# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0000928816-23-000286
**Filing Date:** 2023-2
**Character Count:** 260688
**Document Hash:** 99718f8fd4ae2f365c1133f19405dd30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-23-000286.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000928816-23-000286

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671
- **IRS NUMBER:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 23686624

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

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

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

## Series and Classes Contracts Data

### Putnam VT George Putnam Balanced Fund (Series ID: S000003895)

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

<u>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</u>

<u>Washington, D.C. 20549</u>

<br>**FORM N-CSR**<br>

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANIES**<br>

Investment Company Act file number: (811-05346)

Exact name of registrant as specified in charter: Putnam Variable Trust

Address of principal executive offices: 100 Federal Street, Boston, Massachusetts 02110

Name and address of agent for service: Stephen Tate, Vice President<br>100 Federal Street<br>Boston, Massachusetts 02110

Copy to: Bryan Chegwidden, Esq.<br>Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036

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

Date of fiscal year end: December 31, 2022

Date of reporting period: January 1, 2022 – December 31, 2022

<br><u>Item 1. Report to Stockholders:</u>

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

![](vtgeorgeputnambalanx1x1.jpg) <br>

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 **Message from the Trustees**

February 9, 2023

Dear Shareholder:

As an investor, you might be happy to see 2022 in the rearview mirror. High inflation and aggressive interest-rate increases from the U.S. Federal Reserve contributed to market volatility and negative returns for stocks and bonds. Fortunately, toward the end of the year, we saw both inflation levels and Fed actions begin to moderate somewhat.

Although we still face high inflation and uncertainty on how much the economy will slow because of higher interest rates, we believe financial market performance might be better in 2023 as compared with 2022. Historically, stocks and bonds have recovered from bear markets like the one we are experiencing. Be assured that our investment teams are actively researching securities with attractive potential and working to keep portfolio risks in check.

Thank you for investing with Putnam. ![](vtgeorgeputnambalanx2x1.jpg) <br>

------

**Performance summary** (as of 12/31/22)

**Investment objective**

Balanced investment comprising a well-diversified portfolio of stocks and bonds that produce both capital growth and current income

**Net asset value** December 31, 2022

---

| | |
|:---|:---|
| **Class IA: $11.61** | **Class IB: $11.54** |

---

**Annualized total return at net asset value (as of 12/31/22)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**Class IA**<br>**shares**<br>**(4/30/98)** | <br>**Class IB**<br>**shares**<br>**(4/30/98)** | **George**<br>**Putnam**<br>**Blended**<br>**Index**<br>**(primary**<br>**benchmark)** | <br>**S&P 500**<br>**Index**<br>**(secondary**<br>**benchmark)** | <br>**Bloomberg**<br>**U.S.**<br>**Aggregate**<br>**Bond Index** |
| 1 year | –15.82% | –15.99% | –15.56% | –18.11% | –13.01% |
| 5 years | 6.09 | 5.82 | 6.21 | 9.42 | 0.02 |
| 10 years | 8.14 | 7.86 | 8.25 | 12.56 | 1.06 |
| Life of fund | 4.99 | 4.75 | 6.41 | 7.13 | 3.94 |

---

For a portion of the periods, the fund had expense limitations, without which returns would have been lower. ![](vtgeorgeputnambalanx3x1.jpg) <br>

The George Putnam Blended Index is an unmanaged index administered by Putnam Management, 60% of which is the S&P 500® Index and 40% of which is the Bloomberg U.S. Aggregate Bond Index. The S&P 500® Index is an unmanaged index of common stock performance. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed income securities.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

**Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. All total return figures are at net asset value and exclude contract charges and expenses, which are added to the variable annuity contracts to determine total return at unit value. Had these charges and expenses been reflected, performance would have been lower. For more recent performance, contact your variable annuity provider who can provide you with performance that reflects the charges and expenses at your contract level.** ![](vtgeorgeputnambalanx3x2.jpg) <br>

Allocations are shown as a percentage of the fund's net assets. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, the use of different classifications of securities for presentation purposes, and rounding. Holdings and allocations may vary over time.

Putnam VT George Putnam Balanced Fund 1

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**Report from your fund's managers**

**Please describe investing conditions for the 12-month reporting period ended December 31, 2022.**

Financial markets were challenged by high inflation, rising interest rates, supply chain disruptions, and the Russia-Ukraine War. China's zero-Covid-19 policy also caused periodic lockdowns, which stoked global growth concerns.

To help curb multidecade-high inflation, the U.S. Federal Reserve and other central banks worldwide began to raise interest rates. The federal funds rate rose from 0.00%–0.25% at the start of the period to 4.25%–4.50% at period-end. This pushed yields on short-term bonds above long-term bonds, which caused the yield curve to flatten or invert at times.

Near the close of the period, inflation showed signs of easing, and positive corporate earnings results helped lift stocks. Credit spreads began to tighten as investor sentiment improved. [Credit spreads are the yield advantage credit-sensitive bonds offer over comparable-maturity U.S. Treasuries. Bond prices rise as yield spreads tighten and decline as spreads widen.] The yield on the 10-year U.S. Treasury climbed from 1.52% at the start of the period to 3.88% at period-end.

For the 12-month period, the S&P 500 Index logged its biggest loss since 2008. Investment-grade [IG] corporate bonds also declined, as measured by the Bloomberg U.S. Aggregate Bond Index, which returned –13.01% for the period.

**How did Putnam VT George Putnam Balanced Fund perform for the reporting period?**

The fund's class IA shares returned –15.82%, slightly underper-forming its custom primary benchmark, the George Putnam Blended Index, which returned –15.56%. This custom index comprises 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Aggregate Bond Index. The fund outperformed its all-stock secondary benchmark, the S&P 500 Index, which returned –18.11% for the period, but modestly underperformed its fixed income benchmark, the Bloomberg U.S. Aggregate Bond Index.

**Within the fund's stock portfolio, what were some top contributors and detractors relative to the custom benchmark for the reporting period?**

Cenovus Energy, a Canadian oil-sands operator, was our top-performing stock holding. The Russia-Ukraine War caused a spike in energy prices, which boosted Cenovus's profit margins. Telecommunications operator T-Mobile U.S. was another top contributor. During the period, T-Mobile performed well as investors shifted toward more defensive, value-oriented stocks.

An overweight position relative to the custom benchmark in Amazon.com was among our top detractors for stocks. The global e-retailer saw a decline in cloud computing services and online product sales during the period. Higher costs from supply chain disruptions and inflation further squeezed company profits. An out-of-benchmark position in Unity Software, a U.S. video game software developer, also dampened results. Unity's operating losses widened during the period, which cautioned investors. We sold the stock before period-end.

**How were derivatives used during the period?**

We used forward currency contracts to help hedge foreign exchange risk.

**How did the portfolio's bond allocations perform during the reporting period?**

Our bond allocations slightly outperformed the Bloomberg U.S. Aggregate Bond Index. Our tactical mortgage basis strategy [which seeks to capitalize on the difference between longer-term U.S. Treasury yields and the interest rates on 30-year home mortgages] was positioned to take advantage of fluctuations in mortgage rates throughout the year. Exposure to U.S. IG corporate credit offset positive performance, largely from our positioning in the financials sector.

**What is your outlook for bond markets?**

While we continue to find pockets of idiosyncratic opportunity, we have a cautious view on U.S. IG corporate bonds over the intermediate term. Multiple data sources have shown that inflation is on the decline. Yet, we believe monetary policy will need to remain restrictive until the Fed nears its target of 2% inflation.

Current financial conditions continue to weigh on consumer confidence, and corporate pricing power is eroding in certain sectors, in our view. We believe corporate credit fundamentals are deteriorating, albeit from a very strong base. IG valuations have worsened in recent months. We continue to believe valuations will be supported by persistent demand from liability-based and foreign institutional investors over the longer term.

**What is your outlook for the economy and the portfolio?**

Calendar 2022 was a very challenging year for financial markets and all asset classes. Investors may not find relief until inflation eases, economic growth slows further, and central banks become less hawkish, in our view.

As we enter 2023, we believe that there are reasons for optimism. Certain sectors and industries that were devastated two years ago now appear to be thriving. We expect many assets will recoup their losses once the Fed slows interest-rate hikes further. For the portfolio, we continue to use deep fundamental research to identify companies that we believe can weather macro-driven risks and will rebound if conditions shift in 2023.

*The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.*

**Consider these risks before investing:** The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, asset class, geography, industry, or sector.

2 Putnam VT George Putnam Balanced Fund

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These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings.

Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund. ![](vtgeorgeputnambalanx5x1.jpg) <br>

Your fund's managers also manage other accounts advised by Putnam Management or an affiliate, including retail mutual fund counterparts to the funds in Putnam Variable Trust.

Putnam VT George Putnam Balanced Fund 3

------

**Understanding your fund's expenses**

*As an investor in a variable annuity product that invests in a registered investment company, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, which are not shown in this section and would result in higher total expenses. Charges and expenses at the insurance company separate account level are not reflected. For more information, see your fund's prospectus or talk to your financial representative.*

**Review your fund's expenses**

The two left-hand columns of the Expenses per $1,000 table show the expenses you would have paid on a $1,000 investment in your fund from 7/1/22 to 12/31/22. They also show how much a $1,000 investment would be worth at the close of the period, *assuming actual returns and expenses.* To estimate the ongoing expenses you paid over the period, divide your account value by $1,000, then multiply the result by the number in the first line for the class of shares you own.

**Compare your fund's expenses with those of other funds**

The two right-hand columns of the Expenses per $1,000 table show your fund's expenses based on a $1,000 investment, *assuming a hypothetical 5% annualized return.* You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All shareholder reports of mutual funds and funds serving as variable annuity vehicles will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

**Expense ratios**

---

| | | |
|:---|:---|:---|
| | **Class IA** | **Class IB** |
| Total annual operating expenses for the fiscal |  |  |
| year ended 12/31/21 | 0.64% | 0.89% |
| Annualized expense ratio for the six-month |  |  |
| period ended 12/31/22\* | 0.67% | 0.92% |

---

Fiscal year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown for the annualized expense ratio and in the financial highlights of this report.

Expenses are shown as a percentage of average net assets.

\*Expense ratios for each class are for the fund's most recent fiscal half year. As a result of this, ratios may differ from expense ratios based on one-year data in the financial highlights.

**Expenses per $1,000**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Expenses and value for a** | **Expenses and value for a** |
|  | **Expenses and value for a** | **Expenses and value for a** | **$1,000 investment, assuming** | **$1,000 investment, assuming** |
|  | **$1,000 investment, assuming** | **$1,000 investment, assuming** | **a hypothetical 5% annualized** | **a hypothetical 5% annualized** |
|  | **actual returns for the** | **actual returns for the** | **return for the 6 months** | **return for the 6 months** |
| | **6 months ended 12/31/22** | **6 months ended 12/31/22** | **ended 12/31/22** | |
| | **Class IA** | **Class IB** | **Class IA** | **Class IB** |
| Expenses paid |  |  |  |  |
| per $1,000\*† | $3.39 | $4.65 | $3.41 | $4.69 |
| Ending value |  |  |  |  |
| (after |  |  |  |  |
| expenses) | $1007.80 | $1007.00 | $1021.83 | $1020.57 |

---

\*Expenses for each share class are calculated using the fund's annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 12/31/22. The expense ratio may differ for each share class.

†Expenses based on actual returns are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period (184); and then dividing that result by the number of days in the year (365). Expenses based on a hypothetical 5% return are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period (184); and then dividing that result by the number of days in the year (365).

4 Putnam VT George Putnam Balanced Fund

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**Report of Independent Registered Public Accounting Firm**<br>To the Board of Trustees of Putnam Variable Trust and Shareholders of<br>Putnam VT George Putnam Balanced Fund:

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the fund's portfolio, of Putnam VT George Putnam Balanced Fund (one of the funds constituting Putnam Variable Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP<br>Boston, Massachusetts<br>February 9, 2023

We have served as the auditor of one or more investment companies in the Putnam Investments family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.

Putnam VT George Putnam Balanced Fund 5

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**The fund's portfolio** 12/31/22

