# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001133228-25-008887
**Filing Date:** 2025-8
**Character Count:** 176563
**Document Hash:** 1e7372c7ac2b2f5c0776f91f203f4891
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008887.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001133228-25-008887

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 251255774

**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 Mortgage Securities Fund (Series ID: S000003871)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010837 | Class IA Shares |  |
| C000010838 | Class IB shares |  |

?xml version='1.0' encoding='ASCII'? 2025-07-1774200174300_PutnamVTMortgageSecuritiesFund_ClassIA_TSRSemiAnnual

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, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: **December 31**

Date of reporting period: **June 30, 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 Mortgage Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class IA | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam VT Mortgage Securities Fund for the period January 1, 2025, to June 30, 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 SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class IA<sup>1</sup>  | $26 | 0.51% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

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

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26295691 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 314 |
| **Portfolio Turnover Rate** | 506% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4250img003.jpg)

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

---

| | |
|:---|:---|
| ![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 Mortgage Securities Fund PAGE 1 38988-STSIA-0825

58.013.912.49.01.15.6 ------

---

| | |
|:---|:---|
| **Putnam VT Mortgage Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class IB | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam VT Mortgage Securities Fund for the period January 1, 2025, to June 30, 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 SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class IB<sup>1</sup>  | $38 | 0.75% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

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

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26295691 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 314 |
| **Portfolio Turnover Rate** | 506% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4252img003.jpg)

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

---

| | |
|:---|:---|
| ![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 Mortgage Securities Fund PAGE 1 38988-STSIB-0825

58.013.912.49.01.15.6 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&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

#### Mortgage

#### Securities

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

June

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Report

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 16
Notes

to

Financial

Statements

#### 20
Changes

In

and

Disagreements

with

Accountants

#### 34
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

#### Mortgage

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### IA

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$6.23

$6.37

$7.17

$8.74

$9.05

$10.18

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.46 0.44 0.42 0.40 0.35 Net

realized

and

unrealized

gains

(losses)

0.17 (0.16)

(0.10)

(1.23)

(0.71)

(0.57)

Total

from

investment

operations

........

0.36 0.30 0.34 (0.81)

(0.31)

(0.22)

Less

distributions

from:

Net

investment

income

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

(0.56)

(0.44)

(1.14)

(0.76)

—

(0.87)

Net

realized

gains

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

—

—

—

—

—

(0.02)

Tax

return

of

capital

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

—

—

—

—

—

(0.02)

Total

distributions

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

(0.56)

(0.44)

(1.14)

(0.76)

—

(0.91)

Net

asset

value,

end

of

period

..........

$6.03

$6.23

$6.37

$7.17

$8.74

$9.05

Total

return

c

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

5.88%

4.97%

5.58%

(9.95)%

(3.43)%

(1.29)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.84%

0.84%

1.03%

0.93%

0.78%

0.74%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.51%

0.50%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

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

6.35%

7.33%

7.01%

5.41%

4.44%

3.89%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$13,010

$13,913

$14,760

$16,054

$20,386

$26,269

Portfolio

turnover

rate

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

506%

1580%

1865%

1110%

904%

895%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Variable

Trust

Financial

Highlights

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### IB

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$6.20

$6.34

$7.14

$8.69

$9.02

$10.16

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.44 0.43 0.40 0.38 0.33 Net

realized

and

unrealized

gains

(losses)

0.16 (0.15)

(0.11)

(1.21)

(0.71)

(0.58)

Total

from

investment

operations

........

0.34 0.29 0.32 (0.81)

(0.33)

(0.25)

Less

distributions

from:

Net

investment

income

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

(0.54)

(0.43)

(1.12)

(0.74)

—

(0.85)

Net

realized

gains

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

—

—

—

—

—

(0.02)

Tax

return

of

capital

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

—

—

—

—

—

(0.02)

Total

distributions

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

(0.54)

(0.43)

(1.12)

(0.74)

—

(0.89)

Net

asset

value,

end

of

period

..........

$6.00

$6.20

$6.34

$7.14

$8.69

$9.02

Total

return

c

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

5.57%

4.76%

5.27%

(10.07)%

(3.66)%

(1.68)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.08%

1.09%

1.28%

1.18%

1.03%

0.99%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.75%

0.75%

0.75%

0.75%

0.75%

0.75%

Net

investment

income

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

6.11%

7.14%

6.76%

5.16%

4.19%

3.64%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$13,286

$13,381

$14,095

$14,627

$20,425

$20,478

Portfolio

turnover

rate

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

506%

1580%

1865%

1110%

904%

895%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Asset-Backed

#### Securities

#### 2.5%

#### Financial

#### Services

#### 2.5%
Bayview

Financial

Mortgage

Pass-Through

Trust

,

2006-C

,

1A3

,

6.528 %

,

11/28/36

...

$

92,065

$

90,329

a,b

BDS

Ltd.

,

2021-FL9

,

A

,

144A,

FRN

,

5.499 %

,

(1-month

SOFR

+

1.184 %),

11/16/38

..

21,732

21,766

a

Carrington

Mortgage

Loan

Trust

,

2006-NC2

,

A4

,

FRN

,

4.914 %

,

(1-month

SOFR

+

0.594 %),

6/25/36

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

284,176

267,444

a

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2007-10

,

1A1

,

FRN

,

4.614 %

,

(1-month

SOFR

+

0.294 %),

6/25/47

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

162,830

154,616

a

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE9

,

M2

,

FRN

,

5.364 %

,

(1-month

SOFR

+

1.044 %),

11/25/34

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

948

915

a,b

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.763 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

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

125,147

125,367

660,437

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $655,105)

