

Corp.

,

b

Senior

Note

,

144A,

%

,

11/15/33

......................

United

States

270,000

278,159

Senior

Secured

Note

,

6.125 %

,

6/15/30

.................

United

States

775,000

794,021

5,606,543

#### Health

#### Care

#### REITs

#### 0.6%
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

845,000

903,033

#### Health

#### Care

#### Technology

#### 1.0%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

440,000

439,050

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

875,000

915,397

1,354,447

#### Hotel

#### &

#### Resort

#### REITs

#### 0.6%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

7.25 %

,

7/15/28

....................

United

States

110,000

113,505

Senior

Note

,

144A,

6.5 %

,

4/01/32

.....................

United

States

415,000

430,675

Senior

Note

,

144A,

6.5 %

,

6/15/33

.....................

United

States

195,000

203,495

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

125,000

129,167

876,842

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 7.3%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

400,000

381,414

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

545,000

532,862

b

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

10/15/29

..................

United

States

420,000

403,155

Senior

Note

,

144A,

%

,

10/15/32

.....................

United

States

180,000

175,178

Senior

Secured

Note

,

144A,

%

,

2/15/30

................

United

States

200,000

207,225

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125 %

,

5/01/29

...................

United

States

445,000

450,157

Senior

Note

,

144A,

5.875 %

,

6/15/31

...................

United

States

380,000

392,792

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

Carnival

Corp.,

(continued)

Senior

Note

,

144A,

5.75 %

,

8/01/32

....................

United

States

555,000

$

570,280

Senior

Note

,

144A,

6.125 %

,

2/15/33

...................

United

States

200,000

206,623

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

....................

United

States

315,000

318,252

Senior

Note

,

144A,

6.75 %

,

5/01/31

....................

United

States

60,000

62,291

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

515,000

490,023

b

Flutter

Treasury

DAC

,

Senior

Secured

Note

,

144A,

5.875 %

,

6/04/31

.........................................

Ireland

200,000

202,889

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

310,000

313,356

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

675,000

691,146

b

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

11/15/29

...................

United

States

540,000

554,899

Senior

Note

,

144A,

7.5 %

,

9/01/31

.....................

United

States

70,000

73,170

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

450,000

470,273

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

7.75 %

,

2/15/29

....................

United

States

215,000

229,002

Senior

Note

,

144A,

6.75 %

,

2/01/32

....................

United

States

150,000

153,681

Senior

Note

,

144A,

6.25 %

,

9/15/33

....................

United

States

160,000

160,008

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

...................

United

States

290,000

290,740

Senior

Note

,

144A,

4.125 %

,

7/01/29

...................

United

States

100,000

93,098

b

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

.............

United

States

260,000

265,512

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.625 %

,

9/30/31

...................

United

States

270,000

276,114

Senior

Note

,

144A,

%

,

2/01/33

......................

United

States

620,000

637,264

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

360,000

320,209

b

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/29

......................

United

States

160,000

161,499

Senior

Note

,

144A,

9.125 %

,

7/15/31

...................

United

States

395,000

423,201

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

565,000

611,727

10,118,040

#### Household

#### Durables

#### 1.9%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

255,000

255,417

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note

,

144A,

%

,

4/01/31

......................

United

States

140,000

142,992

Senior

Note

,

144A,

8.375 %

,

10/01/33

..................

United

States

210,000

213,582

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

460,000

480,099

Newell

Brands,

Inc.

,

Senior

Note

,

6.375 %

,

5/15/30

........................

United

States

135,000

132,013

Senior

Note

,

6.625 %

,

5/15/32

........................

United

States

290,000

281,744

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125 %

,

8/01/30

...................

United

States

290,000

292,002

Senior

Note

,

144A,

5.75 %

,

11/15/32

...................

United

States

70,000

72,067

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

...................

United

States

305,000

301,030

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Household

#### Durables
(continued)

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.,

(continued)

Senior

Note

,

144A,

6.75 %

,

1/15/34

....................