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (60.5%)\*** | **Shares** | **Value** |
| **Basic materials (2.1%)** |  |  |
| Agnico-Eagle Mines, Ltd. (Canada) | 8093 | $420549 |
| Alamos Gold, Inc. Class A (Canada) | 32045 | 323975 |
| Avery Dennison Corp. | 1786 | 323266 |
| Corteva, Inc. | 9393 | 552121 |
| CRH PLC ADR (Ireland) **<sup>S</sup>** | 7850 | 312352 |
| DuPont de Nemours, Inc. **<sup>S</sup>** | 12399 | 850943 |
| Eastman Chemical Co. | 4275 | 348156 |
| Linde PLC | 482 | 157219 |
| PPG Industries, Inc. | 3174 | 399099 |
| Sherwin-Williams Co. (The) | 2669 | 633434 |
|  |  | **4321114** |
| **Capital goods (3.8%)** |  |  |
| Berry Global Group, Inc. | 4154 | 251026 |
| Boeing Co. (The) † | 888 | 169155 |
| Deere & Co. | 1015 | 435191 |
| Emerson Electric Co. | 7135 | 685388 |
| Honeywell International, Inc. | 4966 | 1064214 |
| Ingersoll Rand, Inc. | 9647 | 504056 |
| Johnson Controls International PLC | 16201 | 1036864 |
| Northrop Grumman Corp. | 2092 | 1141416 |
| Otis Worldwide Corp. | 13964 | 1093521 |
| Raytheon Technologies Corp. | 12095 | 1220627 |
|  |  | **7601458** |
| **Communication services (1.2%)** |  |  |
| Charter Communications, Inc. Class A † | 1297 | 439813 |
| T-Mobile US, Inc. † | 13953 | 1953420 |
|  |  | **2393233** |
| **Computers (3.1%)** |  |  |
| Apple, Inc. | 39255 | 5100402 |
| CDW Corp./DE | 6463 | 1154163 |
|  |  | **6254565** |
| **Conglomerates (0.1%)** |  |  |
| General Electric Co. | 2498 | 209307 |
|  |  | **209307** |
| **Consumer cyclicals (9.6%)** |  |  |
| 4Front Ventures Corp. † | 523966 | 122346 |
| Adyen NV (Netherlands) † | 193 | 266179 |
| Amazon.com, Inc. † | 40012 | 3361008 |
| Aramark | 7513 | 310587 |
| Bath & Body Works, Inc. | 2784 | 117318 |
| BJ's Wholesale Club Holdings, Inc. † | 1791 | 118493 |
| Booking Holdings, Inc. † | 503 | 1013686 |
| CarMax, Inc. † **<sup>S</sup>** | 3442 | 209583 |
| General Motors Co. | 5543 | 186467 |
| Hilton Worldwide Holdings, Inc. | 4648 | 587321 |
| Home Depot, Inc. (The) | 8519 | 2690811 |
| Levi Strauss & Co. Class A **<sup>S</sup>** | 8554 | 132758 |
| Lululemon Athletica, Inc. (Canada) † | 492 | 157627 |
| Mastercard, Inc. Class A | 8231 | 2862166 |
| Nike, Inc. Class B | 3577 | 418545 |
| O'Reilly Automotive, Inc. † | 750 | 633023 |
| PayPal Holdings, Inc. † | 4016 | 286020 |
| Penn Entertainment, Inc. † **<sup>S</sup>** | 8210 | 243837 |
| PulteGroup, Inc. | 23222 | 1057298 |
| Target Corp. | 4736 | 705853 |
| Tesla, Inc. † | 7524 | 926806 |
| TJX Cos., Inc. (The) | 3376 | 268730 |
| United Rentals, Inc. † | 1551 | 551256 |
| Walmart, Inc. | 9886 | 1401736 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (60.5%)\*** *cont.* | **Shares** | **Value** |
| **Consumer cyclicals** *cont.* |  |  |
| Walt Disney Co. (The) † | 5651 | $490959 |
| Warby Parker, Inc. Class A † **<sup>S</sup>** | 3931 | 53029 |
|  |  | **19173442** |
| **Consumer staples (4.3%)** |  |  |
| Altria Group, Inc. | 5703 | 260684 |
| Chipotle Mexican Grill, Inc. † | 365 | 506434 |
| Coca-Cola Co. (The) | 23376 | 1486947 |
| Constellation Brands, Inc. Class A | 603 | 139745 |
| Costco Wholesale Corp. | 1604 | 732226 |
| McCormick & Co., Inc. (non-voting shares) | 3708 | 307356 |
| Netflix, Inc. † | 1845 | 544054 |
| PepsiCo, Inc. | 11212 | 2025560 |
| Procter & Gamble Co. (The) | 16203 | 2455727 |
| Sea, Ltd. ADR (Singapore) † **<sup>S</sup>** | 3298 | 171595 |
|  |  | **8630328** |
| **Electronics (2.6%)** |  |  |
| Advanced Micro Devices, Inc. † | 24672 | 1598005 |
| NVIDIA Corp. | 13820 | 2019655 |
| Qualcomm, Inc. | 10520 | 1156569 |
| Vontier Corp. | 19386 | 374731 |
|  |  | **5148960** |
| **Energy (3.7%)** |  |  |
| Cenovus Energy, Inc. (Canada) | 89726 | 1740843 |
| ConocoPhillips | 7524 | 887832 |
| Diamond Offshore Drilling, Inc. † | 70616 | 734406 |
| Enphase Energy, Inc. † | 385 | 102010 |
| Exxon Mobil Corp. | 28951 | 3193295 |
| Shell PLC (London Exchange) (United Kingdom) | 27903 | 784637 |
|  |  | **7443023** |
| **Financials (7.2%)** |  |  |
| AIA Group, Ltd. (Hong Kong) | 58600 | 651658 |
| Apollo Global Management, Inc. | 18789 | 1198550 |
| Assured Guaranty, Ltd. | 23592 | 1468838 |
| AXA SA (France) | 23504 | 655540 |
| Bank of America Corp. | 34510 | 1142971 |
| Charles Schwab Corp. (The) | 14745 | 1227669 |
| Citigroup, Inc. | 37600 | 1700648 |
| Gaming and Leisure Properties, Inc. **<sup>R</sup>** | 18660 | 971999 |
| Goldman Sachs Group, Inc. (The) | 5662 | 1944218 |
| KKR & Co., Inc. | 17717 | 822423 |
| Prudential PLC (United Kingdom) | 66279 | 903443 |
| Quilter PLC (United Kingdom) | 237178 | 266435 |
| Silvergate Capital Corp. Class A † **<sup>S</sup>** | 5731 | 99719 |
| Visa, Inc. Class A | 5668 | 1177584 |
| Vornado Realty Trust **<sup>R</sup> <sup>S</sup>** | 8731 | 181692 |
|  |  | **14413387** |
| **Health care (10.0%)** |  |  |
| Abbott Laboratories | 5726 | 628658 |
| AbbVie, Inc. | 4841 | 782354 |
| Alkermes PLC † | 15943 | 416591 |
| Ascendis Pharma A/S ADR (Denmark) † **<sup>S</sup>** | 3847 | 469834 |
| Avantor, Inc. † | 14130 | 298002 |
| Becton Dickinson and Co. | 1919 | 488002 |
| Bio-Rad Laboratories, Inc. Class A † | 868 | 364985 |
| Biogen, Inc. † | 1450 | 401534 |
| Boston Scientific Corp. † | 16442 | 760771 |
| Cigna Corp. | 6504 | 2155035 |
| Danaher Corp. | 3463 | 919149 |
| Dexcom, Inc. † | 3286 | 372107 |
| Elevance Health, Inc. | 442 | 226733 |
| Eli Lilly and Co. | 3514 | 1285562 |

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6 Putnam VT George Putnam Balanced Fund

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| | | |
|:---|:---|:---|
| **COMMON STOCKS (60.5%)\*** *cont.* | **Shares** | **Value** |
| **Health care** *cont.* |  |  |
| Humana, Inc. | 818 | $418971 |
| Illumina, Inc. † | 338 | 68344 |
| Innoviva, Inc. † | 38125 | 505156 |
| Intuitive Surgical, Inc. † | 1991 | 528312 |
| Johnson & Johnson | 8353 | 1475557 |
| McKesson Corp. | 2956 | 1108855 |
| Medtronic PLC | 1335 | 103756 |
| Merck & Co., Inc. | 12659 | 1404516 |
| Pfizer, Inc. | 14480 | 741955 |
| Regeneron Pharmaceuticals, Inc. † | 246 | 177487 |
| Thermo Fisher Scientific, Inc. | 2116 | 1165260 |
| UnitedHealth Group, Inc. | 4991 | 2646128 |
| Zoetis, Inc. | 575 | 84266 |
|  |  | **19997880** |
| **Semiconductor (0.5%)** |  |  |
| Applied Materials, Inc. | 10989 | 1070109 |
|  |  | **1070109** |
| **Software (5.5%)** |  |  |
| Intuit, Inc. | 3021 | 1175834 |
| Microsoft Corp. | 29758 | 7136564 |
| Oracle Corp. | 32765 | 2678211 |
|  |  | **10990609** |
| **Technology services (3.2%)** |  |  |
| Alphabet, Inc. Class A † | 51093 | 4507935 |
| Meta Platforms, Inc. Class A † | 7525 | 905559 |
| salesforce.com, Inc. † | 7372 | 977453 |
|  |  | **6390947** |
| **Transportation (1.5%)** |  |  |
| CSX Corp. | 11841 | 366834 |
| FedEx Corp. | 2482 | 429882 |
| Southwest Airlines Co. † | 11804 | 397441 |
| Union Pacific Corp. | 9299 | 1925544 |
|  |  | **3119701** |
| **Utilities and power (2.1%)** |  |  |
| Ameren Corp. | 4864 | 432507 |
| Constellation Energy Corp. | 1640 | 141384 |
| Exelon Corp. | 21703 | 938221 |
| NextEra Energy, Inc. | 9787 | 818193 |
| NRG Energy, Inc. | 49647 | 1579768 |
| PG&E Corp. † | 16481 | 267981 |
|  |  | **4178054** |
| **Total common stocks (cost $99,757,911)** |  | **$121336117** |
| **U.S. GOVERNMENT AND AGENCY** | **Principal** |  |
| **MORTGAGE OBLIGATIONS (9.5%)\*** | **amount** | **Value** |
| **U.S. Government Guaranteed Mortgage Obligations (2.3%)** | **U.S. Government Guaranteed Mortgage Obligations (2.3%)** |  |
| Government National Mortgage Association |  |  |
| Pass-Through Certificates |  |  |
| 4.50%, 3/20/49 | $422881 | $413636 |
| 3.50%, with due dates from 11/20/47 to 4/20/51 | 1231625 | 1134981 |
| 3.00%, with due dates from 7/20/46 to 11/20/46 | 2435071 | 2207247 |
| 2.00%, 1/20/51 | 876594 | 716383 |
|  |  | **4472247** |
| **U.S. Government Agency Mortgage Obligations (7.2%)** | **U.S. Government Agency Mortgage Obligations (7.2%)** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| Pass-Through Certificates |  |  |
| 4.50%, 8/1/52 | 995012 | 962024 |
| 2.50%, with due dates from 7/1/50 to 2/1/51 | 194285 | 167270 |
| Federal National Mortgage Association |  |  |
| Pass-Through Certificates |  |  |
| 5.50%, with due dates from 7/1/33 to 11/1/38 | 64730 | 66556 |
| 5.00%, with due dates from 8/1/33 to 10/1/52 | 1024013 | 1018215 |

---

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT AND AGENCY**<br>**MORTGAGE OBLIGATIONS (9.5%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **U.S. Government Agency Mortgage Obligations** *cont.* | **U.S. Government Agency Mortgage Obligations** *cont.* |  |
| Federal National Mortgage Association |  |  |
| Pass-Through Certificates |  |  |
| 4.50%, 2/1/49 | $598818 | $592364 |
| 4.00%, with due dates from 4/1/49 to 5/1/49 | 716705 | 684004 |
| 3.50%, with due dates from 11/1/49 to 12/1/49 | 751238 | 693187 |
| 3.00%, with due dates from 6/1/46 to 8/1/51 | 1988189 | 1779455 |
| 2.50%, with due dates from 7/1/50 to 7/1/51 | 5299499 | 4518156 |
| 2.50%, 2/1/36 | 201580 | 185621 |
| 2.00%, 10/1/50 | 2270333 | 1867662 |
| Uniform Mortgage-Backed Securities |  |  |
| 5.00%, TBA, 1/1/53 | 1000000 | 986094 |
| 4.50%, TBA, 1/1/53 | 1000000 | 963906 |
|  |  | **14484514** |
| **Total U.S. government and agency mortgage obligations** | **Total U.S. government and agency mortgage obligations** |  |
| **(cost $21,079,518)** |  | **$18956761** |
|  | **Principal** |  |
| **U.S. TREASURY OBLIGATIONS (13.0%)\*** | **amount** | **Value** |
| U.S. Treasury Bonds |  |  |
| 3.00%, 2/15/49 | $320000 | $263525 |
| 3.00%, 2/15/47 | 2010000 | 1650681 |
| 2.75%, 8/15/42 # | 4350000 | 3503770 |
| 1.875%, 2/15/51 | 1350000 | 857988 |
| 1.25%, 5/15/50 | 1490000 | 801864 |
| U.S. Treasury Notes |  |  |
| 2.75%, 8/15/32 | 580000 | 528163 |
| 2.75%, 2/15/28 | 800000 | 752219 |
| 2.25%, 11/15/27 | 3580000 | 3298635 |
| 1.75%, 12/31/24 | 320000 | 303750 |
| 1.625%, 5/15/31 | 2410000 | 2026754 |
| 1.625%, 9/30/26 | 2210000 | 2021977 |
| 1.625%, 2/15/26 | 3530000 | 3265602 |
| 1.50%, 2/15/30 | 760000 | 647663 |
| 1.375%, 11/15/31 | 1660000 | 1351084 |
| 1.125%, 2/28/25 | 4710000 | 4396675 |
| 0.625%, 10/15/24 | 420000 | 392224 |
| **Total U.S. treasury obligations (cost $30,363,886)** |  | **$26062574** |
|  | **Principal** |  |
| **CORPORATE BONDS AND NOTES (14.4%)\*** | **amount** | **Value** |
| **Basic materials (1.0%)** |  |  |
| Cabot Corp. sr. unsec. bonds 5.00%, 6/30/32 | $125000 | $115575 |
| Celanese US Holdings, LLC company guaranty |  |  |
| sr. unsec. notes 6.165%, 7/15/27 (Germany) | 175000 | 172607 |
| Celanese US Holdings, LLC company guaranty |  |  |
| sr. unsec. notes 3.50%, 5/8/24 (Germany) | 45000 | 43471 |
| Celanese US Holdings, LLC company guaranty |  |  |
| sr. unsec. notes 1.40%, 8/5/26 (Germany) | 95000 | 79466 |
| CF Industries, Inc. company guaranty sr. unsec. |  |  |
| bonds 4.95%, 6/1/43 | 174000 | 148861 |
| CF Industries, Inc. 144A company guaranty sr. |  |  |
| notes 4.50%, 12/1/26 | 13000 | 12583 |
| Georgia-Pacific, LLC 144A sr. unsec. sub. notes |  |  |
| 2.10%, 4/30/27 | 200000 | 179176 |
| Glencore Finance Canada, Ltd. 144A company |  |  |
| guaranty sr. unsec. unsub. notes 6.00%, |  |  |
| 11/15/41 (Canada) | 5000 | 4707 |
| Glencore Funding, LLC 144A company guaranty |  |  |
| sr. unsec. notes 4.125%, 3/12/24 | 40000 | 39359 |
| Glencore Funding, LLC 144A company guaranty |  |  |
| sr. unsec. notes 2.50%, 9/1/30 | 258000 | 209416 |

---

Putnam VT George Putnam Balanced Fund 7

------

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Basic materials** *cont.* |  |  |
| Huntsman International, LLC sr. unsec. notes |  |  |
| 4.50%, 5/1/29 | $210000 | $188597 |
| International Flavors & Fragrances, Inc. sr. unsec. |  |  |
| notes 4.45%, 9/26/28 | 80000 | 75293 |
| International Flavors & Fragrances, Inc. |  |  |
| 144A company guaranty sr. unsec. bonds |  |  |
| 3.468%, 12/1/50 | 27000 | 18276 |
| International Flavors & Fragrances, Inc. 144A sr. |  |  |
| unsec. notes 2.30%, 11/1/30 | 48000 | 38082 |
| Nutrien, Ltd. sr. unsec. notes 4.00%, |  |  |
| 12/15/26 (Canada) | 152000 | 146142 |
| Sherwin-Williams Co. (The) sr. unsec. unsub. |  |  |
| bonds 3.45%, 6/1/27 | 87000 | 81601 |
| Westlake Corp. sr. unsec. bonds 3.125%, 8/15/51 | 233000 | 143453 |
| Westlake Corp. sr. unsec. bonds 2.875%, 8/15/41 | 117000 | 77270 |
| WestRock MWV, LLC company guaranty sr. |  |  |
| unsec. unsub. notes 8.20%, 1/15/30 | 140000 | 157863 |
| WestRock MWV, LLC company guaranty sr. |  |  |
| unsec. unsub. notes 7.95%, 2/15/31 | 10000 | 11236 |
| Weyerhaeuser Co. sr. unsec. unsub. notes |  |  |
| 7.375%, 3/15/32 **<sup>R</sup>** | 24000 | 26529 |
|  |  | **1969563** |
| **Capital goods (0.6%)** |  |  |
| Berry Global, Inc. 144A company guaranty sr. |  |  |
| notes 1.65%, 1/15/27 | 135000 | 115462 |
| Berry Global, Inc. 144A company guaranty sr. |  |  |
| notes 1.57%, 1/15/26 | 160000 | 142531 |
| Boeing Co. (The) sr. unsec. notes 4.875%, 5/1/25 | 90000 | 89311 |
| Boeing Co. (The) sr. unsec. notes 1.433%, 2/4/24 | 90000 | 86248 |
| L3Harris Technologies, Inc. sr. unsec. notes |  |  |
| 3.85%, 12/15/26 | 242000 | 230790 |
| Northrop Grumman Corp. sr. unsec. unsub. |  |  |
| notes 3.25%, 1/15/28 | 210000 | 193672 |
| Oshkosh Corp. sr. unsec. sub. notes |  |  |
| 4.60%, 5/15/28 | 99000 | 94086 |
| Oshkosh Corp. sr. unsec. unsub. notes |  |  |
| 3.10%, 3/1/30 | 21000 | 17710 |
| Otis Worldwide Corp. sr. unsec. notes |  |  |
| 2.293%, 4/5/27 | 86000 | 76972 |
| Waste Connections, Inc. sr. unsec. bonds |  |  |
| 4.20%, 1/15/33 | 40000 | 37150 |
| Waste Connections, Inc. sr. unsec. notes |  |  |
| 4.25%, 12/1/28 | 166000 | 158606 |
|  |  | **1242538** |
| **Communication services (1.3%)** |  |  |
| American Tower Corp. sr. unsec. notes |  |  |
| 3.125%, 1/15/27 **<sup>R</sup>** | 230000 | 210733 |
| American Tower Corp. sr. unsec. notes |  |  |
| 2.90%, 1/15/30 **<sup>R</sup>** | 130000 | 110093 |
| American Tower Corp. sr. unsec. sub. notes |  |  |
| 2.75%, 1/15/27 **<sup>R</sup>** | 66000 | 59830 |
| AT&T, Inc. company guaranty sr. unsec. unsub. |  |  |
| notes 2.30%, 6/1/27 | 205000 | 182325 |
| AT&T, Inc. sr. unsec. unsub. bonds 2.55%, 12/1/33 | 172000 | 132184 |
| AT&T, Inc. sr. unsec. unsub. bonds 2.25%, 2/1/32 | 147000 | 115222 |
| AT&T, Inc. sr. unsec. unsub. notes 4.75%, 5/15/46 | 12000 | 10145 |
| Charter Communications Operating, |  |  |
| LLC/Charter Communications Operating |  |  |
| Capital Corp. company guaranty sr. notes |  |  |
| 2.25%, 1/15/29 | 55000 | 44268 |

