# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001133228-26-002215
**Filing Date:** 2026-2
**Character Count:** 221943
**Document Hash:** ca09f7c5fd093c96b79d5e444404451d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002215.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001133228-26-002215

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**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:** 26681491

**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 George Putnam Balanced Fund (Series ID: S000003895)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010885 | Class IA Shares |  |
| C000010886 | Class IB Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-01-1574200173800_PutnamVTGeorgePutnamBalancedFund_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 George Putnam Balanced 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 George Putnam Balanced 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.

**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>  | $68 | 0.63% |

---

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 George Putnam Balanced Fund returned 14.31%. The Fund compares its performance to the George Putnam Blended Index† and the S&P 500 Index, which returned 14.02% and 17.88%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight position in Seagate Technology, a data storage company |
| ↑ | Overweight position in Oracle, a cloud application and platform services company |
| ↑ | Fixed income: overweight positioning in aerospace and defense, specifically Boeing, Howmet and BAE systems |
| ↑ | Fixed income: overweight positioning in Foundry JV Holdco, Intel's chip production joint venture with Brookfield |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight position in Advanced Micro Devices, a technology company |
| ↓ | Out-of-benchmark position in Marvell Technology, a semiconductor company |
| ↓ | Fixed income: underweight to the long end of the corporate credit curve |
| ↓ | Fixed income: overweight positioning in FMC and Huntsman, which were downgraded to high yield |

---

Putnam VT George Putnam Balanced Fund PAGE 1 38974-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](ts6363img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class IA**  | 14.31 | 9.11 | 10.44 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.29 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **George Putnam Blended Index**<sup>†</sup>  | 14.02 | 8.64 | 9.98 |
| **S&P 500 Index**  | 17.88 | 14.42 | 14.82 |

---

† The
 George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

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** | $310539109 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 596 |
| **Total Management Fee Paid** | $1468415 |
| **Portfolio Turnover Rate** | 107% |

---

Putnam VT George Putnam Balanced Fund PAGE 2 38974-ATSIA-0226

------

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

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

![image](ts6363img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 George Putnam Balanced Fund PAGE 3 38974-ATSIA-0226

------

---

| | |
|:---|:---|
| **Putnam VT George Putnam Balanced 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 George Putnam Balanced 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.

**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>  | $94 | 0.88% |

---

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 George Putnam Balanced Fund returned 13.95%. The Fund compares its performance to the George Putnam Blended Index† and the S&P 500 Index, which returned 14.02% and 17.88%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight position in Seagate Technology, a data storage company |
| ↑ | Overweight position in Oracle, a cloud application and platform services company |
| ↑ | Fixed income: overweight positioning in aerospace and defense, specifically Boeing, Howmet and BAE systems |
| ↑ | Fixed income: overweight positioning in Foundry JV Holdco, Intel's chip production joint venture with Brookfield |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight position in Advanced Micro Devices, a technology company |
| ↓ | Out-of-benchmark position in Marvell Technology, a semiconductor company |
| ↓ | Fixed income: underweight to the long end of the corporate credit curve |
| ↓ | Fixed income: overweight positioning in FMC and Huntsman, which were downgraded to high yield |

---

Putnam VT George Putnam Balanced Fund PAGE 1 38974-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](ts6364img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class IB**  | 13.95 | 8.85 | 10.17 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.29 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |
| **George Putnam Blended Index**<sup>†</sup>  | 14.02 | 8.64 | 9.98 |
| **S&P 500 Index**  | 17.88 | 14.42 | 14.82 |

---

† The
 George Putnam Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Index.

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** | $310539109 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 596 |
| **Total Management Fee Paid** | $1468415 |
| **Portfolio Turnover Rate** | 107% |

---

Putnam VT George Putnam Balanced Fund PAGE 2 38974-ATSIB-0226

------

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

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

![image](ts6364img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 George Putnam Balanced Fund PAGE 3 38974-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

#### George

#### Putnam

#### Balanced

#### 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

#### 25
Notes

to

Financial

Statements

#### 29
Report

of

Independent

Registered

Public

Accounting

Firm

#### 43
Tax

Information

#### 44
Changes

In

and

Disagreements

with

Accountants

#### 45
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

#### George

#### Putnam

#### Balanced

#### 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

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

$15.86

$13.75

$11.61

$15.02

$14.13

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.29 0.27 0.20 0.15 0.13 Net

realized

and

unrealized

gains

(losses)

...........

1.83 2.04 2.13 (2.39)

1.76 Total

from

investment

operations

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

2.12 2.31 2.33 (2.24)

1.89 Less

distributions

from:

Net

investment

income

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

(0.26)

(0.20)

(0.19)

(0.16)

(0.15)

Net

realized

gains

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

(0.60)

—

—

(1.01)

(0.85)

Total

distributions

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

(0.86)

(0.20)

(0.19)

(1.17)

(1.00)

Net

asset

value,

end

of

year

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

$17.12

$15.86

$13.75

$11.61

$15.02

Total

return

c

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

14.31%

16.94%

20.26%

(15.82)%

14.28%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.63%

0.65%

0.67%

0.68%

e

0.64%

Net

investment

income

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

1.83%

1.78%

1.63%

1.25%

0.91%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$69,348

$67,060

$64,912

$59,556

$77,232

Portfolio

turnover

rate

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

107%

95%

47%

69%

97%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

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

#### George

#### Putnam

#### Balanced

#### 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

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

$15.76

$13.66

$11.54

$14.93

$14.05

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25 0.23 0.17 0.12 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.81 2.04 2.10 (2.38)

1.76 Total

from

investment

operations

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

2.06 2.27 2.27 (2.26)

1.85 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.17)

(0.15)

(0.12)

(0.12)

Net

realized

gains

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

(0.60)

—

—

(1.01)

(0.85)

Total

distributions

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

(0.83)

(0.17)

(0.15)

(1.13)

(0.97)

Net

asset

value,

end

of

year

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

$16.99

$15.76

$13.66

$11.54

$14.93

Total

return

c

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

13.95%

16.73%

19.90%

(15.99)%

14.04%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.88%

0.90%

0.92%

0.93%

e

0.89%

Net

investment

income

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

1.57%

1.53%

1.39%

1.00%

0.66%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$241,191

$202,890

$160,460

$140,892

$175,233

Portfolio

turnover

rate

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

107%

95%

47%

69%

97%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

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

#### George

#### Putnam

#### Balanced

#### 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

#### 63.0%

#### Aerospace

#### &

#### Defense

#### 1.0%
Airbus

SE

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

France

3,974

$

922,858

Northrop

Grumman

Corp.

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

United

States

1,651

941,417

RTX

Corp.

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

United

States

7,128

1,307,275

3,171,550

#### Air

#### Freight

#### &

#### Logistics

#### 0.6%
FedEx

Corp.

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

United

States

5,914

1,708,318

#### Automobiles

#### 1.6%
General

Motors

Co.

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

United

States

7,167

582,820

a

Tesla,

Inc.

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

United

States

9,812

4,412,653

4,995,473

#### Banks

#### 1.6%
Citigroup,

Inc.

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

United

States

22,777

2,657,848

JPMorgan

Chase

&

Co.

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

United

States

5,369

1,729,999

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

1,787

373,000

4,760,847

#### Beverages

#### 0.8%
Coca-Cola

Co.

(The)

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

United

States

27,703

1,936,717

Keurig

Dr.

Pepper,

Inc.

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

United

States

13,014

364,522

PepsiCo,

Inc.

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

United

States

2,540

364,541

2,665,780

#### Biotechnology

#### 1.3%
AbbVie,

Inc.

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

United

States

7,294

1,666,606

Gilead

Sciences,

Inc.

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

United

States

5,116

627,938

Regeneron

Pharmaceuticals,

Inc.

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

United

States

1,510

1,165,524

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

1,027

465,601

3,925,669

#### Broadline

#### Retail

#### 2.9%
a

Amazon.com,

Inc.

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

United

States

38,256

8,830,250

#### Building

#### Products

#### 0.2%
Trane

Technologies

plc

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

United

States

1,894

737,145

#### Capital

#### Markets

#### 1.4%
BlackRock,

Inc.

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

United

States

980

1,048,933

Charles

Schwab

Corp.

(The)

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

United

States

11,784

1,177,339

CME

Group,

Inc.

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

United

States

1,989

543,156

Nasdaq,

Inc.

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

United

States

6,964

676,413

TPG,

Inc.

,

A

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

United

States

16,142

1,030,505

4,476,346

#### Chemicals

#### 0.6%
Corteva,

Inc.

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

United

States

9,809

657,497

Linde

plc

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

United

States

663

282,697

PPG

Industries,

Inc.

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

United

States

4,970

509,226

a

Solstice

Advanced

Materials,

Inc.

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

United

States

8,700

422,646

1,872,066

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
Cintas

Corp.

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

United

States

1,705

320,659

a

Copart,

Inc.

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

United

States

8,128

318,211

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

Waste

Connections,

Inc.

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

United

States

2,598

$

455,585

1,094,455

#### Communications

#### Equipment

#### 1.3%
Cisco

Systems,

Inc.

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

United

States

52,857

4,071,575

#### Construction

#### Materials

#### 0.4%
CRH

plc

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

United

States

10,932

1,364,314

#### Consumer

#### Finance

#### 0.7%
Capital

One

Financial

Corp.

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

United

States

9,249

2,241,588

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.4%
a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

3,020

271,891

Costco

Wholesale

Corp.

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

United

States

916

789,903

Target

Corp.

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

United

States

4,038

394,714

a

US

Foods

Holding

Corp.

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

United

States

2,090

157,419

Walmart,

Inc.

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

United

States

22,762

2,535,914

4,149,841

#### Electric

#### Utilities

#### 1.1%
Constellation

Energy

Corp.

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

United

States

1,069

377,646

NextEra

Energy,

Inc.

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

United

States

12,462

1,000,449

NRG

Energy,

Inc.

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

United

States

5,916

942,064

PPL

Corp.

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

United

States

14,580

510,592

Xcel

Energy,

Inc.

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

United

States

6,199

457,858

3,288,609

#### Electrical

#### Equipment

#### 0.3%
GE

Vernova,

Inc.