United

States

480,000

$

486,614

2,657,560

#### Household

#### Products

#### 0.1%
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

160,000

153,058

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1.4%
b

Calpine

Corp.

,

Senior

Bond

,

144A,

%

,

2/01/31

.............

United

States

310,000

316,156

b

Talen

Energy

Supply

LLC

,

Senior

Bond

,

144A,

6.5 %

,

2/01/36

.....................

United

States

560,000

579,440

Senior

Note

,

144A,

6.25 %

,

2/01/34

....................

United

States

560,000

571,415

b

,d

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

150,000

154,352

Junior

Sub.

Bond

,

144A,

7%

to

12/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

290,000

296,149

1,917,512

#### Insurance

#### 1.9%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/15/29

.....................

United

States

245,000

256,551

Senior

Secured

Note

,

144A,

7.5 %

,

11/06/30

.............

United

States

435,000

454,779

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

5.875 %

,

11/01/29

..................

United

States

530,000

532,319

Senior

Note

,

144A,

7.375 %

,

10/01/32

..................

United

States

130,000

134,955

Senior

Secured

Note

,

144A,

%

,

1/15/31

................

United

States

560,000

581,373

b

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/31/32

................................

United

States

505,000

524,254

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

170,000

178,297

2,662,528

#### IT

#### Services

#### 0.8%
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

860,000

805,354

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

315,000

329,077

1,134,431

#### Machinery

#### 0.4%
b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

130,000

138,078

b

Terex

Corp.

,

Senior

Note

,

144A,

%

,

5/15/29

......................

United

States

235,000

234,412

Senior

Note

,

144A,

6.25 %

,

10/15/32

...................

United

States

165,000

169,407

541,897

#### Media

#### 6.7%
b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

4/15/28

....................

United

States

145,000

145,214

Senior

Secured

Note

,

144A,

7.875 %

,

4/01/30

............

United

States

125,000

132,175

Senior

Secured

Note

,

144A,

7.5 %

,

3/15/33

..............

United

States

555,000

586,702

b

CSC

Holdings

LLC

,

Senior

Bond

,

144A,

5.375 %

,

2/01/28

...................

United

States

680,000

494,054

Senior

Note

,

144A,

11.75 %

,

1/31/29

...................

United

States

340,000

252,815

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

.........................................

United

States

295,000

298,848

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

............

United

States

64,000

$

64,412

Senior

Secured

Note

,

144A,

%

,

2/15/31

...............

United

States

170,000

173,842

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

370,000

357,857

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

505,000

558,824

b

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %

,

8/15/30

..

United

States

700,000

699,628

b

Gray

Media,

Inc.

,

Secured

Note

,

144A,

9.625 %

,

7/15/32

..................

United

States

475,000

493,298

Senior

Bond

,

144A,

5.375 %

,

11/15/31

..................

United

States

400,000

300,302

Senior

Secured

Note

,

144A,

7.25 %

,

8/15/33

.............

United

States

135,000

138,028

b

McGraw-Hill

Education,

Inc.

,

Senior

Note

,

144A,

%

,

8/01/29

......................

United

States

485,000

490,461

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

............

United

States

465,000

490,957

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

240,000

238,386

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond

,

144A,

4.625 %

,

3/15/30

.........................

United

States

400,000

391,483

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

895,000

935,382

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

3.875 %

,

9/01/31

...................

United

States

350,000

322,556

Senior

Note

,

144A,

%

,

7/15/28

......................

United

States

140,000

137,036

b

Telenet

Finance

Luxembourg

Notes

SARL

,

Senior

Secured

Bond

,

144A,

5.5 %

,

3/01/28

...............................

Belgium

400,000

398,963

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

440,000

473,232

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

%

,

1/15/32

................

Netherlands

385,000

348,707

Senior

Secured

Note

,

144A,

7.5 %

,

1/15/33

..............