---

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\****cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Communication services** *cont.* |  |  |
| Charter Communications Operating, LLC/ |  |  |
| Charter Communications Operating Capital |  |  |
| Corp. company guaranty sr. sub. bonds |  |  |
| 6.484%, 10/23/45 | $111000 | $100097 |
| Charter Communications Operating, LLC/ |  |  |
| Charter Communications Operating Capital |  |  |
| Corp. sr. bonds 3.70%, 4/1/51 | 5000 | 3040 |
| Comcast Corp. company guaranty sr. unsec. |  |  |
| notes 3.45%, 2/1/50 | 201000 | 145774 |
| Comcast Corp. company guaranty sr. unsec. |  |  |
| unsub. bonds 3.999%, 11/1/49 | 127000 | 100215 |
| Comcast Corp. company guaranty sr. unsec. |  |  |
| unsub. bonds 2.35%, 1/15/27 | 113000 | 102671 |
| Cox Communications, Inc. 144A sr. unsec. bonds |  |  |
| 3.50%, 8/15/27 | 73000 | 67763 |
| Cox Communications, Inc. 144A sr. unsec. notes |  |  |
| 3.35%, 9/15/26 | 76000 | 71057 |
| Crown Castle, Inc. sr. unsec. bonds |  |  |
| 3.80%, 2/15/28 **<sup>R</sup>** | 134000 | 124535 |
| Crown Castle, Inc. sr. unsec. bonds |  |  |
| 3.65%, 9/1/27 **<sup>R</sup>** | 66000 | 61303 |
| Crown Castle, Inc. sr. unsec. notes |  |  |
| 4.75%, 5/15/47 **<sup>R</sup>** | 30000 | 25444 |
| Crown Castle, Inc. sr. unsec. sub. bonds |  |  |
| 2.25%, 1/15/31 | 130000 | 104290 |
| Equinix, Inc. sr. unsec. sub. notes |  |  |
| 3.20%, 11/18/29 **<sup>R</sup>** | 194000 | 168862 |
| Rogers Communications, Inc. company |  |  |
| guaranty sr. unsec. bonds 8.75%, |  |  |
| 5/1/32 (Canada) | 10000 | 11643 |
| T-Mobile USA, Inc. company guaranty sr. notes |  |  |
| 3.875%, 4/15/30 | 6000 | 5435 |
| T-Mobile USA, Inc. company guaranty sr. notes |  |  |
| 3.75%, 4/15/27 | 229000 | 215693 |
| Verizon Communications, Inc. sr. unsec. bonds |  |  |
| 3.70%, 3/22/61 | 123000 | 85791 |
| Verizon Communications, Inc. sr. unsec. notes |  |  |
| 3.15%, 3/22/30 | 140000 | 123458 |
| Verizon Communications, Inc. sr. unsec. notes |  |  |
| 2.55%, 3/21/31 | 62000 | 50986 |
| Verizon Communications, Inc. sr. unsec. unsub. |  |  |
| notes 4.329%, 9/21/28 | 200000 | 192297 |
|  |  | **2625154** |
| **Conglomerates (0.1%)** |  |  |
| General Electric Co. jr. unsec. sub. FRN |  |  |
| (ICE LIBOR USD 3 Month + 3.33%), 8.099%, |  |  |
| perpetual maturity | 114000 | 111998 |
|  |  | **111998** |
| **Consumer cyclicals (1.1%)** |  |  |
| Alimentation Couche-Tard, Inc. 144A |  |  |
| company guaranty sr. unsec. notes 3.55%, |  |  |
| 7/26/27 (Canada) | 120000 | 110700 |
| Alimentation Couche-Tard, Inc. 144A sr. unsec. |  |  |
| notes 2.95%, 1/25/30 (Canada) | 131000 | 111017 |
| Amazon.com, Inc. sr. unsec. notes |  |  |
| 3.15%, 8/22/27 | 98000 | 92088 |
| Amazon.com, Inc. sr. unsec. unsub. bonds |  |  |
| 2.70%, 6/3/60 | 174000 | 104806 |
| Amazon.com, Inc. sr. unsec. unsub. notes |  |  |
| 2.10%, 5/12/31 | 87000 | 71049 |
| Autonation, Inc. company guaranty sr. unsec. |  |  |
| notes 4.50%, 10/1/25 | 24000 | 23341 |
| Autonation, Inc. company guaranty sr. unsec. |  |  |
| unsub. notes 3.80%, 11/15/27 | 52000 | 47164 |

---

8 Putnam VT George Putnam Balanced Fund

------

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Consumer cyclicals** *cont.* |  |  |
| BMW US Capital, LLC 144A company guaranty sr. |  |  |
| unsec. notes 3.95%, 8/14/28 | $77000 | $72701 |
| Booking Holdings, Inc. sr. unsec. sub. notes |  |  |
| 4.625%, 4/13/30 | 155000 | 149696 |
| Discovery Communications, LLC company |  |  |
| guaranty sr. unsec. unsub. notes 3.625%, 5/15/30 | 3000 | 2472 |
| Ecolab, Inc. sr. unsec. unsub. notes |  |  |
| 3.25%, 12/1/27 | 122000 | 113517 |
| General Motors Co. sr. unsec. bonds |  |  |
| 5.95%, 4/1/49 | 76000 | 66235 |
| General Motors Co. sr. unsec. bonds |  |  |
| 5.20%, 4/1/45 | 30000 | 24383 |
| General Motors Financial Co., Inc. company |  |  |
| guaranty sr. unsec. notes 4.00%, 10/6/26 | 40000 | 37650 |
| General Motors Financial Co., Inc. sr. unsec. |  |  |
| notes 1.25%, 1/8/26 | 47000 | 41387 |
| General Motors Financial Co., Inc. sr. unsec. sub. |  |  |
| notes 1.50%, 6/10/26 | 40000 | 34738 |
| Global Payments, Inc. sr. unsec. notes |  |  |
| 2.90%, 5/15/30 | 33000 | 27039 |
| Interpublic Group of Cos., Inc. (The) sr. unsec. |  |  |
| sub. bonds 4.65%, 10/1/28 | 197000 | 188488 |
| Lennar Corp. company guaranty sr. unsec. |  |  |
| unsub. notes 4.75%, 11/29/27 | 189000 | 182198 |
| Omnicom Group, Inc. company guaranty sr. |  |  |
| unsec. unsub. notes 3.60%, 4/15/26 | 42000 | 40289 |
| Paramount Global sr. unsec. unsub. notes |  |  |
| 4.20%, 6/1/29 | 60000 | 53421 |
| Paramount Global sr. unsec. unsub. notes |  |  |
| 4.00%, 1/15/26 | 17000 | 16301 |
| Paramount Global sr. unsec. unsub. notes |  |  |
| 2.90%, 1/15/27 | 48000 | 43076 |
| S&P Global, Inc. company guaranty sr. unsec. |  |  |
| bonds 2.50%, 12/1/29 | 175000 | 149607 |
| S&P Global, Inc. company guaranty sr. unsec. |  |  |
| notes 1.25%, 8/15/30 | 56000 | 43069 |
| Stellantis Finance US, Inc. 144A company |  |  |
| guaranty sr. unsec. notes 1.711%, 1/29/27 | 200000 | 171785 |
| Warnermedia Holdings, Inc. 144A company |  |  |
| guaranty sr. unsec. notes 3.755%, 3/15/27 | 298000 | 268358 |
|  |  | **2286575** |
| **Consumer staples (0.6%)** |  |  |
| Anheuser-Busch InBev Worldwide, Inc. company |  |  |
| guaranty sr. unsec. unsub. bonds 4.60%, 4/15/48 | 143000 | 124260 |
| Ashtead Capital, Inc. 144A notes 4.375%, 8/15/27 | 200000 | 186910 |
| CVS Pass-Through Trust 144A sr. mtge. notes |  |  |
| 7.507%, 1/10/32 | 104019 | 108260 |
| ERAC USA Finance, LLC 144A company guaranty |  |  |
| sr. unsec. notes 7.00%, 10/15/37 | 150000 | 162962 |
| ERAC USA Finance, LLC 144A company guaranty |  |  |
| sr. unsec. notes 5.625%, 3/15/42 | 87000 | 82251 |
| ERAC USA Finance, LLC 144A company guaranty |  |  |
| sr. unsec. notes 3.85%, 11/15/24 | 130000 | 125606 |
| Keurig Dr Pepper, Inc. company guaranty sr. |  |  |
| unsec. bonds 3.20%, 5/1/30 | 41000 | 35729 |
| Keurig Dr Pepper, Inc. company guaranty sr. |  |  |
| unsec. unsub. notes 2.55%, 9/15/26 | 100000 | 91489 |
| Kraft Heinz Foods Co. company guaranty sr. |  |  |
| unsec. sub. notes 3.875%, 5/15/27 | 29000 | 27707 |
| Netflix, Inc. sr. unsec. unsub. notes |  |  |
| 5.875%, 11/15/28 | 74000 | 75001 |
| Netflix, Inc. sr. unsec. unsub. notes |  |  |
| 4.375%, 11/15/26 | 215000 | 206938 |
|  |  | **1227113** |

---

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Energy (0.7%)** |  |  |
| BP Capital Markets America, Inc. company |  |  |
| guaranty sr. unsec. notes 3.119%, 5/4/26 | $80000 | $75831 |
| BP Capital Markets America, Inc. company |  |  |
| guaranty sr. unsec. unsub. notes 3.937%, 9/21/28 | 88000 | 84031 |
| Cheniere Corpus Christi Holdings, LLC company |  |  |
| guaranty sr. notes 5.875%, 3/31/25 | 56000 | 56340 |
| Cheniere Corpus Christi Holdings, LLC company |  |  |
| guaranty sr. notes 5.125%, 6/30/27 | 110000 | 108672 |
| Cheniere Energy Partners LP company guaranty |  |  |
| sr. unsec. unsub. notes 3.25%, 1/31/32 | 70000 | 55629 |
| Continental Resources, Inc. 144A company |  |  |
| guaranty sr. unsec. bonds 2.875%, 4/1/32 | 245000 | 181469 |
| Diamondback Energy, Inc. company guaranty sr. |  |  |
| unsec. notes 3.25%, 12/1/26 | 105000 | 97660 |
| DT Midstream, Inc. 144A sr. bonds 4.30%, 4/15/32 | 70000 | 61498 |
| EQT Corp. sr. unsec. notes 5.678%, 10/1/25 | 80000 | 79611 |
| Equinor ASA company guaranty sr. unsec. notes |  |  |
| 5.10%, 8/17/40 (Norway) | 80000 | 78559 |
| Kinetik Holdings LP 144A company guaranty sr. |  |  |
| unsec. notes 5.875%, 6/15/30 | 115000 | 107845 |
| ONEOK, Inc. company guaranty sr. unsec. unsub. |  |  |
| notes 6.10%, 11/15/32 | 130000 | 129994 |
| Patterson-UTI Energy, Inc. sr. unsec. sub. notes |  |  |
| 5.15%, 11/15/29 | 28000 | 25096 |
| Sabine Pass Liquefaction, LLC sr. bonds |  |  |
| 4.20%, 3/15/28 | 24000 | 22559 |
| Sabine Pass Liquefaction, LLC sr. notes |  |  |
| 5.00%, 3/15/27 | 105000 | 102955 |
| Transcanada Trust company guaranty jr. unsec. |  |  |
| sub. FRB 5.30%, 3/15/77 (Canada) | 135000 | 113400 |
|  |  | **1381149** |
| **Financials (5.5%)** |  |  |
| AerCap Ireland Capital DAC/AerCap Global |  |  |
| Aviation Trust company guaranty sr. unsec. |  |  |
| bonds 3.30%, 1/30/32 (Ireland) | 270000 | 211075 |
| AerCap Ireland Capital DAC/AerCap Global |  |  |
| Aviation Trust company guaranty sr. unsec. |  |  |
| notes 4.50%, 9/15/23 (Ireland) | 150000 | 149015 |
| Air Lease Corp. sr. unsec. notes Ser. MTN, |  |  |
| 3.00%, 2/1/30 | 195000 | 162625 |
| Air Lease Corp. sr. unsec. sub. bonds |  |  |
| 4.625%, 10/1/28 | 27000 | 25254 |
| Air Lease Corp. sr. unsec. sub. notes |  |  |
| 3.25%, 10/1/29 | 32000 | 27247 |
| Air Lease Corp. sr. unsec. unsub. notes |  |  |
| 3.00%, 9/15/23 | 115000 | 113049 |
| Ally Financial, Inc. company guaranty sr. unsec. |  |  |
| notes 8.00%, 11/1/31 | 90000 | 92911 |
| American Express Co. sr. unsec. unsub. notes |  |  |
| 3.375%, 5/3/24 | 180000 | 176335 |
| Aon PLC company guaranty sr. unsec. unsub. |  |  |
| notes 4.25%, 12/12/42 | 220000 | 172796 |
| Ares Capital Corp. sr. unsec. sub. notes |  |  |
| 3.875%, 1/15/26 | 205000 | 187872 |
| Australia and New Zealand Banking Group, Ltd. |  |  |
| 144A unsec. sub. FRB 2.57%, 11/25/35 (Australia) | 200000 | 146745 |
| Banco Santander SA sr. unsec. unsub. FRN |  |  |
| 1.722%, 9/14/27 (Spain) | 600000 | 512500 |
| Bank of America Corp. jr. unsec. sub. FRN Ser. AA, |  |  |
| 6.10%, perpetual maturity | 32000 | 30880 |
| Bank of America Corp. sr. unsec. FRN Ser. MTN, |  |  |
| 2.496%, 2/13/31 | 75000 | 60959 |