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

United

States

1,606

1,049,633

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
SLB

Ltd.

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

United

States

3,144

120,667

#### Entertainment

#### 2.0%
a

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

C

...........

United

States

4,950

487,624

a

Live

Nation

Entertainment,

Inc.

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

United

States

7,348

1,047,090

a

Netflix,

Inc.

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

United

States

12,918

1,211,192

a

ROBLOX

Corp.

,

A

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

United

States

7,090

574,503

a

Spotify

Technology

SA

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

United

States

981

569,676

Walt

Disney

Co.

(The)

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

United

States

18,126

2,062,195

5,952,280

#### Financial

#### Services

#### 2.8%
Apollo

Global

Management,

Inc.

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

United

States

7,103

1,028,230

a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

4,469

2,246,343

Corebridge

Financial,

Inc.

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

United

States

4,558

137,515

Mastercard,

Inc.

,

A

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

United

States

5,412

3,089,603

a

Toast,

Inc.

,

A

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

United

States

8,374

297,361

Visa,

Inc.

,

A

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

United

States

5,147

1,805,104

8,604,156

#### Food

#### Products

#### 0.1%
Mondelez

International,

Inc.

,

A

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

United

States

6,196

333,531

#### Ground

#### Transportation

#### 0.3%
Union

Pacific

Corp.

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

United

States

4,148

959,515

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.2%
Abbott

Laboratories

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

United

States

2,608

326,756

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

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
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

Becton

Dickinson

&

Co.

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

United

States

4,536

$

880,302

a

Boston

Scientific

Corp.

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

United

States

9,130

870,545

a

Dexcom,

Inc.

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

United

States

4,761

315,988

a

Edwards

Lifesciences

Corp.

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

United

States

3,822

325,825

a

Intuitive

Surgical,

Inc.

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

United

States

1,296

734,003

Medtronic

plc

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

United

States

3,079

295,769

Stryker

Corp.

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

United

States

118,445

3,867,633

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.1%
Cardinal

Health,

Inc.

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

United

States

1,393

286,261

Cencora,

Inc.

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

United

States

95,921

CVS

Health

Corp.

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

United

States

5,240

415,846

HCA

Healthcare,

Inc.

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

United

States

732

341,742

McKesson

Corp.

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

United

States

1,669

1,369,064

UnitedHealth

Group,

Inc.

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

United

States

4,105

1,355,102

3,863,936

#### Health

#### Care

#### REITs

#### 0.3%
Welltower,

Inc.

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

United

States

5,598

1,039,045

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.4%
a

Chipotle

Mexican

Grill,

Inc.

,

A

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

United

States

8,560

316,720

McDonald's

Corp.

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

United

States

2,178

665,662

Starbucks

Corp.

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

United

States

3,461

291,451

1,273,833

#### Household

#### Products

#### 0.4%
Procter

&

Gamble

Co.

(The)

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

United

States

8,679

1,243,787

#### Industrial

#### Conglomerates

#### 0.5%
Honeywell

International,

Inc.

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

United

States

7,308

1,425,718

#### Industrial

#### REITs

#### 0.3%
Prologis,

Inc.

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

United

States

7,877

1,005,578

#### Insurance

#### 2.0%
Allstate

Corp.

(The)

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

United

States

8,091

1,684,142

American

International

Group,

Inc.

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

United

States

14,059

1,202,747

Aon

plc

,

A

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

United

States

1,515

534,613

a

Arch

Capital

Group

Ltd.

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

United

States

5,369

514,994

Assured

Guaranty

Ltd.

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

United

States

2,046

183,874

AXA

SA

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

France

3,882

186,263

Progressive

Corp.

(The)

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

United

States

3,011

685,665

Prudential

plc

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

Hong

Kong

45,304

696,915

Unum

Group

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

United

States

4,055

314,262

6,003,475

#### Interactive

#### Media

#### &

#### Services

#### 5.1%
Alphabet,

Inc.

,

A

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

United

States

33,965

10,631,045

Meta

Platforms,

Inc.

,

A

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

United

States

8,063

5,322,306

15,953,351

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.1%
a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

2,637

798,985

Danaher

Corp.

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

United

States

1,558

356,657

Thermo

Fisher

Scientific,

Inc.

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

United

States

3,614

2,094,132

3,249,774

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery

#### 0.9%
Fortive

Corp.

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

United

States

16,791

$

927,031

Ingersoll

Rand,

Inc.

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

United

States

7,908

626,472

Otis

Worldwide

Corp.

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

United

States

13,756

1,201,587

2,755,090

#### Media

#### 0.1%
a

Charter

Communications,

Inc.

,

A

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

United

States

1,083

226,076

#### Metals

#### &

#### Mining

#### 0.5%
Barrick

Mining

Corp.

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

Canada

12,418

540,804

Glencore

plc

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

Australia

145,110

793,267

1,334,071

#### Multi-Utilities

#### 0.4%
Ameren

Corp.

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

United

States

8,653

864,089

CenterPoint

Energy,

Inc.

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

United

States

10,790

413,689

1,277,778

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.1%
a

Antero

Resources

Corp.

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

United

States

8,654

298,217

BP

plc

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

United

States

61,422

358,211

Cenovus

Energy,

Inc.

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

Canada

49,889

843,993

ConocoPhillips

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

United

States

13,370

1,251,566

Exxon

Mobil

Corp.

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

United

States

25,221

3,035,095

Shell

plc

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

United

States

23,155

853,314

6,640,396

#### Passenger

#### Airlines

#### 0.2%
Southwest

Airlines

Co.

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

United

States

13,735

567,668

#### Pharmaceuticals

#### 1.9%
Eli

Lilly

&

Co.

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

United

States

3,304

3,550,743

Johnson

&

Johnson

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

United

States

8,022

1,660,153

Merck

&

Co.,

Inc.

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

United

States

8,824

928,814

6,139,710

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 10.6%
a

Advanced

Micro

Devices,

Inc.

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

United

States

12,205

2,613,823

Analog

Devices,

Inc.

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

United

States

7,087

1,921,994

Broadcom,

Inc.

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

United

States

20,020

6,928,922

a

Intel

Corp.

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

United

States

50,310

1,856,439

Lam

Research

Corp.

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

United

States

21,983

3,763,050

Marvell

Technology,

Inc.

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

United

States

29,399

2,498,327

NVIDIA

Corp.

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

United

States

68,769

12,825,418

Qnity

Electronics,

Inc.

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

United

States

5,553

453,402

QUALCOMM,

Inc.

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

United

States

948

162,155

33,023,530

#### Software

#### 5.2%
a

AppLovin

Corp.

,

A

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

United

States

284,352

Microsoft

Corp.

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

United

States

27,190

13,149,628

Oracle

Corp.

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

United

States

2,444

476,360

a

Palantir

Technologies,

Inc.

,

A

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

United

States

11,453

2,035,771

15,946,111

#### Specialized

#### REITs

#### 0.6%
American

Tower

Corp.

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

United

States

11,108

1,950,232

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

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
(continued)

#### Specialty

#### Retail

#### 0.7%
Home

Depot,

Inc.

(The)

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

United

States

3,354

$

1,154,111

TJX

Cos.,

Inc.

(The)

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

United

States

6,167

947,313

a

Ulta

Beauty,

Inc.

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

United

States

132,497

2,233,921

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.8%
Apple,

Inc.

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

United

States

37,731

10,257,550

a

Pure

Storage,

Inc.

,

A

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

United

States

21,169

1,418,535

11,676,085

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
Levi

Strauss

&

Co.

,

A

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

United

States

11,350

235,399

NIKE,

Inc.

,

B

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

United

States

852

54,281

a

On

Holding

AG

,

A

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

Switzerland

8,161

379,323

669,003

#### Tobacco

#### 0.4%
Philip

Morris

International,

Inc.

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

United

States

7,538

1,209,095

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
United

Rentals,

Inc.

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

United

States

921

745,384

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 109,063,075

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

#### 195,693,888

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 12.2%

#### Aerospace

#### &

#### Defense

#### 0.5%
b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3 %

,

3/26/34

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

United

Kingdom

200,000

207,183

Senior

Bond

,

144A,

5.5 %

,

3/26/54

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

United

Kingdom

200,000

201,425

Boeing

Co.

(The)

,

Senior

Bond

,

2.95 %

,

2/01/30

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

United

States

18,000

17,062

Senior

Bond

,

6.125 %

,

2/15/33

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

United

States

132,000

142,230

Senior

Bond

,

3.6 %

,

5/01/34

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

United

States

47,000

42,788

Senior

Bond

,

3.25 %

,

2/01/35

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

United

States

26,000

22,822

Senior

Bond

,

3.5 %

,

3/01/39

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

United

States

70,000

57,341

Senior

Bond

,

6.875 %

,

3/15/39

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

United

States

80,000

90,277

Senior

Bond

,

3.375 %

,

6/15/46

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

United

States

38,000

27,016

Senior

Bond

,

3.9 %

,

5/01/49

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

United

States

80,000

59,833

Senior

Bond

,

6.858 %

,

5/01/54

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

United

States

66,000

74,176

Senior

Bond

,

3.95 %

,

8/01/59

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

United

States

55,000

39,092

Senior

Note

,

2.196 %

,

2/04/26

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

United

States

180,000

179,665

Senior

Note

,

6.259 %

,

5/01/27

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

United

States

12,000

12,317

Senior

Note

,

6.298 %

,

5/01/29

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

United

States

17,000

18,050

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

6.75 %

,

1/15/28

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

United

States

87,000

91,609

Senior

Bond

,

5.95 %

,

2/01/37

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

United

States

68,000

73,598

Senior

Note

,

%

,

1/15/29

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

United

States

117,000

113,532

1,470,016

#### Automobiles

#### 0.1%
b

Hyundai

Capital

America

,

Senior

Bond

,

144A,

6.375 %

,

4/08/30

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

United

States

14,000

14,951

Senior

Note

,

144A,

6.5 %

,

1/16/29

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

United

States

120,000

127,166

Senior

Note

,

144A,

5.35 %

,

3/19/29

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

United

States

67,000

69,021

Senior

Note

,

144A,

4.55 %

,

9/26/29

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

United

States

35,000

35,224

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Automobiles
(continued)

b

Hyundai

Capital

America,

(continued)

Senior

Note

,

144A,

5.4 %

,

1/08/31

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

United

States

32,000

$

33,067

Senior

Note

,

144A,

5.4 %

,

6/23/32

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

United

States

75,000

77,782

357,211

#### Banks

#### 1.9%
b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

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

Australia

200,000

180,100

Banco

Santander

SA

,

Senior

Non-Preferred

Note

,

1.722%

to

9/13/26,

FRN

thereafter

,

9/14/27

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

Spain

600,000

589,933

Bank

of

America

Corp.