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

#### 660,437

#### Commercial

#### Mortgage-Backed

#### Securities

#### 28.0%

#### Financial

#### Services

#### 28.0%
BANK

,

b

2018-BN11,

D,

144A,

3%,

3/15/61

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

59,000

45,122

c,d

2024-BNK48,

XA,

IO,

FRN,

1.352%,

10/15/57

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

775,918

64,571

c,d

2020-BN26,

XA,

IO,

FRN,

1.306%,

3/15/63

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

968,200

40,674

c,d

BANK5

,

2024-5YR10

,

XA

,

IO,

FRN

,

1.402 %

,

10/15/57

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

1,181,783

52,398

b

Barclays

Commercial

Mortgage

Trust

,

2019-C4,

E,

144A,

3.25%,

8/15/52

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

111,000

58,162

d

2019-C5,

F,

144A,

FRN,

2.701%,

11/15/52

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

80,000

46,543

c,d

BBCMS

Mortgage

Trust

,

2024-5C29,

XA,

IO,

FRN,

1.822%,

9/15/57

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

1,467,588

85,597

2025-C32,

XA,

IO,

FRN,

1.356%,

2/15/62

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

999,435

85,478

Benchmark

Mortgage

Trust

,

d

2018-B1,

C,

FRN,

4.343%,

1/15/51

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

49,000

40,577

b,d

2018-B3,

D,

144A,

FRN,

3.198%,

4/10/51

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

77,000

52,322

b

2019-B11,

D,

144A,

3%,

5/15/52

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

115,000

58,080

b

2019-B13,

D,

144A,

2.5%,

8/15/57

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

105,000

59,489

b,d

2018-B1,

E,

144A,

FRN,

3%,

1/15/51

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

108,000

49,975

c,d

2024-V10,

XA,

IO,

FRN,

1.522%,

9/15/57

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

1,157,944

55,734

c,d

2019-B15,

XA,

IO,

FRN,

0.917%,

12/15/72

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

1,082,066

29,996

b,d

BWAY

Mortgage

Trust

,

2022-26BW

,

F

,

144A,

FRN

,

5.029 %

,

2/10/44

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

138,000

81,579

CD

Mortgage

Trust

,

d

2017-CD3,

B,

FRN,

3.984%,

2/10/50

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

60,000

39,915

d

2017-CD4,

B,

FRN,

3.947%,

5/10/50

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

109,000

103,460

d

2017-CD3,

C,

FRN,

4.682%,

2/10/50

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

134,000

62,678

b

2017-CD3,

D,

144A,

3.25%,

2/10/50

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

140,000

30,244

b

2019-CD8,

D,

144A,

3%,

8/15/57

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

84,000

51,844

d

Citigroup

Commercial

Mortgage

Trust

,

2015-P1,

C,

FRN,

4.497%,

9/15/48

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

68,000

66,550

b

2015-GC27,

D,

144A,

FRN,

4.543%,

2/10/48

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

121,371

117,183

COMM

Mortgage

Trust

,

2012-CR4,

AM,

3.251%,

10/15/45

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

106,000

95,892

2013-CR12,

AM,

4.3%,

10/10/46

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

103,862

98,107

2014-UBS3,

AM,

4.012%,

6/10/47

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

60,859

58,418

d

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

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

43,572

43,109

b

2012-CR4,

B,

144A,

3.703%,

10/15/45

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

123,000

81,770

2014-CR17,

B,

4.377%,

5/10/47

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

53,660

51,832

d

2015-DC1,

B,

FRN,

4.035%,

2/10/48

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

85,000

81,069

d

2013-CR13,

C,

FRN,

5.109%,

11/10/46

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

15,472

14,531

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

COMM

Mortgage

Trust,

(continued)

d

2014-CR16,

C,

FRN,

4.937%,

4/10/47

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

$

119,000

$

112,395

d

2014-CR17,

C,

FRN,

4.941%,

5/10/47

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

148,000

135,731

b,d

2013-LC13,

D,

144A,

FRN,

5.549%,

8/10/46

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

99,088

90,901

b,d

2014-CR17,

D,

144A,

FRN,

5.005%,

5/10/47

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

144,000

115,561

d

2015-CR26,

D,

FRN,

3.668%,

10/10/48

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

85,000

69,451

b

2017-COR2,

D,

144A,

3%,

9/10/50

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

113,000

99,294

b,d

2018-COR3,

D,

144A,

FRN,

2.966%,

5/10/51

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

40,000

15,549

b,d

2015-LC19,

E,

144A,

FRN,

4.242%,

2/10/48

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

115,000

90,425

CSAIL

Commercial

Mortgage

Trust

,

d

2015-C1,

B,

FRN,

3.959%,

4/15/50

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

88,000

84,269

d

2015-C3,

C,

FRN,

4.419%,

8/15/48

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

56,000

48,061

d

2015-C1,

C,

FRN,

3.959%,

4/15/50

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

124,000

113,181

d

2015-C2,

C,

FRN,

4.245%,

6/15/57

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

50,000

45,825

b

2019-C17,

D,

144A,

2.5%,

9/15/52

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

50,000

25,726

d

2015-C2,

D,

FRN,

4.245%,

6/15/57

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

55,000

42,815

b,d

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53 %

,

8/10/44

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

114,998

110,509

GS

Mortgage

Securities

Trust

,

2014-GC22,

AS,

4.113%,

6/10/47

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

83,000

77,999

d

2014-GC24,

B,

FRN,

4.521%,

9/10/47

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

100,000

94,160

b,d

2013-GC13,

D,

144A,

FRN,

4.012%,

7/10/46

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

105,000

76,073

b,d

2014-GC24,

D,

144A,

FRN,

4.542%,

9/10/47

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

123,000

78,411

b,d

2017-GS5,

D,

144A,

FRN,

3.509%,

3/10/50

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

61,000

9,024

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2013-LC11,

B,

3.499%,

4/15/46

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

24,412

23,074

d

2013-C10,

C,

FRN,

4.117%,

12/15/47

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

23,899

22,502

b,d

2011-C3,

D,

144A,

FRN,

5.71%,

2/15/46

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

145,000

129,830

d

2013-LC11,

D,

FRN,

4.296%,

4/15/46

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

62,000

13,671

b,d

2012-LC9,

D,

144A,

FRN,

3.69%,

12/15/47

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

100,000

95,133

d

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18,

B,

FRN,

4.652%,

2/15/47

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

49,228

47,782

2014-C25,

B,

FRN,

4.347%,

11/15/47

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

95,000

88,672

2014-C22,

C,

FRN,

4.658%,

9/15/47

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

73,000

67,483

2013-C12,

D,

FRN,

4.071%,

7/15/45

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

87,000

80,007

b

2013-C14,

D,

144A,

FRN,

4.172%,

8/15/46

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

116,000

89,839

d

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5,

C,

FRN,

4.512%,

3/15/50

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

46,000

30,715

2018-C8,

C,

FRN,

4.915%,

6/15/51

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

53,000

47,740

b

2016-C2,

D,

144A,

FRN,

3.472%,

6/15/49

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

157,000

75,859

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

..........

60,000

58,521

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

d

2013-C9,

B,

FRN,

3.708%,

5/15/46

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

75,224

73,047

d

2013-C10,

B,

FRN,

4.112%,

7/15/46

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

73,695

69,600

d

2013-C9,

C,

FRN,

3.839%,

5/15/46

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

58,000

54,418

d

2013-C12,

C,

FRN,

4.861%,

10/15/46

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

14,151

13,462

2014-C19,

C,

4%,

12/15/47

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

27,188

26,366

d

2015-C22,

C,

FRN,

4.191%,

4/15/48

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

98,000

85,201

d

2015-C24,

C,

FRN,

4.449%,

5/15/48

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

104,000

101,766

d

2015-C25,

C,

FRN,

4.66%,

10/15/48

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

122,000

117,259

d

2017-C34,

C,

FRN,

4.309%,

11/15/52

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

60,000

52,440

b

2015-C24,

D,

144A,

3.257%,

5/15/48

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

63,000

58,258

b,d

2015-C23,

D,

144A,

FRN,

4.311%,

7/15/50

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

69,000

65,640

b,d

2012-C5,

E,

144A,

FRN,

4.8%,

8/15/45

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

60,402

59,259

b,d

2012-C6,

E,

144A,

FRN,

4.489%,

11/15/45

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

124,000

64,635

b,d

2015-C24,

E,

144A,

FRN,

4.449%,

5/15/48

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

82,000

71,502

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

(continued)