---

Putnam VT George Putnam Balanced Fund 9

------

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Financials** *cont.* |  |  |
| Bank of America Corp. unsec. sub. FRB |  |  |
| 3.846%, 3/8/37 | $440000 | $364347 |
| Bank of America Corp. unsec. sub. notes |  |  |
| 6.11%, 1/29/37 | 150000 | 151704 |
| Bank of Montreal unsec. sub. FRN 3.803%, |  |  |
| 12/15/32 (Canada) | 45000 | 39623 |
| Berkshire Hathaway Finance Corp. company |  |  |
| guaranty sr. unsec. bonds 2.85%, 10/15/50 | 30000 | 20036 |
| Berkshire Hathaway Finance Corp. company |  |  |
| guaranty sr. unsec. notes 4.30%, 5/15/43 | 83000 | 74405 |
| BNP Paribas SA 144A jr. unsec. sub. FRN 4.625%, |  |  |
| perpetual maturity (France) | 200000 | 154520 |
| Boston Properties, LP sr. unsec. notes |  |  |
| 6.75%, 12/1/27 **<sup>R</sup>** | 31000 | 31964 |
| BPCE SA 144A unsec. sub. notes 5.15%, |  |  |
| 7/21/24 (France) | 200000 | 195782 |
| Capital One Financial Corp. sr. unsec. unsub. |  |  |
| notes 3.75%, 3/9/27 | 142000 | 134930 |
| Capital One Financial Corp. unsec. sub. notes |  |  |
| 4.20%, 10/29/25 | 63000 | 60879 |
| Citigroup, Inc. jr. unsec. sub. FRN 3.875%, |  |  |
| perpetual maturity | 205000 | 174763 |
| Citigroup, Inc. sr. unsec. FRB 3.668%, 7/24/28 | 10000 | 9184 |
| Citigroup, Inc. sr. unsec. FRN 5.61%, 9/29/26 | 265000 | 266133 |
| Citigroup, Inc. unsec. sub. bonds 4.75%, 5/18/46 | 270000 | 224359 |
| Citigroup, Inc. unsec. sub. bonds 4.45%, 9/29/27 | 264000 | 251700 |
| CNO Financial Group, Inc. sr. unsec. unsub. notes |  |  |
| 5.25%, 5/30/25 | 28000 | 27778 |
| Corebridge Financial, Inc. 144A sr. unsec. notes |  |  |
| 3.85%, 4/5/29 | 95000 | 86527 |
| Credit Suisse AG sr. unsec. notes 1.00%, 5/5/23 | 400000 | 390723 |
| Credit Suisse Group AG 144A sr. unsec. FRN |  |  |
| 2.193%, 6/5/26 (Switzerland) | 250000 | 213523 |
| Deutsche Bank AG sr. unsec. unsub. FRN 2.222%, |  |  |
| 9/18/24 (Germany) | 150000 | 144874 |
| Deutsche Bank AG/New York, NY sr. unsec. |  |  |
| unsub. FRN 2.311%, 11/16/27 (Germany) | 150000 | 127182 |
| Deutsche Bank AG/New York, NY unsec. sub. FRB |  |  |
| 3.729%, 1/14/32 (Germany) | 225000 | 164973 |
| Digital Realty Trust LP company guaranty sr. |  |  |
| unsec. bonds 4.45%, 7/15/28 **<sup>R</sup>** | 185000 | 175148 |
| Fairfax Financial Holdings, Ltd. sr. unsec. notes |  |  |
| 4.85%, 4/17/28 (Canada) | 145000 | 137038 |
| Fairfax US, Inc. 144A company guaranty sr. |  |  |
| unsec. notes 4.875%, 8/13/24 | 40000 | 39017 |
| Fidelity National Financial, Inc. sr. unsec. bonds |  |  |
| 3.20%, 9/17/51 | 72000 | 41819 |
| Fifth Third Bancorp jr. unsec. sub. FRB 5.10%, |  |  |
| perpetual maturity | 29000 | 27550 |
| First-Citizens Bank & Trust Co. unsec. sub. notes |  |  |
| 6.125%, 3/9/28 | 157000 | 159555 |
| GLP Capital LP/GLP Financing II, Inc. company |  |  |
| guaranty sr. unsec. bonds 3.25%, 1/15/32 **<sup>R</sup>** | 65000 | 51960 |
| Goldman Sachs Group, Inc. (The) jr. unsec. sub. |  |  |
| FRN 3.65%, 7/28/51 | 79000 | 63793 |
| Goldman Sachs Group, Inc. (The) sr. unsec. FRB |  |  |
| 4.223%, 5/1/29 | 97000 | 90367 |
| Goldman Sachs Group, Inc. (The) sr. unsec. |  |  |
| unsub. notes 3.85%, 1/26/27 | 192000 | 182808 |
| Goldman Sachs Group, Inc. (The) sr. unsec. |  |  |
| unsub. notes 2.60%, 2/7/30 | 450000 | 375534 |
| Goldman Sachs Group, Inc. (The) sr. unsec. |  |  |
| unsub. notes 5.70%, 11/1/24 | 185000 | 187202 |

---

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Financials** *cont.* |  |  |
| Intercontinental Exchange, Inc. sr. unsec. bonds |  |  |
| 2.65%, 9/15/40 | $127000 | $88079 |
| Intercontinental Exchange, Inc. sr. unsec. bonds |  |  |
| 1.85%, 9/15/32 | 63000 | 47390 |
| Intesa Sanpaolo SpA 144A unsec. sub. bonds |  |  |
| 4.198%, 6/1/32 (Italy) | 220000 | 161636 |
| iStar, Inc. sr. unsec. notes 4.25%, 8/1/25 **<sup>R</sup>** | 115000 | 112691 |
| JPMorgan Chase & Co. jr. unsec. bonds 6.10%, |  |  |
| perpetual maturity | 26000 | 25305 |
| JPMorgan Chase & Co. jr. unsec. sub. FRB |  |  |
| Ser. HH, 4.60%, perpetual maturity | 146000 | 128663 |
| JPMorgan Chase & Co. jr. unsec. sub. FRB |  |  |
| Ser. W, (ICE LIBOR USD 3 Month + 1.00%), |  |  |
| 5.606%, 5/15/47 | 87000 | 66605 |
| JPMorgan Chase & Co. jr. unsec. sub. FRN 3.65%, |  |  |
| perpetual maturity | 26000 | 22263 |
| JPMorgan Chase & Co. sr. unsec. unsub. FRB |  |  |
| 3.964%, 11/15/48 | 185000 | 144300 |
| JPMorgan Chase & Co. sr. unsec. unsub. FRN |  |  |
| 3.782%, 2/1/28 | 324000 | 302712 |
| KKR Group Finance Co. VI, LLC 144A company |  |  |
| guaranty sr. unsec. bonds 3.75%, 7/1/29 | 25000 | 22482 |
| Marsh & McLennan Cos., Inc. sr. unsec. sub. notes |  |  |
| 4.375%, 3/15/29 | 185000 | 178689 |
| Massachusetts Mutual Life Insurance Co. 144A |  |  |
| unsec. sub. bonds 3.729%, 10/15/70 | 175000 | 114687 |
| MetLife Capital Trust IV 144A jr. unsec. sub. notes |  |  |
| 7.875%, 12/15/37 | 400000 | 432043 |
| Morgan Stanley unsec. sub. notes Ser. GMTN, |  |  |
| 4.35%, 9/8/26 | 450000 | 436609 |
| Neuberger Berman Group, LLC/Neuberger |  |  |
| Berman Finance Corp. 144A sr. unsec. notes |  |  |
| 4.875%, 4/15/45 | 40000 | 32272 |
| PNC Financial Services Group, Inc. (The) unsec. |  |  |
| sub. FRB 4.626%, 6/6/33 | 260000 | 240193 |
| Prologis LP sr. unsec. unsub. notes |  |  |
| 2.25%, 4/15/30 **<sup>R</sup>** | 62000 | 51653 |
| Prologis LP sr. unsec. unsub. notes |  |  |
| 2.125%, 4/15/27 **<sup>R</sup>** | 26000 | 23279 |
| Prudential Financial, Inc. jr. unsec. sub. FRN |  |  |
| 5.625%, 6/15/43 | 15000 | 14661 |
| Prudential Financial, Inc. jr. unsec. sub. FRN |  |  |
| 5.20%, 3/15/44 | 173000 | 163957 |
| Prudential Financial, Inc. sr. unsec. notes |  |  |
| 6.625%, 6/21/40 | 35000 | 37807 |
| Royal Bank of Canada unsec. sub. notes |  |  |
| Ser. GMTN, 4.65%, 1/27/26 (Canada) | 35000 | 34532 |
| Societe Generale SA 144A jr. unsec. sub. notes |  |  |
| 5.375%, perpetual maturity (France) | 205000 | 166078 |
| Teachers Insurance & Annuity Association |  |  |
| of America 144A unsec. sub. notes |  |  |
| 6.85%, 12/16/39 | 40000 | 44026 |
| Toronto-Dominion Bank (The) sr. unsec. notes |  |  |
| 4.108%, 6/8/27 (Canada) | 76000 | 73465 |
| Truist Financial Corp. jr. unsec. sub. FRB Ser. N, |  |  |
| 4.80%, 9/1/24 | 75000 | 67519 |
| UBS AG unsec. sub. notes 5.125%, 5/15/24 |  |  |
| (Switzerland) | 360000 | 354406 |
| US Bancorp unsec. sub. FRB 2.491%, 11/3/36 | 225000 | 171219 |
| VICI Properties LP sr. unsec. unsub. notes |  |  |
| 4.75%, 2/15/28 **<sup>R</sup>** | 95000 | 90123 |

---

10 Putnam VT George Putnam Balanced Fund

------

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Financials** *cont.* |  |  |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| 144A company guaranty sr. unsec. notes |  |  |
| 3.75%, 2/15/27 **<sup>R</sup>** | $35000 | $31771 |
| Wells Fargo & Co. jr. unsec. sub. FRB Ser. U, |  |  |
| 5.875%, perpetual maturity | 65000 | 62725 |
| Wells Fargo & Co. jr. unsec. sub. FRN 3.90%, |  |  |
| perpetual maturity | 80000 | 70021 |
| Westpac Banking Corp. unsec. sub. bonds |  |  |
| 4.421%, 7/24/39 (Australia) | 85000 | 70161 |
| Westpac Banking Corp. unsec. sub. bonds |  |  |
| 2.963%, 11/16/40 (Australia) | 79000 | 52161 |
|  |  | **11047146** |
| **Health care (1.1%)** |  |  |
| Amgen, Inc. sr. unsec. bonds 4.663%, 6/15/51 | 83000 | 71412 |
| Amgen, Inc. sr. unsec. unsub. notes |  |  |
| 2.60%, 8/19/26 | 33000 | 30491 |
| Becton Dickinson and Co. sr. unsec. notes |  |  |
| 2.823%, 5/20/30 | 110000 | 94408 |
| Bristol-Myers Squibb Co. sr. unsec. notes |  |  |
| 2.75%, 2/15/23 | 400000 | 399027 |
| Cigna Corp. company guaranty sr. unsec. unsub. |  |  |
| notes 3.75%, 7/15/23 | 118000 | 117221 |
| CVS Pass-Through Trust 144A sr. mtge. notes |  |  |
| 4.704%, 1/10/36 | 10690 | 9607 |
| DH Europe Finance II SARL company guaranty sr. |  |  |
| unsec. notes 2.60%, 11/15/29 (Luxembourg) | 80000 | 69980 |
| GE Healthcare Holding, LLC 144A company |  |  |
| guaranty sr. unsec. notes 5.65%, 11/15/27 | 100000 | 101170 |
| HCA, Inc. company guaranty sr. bonds |  |  |
| 5.25%, 6/15/26 | 67000 | 66191 |
| HCA, Inc. company guaranty sr. unsec. notes |  |  |
| 5.375%, 9/1/26 | 58000 | 57355 |
| HCA, Inc. company guaranty sr. unsec. unsub. |  |  |
| notes 5.375%, 2/1/25 | 10000 | 9988 |
| Humana, Inc. sr. unsec. unsub. notes |  |  |
| 5.75%, 3/1/28 | 130000 | 132738 |
| Service Corp. International sr. unsec. notes |  |  |
| 4.625%, 12/15/27 | 30000 | 28022 |
| Service Corp. International sr. unsec. notes |  |  |
| 3.375%, 8/15/30 | 20000 | 16258 |
| Service Corp. International sr. unsec. sub. notes |  |  |
| 4.00%, 5/15/31 | 165000 | 138967 |
| Thermo Fisher Scientific, Inc. sr. unsec. notes |  |  |
| 4.80%, 11/21/27 | 210000 | 210682 |
| UnitedHealth Group, Inc. sr. unsec. notes |  |  |
| 2.95%, 10/15/27 | 190000 | 175896 |
| UnitedHealth Group, Inc. sr. unsec. unsub. notes |  |  |
| 5.25%, 2/15/28 | 230000 | 235113 |
| Viatris, Inc. company guaranty sr. unsec. notes |  |  |
| 2.30%, 6/22/27 | 75000 | 64084 |
| Zoetis, Inc. sr. unsec. notes 3.90%, 8/20/28 | 150000 | 142483 |
| Zoetis, Inc. sr. unsec. sub. notes 3.00%, 9/12/27 | 90000 | 83204 |
|  |  | **2254297** |
| **Technology (1.1%)** |  |  |
| Alphabet, Inc. sr. unsec. bonds 2.25%, 8/15/60 | 160000 | 90134 |
| Alphabet, Inc. sr. unsec. notes 1.998%, 8/15/26 | 84000 | 77228 |
| Apple, Inc. sr. unsec. unsub. notes |  |  |
| 4.375%, 5/13/45 | 150000 | 138622 |
| Broadcom, Inc. company guaranty sr. unsec. |  |  |
| bonds 4.15%, 11/15/30 | 152000 | 136215 |
| Broadcom, Inc. 144A sr. unsec. bonds |  |  |
| 4.926%, 5/15/37 | 205000 | 178835 |