,

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

38,000

39,598

Senior

Bond

,

5.511%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

5,000

5,216

Senior

Note

,

2.551%

to

2/03/27,

FRN

thereafter

,

2/04/28

....

United

States

70,000

68,872

Senior

Note

,

5.162%

to

1/23/30,

FRN

thereafter

,

1/24/31

....

United

States

5,000

5,163

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

185,000

189,269

Sub.

Bond

,

6.11 %

,

1/29/37

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

United

States

150,000

161,891

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

502,000

472,882

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

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

Canada

200,000

208,126

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

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

United

Kingdom

200,000

206,753

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.634%

to

7/02/28,

FRN

thereafter

,

7/03/29

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

Spain

205,000

207,274

Citigroup,

Inc.

,

c

Junior

Sub.

Bond

,

6.625%

to

2/14/31,

FRN

thereafter

,

Perpetual

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

United

States

100,000

101,668

c

CC

,

Junior

Sub.

Bond

,

7.125%

to

8/14/29,

FRN

thereafter

,

Perpetual

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

United

States

113,000

116,587

c

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

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

United

States

206,000

214,189

Senior

Bond

,

3.668%

to

7/23/27,

FRN

thereafter

,

7/24/28

...

United

States

10,000

9,939

Sub.

Bond

,

4.45 %

,

9/29/27

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

United

States

264,000

265,790

Sub.

Bond

,

6.174%

to

5/24/33,

FRN

thereafter

,

5/25/34

.....

United

States

35,000

37,194

Sub.

Bond

,

4.75 %

,

5/18/46

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

United

States

255,000

223,989

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837 %

,

3/13/34

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

Australia

215,000

226,894

Fifth

Third

Bancorp

,

Senior

Note

,

4.895%

to

9/05/29,

FRN

thereafter

,

9/06/30

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

United

States

10,000

10,164

JPMorgan

Chase

&

Co.

,

c

KK

,

Junior

Sub.

Bond

,

3.65%

to

5/31/26,

FRN

thereafter

,

Perpetual

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

United

States

26,000

25,869

d

W

,

Junior

Sub.

Bond

,

FRN

,

5.113 %

,

(3-month

SOFR

+

1.262 %),

5/15/47

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

United

States

82,000

72,691

Senior

Bond

,

3.782%

to

1/31/27,

FRN

thereafter

,

2/01/28

...

United

States

324,000

323,354

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

63,000

65,882

Senior

Note

,

5.14%

to

1/23/30,

FRN

thereafter

,

1/24/31

.....

United

States

162,000

167,473

Sub.

Bond

,

5.717%

to

9/13/32,

FRN

thereafter

,

9/14/33

.....

United

States

175,000

185,068

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

45,000

46,567

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

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

United

Kingdom

200,000

200,547

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

...

United

States

30,000

30,867

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

.....

United

States

345,000

342,411

Royal

Bank

of

Canada

,

Sub.

Bond

,

4.65 %

,

1/27/26

..........

Canada

35,000

35,013

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Banks
(continued)

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

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

United

States

122,000

$

128,396

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

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

United

States

213,000

186,025

c

Wells

Fargo

&

Co.

,

BB

,

Junior

Sub.

Bond

,

3.9%

to

3/14/26,

FRN

thereafter

,

Perpetual

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

United

States

80,000

79,800

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421 %

,

7/24/39

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

Australia

81,000

75,292

Sub.

Bond

,

2.963 %

,

11/16/40

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

Australia

75,000

57,219

5,563,965

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/34

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

United

States

39,000

40,093

Amgen,

Inc.

,

Senior

Bond

,

4.663 %

,

6/15/51

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

United

States

79,000

67,663

Senior

Bond

,

5.65 %

,

3/02/53

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

United

States

46,000

45,074

Senior

Bond

,

5.75 %

,

3/02/63

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

United

States

84,000

82,026

Senior

Note

,

5.25 %

,

3/02/30

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

United

States

92,000

95,534

330,390

#### Broadline

#### Retail

#### 0.0%

#### †
Amazon.com,

Inc.

,

Senior

Bond

,

2.7 %

,

6/03/60

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

United

States

164,000

92,912

#### Building

#### Products

#### 0.0%

#### †
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

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

United

States

55,000

56,164

#### Capital

#### Markets

#### 1.0%
Ares

Capital

Corp.

,

Senior

Note

,

3.875 %

,

1/15/26

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

United

States

205,000

204,987

Senior

Note

,

%

,

1/15/27

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

United

States

40,000

41,003

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

73,000

71,782

Goldman

Sachs

Group,

Inc.

(The)

,

c

U

,

Junior

Sub.

Bond

,

3.65%

to

8/09/26,

FRN

thereafter

,

Perpetual

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

United

States

25,000

24,742

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

...

United

States

97,000

97,285

Senior

Note

,

4.153%

to

10/20/28,

FRN

thereafter

,

10/21/29

..

United

States

136,000

135,987

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

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

United

States

140,000

146,224

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

160,000

160,015

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

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

United

States

25,000

24,497

LPL

Holdings,

Inc.

,

Senior

Note

,

6.75 %

,

11/17/28

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

United

States

67,000

71,530

Senior

Note

,

5.2 %

,

3/15/30

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

United

States

106,000

108,525

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

....

United

States

105,000

107,198

Senior

Note

,

4.994%

to

4/11/28,

FRN

thereafter

,

4/12/29

....

United

States

142,000

144,829

Senior

Note

,

5.23%

to

1/14/30,

FRN

thereafter

,

1/15/31

.....

United

States

65,000

67,061

Sub.

Bond

,

4.35 %

,

9/08/26

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

United

States

450,000

450,840

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

20,000

21,052

Sub.

Bond

,

5.942%

to

2/06/34,

FRN

thereafter

,

2/07/39

.....

United

States

99,000

104,097

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

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

United

States

235,000

224,648

Nasdaq,

Inc.

,

Senior

Bond

,

5.55 %

,

2/15/34

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

United

States

20,000

21,010

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Capital

#### Markets
(continued)

S&P

Global,

Inc.

,

Senior

Bond

,

2.5 %

,

12/01/29

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

United

States

175,000

$

165,059

2,392,371

#### Chemicals

#### 0.1%
Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4 %

,

8/05/26

......

United

States

95,000

93,556

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

160,000

126,773

Nutrien

Ltd.

,

Senior

Note

,

%

,

12/15/26

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

Canada

152,000

151,989

372,318

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

210,000

217,378

Waste

Connections,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/28

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

United

States

166,000

167,201

Senior

Bond

,

%

,

3/01/34

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

United

States

66,000

67,465

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

110,000

112,873

564,917

#### Communications

#### Equipment

#### 0.1%
Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.3 %

,

11/15/30

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

United

States

27,000

24,551

Senior

Note

,

4.85 %

,

8/15/30

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

United

States

31,000

31,640

Senior

Note

,

5.2 %

,

8/15/32

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

United

States

105,000

108,315

164,506

#### Consumer

#### Finance

#### 0.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3 %

,

1/30/32

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

Ireland

270,000

249,373

Ally

Financial,

Inc.

,

Senior

Bond

,

%

,

11/01/31

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

United

States

84,000

95,466

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

5.75 %

,

11/15/29

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

Ireland

130,000

134,939

Senior

Note

,

144A,

4.9 %

,

10/10/30

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

Ireland

135,000

135,775

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.75 %

,

3/09/27

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

United

States

142,000

141,617

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

40,000

39,950

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

35,000

39,567

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

.......

United

States

200,000

202,575

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

5.45 %

,

9/06/34

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

United

States

55,000

55,815

Senior

Note

,

4.2 %

,

10/27/28

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

United

States

40,000

40,066

Senior

Note

,

5.8 %

,

1/07/29

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

United

States

90,000

93,859

Senior

Note

,

4.9 %

,

10/06/29

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

United

States

61,000

61,984

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

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

United

Kingdom

68,000

68,985

Senior

Note

,

144A,

6.5 %

,

3/26/31

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

United

Kingdom

90,000

96,441

1,456,412

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
b

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8 %

,

2/10/31

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

United

States

28,000

24,547

Senior

Note

,

144A,

1.3 %

,

2/10/28

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

United

States

232,000

219,162

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55 %

,

7/26/27

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

Canada

120,000

119,246

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

b

Alimentation

Couche-Tard,

Inc.,

(continued)

Senior

Bond

,

144A,

2.95 %

,

1/25/30

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

Canada

131,000

$

124,192

487,147

#### Containers

#### &

#### Packaging

#### 0.2%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

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

United

States

70,000

70,623

Berry

Global,

Inc.

,

Senior

Secured

Note

,

1.57 %

,

1/15/26

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

United

States

152,000

151,850

b

Senior

Secured

Note

,

144A,

4.875 %

,

7/15/26

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

United

States

4,000

4,001

WestRock

MWV

LLC

,

Senior

Bond

,

8.2 %

,

1/15/30

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

United

States

140,000

159,436

Senior

Bond

,

7.95 %

,

2/15/31

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

United

States

9,000

10,312

396,222

#### Diversified

#### Consumer

#### Services

#### 0.1%
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

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

United

States

20,000

18,718

Senior

Note

,

%

,

5/15/31

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

United

States

165,000

157,819

176,537

#### Diversified

#### REITs

#### 0.3%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25 %

,

1/15/32

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

United

States

61,000

55,351

Senior

Bond

,

6.75 %

,

12/01/33

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

United

States

89,000

97,140

VICI

Properties

LP

,

Senior

Bond

,

5.75 %

,

4/01/34

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

United

States

99,000

102,220

Senior

Note

,

4.75 %

,

2/15/28

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

United

States

95,000

95,962

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

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

United

States

35,000

34,786

Senior

Note

,

144A,

4.5 %

,

1/15/28

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

United

States

120,000

120,344

Senior

Note

,

144A,

3.875 %

,

2/15/29

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

United

States

100,000

98,191

603,994

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
AT&T,

Inc.