b,d

2013-C10,

F,

144A,

FRN,

4.112%,

7/15/46

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

$

141,000

$

12,521

d

Morgan

Stanley

Capital

I

Trust

,

2015-MS1,

C,

FRN,

4.152%,

5/15/48

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

94,000

85,663

2016-UB11,

C,

FRN,

3.691%,

8/15/49

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

126,000

121,997

2018-H3,

C,

FRN,

5.012%,

7/15/51

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

88,000

82,370

b

2011-C3,

E,

144A,

FRN,

5.106%,

7/15/49

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

39,679

38,648

a,b

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01

,

M10

,

144A,

FRN

,

7.67 %

,

(30-day

SOFR

Average

+

3.364 %),

10/25/49

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

230,998

234,890

d

UBS

Commercial

Mortgage

Trust

,

2017-C3,

C,

FRN,

4.503%,

8/15/50

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

94,000

89,050

2018-C11,

C,

FRN,

5.027%,

6/15/51

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

66,000

61,021

2018-C13,

C,

FRN,

5.141%,

10/15/51

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

98,000

89,809

b

2018-C11,

D,

144A,

FRN,

3%,

6/15/51

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

136,000

81,468

b

2012-C1,

E,

144A,

FRN,

5%,

5/10/45

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

74,969

68,214

Wells

Fargo

Commercial

Mortgage

Trust

,

d

2013-LC12,

B,

FRN,

3.915%,

7/15/46

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

7,086

6,810

d

2015-SG1,

B,

FRN,

4.568%,

9/15/48

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

72,000

69,578

d

2016-BNK1,

C,

FRN,

3.071%,

8/15/49

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

65,000

46,118

d

2018-C46,

C,

FRN,

5.118%,

8/15/51

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

51,000

47,652

d

2020-C57,

C,

FRN,

4.157%,

8/15/53

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

23,000

21,163

d

2015-C29,

D,

FRN,

4.361%,

6/15/48

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

99,000

94,494

2015-C31,

D,

3.852%,

11/15/48

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

135,000

117,180

b

2017-RB1,

D,

144A,

3.401%,

3/15/50

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

61,000

34,385

b

2020-C55,

D,

144A,

2.5%,

2/15/53

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

100,000

65,095

b,d

2015-C30,

D,

144A,

FRN,

4.644%,

9/15/58

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

98,000

95,250

d

2016-NXS5,

D,

FRN,

5.119%,

1/15/59

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

51,000

46,034

b

2016-C33,

D,

144A,

3.123%,

3/15/59

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

75,000

68,784

b,d

2015-C31,

E,

144A,

FRN,

4.79%,

11/15/48

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

118,000

83,550

d

WFRBS

Commercial

Mortgage

Trust

,

2014-C21,

B,

FRN,

4.213%,

8/15/47

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

85,614

83,199

2014-C23,

B,

FRN,

4.372%,

10/15/57

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

50,000

46,908

2013-C11,

C,

FRN,

4.145%,

3/15/45

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

74,000

70,833

2012-C10,

C,

FRN,

4.455%,

12/15/45

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

57,000

46,805

2013-C15,

C,

FRN,

4.286%,

8/15/46

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

61,000

53,466

2014-C21,

C,

FRN,

4.234%,

8/15/47

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

90,000

85,672

7,370,567

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $7,900,908)

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

#### 7,370,567

#### Mortgage-Backed

#### Securities

#### 135.1%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.1%
FHLMC

Pool,

Year,

7%,

11/01/26

-

4/01/32

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

21,906

23,103

FHLMC

Pool,

Year,

7.5%,

9/01/30

-

7/01/31

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

4,328

4,438

27,541

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 102.8%
FNMA,

Year,

6.5%,

9/01/36

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

5,258

5,512

FNMA,

Year,

7%,

8/01/33

-

12/01/35

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

92,721

97,816

FNMA,

Year,

7.5%,

9/01/30

-

11/01/30

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

1,816

1,857

e

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

7/25/40

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

1,000,000

888,907

e

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

7/25/40

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

1,000,000

914,025

e

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

7/25/55

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

7,000,000

5,542,994

e

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/40

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

1,000,000

933,932

e

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/55

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

4,000,000

3,317,133

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate
(continued)

e

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

7/25/55

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

$

2,000,000

$

1,730,906

e

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

7/25/55

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

3,000,000

2,701,319

e

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

7/25/55

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

2,000,000

1,859,922

e

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

7/25/55

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

1,000,000

980,135

e

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

7/25/55

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

5,000,000

4,999,637

e

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

7/25/55

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

3,000,000

3,048,837

27,022,932

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 32.2%
GNMA

I,

Year,

6%,

4/15/28

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

1,400

1,430

GNMA

I,

Year,

6.5%,

4/15/28

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

GNMA

I,

Single-family,

Year,

6.5%,

5/15/28

-

8/15/32

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

1,771

1,811

e

GNMA

II,

Single-family,

Year,

2%,

7/15/55

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

1,000,000

814,669

e

GNMA

II,

Single-family,

Year,

2.5%,

7/15/55

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

1,000,000

849,752

e

GNMA

II,

Single-family,

Year,

3%,

7/15/55

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

1,000,000

884,672

e

GNMA

II,

Single-family,

Year,

3.5%,

7/15/55

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

1,000,000

909,268

e

GNMA

II,

Single-family,

Year,

4%,

7/15/55

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

1,000,000

929,933

GNMA

II,

Single-family,

Year,

4.5%,

5/20/48

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

53,917

52,192

e

GNMA

II,

Single-family,

Year,

4.5%,

7/15/55

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

1,000,000

957,370

e

GNMA

II,

Single-family,

Year,

5%,

7/15/55

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

1,000,000

982,460

GNMA

II,

Single-family,

Year,

5.5%,

4/20/38

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

40,830

41,932

e

GNMA

II,

Single-family,

Year,

5.5%,

7/15/55

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

1,000,000

1,001,625

GNMA

II,

Single-family,

Year,

6%,

4/20/37

-

11/20/38

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

27,362

28,554

e

GNMA

II,

Single-family,

Year,

6%,

7/15/55

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

1,000,000

1,014,920

GNMA

II,

Single-family,

Year,

6.5%,

7/20/36

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

9,438

10,027

8,480,640

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $34,967,442)

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

#### 35,531,113

#### Residential

#### Mortgage-Backed

#### Securities

#### 20.3%

#### Financial

#### Services

#### 20.3%
b

A&D

Mortgage

Trust

,

2023-NQM2,

A1,

144A,

6.132%,

5/25/68

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

94,036

94,307

2023-NQM4,

A1,

144A,

7.472%,

9/25/68

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

178,449

181,505

2023-NQM5,

A1,

144A,

7.049%,

11/25/68

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

108,937

110,479

2024-NQM1,

A1,

144A,

6.195%,

2/25/69

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

99,976

100,585

a

Alternative

Loan

Trust

,

2006-OA19

,

A1

,

FRN

,

4.612 %

,

(1-month

SOFR

+

0.294 %),

2/20/47

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

140,258

112,670

a

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.624 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

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

353,349

207,793

b

BRAVO

Residential

Funding

Trust

,

2024-NQM2

,

A1

,

144A,

6.285 %

,

2/25/64

.......

103,387

104,409

a,b

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.614 %

,

(1-month

SOFR

+

0.294 %),

11/25/47

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

109,751

97,459

b

COLT

Mortgage

Loan

Trust

,

2023-3

,

A1

,

144A,

7.18 %

,

9/25/68

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

138,015

140,158

a,b

Connecticut

Avenue

Securities

Trust

,

2019-R05,

1B1,

144A,

FRN,

8.52%,

(30-day

SOFR

Average

+

4.214%),

7/25/39

...

59,716

61,268

2020-SBT1,

1M2,

144A,

FRN,

8.07%,

(30-day

SOFR

Average

+

3.764%),

2/25/40

.

79,000

82,139

2020-R02,

2B1,

144A,

FRN,

7.42%,

(30-day

SOFR

Average

+

3.114%),

1/25/40

...

35,000

35,836

2022-R02,

2B1,

144A,

FRN,

8.805%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

...

35,000

36,556

2022-R02,

2M2,

144A,

FRN,

7.305%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....

292,000

298,837

b

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085 %

,

12/25/68

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

172,360

173,528

a,b

FHLMC

STACR

REMIC

Trust

,

2022-DNA3,

B2,

144A,

FRN,

14.055%,

(30-day

SOFR

Average

+

9.75%),

4/25/42

.

50,000

55,939

2020-HQA3,

B2,

144A,

FRN,

14.42%,

(30-day

SOFR

Average

+

10.114%),

7/25/50

64,000

84,660

2020-DNA4,

B2,

144A,

FRN,

14.42%,

(30-day

SOFR

Average

+

10.114%),

8/25/50

65,000

86,227

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

a,b

FHLMC

STACR

REMIC

Trust,

(continued)

2020-DNA5,

B2,

144A,

FRN,

15.805%,

(30-day

SOFR

Average

+

11.5%),

10/25/50

$

56,000

$

78,042

a,b

FHLMC

STACR

Trust

,

2019-FTR1,

B2,

144A,

FRN,

12.77%,

(30-day

SOFR

Average

+

8.464%),

1/25/48

.