Netherlands

410,000

415,764

9,338,926

#### Metals

#### &

#### Mining

#### 3.1%
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

...............

Luxembourg

525,000

593,281

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

256,000

258,365

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/32

......................

United

States

295,000

302,744

Senior

Note

,

144A,

7.625 %

,

1/15/34

...................

United

States

170,000

177,783

Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

165,000

159,373

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125 %

,

7/15/29

..................

United

States

150,000

EUR

174,050

Senior

Note

,

144A,

6.375 %

,

8/15/32

...................

United

States

415,000

430,299

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

330,000

335,678

b

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

185,000

193,085

b

Novelis

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

1/30/30

....................

United

States

140,000

135,337

Senior

Bond

,

144A,

3.875 %

,

8/15/31

...................

United

States

240,000

218,953

Senior

Note

,

144A,

6.875 %

,

1/30/30

...................

United

States

300,000

311,652

Senior

Note

,

144A,

6.375 %

,

8/15/33

...................

United

States

430,000

436,266

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

370,000

359,034

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

175,000

186,078

4,271,978

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.3%
b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

.........................

United

States

405,000

392,048

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 5.8%
b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

.........................................

United

States

565,000

$

561,582

d

Energy

Transfer

LP

,

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

...............................

United

States

630,000

629,685

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

7/01/33

...................................

United

States

625,000

638,843

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

140,000

145,108

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

345,000

353,766

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

740,000

747,082

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

....

United

States

455,000

461,741

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.2 %

,

3/15/40

......

United

States

890,000

907,898

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

560,000

573,906

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

510,000

506,854

b

Venture

Global

LNG,

Inc.

,

d

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

400,000

316,184

Senior

Secured

Note

,

144A,

9.5 %

,

2/01/29

..............

United

States

340,000

352,614

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

............

United

States

480,000

477,603

Senior

Secured

Note

,

144A,

9.875 %

,

2/01/32

............

United

States

315,000

325,615

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

.............

United

States

85,000

93,116

Senior

Secured

Bond

,

144A,

6.75 %

,

1/15/36

.............

United

States

250,000

256,190

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

..............

United

States

85,000

91,890

Senior

Secured

Note

,

144A,

6.5 %

,

1/15/34

..............

United

States

145,000

148,589

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

94,000

95,988

b

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875 %

,

4/15/32

.......

United

States

350,000

345,087

8,029,341

#### Paper

#### &

#### Forest

#### Products

#### 0.3%
b

Magnera

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

11/15/29

............

United

States

150,000

138,865

Senior

Secured

Note

,

144A,

7.25 %

,

11/15/31

............

United

States

160,000

157,233

Mercer

International,

Inc.

,

Senior

Note

,

5.125 %

,

2/01/29

......

Germany

275,000

176,537

472,635

#### Passenger

#### Airlines

#### 0.7%
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

..............

United

States

54,167

54,272

Senior

Secured

Note

,

144A,

5.75 %

,

4/20/29

.............

United

States

325,000

331,157

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

410,000

439,050

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

130,000

129,528

954,007

#### Personal

#### Care

#### Products

#### 1.0%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note

,

144A,

6.625 %

,

7/15/30

...

United

States

245,000

251,950

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

1,085,000

1,112,037

1,363,987

#### Pharmaceuticals

#### 1.2%
b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

United

States

205,000

213,357

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

185,000

195,765

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375 %

,

5/09/30

...................................

Israel

225,000

EUR

$

272,379

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

6.75 %

,

3/01/28

.........................

Israel

525,000

545,259

Senior

Note

,

8.125 %

,

9/15/31

........................

Israel

400,000

461,076

1,687,836

#### Professional

#### Services

#### 0.4%
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

475,000

492,066

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

%

,

4/15/30

.....................

United

States

253,800

253,754

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
b

ON

Semiconductor

Corp.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

.

United

States

80,000

78,567

b

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

....................

United

States

130,000

134,914

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

.............

United

States

220,000

225,213

438,694

#### Software

#### 1.1%
b

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

%

,

9/30/29

.....................