---

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Technology** *cont.* |  |  |
| Broadcom, Inc. 144A sr. unsec. bonds |  |  |
| 3.187%, 11/15/36 | $72000 | $51717 |
| Dell International, LLC/EMC Corp. company |  |  |
| guaranty sr. bonds 8.35%, 7/15/46 | 7000 | 7975 |
| Meta Platforms, Inc. sr. unsec. unsub. bonds |  |  |
| 4.45%, 8/15/52 | 108000 | 85822 |
| Meta Platforms, Inc. sr. unsec. unsub. notes |  |  |
| 3.50%, 8/15/27 | 60000 | 55920 |
| Microchip Technology, Inc. company guaranty |  |  |
| sr. notes 4.333%, 6/1/23 | 83000 | 82646 |
| Microsoft Corp. sr. unsec. unsub. bonds |  |  |
| 2.921%, 3/17/52 | 371000 | 262483 |
| Microsoft Corp. sr. unsec. unsub. bonds |  |  |
| 2.40%, 8/8/26 | 66000 | 61542 |
| Oracle Corp. sr. unsec. bonds 3.95%, 3/25/51 | 50000 | 35622 |
| Oracle Corp. sr. unsec. bonds 3.65%, 3/25/41 | 225000 | 166094 |
| Oracle Corp. sr. unsec. notes 1.65%, 3/25/26 | 180000 | 161140 |
| salesforce.com, Inc. sr. unsec. bonds |  |  |
| 3.05%, 7/15/61 | 185000 | 117470 |
| salesforce.com, Inc. sr. unsec. bonds |  |  |
| 2.90%, 7/15/51 | 185000 | 121252 |
| Sensata Technologies, Inc. 144A company |  |  |
| guaranty sr. unsec. notes 3.75%, 2/15/31 | 170000 | 139849 |
| ServiceNow, Inc. sr. unsec. notes 1.40%, 9/1/30 | 200000 | 153003 |
| Workday, Inc. sr. unsec. notes 3.70%, 4/1/29 | 70000 | 64428 |
|  |  | **2187997** |
| **Transportation (0.2%)** |  |  |
| Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| 144A sr. unsec. bonds 3.40%, 11/15/26 | 86000 | 78887 |
| Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| 144A sr. unsec. notes 4.40%, 7/1/27 | 260000 | 246725 |
|  |  | **325612** |
| **Utilities and power (1.1%)** |  |  |
| AES Corp. (The) sr. unsec. unsub. notes |  |  |
| 2.45%, 1/15/31 | 135000 | 107395 |
| American Electric Power Co., Inc. sr. unsec. |  |  |
| unsub. notes Ser. J, 4.30%, 12/1/28 | 66000 | 63031 |
| American Transmission Systems, Inc. 144A sr. |  |  |
| unsec. bonds 2.65%, 1/15/32 | 50000 | 41033 |
| Appalachian Power Co. sr. unsec. unsub. notes |  |  |
| Ser. L, 5.80%, 10/1/35 | 60000 | 58838 |
| Boardwalk Pipelines LP company guaranty sr. |  |  |
| unsec. notes 3.60%, 9/1/32 | 33000 | 27307 |
| Commonwealth Edison Co. sr. mtge. bonds |  |  |
| 5.875%, 2/1/33 | 15000 | 15450 |
| Consolidated Edison Co. of New York, Inc. sr. |  |  |
| unsec. unsub. notes 4.20%, 3/15/42 | 40000 | 33476 |
| Duke Energy Ohio, Inc. sr. bonds 3.65%, 2/1/29 | 130000 | 120375 |
| El Paso Natural Gas Co., LLC company guaranty |  |  |
| sr. unsec. unsub. notes 8.375%, 6/15/32 | 75000 | 84813 |
| Enbridge, Inc. sr. unsec. unsub. bonds 4.25%, |  |  |
| 12/1/26 (Canada) | 42000 | 40379 |
| Energy Transfer LP jr. unsec. sub. FRN 6.625%, |  |  |
| perpetual maturity | 257000 | 190823 |
| Energy Transfer LP sr. unsec. unsub. notes |  |  |
| 7.60%, 2/1/24 | 30000 | 30499 |
| Energy Transfer LP sr. unsec. unsub. notes |  |  |
| 6.50%, 2/1/42 | 20000 | 19768 |
| Enterprise Products Operating, LLC company |  |  |
| guaranty sr. unsec. notes 2.80%, 1/31/30 | 230000 | 195391 |
| Enterprise Products Operating, LLC company |  |  |
| guaranty sr. unsec. unsub. bonds 4.25%, 2/15/48 | 65000 | 52157 |
| IPALCO Enterprises, Inc. sr. notes 4.25%, 5/1/30 | 116000 | 103051 |

---

Putnam VT George Putnam Balanced Fund 11

------

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS AND NOTES (14.4%)\*** *cont.* | **Principal**<br>**amount** | <br>**Value** |
| **Utilities and power** *cont.* |  |  |
| IPALCO Enterprises, Inc. sr. sub. notes |  |  |
| 3.70%, 9/1/24 | $35000 | $33916 |
| Kinder Morgan Energy Partners LP company |  |  |
| guaranty sr. unsec. notes 5.40%, 9/1/44 | 16000 | 14376 |
| NRG Energy, Inc. 144A company guaranty sr. |  |  |
| notes 3.75%, 6/15/24 | 80000 | 77051 |
| NRG Energy, Inc. 144A sr. notes 2.45%, 12/2/27 | 114000 | 94455 |
| Oncor Electric Delivery Co., LLC sr. notes |  |  |
| 5.75%, 3/15/29 | 55000 | 57042 |
| Pacific Gas and Electric Co. notes 2.10%, 8/1/27 | 30000 | 25621 |
| Pacific Gas and Electric Co. sr. bonds |  |  |
| 5.90%, 6/15/32 | 68000 | 66354 |
| Pacific Gas and Electric Co. sr. bonds |  |  |
| 4.95%, 7/1/50 | 70000 | 54239 |
| Pacific Gas and Electric Co. sr. notes |  |  |
| 3.30%, 12/1/27 | 130000 | 114729 |
| PacifiCorp sr. bonds 2.70%, 9/15/30 | 86000 | 73934 |
| Sunoco Logistics Partners Operations |  |  |
| LP company guaranty sr. unsec. unsub. notes |  |  |
| 5.95%, 12/1/25 | 25000 | 25350 |
| Vistra Operations Co., LLC 144A company |  |  |
| guaranty sr. notes 4.30%, 7/15/29 | 58000 | 52249 |
| Vistra Operations Co., LLC 144A company |  |  |
| guaranty sr. notes 3.55%, 7/15/24 | 67000 | 64257 |
| WEC Energy Group, Inc. jr. unsec. sub. FRN |  |  |
| Ser. A, (ICE LIBOR USD 3 Month + 2.11%), |  |  |
| 6.719%, 5/15/67 | 300000 | 250962 |
|  |  | **2188321** |
| **Total corporate bonds and notes (cost $32,685,943)** | **Total corporate bonds and notes (cost $32,685,943)** | **$28847463** |
|  | **Principal** |  |
| **MORTGAGE-BACKED SECURITIES (0.7%)\*** | **amount** | **Value** |
| Citigroup Commercial Mortgage Trust |  |  |
| Ser. 14-GC21, Class C, 4.78%, 5/10/47 **<sup>W</sup>** | $124000 | $116823 |
| Ser. 18-B2, Class A4, 4.009%, 3/10/51 | 251000 | 235032 |
| COMM Mortgage Trust FRB Ser. 14-UBS6, Class C, |  |  |
| 4.436%, 12/10/47 **<sup>W</sup>** | 20000 | 18315 |
| CSAIL Commercial Mortgage Trust Ser. 19-C17, |  |  |
| Class AS, 3.278%, 9/15/52 | 215000 | 180189 |
| FIRSTPLUS Home Loan Owner Trust Ser. 97-3, |  |  |
| Class B1, 7.79%, 11/10/23 (In default) † | 14822 | 1 |
| GS Mortgage Securities Trust FRB Ser. 14-GC22, |  |  |
| Class C, 4.686%, 6/10/47 **<sup>W</sup>** | 127000 | 120027 |
| LSTAR Commercial Mortgage Trust 144A FRB |  |  |
| Ser. 15-3, Class AS, 3.142%, 4/20/48 **<sup>W</sup>** | 22799 | 21763 |
| Morgan Stanley Bank of America Merrill Lynch |  |  |
| Trust Ser. 16-C28, Class A4, 3.544%, 1/15/49 | 340000 | 320012 |
| Morgan Stanley Capital I Trust Ser. 18-L1, |  |  |
| Class A4, 4.407%, 10/15/51 **<sup>W</sup>** | 408000 | 385602 |
| Morgan Stanley Capital I Trust 144A FRB |  |  |
| Ser. 12-C4, Class D, 5.164%, 3/15/45 **<sup>W</sup>** | 62803 | 58093 |
| TIAA Real Estate CDO, Ltd. 144A Ser. 03-1A, |  |  |
| Class E, 8.00%, 12/28/38 (In default) † | 220229 | 2 |
| WF-RBS Commercial Mortgage Trust 144A FRB |  |  |
| Ser. 11-C3, Class D, 5.378%, 3/15/44 **<sup>W</sup>** | 63020 | 32153 |
| **Total mortgage-backed securities (cost $1,846,608)** | **Total mortgage-backed securities (cost $1,846,608)** | **$1488012** |
| **UNITS (0.1%)\*** | **Units** | **Value** |
| GoGreen Investments Corp. † | 17958 | $188559 |
| **Total units (cost $179,580)** |  | **$188559** |

---

---

| | | |
|:---|:---|:---|
| <br>**MUNICIPAL BONDS AND NOTES (0.1%)\*** | **Principal**<br>**amount** | <br>**Value** |
| CA State G.O. Bonds, (Build America Bonds), |  |  |
| 7.50%, 4/1/34 | $30000 | $36299 |
| North TX, Tollway Auth. Rev. Bonds, (Build |  |  |
| America Bonds), 6.718%, 1/1/49 | 55000 | 65347 |
| OH State U. Rev. Bonds, (Build America Bonds), |  |  |
| 4.91%, 6/1/40 | 40000 | 40198 |
| **Total municipal bonds and notes (cost $125,146)** |  | **$141844** |
| **SHORT-TERM INVESTMENTS (3.6%)\*** | **Shares** | **Value** |
| Putnam Cash Collateral Pool, LLC 4.62% **<sup>d</sup>** | 2117626 | $2117626 |
| Putnam Short Term Investment Fund |  |  |
| Class P 4.53% **<sup>L</sup>** | 5127083 | 5127083 |
| **Total short-term investments (cost $7,244,709)** |  | **$7244709** |
| **Total investments (cost $193,283,301)** |  | **$204266039** |

---

**Key to holding's abbreviations**

---

| | |
|:---|:---|
| **ADR** | American Depository Receipts: Represents ownership of foreign |
|  | securities on deposit with a custodian bank. |
| **DAC** | Designated Activity Company |
| **FRB** | Floating Rate Bonds: The rate shown is the current interest rate |
|  | at the close of the reporting period. Rates may be subject to a cap |
|  | or floor. For certain securities, the rate may represent a fixed rate |
|  | currently in place at the close of the reporting period. |
| **FRN** | Floating Rate Notes: The rate shown is the current interest rate or |
|  | yield at the close of the reporting period. Rates may be subject |
|  | to a cap or floor. For certain securities, the rate may represent a |
|  | fixed rate currently in place at the close of the reporting period. |
| **GMTN** | Global Medium Term Notes |
| **G.O. Bonds** | General Obligation Bonds |
| **ICE** | Intercontinental Exchange |
| **LIBOR** | London Interbank Offered Rate |
| **MTN** | Medium Term Notes |
| **TBA** | To Be Announced Commitments |

---

**Notes to the fund's portfolio**

Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from January 1, 2022 through December 31, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures*.

\* Percentages indicated are based on net assets of $200,447,176.

† This security is non-income-producing.

# This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $115,852 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 8).

**<sup>d</sup>** Affiliated company. See Notes 1 and 5 to the financial statements regarding securities lending. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

**<sup>L</sup>** Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

**<sup>R</sup>** Real Estate Investment Trust.

**<sup>S</sup>** Security on loan, in part or in entirety, at the close of the reporting period (Note 1).

**<sup>W</sup>** The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor.

Debt obligations are considered secured unless otherwise indicated.

12 Putnam VT George Putnam Balanced Fund

------

144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See Note 1 to the financial statements regarding TBA commitments.

The dates shown on debt obligations are the original maturity dates.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD CURRENCY CONTRACTS at 12/31/22 (aggregate face value $6,828,984)** | **FORWARD CURRENCY CONTRACTS at 12/31/22 (aggregate face value $6,828,984)** | **FORWARD CURRENCY CONTRACTS at 12/31/22 (aggregate face value $6,828,984)** | **FORWARD CURRENCY CONTRACTS at 12/31/22 (aggregate face value $6,828,984)** | **FORWARD CURRENCY CONTRACTS at 12/31/22 (aggregate face value $6,828,984)** | | |
|  |  | **Contract** | **Delivery** |  | | |
| **Counterparty** | **Currency** | **type\*** | **date** | **Value** | <br>**Aggregate** <br>**face value** | **Unrealized**<br>**appreciation/**<br>**(depreciation)** |
| **Bank of America N.A.** | | | | | | |
|  | Canadian Dollar | Sell | 1/18/23 | $385996 | $381253 | $(4743) |
| **Barclays Bank PLC** |  |  |  |  |  |  |
|  | British Pound | Sell | 3/15/23 | 1284079 | 1296731 | 12652 |
|  | Canadian Dollar | Sell | 1/18/23 | 407932 | 404503 | (3429) |
|  | Euro | Sell | 3/15/23 | 302131 | 297028 | (5103) |
| **Citibank, N.A.** |  |  |  |  |  |  |
|  | Canadian Dollar | Sell | 1/18/23 | 500775 | 496568 | (4207) |
|  | Euro | Sell | 3/15/23 | 442603 | 435008 | (7595) |
| **Goldman Sachs International** |  |  |  |  |  |  |
|  | British Pound | Sell | 3/15/23 | 549818 | 555001 | 5183 |
|  | Euro | Sell | 3/15/23 | 211030 | 207407 | (3623) |
| **HSBC Bank USA, National Association** |  |  |  |  |  |  |
|  | Danish Krone | Sell | 3/15/23 | 348181 | 337666 | (10515) |
|  | Hong Kong Dollar | Sell | 2/15/23 | 317528 | 318182 | 654 |
| **JPMorgan Chase Bank N.A.** |  |  |  |  |  |  |
|  | Singapore Dollar | Sell | 2/15/23 | 293318 | 278399 | (14919) |
| **Morgan Stanley & Co. International PLC** |  |  |  |  |  |  |
|  | Canadian Dollar | Sell | 1/18/23 | 386882 | 394486 | 7604 |
| **State Street Bank and Trust Co.** |  |  |  |  |  |  |
|  | Canadian Dollar | Buy | 1/18/23 | 35970 | 35649 | 321 |
|  | Hong Kong Dollar | Sell | 2/15/23 | 325004 | 323228 | (1776) |
| **UBS AG** |  |  |  |  |  |  |
|  | Canadian Dollar | Sell | 1/18/23 | 357706 | 354739 | (2967) |
|  | Euro | Sell | 3/15/23 | 238672 | 234642 | (4030) |
| **WestPac Banking Corp.** |  |  |  |  |  |  |
|  | Canadian Dollar | Sell | 1/18/23 | 482384 | 478494 | (3890) |
| **Unrealized appreciation** |  |  |  |  |  | **26414** |
| **Unrealized (depreciation)** |  |  |  |  |  | **(66797)** |
| **Total** |  |  |  |  |  | **$(40383)** |

---

\* The exchange currency for all contracts listed is the United States Dollar.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**FUTURES CONTRACTS OUTSTANDING at 12/31/22** | <br>**Number of**<br>**contracts** | <br>**Notional**<br>**amount** | <br>**Value** | <br>**Expiration** <br>**date** | **Unrealized**<br>**appreciation/**<br>**(depreciation)** |
| S&P 500 Index E-Mini (Long) | 10 | $1919750 | $1930500 | Mar-23 | $(36777) |
| **Unrealized appreciation** |  |  |  |  | **—** |
| **Unrealized (depreciation)** |  |  |  |  | **(36777)** |
| **Total** |  |  |  |  | **$(36777)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **TBA SALE COMMITMENTS OUTSTANDING at 12/31/22**<br>**(proceeds receivable $2,783,203)** | **Principal**<br>**amount** | **Settlement**<br>**date** | <br>**Value** |
| Uniform Mortgage-Backed Securities, 5.00%, 1/1/53 | $1000000 | 1/12/23 | $986094 |
| Uniform Mortgage-Backed Securities, 4.50%, 1/1/53 | 1000000 | 1/12/23 | 963906 |
| Uniform Mortgage-Backed Securities, 2.00%, 1/1/53 | 1000000 | 1/12/23 | 816219 |
| **Total** |  |  | **$2766219** |

---

Putnam VT George Putnam Balanced Fund 13

------

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:

---

| | | | |
|:---|:---|:---|:---|
| | | **Valuation inputs** | |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| Common stocks\*: |  |  |  |
| Basic materials | $4321114 | $— | $— |
| Capital goods | 7601458 |  |  |
| Communication services | 2393233 |  |  |
| Conglomerates | 209307 |  |  |
| Consumer cyclicals | 19173442 |  |  |
| Consumer staples | 8630328 |  |  |
| Energy | 7443023 |  |  |
| Financials | 14413387 |  |  |
| Health care | 19997880 |  |  |
| Technology | 29855190 |  |  |
| Transportation | 3119701 |  |  |
| Utilities and power | 4178054 |  |  |
| **Total common stocks** | **121336117** | **—** | **—** |
| Corporate bonds and notes |  | 28847463 |  |
| Mortgage-backed securities |  | 1488012 |  |
| Municipal bonds and notes |  | 141844 |  |
| U.S. government and agency mortgage obligations |  | 18956761 |  |
| U.S. treasury obligations |  | 26062574 |  |
| Units | 188559 |  |  |
| Short-term investments |  | 7244709 |  |
| **Totals by level** | **$121524676** | **$82741363** | **$—** |
|  |  | **Valuation inputs** |  |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Forward currency contracts | $— | $(40383) | $— |
| Futures contracts | (36777) |  |  |
| TBA sale commitments |  | (2766219) |  |
| **Totals by level** | **$(36777)** | **$(2806602)** | **$—** |

---

\* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.