200,000

238,301

2018-DNA3,

B2,

144A,

FRN,

12.17%,

(30-day

SOFR

Average

+

7.864%),

9/25/48

.

431,000

498,552

2018-HQA2,

B2,

144A,

FRN,

15.42%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

413,000

512,998

2019-DNA1,

B2,

144A,

FRN,

15.17%,

(30-day

SOFR

Average

+

10.864%),

1/25/49

32,000

39,626

2019-HQA1,

B2,

144A,

FRN,

16.67%,

(30-day

SOFR

Average

+

12.364%),

2/25/49

222,000

273,527

2019-DNA2,

B2,

144A,

FRN,

14.92%,

(30-day

SOFR

Average

+

10.614%),

3/25/49

114,000

136,376

a

FNMA

,

2003-W8

,

3F2

,

FRN

,

4.77 %

,

(30-day

SOFR

Average

+

0.464 %),

5/25/42

....

1,292

1,289

a

FNMA

Connecticut

Avenue

Securities

,

2016-C03,

1B,

FRN,

16.17%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

......

154,206

165,927

2016-C04,

1B,

FRN,

14.67%,

(30-day

SOFR

Average

+

10.364%),

1/25/29

.......

193,392

209,389

a

J.P.

Morgan

Alternative

Loan

Trust

,

2006-A6

,

1A1

,

FRN

,

4.754 %

,

(1-month

SOFR

+

0.434 %),

11/25/36

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

52,233

44,592

a,b

J.P.

Morgan

Mortgage

Trust

,

2024-9

,

A11

,

144A,

FRN

,

5.655 %

,

(30-day

SOFR

Average

+

1.35 %),

2/25/55

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

151,942

152,675

a,b

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.262 %

,

(1-month

SOFR

+

0.344 %),

2/26/37

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

51,345

48,206

b

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-NQM2,

A1,

144A,

6.386%,

5/25/69

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

165,062

166,898

a

2024-4,

AF,

144A,

FRN,

5.655%,

(30-day

SOFR

Average

+

1.35%),

9/25/54

......

88,385

88,725

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL5

,

A1

,

144A,

7.762 %

,

4/25/30

...

170,000

171,236

a

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7,

1A1,

FRN,

5.284%,

(1-month

SOFR

+

0.964%),

5/25/47

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

343,291

279,206

2006-AR7,

A1BG,

FRN,

4.554%,

(1-month

SOFR

+

0.234%),

8/25/36

...........

19,231

16,954

b,d

Towd

Point

Mortgage

Trust

,

2019-2

,

A2

,

144A,

FRN

,

3.75 %

,

12/25/58

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

102,000

92,235

a

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR8

,

2AC2

,

FRN

,

5.354 %

,

(1-month

SOFR

+

1.034 %),

7/25/45

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

51,869

50,020

5,329,129

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $5,234,534)

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

#### 5,329,129

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 31.3%

#### Financial

#### Services

#### 31.3%
FHLMC

,

3391,

Strip,

4/15/37

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

1,969

1,710

c

4953,

AI,

IO,

4%,

2/25/50

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

608,202

126,839

c

304,

C37,

IO,

3.5%,

12/15/27

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

8,013

a

3065,

DC,

FRN,

6.605%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

..........

48,167

49,986

c

4018,

DI,

IO,

4.5%,

7/15/41

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

18,272

a,c

5003,

DS,

IO,

FRN,

1.68%,

(30-day

SOFR

Average

+

5.986%),

8/25/50

.........

528,887

71,854

a

3408,

EK,

FRN,

8.014%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

..........

7,726

8,994

a

406,

F30,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

...........

71,728

72,082

a

5391,

FC,

FRN,

5.405%,

(30-day

SOFR

Average

+

1.1%),

3/25/54

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

32,078

32,183

c

5349,

IB,

IO,

4%,

12/15/46

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

257,282

56,224

c

5050,

IM,

IO,

3.5%,

10/25/50

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

469,102

93,013

c

4136,

IQ,

IO,

3.5%,

11/15/42

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

158,748

16,551

c

5071,

IV,

IO,

3%,

12/25/50

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

946,800

155,573

a,c

4915,

SD,

IO,

FRN,

1.63%,

(30-day

SOFR

Average

+

5.936%),

9/25/49

.........

364,478

41,206

a,b

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

2021-MN1,

M1,

144A,

FRN,

6.305%,

(30-day

SOFR

Average

+

2%),

1/25/51

.....

35,265

35,132

2021-MN1,

M2,

144A,

FRN,

8.055%,

(30-day

SOFR

Average

+

3.75%),

1/25/51

...

85,000

87,347

2021-MN3,

M2,

144A,

FRN,

8.305%,

(30-day

SOFR

Average

+

4%),

11/25/51

....

148,000

152,995

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FNMA

,

c

2020-31,

IO,

4.5%,

5/25/50

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

$

963,439

$

180,282

c

2020-96,

IO,

3%,

1/25/51

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

714,440

118,102

c

2018-51,

BI,

IO,

5.5%,

7/25/38

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

132,768

7,740

2008-53,

DO,

Strip,

7/25/38

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

9,765

8,446

c

2012-104,

HI,

IO,

4%,

9/25/27

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

21,036

c

2023-49,

IA,

IO,

3%,

8/25/46

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

461,163

58,650

c

2023-49,

IB,

IO,

3.5%,

3/25/47

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

506,474

79,464

c

2021-3,

IB,

IO,

2.5%,

2/25/51

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

650,234

113,125

c

2021-25,

IJ,

IO,

3.5%,

5/25/51

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

388,935

75,369

c

2015-58,

KI,

IO,

6%,

3/25/37

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

214,853

35,989

a,c

2011-123,

KS,

IO,

FRN,

2.18%,

(30-day

SOFR

Average

+

6.486%),

10/25/41

.....

11,494

819

c

2020-62,

MI,

IO,

3.5%,

5/25/49

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

942,052

171,698

c

2021-12,

NI,

IO,

2.5%,

3/25/51

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

636,756

104,338

a,c

2018-20,

SB,

IO,

FRN,

1.83%,

(30-day

SOFR

Average

+

6.136%),

3/25/48

.......

270,304

26,657

a

2008-24,

SP,

FRN,

7.078%,

(30-day

SOFR

Average

+

22.864%),

2/25/38

........

519

522

a,c

2023-58,

SP,

IO,

FRN,

2.595%,

(30-day

SOFR

Average

+

6.9%),

12/25/53

.......

2,087,420

191,837

GNMA

,

c

2012-136,

IO,

3.5%,

11/20/42

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

204,906

27,287

c

2014-76,

IO,

5%,

5/20/44

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

126,497

26,578

c,d

2024-32,

IO,

FRN,

0.7%,

6/16/63

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

816,945

42,029

c,d

2016-H24,

IO,

FRN,

2.098%,

9/20/66

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

344,015

22,533

c,d

2017-H09,

IO,

FRN,

1.893%,

4/20/67

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

346,061

10,323

c

2014-174,

AI,

IO,

3%,

11/16/29

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

68,683

1,925

c

2021-214,

AI,

IO,

4%,

12/20/51

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

1,074,051

218,177

c,d

2014-H21,

AI,

IO,

FRN,

2.189%,

10/20/64

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

501,680

16,672

c,d

2015-H04,

AI,

IO,

FRN,

1.615%,

12/20/64

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

322,940

9,383

c,d

2015-H13,

AI,

IO,

FRN,

2.049%,

6/20/65

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

290,712

14,483

c,d

2015-H14,

AI,

IO,

FRN,

2.317%,

6/20/65

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

404,225

18,956

c,d

2015-H22,

AI,

IO,

FRN,

2.788%,

9/20/65

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

482,935

22,988

c,d

2016-H03,

AI,

IO,

FRN,

1.973%,

1/20/66

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

431,756

16,561

c,d

2016-H10,

AI,

IO,

FRN,

1.788%,

4/20/66

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

351,299

8,694

c,d

2016-H19,

AI,

IO,

FRN,

3.198%,

9/20/66

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

471,256

19,870

a,c

2019-158,

AS,

IO,

FRN,

1.724%,

(1-month

SOFR

+

6.036%),

9/16/43

...........