,

Senior

Bond

,

2.25 %

,

2/01/32

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

United

States

139,000

121,976

Senior

Bond

,

2.55 %

,

12/01/33

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

United

States

162,000

138,310

Senior

Bond

,

4.75 %

,

5/15/46

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

United

States

12,000

10,425

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

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

United

States

270,000

275,328

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

198,000

212,548

TELUS

Corp.

,

Junior

Sub.

Bond

,

6.625%

to

10/14/30,

FRN

thereafter

,

10/15/55

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

Canada

194,000

198,094

Verizon

Communications,

Inc.

,

Senior

Bond

,

5.875 %

,

11/30/55

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

United

States

40,000

39,548

Senior

Bond

,

3.7 %

,

3/22/61

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

United

States

117,000

79,071

Senior

Note

,

4.75 %

,

1/15/33

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

United

States

95,000

94,954

1,170,254

#### Electric

#### Utilities

#### 1.1%
American

Electric

Power

Co.,

Inc.

,

C

,

Junior

Sub.

Bond

,

5.8%

to

3/14/31,

FRN

thereafter

,

3/15/56

United

States

155,000

153,947

D

,

Junior

Sub.

Bond

,

6.05%

to

3/14/36,

FRN

thereafter

,

3/15/56

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

United

States

50,000

49,151

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Electric

#### Utilities
(continued)

American

Electric

Power

Co.,

Inc.,

(continued)

Senior

Bond

,

5.625 %

,

3/01/33

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

United

States

51,000

$

53,601

J

,

Senior

Bond

,

4.3 %

,

12/01/28

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

United

States

66,000

66,491

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

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

United

States

48,000

43,284

Appalachian

Power

Co.

,

L

,

Senior

Bond

,

5.8 %

,

10/01/35

......

United

States

57,000

60,527

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.875 %

,

2/01/33

....

United

States

14,000

14,946

DTE

Electric

Co.

,

Senior

Bond

,

5.25 %

,

5/15/35

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

United

States

120,000

123,403

Duke

Energy

Corp.

,

Senior

Bond

,

5.75 %

,

9/15/33

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

United

States

150,000

158,941

Senior

Bond

,

5.8 %

,

6/15/54

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

United

States

106,000

105,322

Senior

Note

,

4.85 %

,

1/05/29

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

United

States

15,000

15,313

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

65,000

64,432

b

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

7.5 %

,

10/14/32

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

Italy

200,000

230,732

Exelon

Corp.

,

Senior

Bond

,

5.625 %

,

6/15/35

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

United

States

89,000

93,214

Senior

Note

,

5.15 %

,

3/15/29

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

United

States

210,000

215,993

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

25,000

25,209

Georgia

Power

Co.

,

Senior

Bond

,

4.95 %

,

5/17/33

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

United

States

114,000

116,296

Senior

Bond

,

5.25 %

,

3/15/34

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

United

States

89,000

91,915

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

110,000

107,646

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.9 %

,

3/15/55

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

United

States

55,000

55,647

Senior

Note

,

5.3 %

,

3/15/32

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

United

States

175,000

182,372

b

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

2.45 %

,

12/02/27

United

States

114,000

110,266

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

5.75 %

,

3/15/29

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

United

States

55,000

57,578

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

5.9 %

,

6/15/32

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

United

States

64,000

67,156

Senior

Bond

,

4.95 %

,

7/01/50

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

United

States

66,000

55,860

Senior

Bond

,

6.75 %

,

1/15/53

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

United

States

60,000

64,145

Senior

Note

,

2.1 %

,

8/01/27

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

United

States

30,000

29,102

Senior

Note

,

3.3 %

,

12/01/27

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

United

States

130,000

128,082

Senior

Note

,

5.55 %

,

5/15/29

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

United

States

35,000

36,162

Southern

Co.

(The)

,

Senior

Bond

,

5.7 %

,

3/15/34

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

United

States

99,000

104,282

Senior

Note

,

5.5 %

,

3/15/29

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

United

States

15,000

15,574

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05 %

,

8/15/34

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

United

States

104,000

105,532

C

,

Senior

Bond

,

4.9 %

,

9/15/35

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

United

States

145,000

144,373

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

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

United

States

58,000

57,622

Senior

Secured

Bond

,

144A,

6.95 %

,

10/15/33

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

United

States

95,000

106,153

Senior

Secured

Bond

,

144A,

%

,

4/15/34

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

United

States

119,000

125,498

Senior

Secured

Note

,

144A,

3.7 %

,

1/30/27

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

United

States

120,000

119,309

Senior

Secured

Note

,

144A,

4.6 %

,

10/15/30

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

United

States

65,000

65,054

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.6 %

,

4/15/35

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

United

States

170,000

176,199

3,596,329

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Electrical

#### Equipment

#### 0.1%
b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

278,000

$

274,747

#### Entertainment

#### 0.1%
b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

..........

United

States

227,000

236,909

#### Financial

#### Services

#### 0.0%

#### †
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

95,000

93,509

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

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

United

States

38,000

33,181

126,690

#### Food

#### Products

#### 0.4%
JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

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

United

States

135,000

130,070

Senior

Note

,

6.75 %

,

3/15/34

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

United

States

122,000

134,862

b

JBS

USA

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group,

Inc.

,

Senior

Bond

,

144A,

5.95 %

,

4/20/35

...........

United

States

40,000

42,100

Kellanova

,

Senior

Bond

,

4.5 %

,

4/01/46

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

United

States

17,000

14,988

B

,

Senior

Bond

,

7.45 %

,

4/01/31

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

United

States

20,000

22,899

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

6.875 %

,

1/26/39

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

United

States

40,000

44,735

Senior

Bond

,

4.625 %

,

10/01/39

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

United

States

40,000

36,568

Senior

Bond

,

%

,

6/04/42

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

United

States

110,000

101,000

b

Mars,

Inc.

,

Senior

Bond

,

144A,

5.65 %

,

5/01/45

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

United

States

65,000

65,559

Senior

Bond

,

144A,

5.7 %

,

5/01/55

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

United

States

125,000

124,605

Senior

Bond

,

144A,

5.8 %

,

5/01/65

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

United

States

30,000

30,158

Senior

Note

,

144A,

4.6 %

,

3/01/28

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

United

States

255,000

258,551

Senior

Note

,

144A,

4.65 %

,

4/20/31

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

United

States

10,000

10,214

Senior

Note

,

144A,

%

,

3/01/32

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

United

States

15,000

15,467

Senior

Note

,

144A,

5.2 %

,

3/01/35

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

United

States

105,000

107,960

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5 %

,

3/01/32

...........

United

States

75,000

69,348

1,209,084

#### Ground

#### Transportation

#### 0.1%
Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.55 %

,

3/15/56

United

States

60,000

59,189

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond

,

144A,

3.4 %

,

11/15/26

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

United

States

86,000

85,452

Senior

Note

,

144A,

4.4 %

,

7/01/27

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

United

States

260,000

260,952

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

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

Ireland

225,000

231,474

637,067

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.3%
CVS

Health

Corp.

,

Senior

Bond

,

4.78 %

,

3/25/38

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

United

States

52,000

49,106

Senior

Note

,

%

,

9/15/32

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

United

States

165,000

168,474

HCA,

Inc.

,

Senior

Bond

,

5.6 %

,

4/01/34

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

United

States

56,000

58,533

Senior

Bond

,

%

,

4/01/54

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

United

States

76,000

75,636

Senior

Note

,

3.625 %

,

3/15/32

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

United

States

33,000

31,209

Senior

Note

,

4.6 %

,

11/15/32

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

United

States

60,000

59,474

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

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

United

States

130,000

134,139

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

UnitedHealth

Group,

Inc.

,

Senior

Note

,

5.3 %

,

6/15/35

........

United

States

220,000

$

227,865

804,436

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.3%
b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125 %

,

5/01/29

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

United

States

160,000

161,854

Senior

Note

,

144A,

5.75 %

,

3/15/30

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

United

States

164,000

168,798

Senior

Note

,

144A,

5.75 %

,

8/01/32

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

United

States

105,000

107,891

Senior

Secured

Note

,

144A,

%

,

8/01/28

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

United

States

338,000

333,185

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.25 %

,

6/30/29

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

United

States

80,000

82,372

Senior

Note

,

5.375 %

,

12/15/31

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

United

States

55,000

56,667

910,767

#### Household

#### Durables

#### 0.0%

#### †
DR

Horton,

Inc.

,

Senior

Bond

,

%

,

10/15/34

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

United

States

121,000

122,437

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

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

United

States

64,000

64,266

Senior

Bond

,

3.8 %

,

11/01/29

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

United

States

75,000

73,808

260,511

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.3%
b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

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

United

States

200,000

213,326

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125 %

,

1/15/34

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

United

States

57,000

61,824

Senior

Bond

,

6.5 %

,

10/01/53

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

United

States

141,000

153,838

Senior

Bond

,

5.75 %

,

3/15/54

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

United

States

57,000

56,609

Senior

Note

,

5.6 %

,

3/01/28

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

United

States

185,000

190,959

Southern

Power

Co.

,

B

,

Senior

Bond

,

4.9 %

,

10/01/35

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

United

States

45,000

44,543

A

,

Senior

Note

,

4.25 %

,

10/01/30

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

United

States

25,000

24,945

746,044

#### Insurance

#### 0.3%
Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

60,000

61,436

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.526 %

,

7/11/31

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

United

States

132,000

135,400

Secured

Note

,

144A,

5.322 %

,

11/13/31

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

United

States

101,000

102,513

Senior

Secured

Bond

,

144A,

5.543 %

,

8/22/35

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

United

States

80,000

80,308

Athene

Holding

Ltd.

,

Senior

Bond

,

5.875 %

,

1/15/34

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

United

States

54,000

56,014

Senior

Bond

,

6.25 %

,

4/01/54

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

United

States

38,000

37,000

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

4.3 %

,

5/15/43

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

United

States

79,000

70,314

Senior

Bond

,

2.85 %

,

10/15/50

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

United

States

28,000

18,070

Brown

&

Brown,

Inc.