United

States

350,000

364,770

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/29

..............

United

States

265,000

268,643

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

440,000

384,183

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

245,000

241,241

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

295,000

303,494

1,562,331

#### Specialized

#### REITs

#### 1.1%
b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

745,000

751,717

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

780,000

798,618

1,550,335

#### Specialty

#### Retail

#### 1.2%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

675,000

683,578

b

,c

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

%

,

6/01/31

...

United

States

299,600

338,281

b

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.5 %

,

9/15/32

...............................

United

States

270,000

275,100

b

White

Cap

Supply

Holdings

LLC

,

Senior

Note

,

144A,

7.375 %

,

11/15/30

........................................

United

States

295,000

306,288

1,603,247

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

3.125 %

,

7/15/29

...................

United

States

140,000

123,970

Senior

Note

,

144A,

5.875 %

,

7/15/30

...................

United

States

370,000

381,883

505,853

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.0%
b

Beach

Acquisition

Bidco

LLC

,

c

Senior

Note

,

144A,

PIK,

%

,

7/15/33

..................

United

States

535,000

563,820

Senior

Secured

Note

,

144A,

5.25 %

,

7/15/32

.............

United

States

275,000

EUR

329,803

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

240,000

232,593

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods
(continued)

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

225,000

$

225,781

1,351,997

#### Trading

#### Companies

#### &

#### Distributors

#### 2.0%
b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

575,000

571,225

b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

.....................

United

States

280,000

291,321

Secured

Note

,

144A,

8.625 %

,

5/15/32

..................

United

States

305,000

322,544

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

205,000

213,567

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

610,000

637,583

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

3/15/29

...................

United

States

90,000

93,053

Senior

Note

,

144A,

6.625 %

,

3/15/32

...................

United

States

410,000

428,620

Senior

Note

,

144A,

6.375 %

,

3/15/33

...................

United

States

165,000

172,377

2,730,290

#### Wireless

#### Telecommunication

#### Services

#### 1.4%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

795,000

844,281

b

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

Senior

Secured

Note

,

144A,

8.625 %

,

8/01/32

.........................

Bermuda

200,000

207,655

b

Iliad

Holding

SAS

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

France

295,000

304,411

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

515,000

547,817

1,904,164

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 118,136,109

####)
...................................

#### 121,281,503
f

#### Senior

#### Floating

#### Rate

#### Interests

#### 4.8%

#### Automobile

#### Components

#### 0.3%
g

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.581 %

,

(1-month

SOFR

+

3.75 %),

10/04/28

........

United

States

365,506

363,564

g

#### Chemicals

#### 0.4%
Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.254 %

,

(1-month

SOFR

+

7.438 %),

3/15/30

............

United

States

142,941

139,100

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1

,

7.036 %

,

(3-month

SOFR

+

3.25 %),

4/03/28

..

Netherlands

275,322

275,897

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.162 %

,

(3-month

SOFR

+

3.25 %),

4/03/28

..

Netherlands

132,316

132,605

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.327 %

,

(3-month

SOFR

+

4.25 %),

4/23/29

..............

United

States

145,307

81,413

629,015

a

a

a

a

a

a

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
g

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.466 %

,

(1-month

SOFR

+

2.75 %),

10/23/28

..

United

States

401,209

403,841

#### Communications

#### Equipment

#### 0.3%
g

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.466 %

,

(1-month

SOFR

+

4.75 %),

12/18/29

....................

United

States

405,000

406,288

#### Containers

#### &

#### Packaging

#### 0.1%
h,i

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

CME

Term

Loan

,

TBD,

11/01/32

....................................

Luxembourg

72,688

65,328

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Containers

#### &

#### Packaging
(continued)

g

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.044 %

,

(6-month

SOFR

+

4.75 %),

2/12/26

.......