445,560

46,195

a,c

2023-7,

AS,

IO,

FRN,

2.598%,

(30-day

SOFR

Average

+

6.9%),

1/20/53

.........

1,854,511

144,945

a,c

2023-56,

AS,

IO,

FRN,

1.858%,

(30-day

SOFR

Average

+

6.16%),

4/20/53

.......

3,228,867

239,466

c

2014-182,

BI,

IO,

4%,

1/20/39

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

177,188

10,743

c,d

2016-H24,

BI,

IO,

FRN,

2.291%,

11/20/66

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

1,002,966

39,151

c,d

2017-H04,

BI,

IO,

FRN,

2.501%,

2/20/67

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

317,010

12,816

c

2009-121,

CI,

IO,

4.5%,

12/16/39

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

183,094

30,551

c

2022-125,

CI,

IO,

5%,

6/20/52

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

539,032

105,407

c,d

2015-H20,

CI,

IO,

FRN,

2.939%,

8/20/65

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

411,803

19,627

c,d

2016-H06,

DI,

IO,

FRN,

2.059%,

7/20/65

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

250,197

8,945

a,c

2023-181,

DS,

IO,

FRN,

1.698%,

(30-day

SOFR

Average

+

6%),

11/20/53

.......

3,069,782

194,046

a,c

2023-173,

ES,

IO,

FRN,

2.648%,

(30-day

SOFR

Average

+

6.95%),

11/20/53

.....

1,590,041

112,168

a,c

2024-4,

ES,

IO,

FRN,

2.648%,

(30-day

SOFR

Average

+

6.95%),

1/20/54

........

2,203,166

182,478

c

2021-176,

GI,

IO,

3%,

10/20/51

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

734,454

112,365

c,d

2016-H27,

GI,

IO,

FRN,

2.359%,

12/20/66

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

633,842

35,154

c,d

2017-H08,

GI,

IO,

FRN,

2.534%,

2/20/67

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

360,064

32,632

c

2013-34,

HI,

IO,

4.5%,

3/20/43

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

136,041

22,834

c,d

2015-H10,

HI,

IO,

FRN,

2.04%,

4/20/65

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

523,451

26,438

a,c

2023-101,

HS,

IO,

FRN,

1.698%,

(30-day

SOFR

Average

+

6%),

7/20/53

........

3,707,301

257,646

c

2020-138,

IB,

IO,

2.5%,

9/20/50

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

957,436

137,184

c

2014-102,

IG,

IO,

3.5%,

3/16/41

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

13,889

c

2021-177,

IG,

IO,

3.5%,

10/20/51

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

1,176,657

185,423

c

2024-4,

IG,

IO,

5%,

12/20/52

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

1,020,849

180,536

c

2013-39,

IJ,

IO,

4.5%,

3/20/43

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

382,014

59,677

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA,

(continued)

c,d

2016-H13,

IK,

IO,

FRN,

2.655%,

6/20/66

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

$

286,911

$

25,242

c

2021-89,

IL,

IO,

4.5%,

5/20/51

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

574,642

134,525

c

2021-8,

IP,

IO,

2.5%,

1/20/51

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

1,093,674

158,817

c

2021-188,

IW,

IO,

3%,

10/20/51

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

524,993

91,284

c

2020-175,

JI,

IO,

3.5%,

11/20/50

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

1,309,347

247,186

c,d

2016-H24,

JI,

IO,

FRN,

2.758%,

11/20/66

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

174,769

9,522

c

2015-52,

KI,

IO,

3.5%,

11/20/40

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

56,834

2,519

c,d

2017-H03,

KI,

IO,

FRN,

2.571%,

1/20/67

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

458,162

35,574

c

2016-75,

LI,

IO,

6%,

1/20/40

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

115,809

16,996

c

2015-89,

LI,

IO,

5%,

12/20/44

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

227,192

41,768

c

2012-38,

MI,

IO,

4%,

3/20/42

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

507,082

90,906

c

2015-53,

MI,

IO,

4%,

4/16/45

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

158,400

31,629

c

2021-7,

MI,

IO,

2.5%,

1/20/51

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

912,016

137,508

c,d

2017-H06,

MI,

IO,

FRN,

2.273%,

2/20/67

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

468,174

19,616

c,d

2017-H10,

MI,

IO,

FRN,

1.904%,

4/20/67

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

359,884

10,524

a,c

2020-112,

MS,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

8/20/50

..........

1,226,592

180,785

c

2020-123,

NI,

IO,

2.5%,

8/20/50

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

553,615

81,786

c

2021-76,

NI,

IO,

3%,

8/20/50

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

1,059,684

179,419

c,d

2016-H23,

NI,

IO,

FRN,

2.998%,

10/20/66

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

469,904

20,689

c,d

2017-H08,

NI,

IO,

FRN,

2.267%,

3/20/67

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

299,117

9,653

c

2013-6,

OI,

IO,

5%,

1/20/43

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

40,926

8,257

c,d

2016-H07,

PI,

IO,

FRN,

2.249%,

3/20/66

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

679,294

37,967

a

2023-66,

PS,

FRN,

4.62%,

(30-day

SOFR

Average

+

15.375%),

5/20/53

.........

172,276

181,613

c

2013-51,

QI,

IO,

5%,

2/20/43

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

84,452

9,217

c,d

2016-H18,

QI,

IO,

FRN,

3.107%,

6/20/66

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

302,729

16,925

a,c

2023-19,

S,

IO,

FRN,

1.618%,

(1-month

SOFR

+

5.936%),

11/20/49

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

1,807,854

210,140

a,c

2024-11,

S,

IO,

FRN,

2.098%,

(30-day

SOFR

Average

+

6.4%),

1/20/54

.........

2,490,940

155,897

a,c

2013-87,

SA,

IO,

FRN,

1.768%,

(1-month

SOFR

+

6.086%),

6/20/43

...........

466,235

51,338

a,c

2020-47,

SA,

IO,

FRN,

1.568%,

(1-month

SOFR

+

5.886%),

5/20/44

...........

378,582

42,115

a,c

2019-121,

SD,

IO,

FRN,

1.568%,

(1-month

SOFR

+

5.886%),

10/20/49

.........

222,414

27,828

a,c

2019-125,

SG,

IO,

FRN,

1.618%,

(1-month

SOFR

+

5.936%),

10/20/49

.........

550,831

65,977

a,c

2022-209,

SG,

IO,

FRN,

1.298%,

(30-day

SOFR

Average

+

5.6%),

12/20/52

......

4,216,857

302,798

a,c

2011-156,

SK,

IO,

FRN,

2.168%,

(1-month

SOFR

+

6.486%),

4/20/38

...........

1,293,572

180,938

a,c

2021-98,

SK,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

6/20/51

...........

739,850

101,109

a,c

2023-13,

SL,

IO,

FRN,

1.948%,

(30-day

SOFR

Average

+

6.25%),

1/20/53

.......

1,021,445

82,108

a,c

2013-182,

SP,

IO,

FRN,

2.268%,

(1-month

SOFR

+

6.586%),

12/20/43

..........

100,193

13,413

a,c

2023-20,

SP,

IO,

FRN,

2.698%,

(30-day

SOFR

Average

+

7%),

2/20/53

.........