The accompanying notes are an integral part of these financial statements.

14 Putnam VT George Putnam Balanced Fund

------

**Statement of assets and liabilities**<br>12/31/22

---

| | |
|:---|:---|
| **Assets** | |
| Investment in securities, at value, including $2,069,137 of securities on loan (Notes 1 and 8): |  |
| Unaffiliated issuers (identified cost $186,038,592) | $197021330 |
| Affiliated issuers (identified cost $7,244,709) (Note 5) | 7244709 |
| Cash | 4570 |
| Foreign currency (cost $184) (Note 1) | 180 |
| Dividends, interest and other receivables | 675038 |
| Receivable for shares of the fund sold | 47917 |
| Receivable for investments sold | 1104229 |
| Receivable for sales of TBA securities (Note 1) | 2786717 |
| Unrealized appreciation on forward currency contracts (Note 1) | 26414 |
| **Total assets** | **208911104** |
| **Liabilities** |  |
| Payable for investments purchased | 1061030 |
| Payable for purchases of TBA securities (Note 1) | 1967161 |
| Payable for shares of the fund repurchased | 159405 |
| Payable for compensation of Manager (Note 2) | 90196 |
| Payable for custodian fees (Note 2) | 15460 |
| Payable for investor servicing fees (Note 2) | 23731 |
| Payable for Trustee compensation and expenses (Note 2) | 69266 |
| Payable for administrative services (Note 2) | 2452 |
| Payable for distribution fees (Note 2) | 30293 |
| Payable for variation margin on futures contracts (Note 1) | 3184 |
| Unrealized depreciation on forward currency contracts (Note 1) | 66797 |
| TBA sale commitments, at value (proceeds receivable $2,783,203) (Note 1) | 2766219 |
| Collateral on securities loaned, at value (Note 1) | 2117626 |
| Other accrued expenses | 91108 |
| **Total liabilities** | **8463928** |
| **Net assets** | **$200447176** |
| **Represented by** |  |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $190442518 |
| Total distributable earnings (Note 1) | 10004658 |
| **Total — Representing net assets applicable to capital shares outstanding** | **$200447176** |
| **Computation of net asset value Class IA** |  |
| Net assets | $59555653 |
| Number of shares outstanding | 5128083 |
| Net asset value, offering price and redemption price per share (net assets divided by number of shares outstanding) | $11.61 |
| **Computation of net asset value Class IB** |  |
| Net assets | $140891523 |
| Number of shares outstanding | 12208597 |
| Net asset value, offering price and redemption price per share (net assets divided by number of shares outstanding) | $11.54 |

---

The accompanying notes are an integral part of these financial statements.

Putnam VT George Putnam Balanced Fund 15

------

**Statement of operations**<br>Year ended 12/31/22

---

| | |
|:---|:---|
| **Investment income** | |
| Interest (including interest income of $108,544 from investments in affiliated issuers) (Note 5) | $2202194 |
| Dividends (net of foreign tax of $17,989) | 1958732 |
| Securities lending (net of expenses) (Notes 1 and 5) | 5749 |
| **Total investment income** | **4166675** |
| **Expenses** |  |
| Compensation of Manager (Note 2) | 1121719 |
| Investor servicing fees (Note 2) | 151612 |
| Custodian fees (Note 2) | 33706 |
| Trustee compensation and expenses (Note 2) | 9159 |
| Distribution fees (Note 2) | 378186 |
| Administrative services (Note 2) | 6777 |
| Other | 146789 |
| **Total expenses** | **1847948** |
| Expense reduction (Note 2) | (132) |
| **Net expenses** | **1847816** |
| **Net investment income** | **2318859** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on:** |  |
| Securities from unaffiliated issuers (Notes 1 and 3) | (1982077) |
| Foreign currency transactions (Note 1) | 168 |
| Forward currency contracts (Note 1) | 653310 |
| Futures contracts (Note 1) | (965562) |
| Written options (Note 1) | 1993 |
| **Total net realized loss** | **(2292168)** |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Securities from unaffiliated issuers and TBA sale commitments | (39729488) |
| Assets and liabilities in foreign currencies | (217) |
| Forward currency contracts | (25526) |
| Futures contracts | (69031) |
| **Total change in net unrealized depreciation** | **(39824262)** |
| **Net loss on investments** | **(42116430)** |
| **Net decrease in net assets resulting from operations** | **$(39797571)** |

---

The accompanying notes are an integral part of these financial statements.

16 Putnam VT George Putnam Balanced Fund

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **Year ended**<br>**12/31/22** | **Year ended**<br>**12/31/21** |
| **Increase (decrease) in net assets** | | |
| **Operations:** | | |
| Net investment income | $2318859 | $1777055 |
| Net realized gain (loss) on investments and foreign currency transactions | (2292168) | 16994512 |
| Change in net unrealized appreciation (depreciation) of investments and assets and liabilities in foreign currencies | (39824262) | 12713211 |
| **Net increase (decrease) in net assets resulting from operations** | **(39797571)** | **31484778** |
| Distributions to shareholders (Note 1): |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class IA | (794852) | (748675) |
| Class IB | (1453152) | (1369975) |
| Net realized short-term gain on investments |  |  |
| Class IA | (1508149) | (1395258) |
| Class IB | (3533551) | (3170830) |
| From net realized long-term gain on investments |  |  |
| Class IA | (3529793) | (2741902) |
| Class IB | (8270204) | (6231178) |
| Increase from capital share transactions (Note 4) | 6869282 | 11788547 |
| **Total increase (decrease) in net assets** | **(52017990)** | **27615507** |
| **Net assets:** |  |  |
| Beginning of year | 252465166 | 224849659 |
| **End of year** | **$200447176** | **$252465166** |

---

The accompanying notes are an integral part of these financial statements.

Putnam VT George Putnam Balanced Fund 17

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **LESS DISTRIBUTIONS:** | **RATIOS AND SUPPLEMENTAL DATA:** | **RATIOS AND SUPPLEMENTAL DATA:** | **RATIOS AND SUPPLEMENTAL DATA:** | **RATIOS AND SUPPLEMENTAL DATA:** |
| Period ended | **Net asset value,<br> beginning<br> of period** | Net investment<br> income (loss)**<sup>a</sup>** | Net realized<br> and unrealized<br> gain (loss)<br> on investments | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized gain<br> on investments | **Total<br> distributions** | **Net asset value,<br> end of period** | **Total return<br> at net asset value<br> (%)<sup>b,c</sup>** | **Net assets,<br> end of period<br> (in thousands)** | Ratio of expenses<br> to average<br> net assets (%)**<sup>b,d</sup>** | Ratio<br> of net investment<br> income (loss)<br> to average<br> net assets (%) | Portfolio<br> turnover (%) e |
| **Class IA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$15.02** | .15 | (2.39) | **(2.24)** | (.16) | (1.01) | **(1.17)** | **$11.61** | **(15.82)** | **$59556** | .68 **<sup>f</sup>** | 1.25 | 69 |
| 12/31/21 | **14.13** | .13 | 1.76 | **1.89** | (.15) | (.85) | **(1.00)** | **15.02** | **14.28** | **77232** | .64 | .91 | 97 |
| 12/31/20 | **13.26** | .15 | 1.64 | **1.79** | (.18) | (.74) | **(.92)** | **14.13** | **15.61** | **69648** | .68 | 1.20 | 113 |
| 12/31/19 | **11.38** | .20 | 2.46 | **2.66** | (.20) | (.58) | **(.78)** | **13.26** | **24.35** | **66059** | .69 | 1.62 | 128 |
| 12/31/18 | **11.82** | .19 | (.52) | **(.33)** | (.11) |  | **(.11)** | **11.38** | **(2.82)** | **56636** | .71 | 1.56 | 264 |
| **Class IB** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/22 | **$14.93** | .12 | (2.38) | **(2.26)** | (.12) | (1.01) | **(1.13)** | **$11.54** | **(15.99)** | **$140892** | .93**<sup>f</sup>** | 1.00 | 69 |
| 12/31/21 | **14.05** | .09 | 1.76 | **1.85** | (.12) | (.85) | **(.97)** | **14.93** | **14.04** | **175233** | .89 | .66 | 97 |
| 12/31/20 | **13.19** | .12 | 1.63 | **1.75** | (.15) | (.74) | **(.89)** | **14.05** | **15.32** | **155202** | .93 | .93 | 113 |
| 12/31/19 | **11.33** | .17 | 2.45 | **2.62** | (.18) | (.58) | **(.76)** | **13.19** | **24.00** | **123280** | .94 | 1.36 | 128 |
| 12/31/18 | **11.78** | .16 | (.53) | **(.37)** | (.08) |  | **(.08)** | **11.33** | **(3.14)** | **78718** | .96 | 1.31 | 264 |

---

**<sup>a</sup>** Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

**<sup>b</sup>** The charges and expenses at the insurance company separate account level are not reflected.

**<sup>c</sup>** Total return assumes dividend reinvestment.

**<sup>d</sup>** Includes amounts paid through expense offset arrangements and/or brokerage/service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

**<sup>e</sup>** Portfolio turnover includes TBA purchase and sale commitments.

**<sup>f</sup>** Includes one-time proxy cost of 0.01%.

The accompanying notes are an integral part of these financial statements.

18 Putnam VT George Putnam Balanced Fund

------

**Notes to financial statements** 12/31/22

Within the following Notes to financial statements, references to "State Street" represent State Street Bank and Trust Company, references to "the SEC" represent the Securities and Exchange Commission, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter. Unless otherwise noted, the "reporting period" represents the period from January 1, 2022 through December 31, 2022.

Putnam VT George Putnam Balanced Fund (the fund) is a diversified series of Putnam Variable Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The goal of the fund is to seek to provide a balanced investment composed of a well-diversified portfolio of stocks and bonds which produce both capital growth and current income. The fund invests mainly in a combination of bonds and common stocks (growth or value stocks or both) of large U.S. companies, with a greater focus on common stocks. For example, the fund may purchase stocks of companies with stock prices that reflect a value lower than that which Putnam Management places on the company. Putnam Management may also consider other factors that Putnam Management believes will cause the stock price to rise. The fund buys bonds of governments and private companies that are mostly investment-grade in quality with intermediate- to long-term maturities (three years or longer). Putnam Management may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments, and, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell fixed-income investments. Putnam Management may also use derivatives, such as futures, options, warrants and swap contracts, for both hedging and non-hedging purposes.

The fund offers class IA and class IB shares of beneficial interest. Class IA shares are offered at net asset value and are not subject to a distribution fee. Class IB shares are offered at net asset value and pay an ongoing distribution fee, which is identified in Note 2.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund's management team expects the risk of material loss to be remote.

The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the fund's Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

**Note 1 — Significant accounting policies**

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

**Security valuation** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.

Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

Putnam VT George Putnam Balanced Fund 19

------

**Security transactions and related investment income** Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.

Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

**Foreign currency translation** The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

**Options contracts** The fund uses options contracts to hedge duration and convexity, to isolate prepayment risk, to gain exposure to interest rates, to hedge against changes in values of securities it owns, owned or expects to own, to hedge prepayment risk, to generate additional income for the portfolio, to enhance returns on securities owned, to enhance the return on a security owned, to gain exposure to securities and to manage downside risks.

The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.

Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap option contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.

Written option contracts outstanding at period end, if any, are listed after the fund's portfolio**.**

**Futures contracts** The fund uses futures contracts to manage exposure to market risk, to hedge prepayment risk, to hedge interest rate risk, to gain exposure to interest rates, for hedging treasury term structure risk, for yield curve positioning and to equitize cash.

The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin." Futures contracts outstanding at period end, if any, are listed after the fund's portfolio.

**Forward currency contracts** The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used for hedging currency exposures.

The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.

Forward currency contracts outstanding at period end, if any, are listed after the fund's portfolio.

**TBA commitments** The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until 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 under "Security valuation" above. 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, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.

TBA purchase commitments outstanding at period end, if any, are listed within the fund's portfolio and TBA sale commitments outstanding at period end, if any, are listed after the fund's portfolio.

**Master agreements** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative

20 Putnam VT George Putnam Balanced Fund

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and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio.

Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty.

With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity.

At the close of the reporting period, the fund had a net liability position of $53,667 on open derivative contracts subject to the Master Agreements**.** There was no collateral pledged by the fund at period end for these agreements.

**Securities lending** The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending, net of expenses, is included in investment income on the Statement of operations. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the fund received cash collateral of $2,117,626 and the value of securities loaned amounted to $2,069,137.

**Interfund lending** The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund's investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

**Lines of credit** The fund participates, along with other Putnam funds, in a $100 million ($317.5 million prior to October 14, 2022) unsecured committed line of credit and a $235.5 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the committed line of credit and 1.30% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit is 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.

**Federal taxes** It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies.

The fund is subject to the provisions of Accounting Standards Codification 740 *Income Taxes* (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund's books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At December 31, 2022, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:

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| | | |
|:---|:---|:---|
| | **Loss carryover** | |
| **Short-term** | **Long-term** | **Total** |
| $2158508 | $— | $2158508 |

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**Distributions to shareholders** Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from losses on wash sale transactions, from foreign currency gains and losses, from interest-only securities, and from a redesignation of taxable income distributions. Reclassifications are made to the fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $692,716 to increase undistributed net investment income and $692,716 to increase accumulated net realized loss.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

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| | |
|:---|:---|
| Unrealized appreciation | $30186720 |
| Unrealized depreciation | (20673049) |
| Net unrealized appreciation | 9513671 |
| Undistributed ordinary income | 2649549 |
| Capital loss carryforward | (2158508) |
| Cost for federal income tax purposes | $191908989 |

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**Expenses of the Trust** Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

**Beneficial interest** At the close of the reporting period, insurance companies or their separate accounts were record owners of all but a de minimis number of the shares of the fund. Approximately 42.5% of the fund is owned by accounts of one insurance company.