Luxembourg

227,948

$

39,891

105,219

a

a

a

a

a

a

#### Distributors

#### 0.2%
g

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

7.672 %

,

(3-month

SOFR

+

%),

11/30/30

...........

United

States

279,169

279,534

#### Food

#### Products

#### 0.3%
g

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6

,

6.122 %

,

(6-month

SOFR

+

2.25 %),

9/30/32

.....................

United

States

402,817

403,379

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
g

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

7.966 %

,

(1-month

SOFR

+

4.25 %),

1/15/31

.........

United

States

329,103

332,970

g

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.966 %

,

(1-month

SOFR

+

3.25 %),

1/29/29

..............

United

States

407,961

408,332

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.445 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

.............

Canada

45,004

44,357

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.934 %

,

(3-month

SOFR

+

%),

4/04/29

...

United

States

182,225

179,265

631,954

a

a

a

a

a

a

#### IT

#### Services

#### 0.2%
g

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.784 %

,

(1-month

SOFR

+

%),

6/27/31

................

United

States

252,455

253,009

g

#### Media

#### 0.5%
Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.831 %

,

(1-month

SOFR

+

%),

8/23/28

.........................................

United

States

268,433

269,488

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.352 %

,

(3-month

SOFR

+

5.25 %),

8/02/29

.......

United

States

406,070

407,982

677,470

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.1%
g

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.986 %

,

(1-month

SOFR

+

3.25 %),

6/13/30

.

United

States

116,415

117,506

g

#### Pharmaceuticals

#### 0.4%
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

9.966 %

,

(1-month

SOFR

+

6.25 %),

10/08/30

....................

United

States

218,900

214,359

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.466 %

,

(1-month

SOFR

+

3.75 %),

4/23/31

.....

United

States

405,863

403,224

617,583

a

a

a

a

a

a

g

#### Software

#### 0.3%
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

8/16/32

.......

United

States

113,433

113,709

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

7.466 %

,

(1-month

SOFR

+

3.75 %),

11/28/28

....................

United

States

280,034

280,325

394,034

a

a

a

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Specialty

#### Retail

#### 0.4%
LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

7.584 %

,

(1-month

SOFR

+

3.75 %),

6/06/31

.

United

States

171,933

$

161,741

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

6.966 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

.............

United

States

374,765

376,716

538,457

a

a

a

a

a

a

g

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

9/13/32

..............

United

States

17,692

17,858

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.354 %

,

(3-month

SOFR

+

3.5 %),

3/02/28

......................

United

States

285,636

267,268

285,126

a

a

a

a

a

a

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
g

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan

,

8.216 %

,

(1-month

SOFR

+

4.5 %),

9/13/29

..........

United

Kingdom

211,113

211,084

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 6,884,030

####)
.........................

#### 6,650,033

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
b

,d

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

.....................

France

200,000

233,378

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 200,000

####)
..............

#### 233,378

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 128,115,232

####)
.............................

#### 132,275,949

#### a

#### Short

#### Term

#### Investments

#### 3.2%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 3.2%
j,k

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.967 %

.......

United

States

4,469,071

4,469,071

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 4,469,071

####)
...................

#### 4,469,071

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 4,469,071

####)
...............................

#### 4,469,071

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 132,584,303

####)
98.4 #### %
.................................

#### $136,745,020

#### Other

#### Assets,

#### less

#### Liabilities
1.6 #### %
...........................................

#### 2,177,824

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $138,922,844

#### a
Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

December

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d).

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

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

December

31,

2025,

the

aggregate

value

of

these

securities

was

$109,855,652,

representing

79.1%

of

net

assets.

c

Income

may

be

received

in

additional

securities

and/or

cash.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

See

Note

1(e)

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

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

j

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

HSBK

Sell

310,200

414,478

3/17/26

$

—

$

(3,581)

Euro

.............

CITI

Sell

148,500

174,912

3/17/26

—

(187)

Euro

.............

HSBK

Sell

2,871,100

3,382,931

3/17/26

—

(2,427)

Total

Forward

Exchange

Contracts

...................................................