2,260,067

182,538

a,c

2019-110,

SQ,

IO,

FRN,

1.618%,

(1-month

SOFR

+

5.936%),

9/20/49

..........

546,082

63,117

c,d

2015-H23,

TI,

IO,

FRN,

1.958%,

9/20/65

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

258,487

8,740

c

2020-162,

UI,

IO,

2.5%,

10/20/50

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

820,528

114,044

c,d

2015-H16,

XI,

IO,

FRN,

2.828%,

7/20/65

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

189,407

10,551

8,241,434

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $7,761,279)

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

#### 8,241,434

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $56,519,268)

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

#### 57,132,680

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 12.6%

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 3.8%
f,g

U.S.

Treasury

Bills,

4.22%,

10/02/25

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

1,000,000

989,097

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $989,533)

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

#### 989,097
Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Shares
a

#### Value
a

#### Money

#### Market

#### Funds

#### 8.8%
h,i

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

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

2,317,293

$

2,317,293

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $2,317,293)
...................................

#### 2,317,293

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $3,306,826)

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

#### 3,306,390

#### a

#### Total

#### Investments

#### (Cost

#### $59,826,094)

#### 229.8%

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

#### $60,439,070

#### TBA

#### Sale

#### Commitments

#### (3.9)%

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

#### (1,032,633)

#### Other

#### Assets,

#### less

#### Liabilities

#### (125.9)%

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

#### (33,110,746)

#### Net

#### Assets

#### 100.0%

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

#### $26,295,691

#### Principal

#### Amount
a

#### a
a

#### TBA

#### Sale

#### Commitments

#### (3.9)%

#### Mortgage-Backed

#### Securities

#### (3.9)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (3.9)%
j

Uniform

Mortgage-Backed

Securities,

TBA,

6.5%,

7/25/55

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

(1,000,000)

(1,032,633)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(1,026,250))

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

#### $(1,032,633)
a

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$7,658,963,

representing

29.1%

of

net

assets.

c

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

d

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.

e

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

f

The

rate

shown

represents

the

yield

at

period

end.

g

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$400,584,

representing

1.5%

net

assets.

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

1(d).

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

June

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(e).

At

June

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

See

Note

1(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Ultra

Notes

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

Short

$

11,426,562

9/19/25

$

(193,136)

U.S.

Treasury

Year

Notes

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

Short

9,569,078

9/30/25

(37,085)

Total

Futures

Contracts

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

$(230,221)

\*

As

of

period

end.

#### Forward

#### Premium

#### Swap

#### Option

#### Contracts

#### Fixed

#### right

#### or

#### obligation

#### to

#### receive

#### or

#### (pay)/

#### Floating

#### rate

#### index/Maturity

#### date

#### Counter

#### par

#### t

#### y

#### Expiration

#### date/strike

#### Notional/

#### Contract

#### amount

#### \*

#### Premium

#### receivable/
(payable)

#### Unrealized

#### appreciation/
(depreciation)

#### a
3.833%/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

334,100

$

7,968

$

(1,108)

(3.833%)/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

334,100

7,968

(5,241)

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

7,800,000

32,370

18,335

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

11,700,000

(25,740)

(11,029)

3.428%/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

1,692,900

97,427

(45,922)

(3.428%)/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

1,692,900

97,426

12,824

3.54%/1-day

SOFR/Oct-35/(Purchased)

CITI

10/03/25

/

3.54%

1,512,800

38,123

(22,123)

3.04%/1-day

SOFR/Oct-35/(Written)

CITI

10/03/25

/

3.04%

1,512,800

(15,128)

11,959

(3.4%)/1-day

SOFR/Oct-27/(Purchased)

CITI

10/14/25

/

3.4%

10,000,000

88,000

(54,193)

3.39%/1-day

SOFR/Oct-27/(Written)

CITI

10/14/25

/

3.39%

10,000,000

(87,000)

38,391

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

1,430,300

16,162

(11,920)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

178,500

6,480

(2,757)

(3.95%)/1-day

SOFR/Mar-37/(Purchased)

CITI

3/29/27

/

3.95%

2,319,100

107,954

(21,405)

3.45%/1-day

SOFR/Mar-37/(Purchased)

CITI

3/29/27

/

3.45%

2,319,100

102,968

(37,728)

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

614,600

76,979

3,200

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

614,600

76,979

(5,600)

3.15%/1-day

SOFR/Jul-35/(Written)

GSCO

7/03/25

/

3.15%

2,496,200

(8,737)

8,728

3.85%/1-day

SOFR/Jul-35/(Written)

GSCO

7/03/25

/

3.85%

2,496,200

(40,626)

7,097

3.7%/1-day

SOFR/Jul-35/(Purchased)

GSCO

7/03/25

/

3.7%

4,992,500

59,910

(44,617)

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCM

10/09/25

/

2.85%

1,430,300

9,630

(6,188)

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCM

10/09/25

/

4.5%

1,430,300

(4,657)

4,274

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

90,000

10,791

(929) (4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

90,000

10,791

813

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

1,892,100

68,494

(4,692)

#### Unrealized

#### appreciation

#### 105,621

#### Unrealized
(depreciation)

#### (275,452)

#### Total

#### $(169,831)
\*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

June

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(e).

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount
(a) #### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection
(c) #### Traded

#### Index
CMBX.NA.A.15

.

(2.00)%

Monthly

JPHQ

11/18/64

4,000

$

$

$

(177) CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

131,000

69,498

57,068

12,430

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

183,000

67,691

68,210

(519) CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

10,000

809

5,148

(4,339)

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

35,000

15,785

15,155

630

CMBX.NA.BB.8

.

(5.00)%

Monthly

GSCO

10/17/57

13,000

5,863

5,308

555

CMBX.NA.BB.8

.

(5.00)%

Monthly

MSCO

10/17/57

6,000

2,706

2,635

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

46,000

8,663

13,826

(5,163)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

219,000

41,245

70,816

(29,571)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

189,000

22,377

23,604

(1,227)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

CITI

8/17/61

285,000

49,334

80,881

(31,547)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

63,000

10,905

11,434

(529) CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

126,000

25,105

26,418

(1,313)

CMBX.NA.BBB-.8

(3.00)%

Monthly

CITI

10/17/57

84,000

13,684

16,227

(2,543)

CMBX.NA.BBB-.8

(3.00)%

Monthly

MSCO

10/17/57

82,000

13,358

16,880

(3,522)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

63,000

10,746

11,316

(570) #### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CMBX.NA.A.13

.

2.00%

Monthly

JPHQ

12/16/72

1,000

(63) (81) 18

Investment

Grade

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

174,000

(10,844)

(22,920)

12,076

Investment

Grade

CMBX.NA.A.15

.