,

Senior

Bond

,

5.55 %

,

6/23/35

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

United

States

58,000

59,508

Senior

Note

,

4.9 %

,

6/23/30

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

United

States

120,000

121,746

Senior

Note

,

5.25 %

,

6/23/32

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

United

States

43,000

44,071

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

76,000

76,666

b

CNO

Global

Funding

,

Secured

Note

,

144A,

4.95 %

,

9/09/29

....

United

States

20,000

20,330

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

95,000

99,105

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

95,000

96,358

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Insurance
(continued)

b

Massachusetts

Mutual

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

3.729 %

,

10/15/70

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

United

States

165,000

$

106,903

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

7.875 %

,

12/15/37

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

United

States

400,000

443,852

b

Teachers

Insurance

&

Annuity

Association

of

America

,

Sub.

Bond

,

144A,

6.85 %

,

12/16/39

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

United

States

38,000

43,643

1,673,237

#### Interactive

#### Media

#### &

#### Services

#### 0.0%

#### †
Meta

Platforms,

Inc.

,

Senior

Bond

,

5.75 %

,

5/15/63

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

United

States

51,000

49,044

Senior

Bond

,

5.55 %

,

8/15/64

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

United

States

28,000

25,994

75,038

#### IT

#### Services

#### 0.0%

#### †
b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625 %

,

6/15/29

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

United

States

18,000

17,372

Senior

Note

,

144A,

3.75 %

,

10/01/30

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

United

States

73,000

69,259

86,631

#### Leisure

#### Products

#### 0.0%

#### †
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

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

United

States

82,000

71,853

Senior

Note

,

5.85 %

,

3/18/29

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

United

States

70,000

72,501

144,354

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

69,000

69,244

#### Machinery

#### 0.0%

#### †
Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

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

United

States

99,000

100,238

Senior

Bond

,

3.1 %

,

3/01/30

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

United

States

19,000

18,048

118,286

#### Media

#### 0.4%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.85 %

,

12/01/35

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

United

States

60,000

59,881

Senior

Secured

Bond

,

3.5 %

,

6/01/41

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

United

States

55,000

39,169

Senior

Secured

Bond

,

3.7 %

,

4/01/51

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

United

States

5,000

3,160

Senior

Secured

Note

,

2.25 %

,

1/15/29

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

United

States

55,000

51,497

b

Omnicom

Group,

Inc.

,

Senior

Note

,

144A,

4.65 %

,

10/01/28

....

United

States

197,000

198,055

Paramount

Global

,

Senior

Bond

,

4.2 %

,

6/01/29

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

United

States

120,000

116,953

Senior

Bond

,

4.95 %

,

1/15/31

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

United

States

35,000

33,673

Senior

Note

,

3.7 %

,

6/01/28

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

United

States

23,000

22,495

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

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

United

States

290,000

335,192

860,075

#### Metals

#### &

#### Mining

#### 0.1%
b

Glencore

Finance

Canada

Ltd.

,

Senior

Bond

,

144A,

%

,

11/15/41

Australia

5,000

5,171

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5 %

,

9/01/30

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

Australia

244,000

223,790

Senior

Bond

,

144A,

5.634 %

,

4/04/34

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

Australia

127,000

132,951

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Metals

#### &

#### Mining
(continued)

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

4.875 %

,

3/14/30

.....

Australia

150,000

$

154,180

516,092

#### Multi-Utilities

#### 0.1%
Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

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

United

States

38,000

32,609

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

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

United

States

75,000

75,101

DTE

Energy

Co.

,

Senior

Bond

,

5.85 %

,

6/01/34

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

United

States

66,000

70,419

NiSource,

Inc.

,

Senior

Note

,

5.2 %

,

7/01/29

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

United

States

145,000

149,550

Public

Service

Enterprise

Group,

Inc.

,

Senior

Note

,

4.9 %

,

3/15/30

United

States

125,000

127,877

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

71,000

68,578

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

60,000

60,326

584,460

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.4%
Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

7.2 %

,

1/15/32

.

Canada

127,000

142,760

Cheniere

Energy

Partners

LP

,

Senior

Bond

,

3.25 %

,

1/31/32

....

United

States

66,000

60,820

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

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

United

States

66,000

69,919

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8 %

,

1/15/35

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

United

States

47,000

49,659

Senior

Bond

,

5.65 %

,

10/15/54

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

United

States

18,000

17,427

El

Paso

Natural

Gas

Co.

LLC

,

Senior

Bond

,

8.375 %

,

6/15/32

..

United

States

71,000

85,421

Enbridge,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/26

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

Canada

42,000

42,090

Energy

Transfer

LP

,

c

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

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

United

States

257,000

256,871

Senior

Bond

,

6.5 %

,

2/01/42

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

United

States

18,000

19,013

Senior

Note

,

5.25 %

,

7/01/29

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

United

States

30,000

30,889

Kinder

Morgan

Energy

Partners

LP

,

Senior

Bond

,

5.4 %

,

9/01/44

United

States

15,000

14,231

Occidental

Petroleum

Corp.

,

Senior

Bond

,

7.5 %

,

5/01/31

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

United

States

131,000

147,475

Senior

Note

,

5.2 %

,

8/01/29

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

United

States

35,000

35,893

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

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

United

States

100,000

100,575

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

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

Canada

115,000

116,696

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

%

,

1/15/28

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

United

States

130,000

130,037

Senior

Bond

,

4.875 %

,

2/01/31

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

United

States

58,000

58,370

b

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Bond

,

144A,

5.1 %

,

3/15/36

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

United

States

70,000

70,503

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

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

United

States

235,000

238,081

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

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

United

States

66,000

67,396

Senior

Note

,

4.9 %

,

8/01/30

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

United

States

65,000

65,787

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

89,000

92,764

1,912,677

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

2.1 %

,

4/30/27

.......

United

States

200,000

195,531

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Passenger

#### Airlines

#### 0.1%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

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

United

States

150,000

$

151,298

#### Personal

#### Care

#### Products

#### 0.1%
Kenvue,

Inc.

,

Senior

Note

,

4.85 %

,

5/22/32

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

United

States

35,000

35,849

Senior

Note

,

4.9 %

,

3/22/33

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

United

States

198,000

202,121

237,970

#### Pharmaceuticals

#### 0.4%
Merck

&

Co.,

Inc.

,

Senior

Bond

,

4.75 %

,

12/04/35

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

United

States

55,000

54,816

Senior

Note

,

4.45 %

,

12/04/32

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

United

States

35,000

35,059

Novartis

Capital

Corp.

,

Senior

Note

,

4.1 %

,

11/05/30

.........

United

States

240,000

239,821

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75 %

,

5/19/33

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

United

States

118,000

119,287

Senior

Note

,

4.45 %

,

5/19/28

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

United

States

74,000

74,991

Royalty

Pharma

plc

,

Senior

Bond

,

5.4 %

,

9/02/34

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

United

States

99,000

101,490

Senior

Bond

,

5.2 %

,

9/25/35

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

United

States

80,000

80,472

Senior

Note

,

5.15 %

,

9/02/29

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

United

States

85,000

87,400

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

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

United

States

75,000

72,897

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

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

United

States

48,000

51,677

Zoetis,

Inc.

,

Senior

Bond

,

%

,

9/12/27

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

United

States

90,000

88,772

Senior

Bond

,

%

,

5/15/30

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

United

States

37,000

33,869

Senior

Bond

,

%

,

8/17/35

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

United

States

275,000

278,116

1,318,667

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.5%
Analog

Devices,

Inc.

,

Senior

Note

,

5.05 %

,

4/01/34

..........

United

States

109,000

112,679

Broadcom,

Inc.

,

Senior

Bond

,

4.15 %

,

11/15/30

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

United

States

144,000

143,464

b

Senior

Bond

,

144A,

3.187 %

,

11/15/36

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

United

States

68,000

57,696

b

Senior

Bond

,

144A,

4.926 %

,

5/15/37

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

United

States

175,000

172,801

Senior

Note

,

3.459 %

,

9/15/26

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

United

States

305,000

304,219

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

6.15 %

,

1/25/32

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

United

States

200,000

212,095

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/33

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

United

States

200,000

209,447

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

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

United

States

200,000

192,904

Marvell

Technology,

Inc.

,

Senior

Note

,

5.75 %

,

2/15/29

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

United

States

100,000

104,314

Senior

Note

,

4.75 %

,

7/15/30

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

United

States

5,000

5,067

Senior

Note

,

5.95 %

,

9/15/33

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

United

States

94,000

100,554

1,615,240

#### Software

#### 0.2%
Oracle

Corp.

,

Senior

Bond

,

3.65 %

,

3/25/41

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

United

States

106,000

77,392

Senior

Note

,

1.65 %

,

3/25/26

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

United

States

180,000

178,880

Senior

Note

,

4.45 %

,

9/26/30

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

United

States

70,000

68,499

Senior

Note

,

4.8 %

,

9/26/32

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

United

States

90,000

86,913

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

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

United

States

188,000

165,726

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Software
(continued)

Synopsys,

Inc.

,

Senior

Bond

,

5.15 %

,

4/01/35

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

United

States

125,000

$

127,089

704,499

#### Specialized

#### REITs

#### 0.4%
American

Tower

Corp.

,

Senior

Bond

,

3.125 %

,

1/15/27

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

United

States

230,000

227,921

Senior

Bond

,

2.9 %

,

1/15/30

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

United

States

130,000

123,472

Senior

Bond

,

2.7 %

,

4/15/31

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

United

States

122,000

112,087

Senior

Note

,

2.75 %

,

1/15/27

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

United

States

66,000

65,156

Senior

Note

,

4.9 %

,

3/15/30

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

United

States

115,000

117,502

Senior

Note

,

4.7 %

,

12/15/32

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

United

States

40,000

40,021

Crown

Castle,

Inc.