—

$(6,195)

Net

unrealized

appreciation

(depreciation)

............................................

$(6,195)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### High

#### Yield

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$128,115,232

Cost

-

Non-controlled

affiliates

(Note

f)

........................................................

4,469,071

Value

-

Unaffiliated

issuers

..................................................................

$132,275,949

Value

-

Non-controlled

affiliates

(Note

f)

........................................................

4,469,071

Cash

....................................................................................

68,613

Receivables:

Investment

securities

sold

...................................................................

152,695

Capital

shares

sold

........................................................................

36,476

Dividends

and

interest

.....................................................................

2,364,045

Prepaid

expenses

..........................................................................

77,090

Total

assets

..........................................................................

139,443,939

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

60,122

Capital

shares

redeemed

...................................................................

159,446

Management

fees

.........................................................................

63,552

Administrative

fees

........................................................................

1,208

Distribution

fees

..........................................................................

9,264

Transfer

agent

fees

........................................................................

16,353

Professional

fees

.........................................................................

75,540

Trustees'

fees

and

expenses

.................................................................

103,941

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

6,195

Accrued

expenses

and

other

liabilities

...........................................................

25,474

Total

liabilities

.........................................................................

521,095

Net

assets,

at

value

.................................................................

$138,922,844

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$152,995,426

Total

distributable

earnings

(losses)

.............................................................

(14,072,582)

Net

assets,

at

value

.................................................................

$138,922,844

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund

#### Class

#### IA:
Net

assets,

at

value

.......................................................................

$95,400,567

Shares

outstanding

........................................................................

16,413,962

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$5.81

#### Class

#### IB:
Net

assets,

at

value

.......................................................................

$43,522,277

Shares

outstanding

........................................................................

7,586,263

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$5.74

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### High

#### Yield

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$60)

Unaffiliated

issuers

........................................................................

$82,300

Non-controlled

affiliates

(Note

f)

.............................................................

229,840

Interest:

Unaffiliated

issuers

........................................................................

9,467,893

Total

investment

income

...................................................................

9,780,033

Expenses:

Management

fees

(Note

a)

...................................................................

755,500

Administrative

fees

(Note

b)

..................................................................

2,550

Distribution

fees:

(Note

3c)

Class

IB

................................................................................

105,759

Transfer

agent

fees:

(Note

3d)

Class

IA

................................................................................

67,967

Class

IB

................................................................................

29,996

Custodian

fees

(Note

4)

......................................................................

7,450

Reports

to

shareholders

fees

..................................................................

29,427

Professional

fees

...........................................................................

92,960

Trustees'

fees

and

expenses

(Note

e)

...........................................................

4,554

Other

....................................................................................

4,921

Total

expenses

.........................................................................

1,101,084

Expense

reductions

(Note

4)

...............................................................

(1,593)

Net

expenses

.........................................................................

1,099,491

Net

investment

income

................................................................

8,680,542

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(4,835)

Foreign

currency

transactions

................................................................

Forward

exchange

contracts

.................................................................

(227,117)

Swap

contracts

...........................................................................

1,814

Net

realized

gain

(loss)

..................................................................

(230,012)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

3,141,083

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

2,222

Forward

exchange

contracts

.................................................................

(69,986)

Swap

contracts

...........................................................................

(15,770)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

3,057,549

Net

realized

and

unrealized

gain

(loss)

............................................................

2,827,537

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$11,508,079

Putnam

Variable

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$8,680,542

$9,113,256

Net

realized

gain

(loss)

.................................................

(230,012)

(1,899,414)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

3,057,549

3,936,981

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

11,508,079

11,150,823

Distributions

to

shareholders:

Class

IA

............................................................

(6,439,428)

(5,880,235)

Class

IB

............................................................

(2,716,756)

(2,839,660)

Total

distributions

to

shareholders

..........................................

(9,156,184)

(8,719,895)

Capital

share

transactions:

(Note

2)

Class

IA

............................................................