2.00%

Monthly

MLCO

11/18/64

4,000

(187) (65) (122) Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

25,000

(13,263)

(2,006)

(11,257)

Below

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

118,000

(43,648)

(48,805)

5,157

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

96,000

(7,767)

(16,692)

8,925

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

19,000

(1,537)

(3,298)

1,761

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

3,000

(242) (335) 93

Below

Investment

Grade

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Credit

#### Default

#### Swap

#### Contracts
(continued)

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount
(a) #### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### OTC

#### Swap

#### Contracts
(continued)

#### to

#### Sell

#### Protection

#### (c)(d)
(continued)

#### Traded

#### Index
(continued)

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

143,000

$

(11,569)

$

(25,456)

$

13,887

Below

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

14,000

(2,155)

(3,182)

1,027

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

9,000

(1,385)

(1,848)

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

7,000

(1,077)

(1,591)

514

Investment

Grade

Total

OTC

Swap

Contracts

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

$264,219

$299,011

$(34,792)

Total

Credit

Default

Swap

Contracts

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

$264,219

$

299,011

$(34,792)

(a) In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b) Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c) Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d) The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

June

30,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(e).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

28,078,000

$

(122,817)

$

(36,699)

$

(86,118)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/30

7,581,000

83,330

26,567

56,763

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/35

830,000

13,571

5,922

7,649

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/55

579,000

12,333

7,057

5,276

Total

Interest

Rate

Swap

Contracts

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

$(13,583)

$

2,847

$(16,430)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$57,508,801

Cost

-

Non-controlled

affiliates

(Note

f)

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

2,317,293

Value

-

Unaffiliated

issuers

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

$58,121,777

Value

-

Non-controlled

affiliates

(Note

f)

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

2,317,293

Cash

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

566,626

Receivables:

Investment

securities

sold

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

83,834

Receivable

for

sales

of

TBA

securities

(Note

d)

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

1,026,250

Capital

shares

sold

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

38,749

Dividends

and

interest

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

199,945

Affiliates

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

664

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

261,781

Variation

margin

on

centrally

cleared

swap

contracts

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

1,926

OTC

swap

contracts

(upfront

payments)

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

425,290

Unrealized

appreciation

on

forward

premium

swap

option

contracts

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

105,621

Unrealized

appreciation

on

OTC

swap

contracts

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

57,607

Prepaid

expenses

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

21,670

Total

assets

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

63,229,033

Liabilities:

Payables:

Payable

for

purchases

of

TBA

securities

(Note

d)

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

34,693,789

Capital

shares

redeemed

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

4,757

Administrative

fees

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

Distribution

fees

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

2,699

Transfer

agent

fees

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

4,547

Trustees'

fees

and

expenses

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

37,739

Variation

margin

on

futures

contracts

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

50,954

Deposits

from

brokers

for:

OTC

derivative

contracts

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

555,000

OTC

swap

contracts

(upfront

receipts)

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

126,279

Unrealized

depreciation

on

OTC

swap

contracts

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

92,399

Unrealized

depreciation

on

forward

premium

swap

option

contracts

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

275,452

TBA

sale

commitments,

at

value

(proceeds

$1,026,250)

(Note

1d)

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

1,032,633

Accrued

expenses

and

other

liabilities

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

56,992

Total

liabilities

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

36,933,342

Net

assets,

at

value

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

$26,295,691

Net

assets

consist

of:

Paid-in

capital

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

$55,320,376

Total

distributable

earnings

(losses)

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

(29,024,685)

Net

assets,

at

value

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

$26,295,691

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund

#### Class

#### IA:
Net

assets,

at

value

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

$13,009,570

Shares

outstanding

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

2,158,359

Net

asset

value

and

maximum

offering

price

per

share

a

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

$6.03

#### Class

#### IB:
Net

assets,

at

value

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

$13,286,121

Shares

outstanding

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

2,212,720

Net

asset

value

and

maximum

offering

price

per

share

a

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

$6.00

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

f)

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

$30,924

Interest:

Unaffiliated

issuers

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

866,916

Total

investment

income

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

897,840

Expenses:

Management

fees

(Note

a)

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

49,108

Administrative

fees

(Note

b)

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

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

IB

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

16,525

Transfer

agent

fees:

(Note

3d)

&nbsp;&nbsp;&nbsp;&nbsp;Class

IA

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

4,917

&nbsp;&nbsp;&nbsp;&nbsp;Class

IB

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

4,324

Custodian

fees

(Note

4)

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

13,335

Reports

to

shareholders

fees

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

5,498

Professional

fees

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

31,657

Trustees'

fees

and

expenses

(Not

e

3e)

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

Other

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

Total

expenses

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

126,223

Expense

reductions

(Note

4)

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

(109) Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(43,998)

Net

expenses

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

82,116

Net

investment

income

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

815,724

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(1,009,939)

Forward

premium

swap

option

contracts

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

112,841

Futures

contracts

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

107,479

TBA

sale

commitments

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

169,395

Swap

contracts

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

(210,733)

Net

realized

gain

(loss)

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

(830,957)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

and

TBA

sale

commitments

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

2,338,776

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

3,228

Forward

premium

swap

option

contracts

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

(334,004)

Futures

contracts

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

(500,808)

Swap

contracts

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

(20,809)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,486,383

Net

realized

and

unrealized

gain

(loss)

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

655,426

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$1,471,150

Putnam

Variable

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$815,724

$2,267,264

Net

realized

gain

(loss)

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

(830,957)

(731,941)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,486,383

229,316

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

1,471,150

1,764,639

Distributions

to

shareholders:

Class

IA

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

(1,131,019)

(1,002,273)

Class

IB

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

(1,135,131)

(1,100,133)

Total

distributions

to

shareholders

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

(2,266,150)

(2,102,406)

Capital

share

transactions:

(Note

2)

Class

IA

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

(510,456)

(576,776)

Class

IB

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

306,909

(645,736)

Total

capital

share

transactions

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

(203,547)

(1,222,512)

Net

increase

(decrease)

in

net

assets

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

(998,547)

(1,560,279)

Net

assets:

Beginning

of

period

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

27,294,238

28,854,517

End

of

period

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

$26,295,691

$27,294,238

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Variable

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty separate

funds.

The Trust

follows the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

VT

Mortgage

Securities

Fund

(Fund)

is

included

in

this

report.

Shares

of

the

Fund

are

generally

sold

only

to

insurance

company

separate

accounts

to

fund

the

benefits

of

variable

life

insurance

policies

or

variable

annuity

contracts. The

Fund

offers two classes

of

shares:

Class

IA

and

Class

IB.

Each

class

of

shares

may

differ

by

its

distribution

fees,

voting

rights

on

matters

affecting

a

single

class

and

its

exchange

privilege.

The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

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

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

d. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Foreign

#### Currency

#### Translation
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain exposure

to

interest

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

8 regarding

other

derivative

information.

f. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

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).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

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.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### IA

#### Shares:
Shares

sold

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

50,440

$299,196

62,825

$389,785

Shares

issued

in

reinvestment

of

distributions

..........

190,728

1,131,019

167,046

1,002,273

Shares

redeemed

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

(314,708)

(1,940,671)

(316,409)

(1,968,834)

Net

increase

(decrease)

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

(73,540)

$(510,456)

(86,538)

$(576,776)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

June

30,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.375%

of

the

Fund's

average daily

net

assets.

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### IB

#### Shares:
Shares

sold

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

291,843

$1,788,577

1,277,542

$7,806,150

Shares

issued

in

reinvestment

of

distributions

..........

192,069

1,135,131

183,969

1,100,133

Shares

redeemed

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

(429,222)

(2,616,799)

(1,527,957)

(9,552,019)

Net

increase

(decrease)

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

54,690

$306,909

(66,446)

$(645,736)

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.550%

of

the

first

$5

billion,

0.500%

of

the

next

$5

billion,

0.450%

of

the

next

$10

billion,

0.400%

of

the

next

$10

billion,

0.350%

of

the

next

$50

billion,

0.330%

of

the

next

$50

billion,

0.320%

of

the

next

$100

billion

and

0.315%

of

any

excess

thereafter.

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund

pursuant

to

a

new

subadvisory

agreement.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

was

paid

a

monthly

fee

for

investor

servicing

at

an

annual

rate

of

0.07%

of

the

Fund's

average

daily

net

assets.

e. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. #### Maximum

#### %

#### Approved

#### %
Class

IB

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

0.35%

0.25%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed,

through April

30,

2027,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

Advisers

has

also

contractually

agreed

to

waive

fees

(and,

to

the

extent

necessary,

bear

other

expenses)

of

the

Fund

through April

30,

2027,

to

the

extent

that

total

expenses

of

the

Fund

(excluding

brokerage,

interest,

taxes,

investment-related

expenses,

payments

under

distribution

plans,

extraordinary

expenses

and

acquired

fund

fees

and

expenses)

would

exceed

an

annual

rate

of

0.50%

of

the

Fund's

average

net

assets.