,

Senior

Bond

,

3.65 %

,

9/01/27

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

United

States

66,000

65,525

Senior

Bond

,

3.8 %

,

2/15/28

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

United

States

134,000

132,985

Senior

Bond

,

4.75 %

,

5/15/47

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

United

States

28,000

24,340

Senior

Note

,

4.9 %

,

9/01/29

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

United

States

20,000

20,341

EPR

Properties

,

Senior

Bond

,

4.5 %

,

6/01/27

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

United

States

32,000

32,066

Equinix,

Inc.

,

Senior

Bond

,

3.2 %

,

11/18/29

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

United

States

194,000

186,325

1,147,741

#### Specialty

#### Retail

#### 0.1%
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15 %

,

1/15/32

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

United

States

110,000

101,160

Senior

Bond

,

4.1 %

,

1/15/52

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

United

States

90,000

65,830

166,990

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55 %

,

10/15/29

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

United

States

64,000

64,385

Senior

Note

,

4.85 %

,

10/15/31

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

United

States

74,000

74,772

139,157

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Tapestry,

Inc.

,

Senior

Bond

,

3.05 %

,

3/15/32

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

United

States

32,000

29,218

Senior

Note

,

5.1 %

,

3/11/30

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

United

States

61,000

62,714

91,932

#### Tobacco

#### 0.2%
BAT

Capital

Corp.

,

Senior

Bond

,

4.39 %

,

8/15/37

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

United

Kingdom

77,000

70,977

Senior

Note

,

4.625 %

,

3/22/33

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

United

Kingdom

285,000

283,499

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125 %

,

2/15/30

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

United

States

191,000

197,504

Senior

Note

,

4.375 %

,

4/30/30

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

United

States

95,000

95,620

Senior

Note

,

4.75 %

,

11/01/31

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

United

States

70,000

71,512

719,112

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

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

United

States

135,000

138,392

Senior

Note

,

144A,

5.125 %

,

4/10/30

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

United

States

135,000

137,132

275,524

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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)

#### Wireless

#### Telecommunication

#### Services

#### 0.2%
Rogers

Communications,

Inc.

,

Senior

Bond

,

8.75 %

,

5/01/32

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

Canada

9,000

$

10,612

Senior

Note

,

3.8 %

,

3/15/32

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

Canada

77,000

72,573

Sub.

Bond

,

7.125%

to

4/14/35,

FRN

thereafter

,

4/15/55

.....

Canada

80,000

84,284

NC5

,

Sub.

Bond

,

7%

to

4/14/30,

FRN

thereafter

,

4/15/55

....

Canada

155,000

162,271

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.05 %

,

7/15/33

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

United

States

21,000

21,436

Senior

Bond

,

4.95 %

,

11/15/35

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

United

States

50,000

49,729

Senior

Note

,

3.75 %

,

4/15/27

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

United

States

229,000

228,352

Senior

Note

,

3.875 %

,

4/15/30

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

United

States

6,000

5,901

Senior

Note

,

6.7 %

,

12/15/33

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

United

States

50,000

56,075

691,233

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 37,757,477

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

#### 37,952,908

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 15.6%
U.S.

Treasury

Bonds

,

4.625 %,

2/15/40

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

United

States

2,760,000

2,791,266

4.25 %,

11/15/40

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

United

States

610,000

588,817

3.25 %,

5/15/42

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

United

States

2,610,000

2,177,515

2.75 %,

8/15/42

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

United

States

3,030,000

2,339,846

%,

2/15/49

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

United

States

2,080,000

1,532,781

2.875 %,

5/15/49

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

United

States

370,000

265,576

1.875 %,

2/15/51

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

United

States

3,870,000

2,163,799

2.25 %,

2/15/52

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

United

States

460,000

279,252

2.875 %,

5/15/52

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

United

States

1,030,000

720,014

%,

8/15/52

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

United

States

390,000

279,467

3.625 %,

2/15/53

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

United

States

1,350,000

1,093,395

4.75 %,

8/15/55

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

United

States

590,000

580,228

U.S.

Treasury

Notes

,

4.125 %,

2/28/27

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

United

States

570,000

573,919

2.375 %,

5/15/27

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

United

States

400,000

394,031

2.625 %,

5/31/27

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

United

States

3,310,000

3,270,952

3.875 %,

5/31/27

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

United

States

3,190,000

3,206,573

1.25 %,

9/30/28

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

United

States

3,730,000

3,509,260

3.75 %,

12/31/28

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

United

States

290,000

291,694

2.375 %,

3/31/29

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

United

States

9,780,000

9,424,329

4.125 %,

3/31/29

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

United

States

250,000

254,189

4.25 %,

6/30/29

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

United

States

1,070,000

1,092,821

%,

7/31/29

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

United

States

3,170,000

3,211,544

4.375 %,

5/15/34

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

United

States

1,000,000

1,022,129

3.875 %,

8/15/34

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

United

States

2,850,000

2,806,749

4.25 %,

11/15/34

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

United

States

1,610,000

1,627,264

4.25 %,

5/15/35

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

United

States

2,720,000

2,743,163

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 49,118,657

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

#### 48,240,573

#### Asset-Backed

#### Securities

#### 0.0%

#### †

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
b

CVS

Pass-Through

Trust

,

144A,

7.507 %

,

1/10/32

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

United

States

76,195

80,894

2013

,

144A,

4.704 %

,

1/10/36

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

United

States

8,784

8,158

89,052

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 84,979

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

#### 89,052
Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.1%

#### Financial

#### Services

#### 0.1%
e

Citigroup

Commercial

Mortgage

Trust

,

2014-GC21

,

C

,

FRN

,

4.78 %

,

5/10/47

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

United

States

25,701

$

25,152

e

COMM

Mortgage

Trust

,

2014-UBS6

,

C

,

FRN

,

4.408 %

,

12/10/47

United

States

7,533

7,460

CSAIL

Commercial

Mortgage

Trust

,

2019-C17

,

AS

,

3.278 %

,

9/15/52

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

United

States

170,000

154,492

b

,f

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

220,229

Wells

Fargo

Commercial

Mortgage

Trust

,

2017-C40

,

A4

,

3.581 %

,

10/15/50

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

United

States

133,000

131,776

b

,e

,f

WFRBS

Commercial

Mortgage

Trust

,

2011-C3

,

D

,

144A,

FRN

,

5.415 %

,

3/15/44

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

United

States

20,645

7,587

326,488

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 435,813

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

#### 326,488

#### Mortgage-Backed

#### Securities

#### 9.9%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.5%
FHLMC

Pool,

Year

,

2.5 %,

1/01/52

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

United

States

849,251

733,504

FHLMC

Pool,

Year

,

5.5 %,

9/01/53

-

11/01/53

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

United

States

729,752

745,734

1,479,238

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 6.8%
FNMA,

Year

,

2.5 %,

2/01/36

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

United

States

128,311

121,645

FNMA,

Year

,

%,

10/01/50

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

United

States

1,864,816

1,523,757

FNMA,

Year

,

%,

4/01/52

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

United

States

882,143

720,932

FNMA,

Year

,

2.5 %,

10/01/50

-

4/01/52

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

United

States

2,093,260

1,792,982

FNMA,

Year

,

%,

6/01/46

-

8/01/51

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

United

States

1,506,310

1,361,061

FNMA,

Year

,

3.5 %,

11/01/49

-

12/01/49

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

United

States

573,247

536,589

FNMA,

Year

,

%,

9/01/52

-

5/01/53

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

United

States

847,979

813,179

FNMA,

Year

,

4.5 %,

2/01/49

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

United

States

416,051

413,753

FNMA,

Year

,

%,

8/01/33

-

10/01/52

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

United

States

789,025

791,300

FNMA,

Year

,

5.5 %,

7/01/33

-

9/01/53

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

United

States

127,040

130,594

FNMA,

Year

,

%,

10/01/53

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

United

States

791,408

823,282

g

Uniform

Mortgage-Backed

Securities

,

1.5 %

,

TBA,

1/25/41

.....

United

States

500,000

452,539

g

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

1/25/41

......

United

States

700,000

648,266

g

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

1/25/56

......

United

States

2,600,000

2,102,333

g

Uniform

Mortgage-Backed

Securities

,

2.5 %,

TBA,

1/25/41

-

1/25/56

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

United

States

1,100,000

940,176

g

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

1/25/56

......

United

States

570,000

504,250

g

Uniform

Mortgage-Backed

Securities

,

3.5 %

,

TBA,

1/25/56

.....

United

States

850,000

785,951

g

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

1/25/56

......

United

States

380,000

360,490

g

Uniform

Mortgage-Backed

Securities

,

4.5 %,

TBA,

1/25/41

-

1/25/56

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

United

States

540,000

528,208

g

Uniform

Mortgage-Backed

Securities

,

%,

TBA,

1/25/41

-

1/25/56

United

States

600,000

601,546

g

Uniform

Mortgage-Backed

Securities

,

5.5 %

,

TBA,

1/25/56

.....

United

States

1,350,000

1,369,088

g

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

1/25/56

......

United

States

1,700,000

1,745,702

g

Uniform

Mortgage-Backed

Securities

,

6.5 %

,

TBA,

1/25/56

.....

United

States

2,000,000

2,078,794

21,146,417

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 2.6%
GNMA

II,

Year

,

3.5 %,

5/20/52

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

United

States

909,893

825,304

g

GNMA

II,

Single-family,

Year

,

%,

1/15/56

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

United

States

1,100,000

911,277

GNMA

II,

Single-family,

Year

,

2.5 %,

2/20/53

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

United

States

849,512

735,531

g

GNMA

II,

Single-family,

Year

,

2.5 %,

1/15/56

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

United

States

230,000

198,429

GNMA

II,

Single-family,

Year

,

%,

7/20/46

-

11/20/46

.......

United

States

1,798,452

1,640,699

GNMA

II,

Single-family,

Year

,

3.5 %,

11/20/47

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

United

States

82,932

76,280

g

GNMA

II,

Single-family,

Year

,

%,

1/15/56

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

United

States

500,000

472,402

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

GNMA

II,

Single-family,

Year

,

4.5 %,

3/20/49

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

United

States

350,687

$

341,938

g

GNMA

II,

Single-family,

Year

,

4.5 %,

1/15/56

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

United

States

150,000

146,133

g

GNMA

II,

Single-family,

Year

,

%,

1/15/56

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

United

States

800,000

798,297

GNMA

II,

Single-family,

Year

,

5.5 %,

4/20/54

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

United

States

949,269

968,996

g

GNMA

II,

Single-family,

Year

,

%,

1/15/56

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

United

States

1,000,000

1,019,180

8,134,466

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 31,316,916

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

#### 30,760,121

#### Municipal

#### Bonds

#### 0.1%

#### California

#### 0.0%

#### †
State

of

California

,

GO

,

7.5 %

,

4/01/34

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

United

States

30,000

35,026

#### Ohio

#### 0.0%

#### †
Ohio

State

University

(The)

,

Revenue

,

2010

C

,

4.91 %

,

6/01/40

.