(8,655,219)

498,969

Class

IB

............................................................

(851,154)

(4,396,241)

Total

capital

share

transactions

............................................

(9,506,373)

(3,897,272)

Net

increase

(decrease)

in

net

assets

...................................

(7,154,478)

(1,466,344)

Net

assets:

Beginning

of

year

.......................................................

146,077,322

147,543,666

End

of

year

...........................................................

$138,922,844

$146,077,322

Putnam

Variable

Trust

Notes

to

Financial

Statements

#### Putnam

#### VT

#### High

#### Yield

#### Fund

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Variable

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty separate

funds.

The Trust

follows the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

VT

High

Yield

Fund

(Fund)

is

included

in

this

report.

Shares

of

the

Fund

are

generally

sold

only

to

insurance

company

separate

accounts

to

fund

the

benefits

of

variable

life

insurance

policies

or

variable

annuity

contracts. The

Fund

offers two classes

of

shares:

Class

IA

and

Class

IB.

Each

class

of

shares

may

differ

by

its

distribution

fees,

voting

rights

on

matters

affecting

a

single

class

and

its

exchange

privilege.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the 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

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

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,

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time.

If

such

an

event

occurs,

the

securities

may

be

valued

using

fair

value

procedures,

which

may

include

the

use

of

independent

pricing

services.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

d. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

December

31,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$6,195.

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

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

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Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

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.

See

Note

regarding

other

derivative

information.

e. #### 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.

f. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

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

December

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

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

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

h. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### IA

#### Shares:
Shares

sold

...................................

969,956

$5,499,150

1,522,201

$8,498,320

Shares

issued

in

reinvestment

of

distributions

..........

1,199,149

6,439,428

1,095,016

5,880,235

Shares

redeemed

...............................

(3,664,586)

(20,593,797)

(2,501,626)

(13,879,586)

Net

increase

(decrease)

..........................

(1,495,481)

$(8,655,219)

115,591

$498,969

#### Class

#### IB

#### Shares:
Shares

sold

...................................

3,509,858

$19,391,537

1,618,772

$8,942,309

Shares

issued

in

reinvestment

of

distributions

..........

511,630

2,716,756

534,776

2,839,660

Shares

redeemed

...............................

(4,202,622)

(22,959,447)

(2,969,637)

(16,178,210)

Net

increase

(decrease)

..........................

(181,134)

$(851,154)

(816,089)

$(4,396,241)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

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

year

ended

December

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.542%

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.

#### 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

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.720%

of

the

first

$5

billion,

0.670%

of

the

next

$5

billion,

0.620%

of

the

next

$10

billion,

0.570%

of

the

next

$10

billion,

0.520%

of

the

next

$50

billion,

0.500%

of

the

next

$50

billion,

0.490%

of

the

next

$100

billion

and

0.485%

of

any

excess

thereafter.

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

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.

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

year

ended

December

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### Maximum

#### %

#### Approved

#### %
Class

IB

..................................................................

0.35%

0.25%

3. #### Transactions

#### with

#### Affiliates
(continued)

b. #### Administrative

#### Fees
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

April

30,

2027,

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.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with PSERV and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

December

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations. Effective

April

14,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

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:

During

the

year

ended

December

31,

2025,

the

Fund

utilized

$157,398

of

capital

loss

carryforwards.

The

tax

character

of

distributions

paid

during

the

years

ended

December

31,

2025

and

2024,

was

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### VT

#### High

#### Yield

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

......

$4,598,400

$57,784,117

$(57,913,446)

$—

$—

$4,469,071

4,469,071

$229,840

#### Total

#### Affiliated

#### Securities

#### ...
$4,598,400

$57,784,117

$(57,913,446)

$—

$—

$4,469,071

$229,840

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

894,816

Long

term

................................................................................

25,713,916

Total

capital

loss

carryforwards

...............................................................