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

period

ended

June

30,

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.

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

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

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

#### a

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

$2,732,792

$8,191,610

$(8,607,109)

$—

$—

$2,317,293

2,317,293

$30,924

#### Total

#### Affiliated

#### Securities

#### ...
$2,732,792

$8,191,610

$(8,607,109)

$—

$—

$2,317,293

$30,924

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

June

30,

2025,

aggregated

$330,333,177 and

$306,664,355,

respectively.

7. #### Credit

#### Risk
At

June

30,

2025,

the

Fund

had 13.2% of

its

portfolio

invested

in

high

yield

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

8. #### Other

#### Derivative

#### Information
At

June

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

20,895,494

Long

term

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

5,088,444

Total

capital

loss

carryforwards

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

$25,983,938

Cost

of

investments

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

$59,933,116

Unrealized

appreciation

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

$2,094,447

Unrealized

depreciation

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

(1,588,493)

Net

unrealized

appreciation

(depreciation)

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

$505,954

#### 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

#### Mortgage

#### Securities

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

—

Variation

margin

on

futures

contracts

$

230,221

a

Variation

margin

on

centrally

cleared

swap

contracts

69,688

b

Variation

margin

on

centrally

cleared

swap

contracts

86,118

b

Unrealized

appreciation

on

forward

premium

swap

option

contracts

105,621

Unrealized

depreciation

on

forward

premium

swap

option

contracts

275,452

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

For

the

period

ended

June

30,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

June

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options

represented

$22,294,522,

$41,319,877

and

$57,005,900,

respectively.

#### 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

#### Mortgage

#### Securities

#### Fund
(continued)

Credit

contracts

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

OTC

swap

contracts

(upfront

payments)

$

425,290

OTC

swap

contracts

(upfront

receipts)

$

126,279

Unrealized

appreciation

on

OTC

swap

contracts

57,607

Unrealized

depreciation

on

OTC

swap

contracts

92,399

Total

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

$658,206

$810,469

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

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

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$107,479

Futures

contracts

$(500,808)

Swap

contracts

(206,769)

Swap

contracts

(34,614)

Forward

premium

swap

option

contracts

112,841

Forward

premium

swap

option

contracts

(334,004)

Credit

contracts

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

Swap

contracts

(3,964)

Swap

contracts

13,805

Total

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

$9,587

$(855,621)

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

At

June

30,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

June

30,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
Forward

Premium

Swap

Option

Contracts

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

$

105,621

$

275,452

Swap

Contracts

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

482,897

218,678

Total

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

$588,518

$494,130

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### Cash

#### Collateral

#### Received

#### a

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund

#### Counterparty
BNDP

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

$

18,335

$

(17,378)

$

—

$

—

$

957

BOFA

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

12,824

(12,824)

—

—

—

CITI

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

261,676

(258,058)

—

(3,618)

—

DBAB

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

3,200

(3,200)

—

—

—

GSCO

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

153,578

(53,351)

—

(100,227)

—

JPHQ

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

5,530

(5,530)

—

—

—

MCM

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

5,087

(5,087)

—

—

—

MLCO

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

12,169

(12,169)

—

—

—

MSCO

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

116,119

(60,710)

—

—

55,409

NATW

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

—

—

—

—

—

Total

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

$588,518

$(428,307)

$—

$(103,845)

$56,366

$

a

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

At

June

30,

2025,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

a

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

b

See

the

accompanying

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

See

Note

1(e) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

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.

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.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### a,b

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund

#### Counterparty
BNDP

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

$

17,378

$

(17,378)

$

—

$

—

$

—

BOFA

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

45,922

(12,824)

—

—

33,098

CITI

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

258,058

(258,058)

—

—

—

DBAB

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

5,600

(3,200)

—

—

2,400

GSCO

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

53,351

(53,351)

—

—

—

JPHQ

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

17,860

(5,530)

—

—

12,330

MCM

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

7,117

(5,087)

—

—

2,030

MLCO

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

23,442

(12,169)

—

—

11,273

MSCO

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

60,710

(60,710)

—

—

—

NATW

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

4,692

—

—

—

4,692

Total

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

$494,130

$(428,307)

$—

$—

$65,823

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

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

June

30,

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

#### Mortgage

#### Securities

#### Fund

#### Assets:
Investments

in

Securities:

Asset-Backed

Securities

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

$

—

$

660,437

$

—

$

660,437

Commercial

Mortgage-Backed

Securities

......

—

7,370,567

—

7,370,567

Mortgage-Backed

Securities

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

—

35,531,113

—

35,531,113

Residential

Mortgage-Backed

Securities

.......

—

5,329,129

—

5,329,129

Agency

Commercial

Mortgage-Backed

Securities

—

8,241,434

—

8,241,434

Short

Term

Investments

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

2,317,293

989,097

—

3,306,390

Total

Investments

in

Securities

...........

$2,317,293

$58,121,777

$—

$60,439,070

Other

Financial

Instruments:

Forward

Premium

Swap

Option

Contracts

.....

$—

$105,621

$—

$105,621

Swap

Contracts

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

—

127,295

—

127,295

Total

Other

Financial

Instruments

.........

$—

$232,916

$—

$232,916

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

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

$

—

$

1,032,633

$

—

$

1,032,633

Forward

Premium

Swap

Option

Contracts

......

—

275,452

—

275,452

Futures

Contracts

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

230,221

—

—

230,221

Swap

Contracts

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

—

178,517

—

178,517

Total

Other

Financial

Instruments

.........

$230,221

$1,486,602

$—

$1,716,823

9. #### Credit

#### Facility
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund
(continued)

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Counterparty

#### BNDP
BNP

Paribas

SA

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### DBAB
Deutsche

Bank

AG

#### GSCO
Goldman

Sachs

Group,

Inc.

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MCM
Mizuho

Capital

Markets

LLC

#### MLCO
Merrill

Lynch

International

&

Co.

#### MSCO
Morgan

Stanley

#### NATW
Natwest

Markets

plc

#### Index

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

Index

#### Selected

#### Portfolio

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

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

4.45%

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Mortgage

#### Securities

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

its

affiliate,

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect

wholly-

owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)(6)

under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. However,

in

the

case

of

your

fund,

the

second

expense

limitation

applied

during

its

fiscal

year

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

April

30,

2027. In

additional,

the

Advisor

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

your

fund

to

the

extent

that

expenses

of

the

fund

(excluding

payments

under

the

fund's

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

and

acquired

fund

fees

and

expenses)

would

exceed

an

annual

rate

of

0.50%

of

its

average

net

assets

through

at

least

April

30,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

first

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

second

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Adviser

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

management

contract.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

IA

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Variable

Insurance

Products

(Underlying

Funds)

–

U.S.

Mortgage

Funds)

for

the

one-year,

three-

year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-performing

funds):

For

the

one-

and

three-year

periods

ended

December

31,

2024,

your

fund's

performance

was

in

the

top

decile

of

its

Lipper

peer

group.

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

funds

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

annual

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

One-year

period

Three-year

period

Five-year

period

1st

1st

3rd

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38988-SFSOI

08/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

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

ITEM 16. CONTROLS AND PROCEDURES.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvmsf-efp17167_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvmsf-efp17167_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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

**Putnam Variable Trust**

---

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

---

Date: August 26, 2025

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

---

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

---

Date: August 26, 2025

---

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

---

Date: August 26, 2025

## 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: August 26, 2025 <br>

---

| |
|:---|
| /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: August 26, 2025 <br>

---

| |
|:---|
| /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 **June 30, 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: August 26, 2025 Date: August 26, 2025

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.