United

States

40,000

40,044

#### Texas

#### 0.1%
North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

2009

B

,

6.718 %

,

1/01/49

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

United

States

55,000

60,542

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 125,118

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

#### 135,612

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 227,902,035

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

#### 313,198,642

#### a

#### Short

#### Term

#### Investments

#### 3.9%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 3.9%
h,i

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.967 %

.......

United

States

11,981,853

11,981,853

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 11,981,853

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

#### 11,981,853

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 11,981,853

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

#### 11,981,853

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 239,883,888

####)
104.8 #### %
................................

#### $325,180,495

#### TBA

#### Sale

#### Commitments

#### (0.3 ####)

#### %
..............................................

#### (#### 1,083,047

####)

#### Other

#### Assets,

#### less

#### Liabilities

#### (4.5 ####)

#### %
.........................................

#### (13,558,339)

#### Net

#### Assets

#### 100.0%

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

#### $310,539,109

#### a

#### Principal

#### Amount

#### \*
j

#### TBA

#### Sale

#### Commitments

#### (0.3)%

#### Mortgage-Backed

#### Securities

#### (0.3)%

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.3)%
GNMA

II,

Single-family,

Year

,

%

,

1/15/56

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

United

States

(800,000)

(718,969)

3.5 %

,

1/15/56

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

United

States

(400,000)

(364,078)

(1,083,047)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $

#### (#### 1,081,703

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

#### $(1,083,047)
Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

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

$10,180,796,

representing

3.3%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

g

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(c).

h

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

j

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

(c).

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

December

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d)

.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Canadian

Dollar

....

BOFA

Sell

79,300

56,873

1/14/26

$

—

$

(927)

Canadian

Dollar

....

BZWS

Sell

511,200

366,501

1/14/26

—

(6,101)

Canadian

Dollar

....

CITI

Sell

461,100

330,541

1/14/26

—

(5,545)

Canadian

Dollar

....

GSCO

Buy

128,600

92,022

1/14/26

1,712

—

Canadian

Dollar

....

HSBK

Buy

168,200

120,655

1/14/26

1,943

—

Canadian

Dollar

....

JPHQ

Sell

364,300

260,730

1/14/26

—

(4,800)

Canadian

Dollar

....

MSCO

Buy

432,500

309,039

1/14/26

6,201

—

Canadian

Dollar

....

SSBT

Buy

185,700

133,434

1/14/26

1,918

—

Canadian

Dollar

....

TDOM

Buy

650,300

465,444

1/14/26

8,545

—

Canadian

Dollar

....

TDOM

Sell

308,400

220,920

1/14/26

—

(3,866)

Canadian

Dollar

....

UBSW

Sell

758,000

543,610

1/14/26

—

(8,880)

Canadian

Dollar

....

WPAC

Sell

561,500

401,935

1/14/26

—

(7,330)

Hong

Kong

Dollar

...

BZWS

Buy

2,734,400

352,391

2/11/26

—

(580)

Hong

Kong

Dollar

...

GSCO

Sell

343,500

44,266

2/11/26

—

Hong

Kong

Dollar

...

HSBK

Sell

2,399,800

309,238

2/11/26

—

British

Pound

......

BOFA

Sell

70,400

94,559

3/17/26

—

(319)

British

Pound

......

BZWS

Sell

392,300

526,920

3/17/26

—

(1,786)

British

Pound

......

GSCO

Sell

433,300

581,991

3/17/26

—

(1,970)

British

Pound

......

JPHQ

Sell

155,200

208,446

3/17/26

—

(719)

British

Pound

......

MSCO

Sell

823,700

1,099,699

3/17/26

—

(10,408)

British

Pound

......

UBSW

Buy

25,800

34,445

3/17/26

—

Danish

Krone

......

HSBK

Sell

1,489,400

235,732

3/17/26

—

Euro

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

BZWS

Buy

21,900

25,864

3/17/26

—

(42)

Euro

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

CITI

Sell

30,600

36,140

3/17/26

—

Euro

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

GSCO

Sell

352,400

416,218

3/17/26

698

—

Euro

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

MSCO

Sell

138,500

163,306

3/17/26

—

(2)

Euro

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

SSBT

Buy

22,300

26,294

3/17/26

—

Euro

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

UBSW

Sell

75,600

89,138

3/17/26

—

(3)

Swedish

Krona

.....

MSCO

Sell

6,288,600

680,549

3/17/26

—

(5,072)

Swiss

Franc

.......

MSCO

Sell

349,500

443,548

3/17/26

—

(1,032)

Total

Forward

Exchange

Contracts

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

$22,366

$(59,382)

Net

unrealized

appreciation

(depreciation)

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

$(37,016)

\*

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$227,902,035

Cost

-

Non-controlled

affiliates

(Note

f)

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

11,981,853

Value

-

Unaffiliated

issuers

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

$313,198,642

Value

-

Non-controlled

affiliates

(Note

f)

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

11,981,853

Cash

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

26,109

Foreign

currency,

at

value

(cost

$

7,269)

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

7,269

Receivables:

Receivable

for

sales

of

TBA

securities

(Note

c)

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

1,081,703

Capital

shares

sold

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

286,665

Dividends

and

interest

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

1,107,213

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

22,366

Prepaid

expenses

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

36,411

Total

assets

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

327,748,231

Liabilities:

Payables:

Payable

for

purchases

of

TBA

securities

(Note

c)

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

15,635,324

Capital

shares

redeemed

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

54,606

Management

fees

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

132,073

Administrative

fees

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

2,283

Distribution

fees

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

51,417

Transfer

agent

fees

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

36,884

Trustees'

fees

and

expenses

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

56,611

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

59,382

TBA

sale

commitments,

at

value

(proceeds

$1,081,703)

(Note

1c)

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

1,083,047

Accrued

expenses

and

other

liabilities

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

97,495

Total

liabilities

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

17,209,122

Net

assets,

at

value

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

$310,539,109

Net

assets

consist

of:

Paid-in

capital

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

$205,990,937

Total

distributable

earnings

(losses)

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

104,548,172

Net

assets,

at

value

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

$310,539,109

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund

#### Class

#### IA:
Net

assets,

at

value

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

$69,347,624

Shares

outstanding

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

4,051,631

Net

asset

value

and

maximum

offering

price

per

share

a

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

$17.12

#### Class

#### IB:
Net

assets,

at

value

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

$241,191,485

Shares

outstanding

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

14,195,845

Net

asset

value

and

maximum

offering

price

per

share

a

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

$16.99

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$8,449)

Unaffiliated

issuers

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

$2,131,802

Non-controlled

affiliates

(Note

f)

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

641,186

Interest:

Unaffiliated

issuers

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

4,409,239

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(27,848)

Non-controlled

affiliates

(Note

f)

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

29,260

Total

investment

income

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

7,183,639

Expenses:

Management

fees

(Note

a)

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

1,468,415

Administrative

fees

(Note

b)

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

5,046

Distribution

fees:

(Note

3c)

Class

IB

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

562,969

Transfer

agent

fees:

(Note

3d)

Class

IA

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

45,920

Class

IB

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

159,524

Custodian

fees

(Note

4)

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

12,291

Reports

to

shareholders

fees

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

23,953

Professional

fees

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

103,891

Trustees'

fees

and

expenses

(Note

e)

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

9,279

Other

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

10,335

Total

expenses

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

2,401,623

Expense

reductions

(Note

4)

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

(564) Net

expenses

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

2,401,059

Net

investment

income

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

4,782,580

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

17,509,787

Written

options

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

(1,233,828)

Foreign

currency

transactions

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

3,044

Forward

exchange

contracts

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

(170,453)

Futures

contracts

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

(93,299)

TBA

sale

commitments

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

70,536

Net

realized

gain

(loss)

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

16,085,787

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

18,112,348

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

Forward

exchange

contracts

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

(209,180)

Futures

contracts

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

89,304

TBA

sale

commitments

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

(1,344)

Net

change

in

unrealized

appreciation

(depreciation)

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

17,991,306

Net

realized

and

unrealized

gain

(loss)

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

34,077,093

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$38,859,673

Putnam

Variable

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$4,782,580

$3,999,516

Net

realized

gain

(loss)

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

16,085,787

11,710,177

Net

change

in

unrealized

appreciation

(depreciation)

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

17,991,306

22,130,341

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

38,859,673

37,840,034

Distributions

to

shareholders:

Class

IA

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

(3,541,962)

(927,343)

Class

IB

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

(11,446,490)

(2,005,797)

Total

distributions

to

shareholders

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

(14,988,452)

(2,933,140)

Capital

share

transactions:

(Note

2)

Class

IA

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

(3,268,142)

(7,443,380)

Class

IB

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

19,985,653

17,114,263

Total

capital

share

transactions

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

16,717,511

9,670,883

Net

increase

(decrease)

in

net

assets

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

40,588,732

44,577,777

Net

assets:

Beginning

of

year

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

269,950,377

225,372,600

End

of

year

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

$310,539,109

$269,950,377

Putnam

Variable

Trust

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Variable

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty separate

funds.

The Trust

follows the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

VT

George

Putnam

Balanced

Fund

(Fund)

is

included

in

this

report.

Shares

of

the

Fund

are

generally

sold

only

to

insurance

company

separate

accounts

to

fund

the

benefits

of

variable

life

insurance

policies

or

variable

annuity

contracts. At

December

31,

2025,

44.3%

of

the

Fund's

shares

were

held

through

one

insurance

company.

Investment

activities

of

these

insurance

company

separate

accounts

could

have

a

material

impact

on

the

Fund.

The

Fund

offers two classes

of

shares:

Class

IA

and

Class

IB.