$26,608,732

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$9,156,184

$8,719,895

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income 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

treatment

of

foreign

currency

transactions.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

December

31,

2025,

aggregated

$59,847,808 and

$69,425,954,

respectively.

7. #### Credit

#### Risk
At

December

31,

2025,

the

Fund

had 87.3% 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.

8. #### Other

#### Derivative

#### Information
At

December

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

..........................................................................

$132,560,979

Unrealized

appreciation

........................................................................

$5,535,359

Unrealized

depreciation

........................................................................

(1,357,513)

Net

unrealized

appreciation

(depreciation)

..........................................................

$4,177,846

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$8,357,907

#### 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

#### High

#### Yield

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

6,195

Total

....................

$—

$6,195

5. #### Income

#### Taxes
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

For

the

year

ended

December

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

December

31,

2025,

the

average

month

end

notional

amount

of

swap

contracts

represented

$1,542,154.

The

average

month

end

contract

value

of

forward

exchange

contracts

was

$3,626,183.

See

Note

1(d) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

9. #### Credit

#### Facility
Effective

January

31,

2025,

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

matured

on

January

30,

2026. 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.

Effective

January

30,

2026,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

29,

2027,

for

a

total

of

$2.995

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

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

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### VT

#### High

#### Yield

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(227,117)

Forward

exchange

contracts

$(69,986)

Credit

contracts

...............

Swap

contracts

1,814

Swap

contracts

(15,770)

Total

.......................

$(225,303)

$(85,756)

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

December

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

11. #### 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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### VT

#### High

#### Yield

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Commercial

Services

&

Supplies

...........

$

190,268

$

—

$

—

$

190,268

Diversified

Telecommunication

Services

.....

—

72,130

—

72,130

Hotels,

Restaurants

&

Leisure

.............

414,178

—

—

414,178

Convertible

Preferred

Stocks

................

1,223,022

—

—

1,223,022

Convertible

Bonds

.......................

—

2,211,437

—

2,211,437

Corporate

Bonds

........................

—

121,281,503

—

121,281,503

Senior

Floating

Rate

Interests

...............

—

6,650,033

—

6,650,033

Foreign

Government

and

Agency

Securities

....

—

233,378

—

233,378

Short

Term

Investments

...................

4,469,071

—

—

4,469,071

Total

Investments

in

Securities

...........

$6,296,539

$130,448,481

$—

$136,745,020

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

—

6,195

—

6,195

Total

Other

Financial

Instruments

.........

$—

$6,195

$—

$6,195

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
(continued)

12. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Abbreviations

#### Counterparty

#### CITI
Citibank

NA

#### HSBK
HSBC

Bank

plc

#### Cu

#### r

#### rency

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Selected

#### Portfolio

#### CME
Chicago

Mercantile

Exchange

#### EURIBOR
Euro

Inter-Bank

Offer

Rate

#### FRN
Floating

Rate

Note

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

Putnam

Variable

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Variable

Trust

and

Shareholders

of

Putnam

VT

High

Yield

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

VT

High

Yield

Fund

(one

of

the

funds

constituting

Putnam

Variable

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

February

19,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Variable

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### High

#### Yield

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

December

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$84,215

Section

163(j)

Interest

Earned

§163(j)

$8,472,958

Putnam

Variable

Trust

franklintempleton.com

Annual

Report

#### 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

Not

applicable.

38920-AFSOI

02/26©

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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

[(a) (1) Code of Ethics attached hereto.](pvthyf-efp22403_ex99code.htm)

Exhibit 99.CODE ETH

[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvthyf-efp22403_ex99cert.htm)

Exhibit 99.CERT

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvthyf-efp22403_ex99906cert.htm)

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** | **Putnam Variable Trust** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | February 25, 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: | February 25, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | February 25, 2026 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Variable Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: February 25, 2026

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Variable Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: February 25, 2026

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Variable Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **December 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Variable Trust | Putnam Variable Trust |

---

---

| | |
|:---|:---|
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: February 25, 2026 | Date: February 25, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.