**Note 2 — Management fee, administrative services and other transactions**

The fund pays Putnam Management a management fee (based on the fund's average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of all open-end mutual funds sponsored by Putnam Management (excluding net assets of funds that are

Putnam VT George Putnam Balanced Fund 21

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invested in, or that are invested in by, other Putnam funds to the extent necessary to avoid "double counting" of those assets). Such annual rates may vary as follows:

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| | |
|:---|:---|
| 0.680% | of the first $5 billion, |
| 0.630% | of the next $5 billion, |
| 0.580% | of the next $10 billion, |
| 0.530% | of the next $10 billion, |
| 0.480% | of the next $50 billion, |
| 0.460% | of the next $50 billion, |
| 0.450% | of the next $100 billion and |
| 0.445% | of any excess thereafter. |

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For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.518% of the fund's average net assets.

Putnam Management has contractually agreed, through April 30, 2024, 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 plan, 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. During the reporting period, the fund's expenses were not reduced as a result of this limit.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.25% of the average net assets of the equity and asset allocation portion of the fund managed by PIL and 0.20% of the average net assets of the fixed income portion of the fund managed by PIL (prior to July 1, 2022, the annual rate was 0.40% of the average net assets of the portion of the fund managed by PIL.) The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund's assets are provided by State Street. Custody fees are based on the fund's asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.07% of the fund's average daily net assets. During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

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| | |
|:---|:---|
| Class IA | $45663 |
| Class IB | 105949 |
| Total | $151612 |

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The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.'s and State Street's fees are reduced by credits allowed on cash balances. For the reporting period, the fund's expenses were reduced by $132 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $171, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

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 on or after July 1, 1995. 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 Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation 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.

The fund has adopted a distribution plan (the Plan) with respect to its class IB shares pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plan is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plan provides for payment by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35% of the average net assets attributable to the fund's class IB shares. The Trustees have approved payment by the fund at an annual rate of 0.25% of the average net assets attributable to the fund's class IB shares. The expenses related to distribution fees during the reporting period are included in Distribution fees in the Statement of operations.

**Note 3 — Purchases and sales of securities**

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:

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| | | |
|:---|:---|:---|
| | **Cost of**<br>**purchases** | **Proceeds**<br>**from sales** |
| Investments in securities, including |  |  |
| TBA commitments (Long-term) | $134214630 | $136401851 |
| U.S. government securities |  |  |
| (Long-term) | 11477812 | 16349479 |
| **Total** | **$145692442** | **$152751330** |

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The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund's transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund's total cost of purchases and/or total proceeds from sales.

**Note 4 — Capital shares**

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Subscriptions and redemptions are presented at the omnibus level. Transactions in capital shares were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Class IA shares** | **Class IA shares** |  |  | **Class IB shares** | **Class IB shares** |  |
|  | **Year ended 12/31/22** | **Year ended 12/31/22** | **Year ended 12/31/21** | **Year ended 12/31/21** | **Year ended 12/31/22** | **Year ended 12/31/22** | **Year ended 12/31/21** | **Year ended 12/31/21** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 316671 | $3895020 | 510078 | $7217230 | 1355962 | $16993116 | 1271742 | $18249402 |
| Shares issued in connection with |  |  |  |  |  |  |  |  |
| reinvestment of distributions | 444573 | 5832794 | 365160 | 4885835 | 1015077 | 13256907 | 808101 | 10771983 |
|  | 761244 | 9727814 | 875238 | 12103065 | 2371039 | 30250023 | 2079843 | 29021385 |
| Shares repurchased | (775735) | (9704224) | (662136) | (9547111) | (1899742) | (23404331) | (1385141) | (19788792) |
| **Net increase (decrease)** | **(14491)** | **$23590** | **213102** | **$2555954** | **471297** | **$6845692** | **694702** | **$9232593** |

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22 Putnam VT George Putnam Balanced Fund

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**Note 5 — Affiliated transactions**

Transactions during the reporting period with any company which is under common ownership or control were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name of affiliate** | <br>**Fair value as of**<br>**12/31/21** | <br>**Purchase cost** | <br>**Sale proceeds** | <br>**Investment income** | **Shares outstanding**<br>**and fair value as of**<br>**12/31/22** |
| **Short-term investments** | | | | | |
| Putnam Cash Collateral Pool, LLC\* | $240810 | $32096098 | $30219282 | $44074 | $2117626 |
| Putnam Short Term Investment |  |  |  |  |  |
| Fund\*\* | 8194304 | 40653265 | 43720486 | 108544 | 5127083 |
| **Total Short-term investments** | **$8435114** | **$72749363** | **$73939768** | **$152618** | **$7244709** |

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\*No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. There were no realized or unrealized gains or losses during the period.

\*\*Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.

**Note 6 — Market, credit and other risks**

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

The fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backed and asset-backed investments. The yields and values of these investments are sensitive to changes in interest rates, the rate of principal payments on the underlying assets and the market's perception of the issuers. The market for these investments may be volatile and limited, which may make them difficult to buy or sell.

On July 27, 2017, the United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain longer-term securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.

The Covid-19 pandemic and efforts to contain its spread have resulted in, among other effects, significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, significant changes in fiscal and monetary policies, and economic downturns and recessions. The effects of the Covid-19 pandemic have negatively affected, and may continue to negatively affect, the global economy, the economies of the United States and other individual countries, the financial performance of individual issuers, sectors, industries, asset classes, and markets, and the value, volatility, and liquidity of particular securities and other assets. The effects of the Covid-19 pandemic also are likely to exacerbate other risks that apply to the fund, which could negatively impact the fund's performance and lead to losses on your investment in the fund. The duration of the Covid-19 pandemic and its effects cannot be determined with certainty.

**Note 7 — Summary of derivative activity**

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:

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| | |
|:---|:---|
| Written equity option contracts (contract amount) | $100 |
| Futures contracts (number of contracts) | 10 |
| Forward currency contracts (contract amount) | $8700000 |

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The following is a summary of the fair value of derivative instruments as of the close of the reporting period:

**Fair value of derivative instruments as of the close of the reporting period**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset derivatives** | **Asset derivatives** | **Liability derivatives** | **Liability derivatives** |
| **Derivatives not accounted for as hedging**<br>**instruments under ASC 815** | **Statement of assets and**<br>**liabilities location** | <br>**Fair value** | **Statement of assets and**<br>**liabilities location** | <br>**Fair value** |
| Foreign exchange contracts | Receivables | $26414 | Payables | $66797 |
| Equity contracts | Receivables |  | Payables | 36,777\* |
| **Total** |  | **$26414** |  | **$103574** |

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\*Includes cumulative appreciation/depreciation of futures contracts as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities.

Putnam VT George Putnam Balanced Fund 23

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The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):

**Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br>**instruments under ASC 815** | <br>**Options** | <br>**Futures** | **Forward currency**<br>**contracts** | <br>**Total** |
| Foreign exchange contracts | $— | $— | $653310 | $653310 |
| Equity contracts | 1993 | (965562) |  | (963569) |
| **Total** | **$1993** | **$(965562)** | **$653310** | **$(310259)** |

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**Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments**

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br>**instruments under ASC 815** | <br>**Futures** | <br>**Forward currency contracts** | <br>**Total** |
| Foreign exchange contracts | $— | $(25526) | $(25526) |
| Equity contracts | (69031) |  | (69031) |
| **Total** | **$(69031)** | **$(25526)** | **$(94557)** |

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**Note 8 — Offsetting of financial and derivative assets and liabilities**

The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Bank of**<br>**America**<br>**N.A.** | <br>**Barclays**<br>**Bank PLC** | <br>**BofA Secu-** <br>**rities, Inc.** | <br>**Citibank,** <br>**N.A.** | <br>**Goldman** <br>**Sachs**<br>**Interna-**<br>**tional** | **HSBC**<br>**Bank USA,**<br>**National**<br> **Associa-**<br>**tion** | <br>**JPMorgan**<br>**Chase**<br>**Bank N.A.** | **Morgan**<br>**Stanley &**<br>**Co. Inter-**<br>**national** <br>**PLC** | <br>**State**<br>**Street**<br>**Bank and**<br>**Trust Co.** | <br>**UBS AG** | <br>**WestPac**<br>**Banking**<br>**Corp.** | <br>**Total** |
| **Assets:** | | | | | | | | | | | | |
| Futures contracts<sup>§</sup> | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| Forward currency |  |  |  |  |  |  |  |  |  |  |  |  |
| contracts<sup>#</sup> |  | 12652 |  |  | 5183 | 654 |  | 7604 | 321 |  |  | 26414 |
| **Total Assets** | **$—** | **$12652** | **$—** | **$—** | **$5183** | **$654** | **$—** | **$7604** | **$321** | **$—** | **$—** | **$26414** |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Futures contracts<sup>§</sup> |  |  | 3184 |  |  |  |  |  |  |  |  | 3184 |
| Forward currency |  |  |  |  |  |  |  |  |  |  |  |  |
| contracts<sup>#</sup> | 4743 | 8532 |  | 11802 | 3623 | 10515 | 14919 |  | 1776 | 6997 | 3890 | 66797 |
| **Total Liabilities** | **$4743** | **$8532** | **$3184** | **$11802** | **$3623** | **$10515** | **$14919** | **$—** | **$1776** | **$6997** | **$3890** | **$69981** |
| **Total Financial and** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Derivative Net Assets** | **$(4743)** | **$4120** | **$(3184)** | **$(11802)** | **$1560** | **$(9861)** | **$(14919)** | **$7604** | **$(1455)** | **$(6997)** | **$(3890)** | **$(43567)** |
| Total collateral |  |  |  |  |  |  |  |  |  |  |  |  |
| received (pledged)†<sup>##</sup> | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |  |
| Net amount | $(4743) | $4120 | $(3184) | $(11802) | $1560 | $(9861) | $(14919) | $7604 | $(1455) | $(6997) | $(3890) |  |
| *Controlled collateral* |  |  |  |  |  |  |  |  |  |  |  |  |
| *received (including* |  |  |  |  |  |  |  |  |  |  |  |  |
| *TBA commitments)\*\** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| *Uncontrolled* |  |  |  |  |  |  |  |  |  |  |  |  |
| *collateral received* | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| *Collateral (pledged)* |  |  |  |  |  |  |  |  |  |  |  |  |
| *(including TBA* |  |  |  |  |  |  |  |  |  |  |  |  |
| *commitments)\*\** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |

---

\*\*Included with Investments in securities on the Statement of assets and liabilities.

†Additional collateral may be required from certain brokers based on individual agreements.

<sup>#</sup>Covered by master netting agreement (Note 1).

<sup>##</sup>Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.

<sup>§</sup>Includes current day's variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after the fund's portfolio. Collateral pledged for initial margin on futures contracts, amounted to $115,852.

24 Putnam VT George Putnam Balanced Fund

------

**Federal tax information** (Unaudited)

The fund designated 21.73% of ordinary income distributions as qualifying for the dividends received deduction for corporations.

Putnam VT George Putnam Balanced Fund 25

------

![](vtgeorgeputnambalanx28x1.jpg) <br>

26 Putnam VT George Putnam Balanced Fund

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![](vtgeorgeputnambalanx29x1.jpg) <br>

\*Mr. Reynolds is an "interested person" (as defined in the Investment Company Act of 1940) of the fund and Putnam Investments. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.

The address of each Trustee is 100 Federal Street, Boston, MA 02110.

As of December 31, 2022, there were 92 mutual funds, 4 closed-end funds, and 7 exchange-traded funds in the Putnam funds complex. Each Trustee serves as Trustee of all funds in the Putnam funds complex.

Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.

Putnam VT George Putnam Balanced Fund 27

------

**Officers**

In addition to Robert L. Reynolds, the other officers of the fund are shown below:

---

| | | |
|:---|:---|:---|
| **James F. Clark** *(Born 1974)* | **Richard T. Kircher** *(Born 1962)* | **Denere P. Poulack** *(Born 1968)* |
| Vice President and Chief Compliance Officer | Vice President and BSA Compliance Officer | Assistant Vice President, Assistant Clerk, |
| *Since 2016* | *Since 2019* | and Assistant Treasurer |
| Chief Compliance Officer and Chief Risk Officer, | Assistant Director, Operational Compliance, | *Since 2004* |
| Putnam Investments, and Chief Compliance | Putnam Investments and Putnam |  |
| Officer, Putnam Management | Retail Management | **Janet C. Smith** *(Born 1965)* |
|  |  | Vice President, Principal Financial |
| **Nancy E. Florek** *(Born 1957)* | **Martin Lemaire** *(Born 1984)* | Officer, Principal Accounting Officer, |
| Vice President, Director of Proxy Voting | Vice President and Derivatives Risk Manager | and Assistant Treasurer |
| and Corporate Governance, Assistant Clerk, | *Since 2022* | *Since 2007* |
| and Assistant Treasurer | Risk Manager and Risk Analyst, | Head of Fund Administration Services, Putnam |
| *Since 2000* | Putnam Investments | Investments and Putnam Management |
| **Michael J. Higgins** *(Born 1976)* | **Susan G. Malloy** *(Born 1957)* | **Stephen J. Tate** *(Born 1974)* |
| Vice President, Treasurer, and Clerk | Vice President and Assistant Treasurer | Vice President and Chief Legal Officer |
| *Since 2010* | *Since 2007* | *Since 2021* |
|  | Head of Accounting and Middle Office Services, | General Counsel, Putnam Investments, Putnam |
| **Jonathan S. Horwitz** *(Born 1955)* | Putnam Investments and Putnam Management | Management, and Putnam Retail Management |
| Executive Vice President, Principal Executive |  |  |
| Officer, and Compliance Liaison | **Alan G. McCormack** *(Born 1964)* | **Mark C. Trenchard** *(Born 1962)* |
| *Since 2004* | Vice President and Derivatives Risk Manager | Vice President |
|  | *Since 2022* | *Since 2002* |
|  | Head of Quantitative Equities and Risk, | Director of Operational Compliance, Putnam |
|  | Putnam Investments | Investments and Putnam Retail Management |

---

The principal occupations of the officers for the past five years have been with the employers as shown above, although in some cases they have held different positions with such employers. The address of each officer is 100 Federal Street, Boston, MA 02110.

28 Putnam VT George Putnam Balanced Fund

------

**Other important information**

**Proxy voting**

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds' proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2022, are available in the Individual Investors section of putnam.com and on the Securities and Exchange Commission's (SEC) website at www.sec.gov. If you have questions about finding forms on the SEC's website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds' proxy voting guidelines and procedures at no charge by calling Putnam's Shareholder Services at 1-800-225-1581.

**Fund portfolio holdings**

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund's Form N-PORT from the SEC's website at www.sec.gov.

Prior to its use of Form N-PORT, the fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

**Fund information**

---

| | | |
|:---|:---|:---|
| **Investment Manager** | **Investor Servicing Agent** | **Trustees** |
| Putnam Investment Management, LLC | Putnam Investments | Kenneth R. Leibler, *Chair* |
| 100 Federal Street | Mailing address: | Barbara M. Baumann, *Vice Chair* |
| Boston, MA 02110 | P.O. Box 219697 | Liaquat Ahamed |
|  | Kansas City, MO 64121-9697 | Katinka Domotorffy |
| **Investment Sub-Advisor** | 1-800-225-1581 | Catharine Bond Hill |
| Putnam Investments Limited |  | Jennifer Williams Murphy |
| 16 St James's Street | **Custodian** | Marie Pillai |
| London, England SW1A 1ER | State Street Bank and Trust Company | George Putnam III |
|  |  | Robert L. Reynolds |
| **Marketing Services** | **Legal Counsel** | Manoj P. Singh |
| Putnam Retail Management | Ropes & Gray LLP | Mona K. Sutphen |
| Limited Partnership |  |  |
| 100 Federal Street | **Independent Registered** |  |
| Boston, MA 02110 | **Public Accounting Firm** |  |
|  | PricewaterhouseCoopers LLP |  |

---

The fund's Statement of Additional Information contains additional information about the fund's Trustees and is available without charge upon request by calling 1-800-225-1581.