Each

class

of

shares

may

differ

by

its

distribution

fees,

voting

rights

on

matters

affecting

a

single

class

and

its

exchange

privilege.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

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 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

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

December

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

d. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

December

31,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$46,960.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

purchased

or

wrote

exchange

traded

option

contracts

primarily

to

manage

and/or

gain exposure

to

equity

price

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

regarding

other

derivative

information.

e. #### Securities

#### Lending
The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

the

Putnam

Cash

Collateral

Pool,

LLC,

a

limited

liability

company,

an

affiliate

of

Putnam

Management. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

f. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

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.

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

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

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.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

h. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

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:

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:

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### IA

#### Shares:
Shares

sold

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

192,869

$2,964,106

215,665

$3,230,785

Shares

issued

in

reinvestment

of

distributions

..........

243,769

3,541,962

63,604

927,343

Shares

redeemed

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

(612,136)

(9,774,210)

(773,422)

(11,601,508)

Net

increase

(decrease)

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

(175,498)

$(3,268,142)

(494,153)

$(7,443,380)

#### Class

#### IB

#### Shares:
Shares

sold

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

2,918,557

$46,163,891

2,520,951

$37,966,181

Shares

issued

in

reinvestment

of

distributions

..........

792,145

11,446,490

138,236

2,005,797

Shares

redeemed

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

(2,390,137)

(37,624,728)

(1,528,846)

(22,857,715)

Net

increase

(decrease)

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

1,320,565

$19,985,653

1,130,341

$17,114,263

#### Subsidiary

#### Affiliation
Putnam

Investment

Management,

LLC

(Putnam

Management)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

a. #### Management

#### Fees
The

Fund

pays

Putnam

Management

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

year

ended

December

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.501%

of

the

Fund's

average daily

net

assets.

Under

a

subadvisory

agreement,

Advisers

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund.

With

respect

to

the

portfolio

management

services,

Putnam

Management

pays

a

fee

to

Advisers

equal

to

35%

of

the

net

investment

advisory

fee

payable

by

the

Fund

to

Putnam

Management

and

with

respect

to

the

other

advisory

and

related

services, Putnam

Management

pays

a

fee

to

Advisers

based

on

the

costs

of

Advisers

in

providing

these

services

to

the

Fund.

These

fees

are

not

an

additional

expense

to

the

Fund.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Putnam

Management

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Putnam

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Putnam

Management

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Putnam

Management

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.680%

of

the

first

$5

billion,

0.630%

of

the

next

$5

billion,

0.580%

of

the

next

$10

billion,

0.530%

of

the

next

$10

billion,

0.480%

of

the

next

$50

billion,

0.460%

of

the

next

$50

billion,

0.450%

of

the

next

$100

billion

and

0.445%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

d. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Putnam

Management,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

was

paid

a

monthly

fee

for

investor

servicing

at

an

annual

rate

of

0.07%

of

the

Fund's

average

daily

net

assets.

e. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

December

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### Maximum

#### %

#### Approved

#### %
Class

IB

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

0.35%

0.25%

#### &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

#### George

#### Putnam

#### Balanced

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

......

$11,961,050

$107,391,171

$(107,370,368)

$—

$—

$11,981,853

11,981,853

$641,186

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Putnam

Management 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
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

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.044%

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

$2,820,250

$11,078,028

$(13,898,278)

$—

$—

$—

—

$29,260

#### Total

#### Affiliated

#### Securities

#### ...
$14,781,300

$118,469,199

$(121,268,646)

$—

$—

$11,981,853

$670,446

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$5,994,302

$2,933,140

Long

term

capital

gain

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

8,994,150

—

$14,988,452

$2,933,140

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

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

,

undistributed

ordinary

income

and

undistributed

long

term

capital

gains

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

foreign

currency

transactions

and

wash

sales.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

December

31,

2025,

aggregated

$313,528,468 and

$307,289,063,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

December

31,

2025,

the

aggregate

value

of

these

securities represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

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

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

$241,091,614

Unrealized

appreciation

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

$90,348,529

Unrealized

depreciation

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

(7,379,711)

Net

unrealized

appreciation

(depreciation)

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

$82,968,818

Distributable

earnings:

Undistributed

ordinary

income

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

$6,717,616

Undistributed

long

term

capital

gains

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

14,861,690

Total

distributable

earnings

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

$21,579,306

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

22,366

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

59,382

Total

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

$22,366

$59,382

5. #### Income

#### Taxes
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### 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

futures

contracts

and

options

represented

$1,481,211

and

$4,119,412,

respectively. The

average

month

end

contract

value

of

forward

exchange

contracts

was

$8,103,984.

See

Note

1(d) regarding

derivative

financial

instruments.

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

#### 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

#### George

#### Putnam

#### Balanced

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

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

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(170,453)

Forward

exchange

contracts

$(209,180)

Equity

contracts

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

Investments

1,523,799

a

Investments

—

Written

options

(1,233,828)

Written

options

—

Futures

contracts

(93,299)

Futures

contracts

89,304

Total

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

$26,219

$(119,876)

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

in

the

Statement

of

Operations.

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

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.

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:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

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

$

2,248,692

$

922,858

$

—

$

3,171,550

Air

Freight

&

Logistics

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

1,708,318

—

—

1,708,318

Automobiles

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

4,995,473

—

—

4,995,473

Banks

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

4,760,847

—

—

4,760,847

Beverages

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

2,665,780

—

—

2,665,780

Biotechnology

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

3,925,669

—

—

3,925,669

Broadline

Retail

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

8,830,250

—

—

8,830,250

Building

Products

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

737,145

—

—

737,145

Capital

Markets

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

4,476,346

—

—

4,476,346

Chemicals

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

1,872,066

—

—

1,872,066

Commercial

Services

&

Supplies

...........

1,094,455

—

—

1,094,455

Communications

Equipment

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

4,071,575

—

—

4,071,575

Construction

Materials

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

1,364,314

—

—

1,364,314

Consumer

Finance

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

2,241,588

—

—

2,241,588

Consumer

Staples

Distribution

&

Retail

......

4,149,841

—

—

4,149,841

Electric

Utilities

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

3,288,609

—

—

3,288,609

Electrical

Equipment

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

1,049,633

—

—

1,049,633

Energy

Equipment

&

Services

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

120,667

—

—

120,667

Entertainment

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

5,952,280

—

—

5,952,280

Financial

Services

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

8,604,156

—

—

8,604,156

Food

Products

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

333,531

—

—

333,531

Ground

Transportation

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

959,515

—

—

959,515

Health

Care

Equipment

&

Supplies

.........

3,867,633

—

—

3,867,633

Health

Care

Providers

&

Services

..........

3,863,936

—

—

3,863,936

Health

Care

REITs

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

1,039,045

—

—

1,039,045

Hotels,

Restaurants

&

Leisure

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

1,273,833

—

—

1,273,833

Household

Products

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

1,243,787

—

—

1,243,787

9. #### Credit

#### Facility
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

A

management

group

of

the

Fund's

Investment

manager serves

as

the

Chief

Operating

Decision

Maker

("CODM")

and

is

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Industrial

Conglomerates

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

$

1,425,718

$

—

$

—

$

1,425,718

Industrial

REITs

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

1,005,578

—

—

1,005,578

Insurance

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

5,120,297

883,178

—

6,003,475

Interactive

Media

&

Services

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

15,953,351

—

—

15,953,351

Life

Sciences

Tools

&

Services

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

3,249,774

—

—

3,249,774

Machinery

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

2,755,090

—

—

2,755,090

Media

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

226,076

—

—

226,076

Metals

&

Mining

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

540,804

793,267

—

1,334,071

Multi-Utilities

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

1,277,778

—

—

1,277,778

Oil,

Gas

&

Consumable

Fuels

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

5,428,871

1,211,525

—

6,640,396

Passenger

Airlines

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

567,668

—

—

567,668

Pharmaceuticals

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

6,139,710

—

—

6,139,710

Semiconductors

&

Semiconductor

Equipment

.

33,023,530

—

—

33,023,530

Software

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

15,946,111

—

—

15,946,111

Specialized

REITs

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

1,950,232

—

—

1,950,232

Specialty

Retail

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

2,233,921

—

—

2,233,921

Technology

Hardware,

Storage

&

Peripherals

.

11,676,085

—

—

11,676,085

Textiles,

Apparel

&

Luxury

Goods

..........

669,003

—

—

669,003

Tobacco

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

1,209,095

—

—

1,209,095

Trading

Companies

&

Distributors

..........

745,384

—

—

745,384

Corporate

Bonds

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

—

37,952,908

—

37,952,908

U.S.

Government

and

Agency

Securities

.......

—

48,240,573

—

48,240,573

Asset-Backed

Securities

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

—

89,052

—

89,052

Commercial

Mortgage-Backed

Securities

......

—

326,488

—

326,488

Mortgage-Backed

Securities

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

—

30,760,121

—

30,760,121

Municipal

Bonds

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

—

135,612

—

135,612

Short

Term

Investments

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

11,981,853

—

—

11,981,853

Total

Investments

in

Securities

...........

$203,864,913

$121,315,582

b

$—

$325,180,495

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$22,366

$—

$22,366

Total

Other

Financial

Instruments

.........

$—

$22,366

$—

$22,366

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

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

$

—

$

1,083,047

$

—

$

1,083,047

Forward

Exchange

Contracts

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

—

59,382

—

59,382

Total

Other

Financial

Instruments

.........

$—

$1,142,429

$—

$1,142,429

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$3,810,828,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### George

#### Putnam

#### Balanced

#### Fund
(continued)

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Selected

#### Portfolio

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

11. #### Operating

#### Segments
(continued)

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

George

Putnam

Balanced

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

VT

George

Putnam

Balanced

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

and

brokers;

when

replies

were

not

received

from

brokers,

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

#### George

#### Putnam

#### Balanced

#### 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
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$8,994,150

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,793,820

Section

163(j)

Interest

Earned

§163(j)

$3,650,340

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.

38974-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.](pvgpbf-efp22391_ec99code.htm)

Exhibit 99.CODE ETH

[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvgpbf-efp22391_ec99cert.htm)

Exhibit 99.CERT

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvgpbf-efp22391_ec99906cert.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.