Putnam VT George Putnam Balanced Fund 29

------

This report has been prepared for the shareholders <br> of Putnam VT George Putnam Balanced Fund. VTAN021 332113 2/23

<u>Item 2. Code of Ethics:</u>

(a) The fund's principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund's investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.

(c) In January 2023, the Code of Ethics of Putnam Investments and Code of Ethics of Putnam Funds were amended. The key changes to the Putnam Investments Code of Ethics are as follows: (i) Prohibition on investments in a single stock ETFs and (ii) Revision to the 7-day blackout rule for Analysts. The key change to the Putnam Funds Code of Ethics was that the provisions of the Code of Ethics for employees of PanAgora Asset Management, inc. and any of its subsidiaries are excluded from the Putnam Funds' Code of Ethics.

<u>Item 3. Audit Committee Financial Expert:</u>

The Funds' Audit, Compliance and Risk Committee is comprised solely of Trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The Trustees believe that each member of the Audit, Compliance and Risk Committee also possesses a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualifies him or her for service on the Committee. In addition, the Trustees have determined that each of Dr. Hill, Ms. Murphy and Mr. Singh qualifies as an "audit committee financial expert" (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education.The SEC has stated, and the funds' amended and restated agreement and Declaration of Trust provides, that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit, Compliance and Risk Committee and the Board of Trustees in the absence of such designation or identification.

<u>Item 4. Principal Accountant Fees and Services:</u>

The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund's independent auditor:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal year ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| December 31, 2022 | $69766 | $— | $7759 | $— |
| December 31, 2021 | $66601 | $— | $7397 | $— |

---

For the fiscal years ended December 31, 2022 and December 31, 2021, the fund's independent auditor billed aggregate non-audit fees in the amounts of $249,770 and $300,817 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.

Audit Fees represent fees billed for the fund's last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees represent fees billed in the fund's last two fiscal years for services traditionally performed by the fund's auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in the fund's last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

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

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

The following table presents fees billed by the fund's independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2–01 of Regulation S-X.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal year ended | Audit-Related Fees | Tax Fees | All Other Fees | Total Non-Audit Fees |
| December 31, 2022 | $— | $242011 | $— | $— |
| December 31, 2021 | $— | $293420 | $— | $— |

---

<u>Item 5. Audit Committee of Listed Registrants</u>

Not applicable

<u>Item 6. Schedule of Investments:</u>

The registrant's schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

<u>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</u>

Not applicable

<u>Item 8. Portfolio Managers of Closed-End Investment Companies</u>

Not Applicable

<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</u>

Not applicable

<u>Item 10. Submission of Matters to a Vote of Security Holders:</u>

Not applicable

<u>Item 11. Controls and Procedures:</u>

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

<u>Item 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies:</u>

Not Applicable

<u>Item 13. Exhibits:</u>

(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith.

[(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.](b_2iscertifications.htm)

[(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](c_2isnoscertification.htm)

<u>SIGNATURES</u>

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, thereunto duly authorized.

<u>Putnam Variable Trust</u>

By (Signature and Title):

<u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Accounting Officer<br>

Date: February 28, 2023

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 (Signature and Title):

<u>/s/ Jonathan S. Horwitz</u><br>Jonathan S. Horwitz<br>Principal Executive Officer<br>

Date: February 28, 2023

By (Signature and Title):

<u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Financial Officer<br>

Date: February 28, 2023

## Ex-99.Cert

---

| |
|:---|
| <u>Certifications<br></u>  |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that: |
| <br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: |
| <br>2. Based on my knowledge, each report does not contain any untrue statements 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 each report; |
| <br>3. Based on my knowledge, the financial statements, and other financial information included in each 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 each report; |
| <br>4. The registrant's other certifying officer 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: |
| <br>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 each report is being prepared; |
| <br>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; |
| <br>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 each report based on such evaluation; and |
| <br>d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| <br>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): |
| <br>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 each registrant's ability to record, process, summarize, and report financial information; and |
| <br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. |
| <br>Date: February 28, 2023 |
| <br>/s/ Jonathan S. Horwitz |
| _______________________ |
| Jonathan S. Horwitz |
| Principal Executive Officer |
| <br><u><br><u>Certifications<br></u></u>  |
| I, Janet C. Smith, the Principal Financial Officer of the funds listed on Attachment A, certify that: |
| <br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: |
| <br>2. Based on my knowledge, each report does not contain any untrue statements 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 each report; |
| <br>3. Based on my knowledge, the financial statements, and other financial information included in each 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 each report; |
| <br>4. The registrant's other certifying officer 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: |
| <br>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 each report is being prepared; |
| <br>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; |
| <br>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 each report based on such evaluation; and |
| <br>d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| <br>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): |
| <br>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 each registrant's ability to record, process, summarize, and report financial information; and |
| <br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. |
| <br>Date: February 28, 2023 |
| <br>/s/ Janet C. Smith |
| _______________________ |
| Janet C. Smith |
| Principal Financial Officer |
| <br>**Attachment A** |
| <br>Period (s) ended December 31, 2022<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam International Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Leaders Fund |
| <br> Putnam VT Diversified Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Emerging Markets Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Focused International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT George Putnam Balanced Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Global Asset Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Global Health Care Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Government Money Market Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Growth Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT High Yield Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Large Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Mortgage Securities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Multi-Asset Absolute Return Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Multi-Cap Core Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Research Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Small Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Sustainable Future Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Sustainable Leaders Fund |

---

## Exhibit 99.906

---

| |
|:---|
| <u>Section 906 Certifications<br></u>  |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge: |
| <br>1. The form N-CSR of the Funds listed on Attachment A for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| <br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended December 31, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. |
| <br>Date: February 28, 2023 |
| <br>/s/ Jonathan S. Horwitz |
| ______________________ |
| Jonathan S. Horwitz |
| Principal Executive Officer |
| <br><u><br><u>Section 906 Certifications<br></u></u>  |
| I, Janet C. Smith, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge: |
| <br>1. The form N-CSR of the Funds listed on Attachment A for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| <br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended December 31, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. |
| <br>Date: February 28, 2023 |
| <br>/s/ Janet C. Smith |
| ______________________ |
| Janet C. Smith |
| Principal Financial Officer |
| <br>**Attachment A** |
| <br>Period (s) ended December 31, 2022<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam International Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Leaders Fund |
| <br> Putnam VT Diversified Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Emerging Markets Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Focused International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT George Putnam Balanced Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Global Asset Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Global Health Care Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Government Money Market Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Growth Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT High Yield Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT International Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Large Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Mortgage Securities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Multi-Asset Absolute Return Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Multi-Cap Core Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Research Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Small Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Sustainable Future Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Sustainable Leaders Fund |

---

## Ex-99.Code

February 2023

Putnam's Code of Ethics

[GRAPHIC OMITTED: PUTNAM INVESTMENTS LOGO] <br>

 **Putnam Investments Code of Ethics**

Putnam Investments is required by law to adopt a Code of Ethics (the "Code"). The objective of the Code is that Putnam's employees comply with all applicable laws and avoid any actual, apparent, or potential conflict of interest that could be perceived to interfere with the fiduciary duty Putnam owes to its clients or with Putnam's interests. It is the duty of Putnam's employees ethically to handle all actual, apparent, and potential conflicts of interest that may arise. This Code of Ethics is designed to strengthen the trust and confidence our clients place in us and to demonstrate that our clients' interests come first.

Adherence to the Code is a fundamental condition of employment at Putnam. Every employee is expected to adhere to the requirements of the Code. Any employee failing to do so may be subject to disciplinary action, including financial penalties and termination of employment, as determined by the Code of Ethics Oversight Committee.

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Definitions** | **Definitions** | **6** |
| **Section 1 —Personal Securities Rules for All Employees** | **Section 1 —Personal Securities Rules for All Employees** | **8** |
| 1.1. | Pre-clearance Requirements | 8 |
| 1.2. | Restricted List | 9 |
| 1.3. | Prohibited Transactions | 10 |
| 1.4. | Policy Regarding Frequency of Personal Trading | 10 |
| **Section 2 —Putnam Mutual Funds, Closed-End Funds, and Exchange-Traded Funds** | **Section 2 —Putnam Mutual Funds, Closed-End Funds, and Exchange-Traded Funds** | **11** |
| 2.1. | Holding Putnam Mutual Fund Shares at Putnam | 11 |
| 2.2. | Putnam Mutual Funds —Linked Accounts | 11 |
| 2.3. | Putnam —Closed-End Funds | 11 |
| 2.4. | Putnam Exchange-Traded Funds | 11 |
| **Section 3 —Additional Rules for Access Persons and Certain Investment Professionals** | **Section 3 —Additional Rules for Access Persons and Certain Investment Professionals** | **12** |
| 3.1. | 60-Day Short-Term Rule —All Access Persons | 12 |
| 3.2. | 7-Day Pre-Trade Rule (Portfolio Managers and Analysts) | 12 |
| 3.3. | 7-Day Post-Trade Rule (Portfolio Managers and Analysts) | 13 |
| 3.4. | Contra-Trading Rule (Portfolio Managers) | 14 |
| 3.5. | No Personal Benefit (Portfolio Managers and Analysts) | 14 |
| **Section 4 —Reporting Requirements** | **Section 4 —Reporting Requirements** | **15** |
| 4.1. | Brokerage/Securities Accounts —Initial and Annual Requirements | 15 |
| 4.2. | Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed |  |
|  | (Discretionary) Accounts —Initial and Annual Requirements | 15 |
| 4.3. | Account Confirmations and Statements | 16 |
| 4.4. | Approved Brokers —U.S. Employees Only | 16 |
| **Section 5 —Additional Reporting, Certification, and Training Requirements** | **Section 5 —Additional Reporting, Certification, and Training Requirements** | **17** |
| 5.1. | Initial/Annual Holdings Report —Access Persons Only | 17 |
| 5.2. | Initial holdings report | 17 |
| 5.3. | Annual holdings report | 17 |
| 5.4. | Quarterly Transaction Report —Access Persons Only | 17 |
| 5.5. | Annual Certification —All Employees | 17 |
| 5.6. | Training Requirements —All Employees | 18 |
| 5.7. | Maintenance and Distribution of the Code of Ethics | 18 |
| 5.8. | Procedures and Timeliness | 18 |

---

---

| | | |
|:---|:---|:---|
| **Section 6 —General Ethics Rules for All Employees** | **Section 6 —General Ethics Rules for All Employees** | **19** |
| 6.1. | Conflicts of Interest | 19 |
| 6.2. | Outside Business Activities | 19 |
| 6.3. | Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments | 20 |
| 6.4. | Service As a Public Official | 20 |
| 6.5. | Family Members' Conflict Policy | 20 |
| 6.6. | CFA Institute Code of Ethics and Standards of Professional Conduct | 21 |
| 6.7. | Business Ethics, Ombuds, and Hotlines | 21 |
| **Section 7 —Material, Non-Public Information and Insider Trading** | **Section 7 —Material, Non-Public Information and Insider Trading** | **22** |
| 7.1. | Material, Non-Public Information and Insider Trading | 22 |
| 7.2. | Reporting and Restrictions | 22 |
| 7.3. | Special Provisions Applicable to Putnam Affiliates | 22 |
| 7.4. | Putnam Equity Plan, TH Lee Funds, and Putnam Hedge Funds | 23 |
| 7.5. | PIL Employees | 23 |
| **Section 8 —Sanctions** | **Section 8 —Sanctions** | **24** |
| **Section 9 — Procedures for Determinations and Exemptions** | **Section 9 — Procedures for Determinations and Exemptions** | **25** |
| **Appendix** | **Appendix** | **26** |

---

**Definitions**

**Access Person** Putnam has identified certain employees as Access Persons due to their position or access to investment information. Access Persons are held to a higher standard under the Code than other employees. Please ask the Code of Ethics Officer if you have any question whether you are an Access Person. The following employees are Access Persons:

• All employees of Putnam's Investment Management Division

• All employees of the Global Investment Strategies Group/Division

• All employees of the International RFP Group

• Employees of the Operations Division within the following specific groups and departments:

» Fund Administration Group » Investment Data Services

• Any employee in the following groups or divisions who reports directly to a member of the Operating Committee:

---

| | |
|:---|:---|
| » Investor Services Group | » Defined Contribution Investment Only Group |
| » Accounting and Middle Offices Services Group | » Global Distribution Division (including Putnam Retail |
| » Marketing and Corporate Communications | Management, Putnam Global Institutional |
| Division | Management, and Japan businesses) |

---

• All members of Putnam's Operating Committee

• All employees of Putnam Investments Limited (PIL) and all other Putnam employees based in Europe

• All directors and officers of a registered investment advisor affiliate, e.g., Putnam Investment Management, LLC (PIM), or The Putnam Advisory Company, LLC(PAC)

• All employees who have access to My Putnam (unless access is limited to the Wall Street Journal, Factiva, or other systems that do not allow access to non-public information about Putnam products, as determined by the Code of Ethics Officer)

• Employees who have systems access or other access to non-public information about any client's purchase or sale of securities or to information regarding portfolio holdings or recommendations with respect to such purchases or sales

• Others as determined by the Code of Ethics Officer, including certain employees in rotational programs

**Business or financial relationship** refers to any type of existing or prospective arrangement between Putnam, on the one hand, and another entity or person, on the other hand, in which Putnam provides or receives financial consideration, goods, services, or advice. It also includes any investment by Putnam for itself or its clients. This means that there is a business or financial relationship between Putnam and each portfolio company.

**Closed-end fund** means a fund that has a fixed number of shares outstanding and does not redeem its shares. Closed-end funds typically trade like stocks on an exchange.

The **Code of Ethics Officer** and the **Deputy Code of Ethics Officer** are responsible for enforcing and interpreting the Code. The following are the current members of the Code of Ethics staff, each of whom can answer employee questions and provide other assistance regarding the Code:

---

| | | |
|:---|:---|:---|
| Code of Ethics Officer | James Clark | 617-760-8939 |
| Deputy Code of Ethics Officer | Akiko Lindholm | 617-760-2177 |
| Sr. Compliance Specialist | Dana Scribner-Shea | 617-760-7182 |

---

**Code of Ethics Oversight Committee** has oversight responsibility for administering the Code of Ethics. Members include the Code of Ethics Officer and other members of Putnam's senior management appointed by the Chief Executive Officer of Putnam. The Committee reviews and approves Code revisions, violations, and sanctions. In certain instances, requests for exemptions may require the approval of the Committee. The Committee meets on a quarterly basis or as otherwise necessary.

**Exchange-traded fund (ETF)** means a fund (other than a closed-end fund) that can be traded on an exchange throughout the day like a stock. ETFs often track an index. Examples include (but are not limited to) SPDRs, WEBs, QQQQs, iShares, and HLDRs.

**Immediate Family** means the Putnam employee's spouse, domestic partner, fiancé(e), or other family members who are living in the same household or financially dependent on the Putnam employee. Financial dependence, for this purpose, means substantial and regular reliance by the family member on the Putnam employee to meet the family member's financial obligations, including, for example, the costs of housing or educational expenses. Immediate Family also includes any other family members, including in-laws, for whom the Putnam employee can exercise investment discretion, regardless of whether or not they live in the same household.

**Private placement** means any offering of a security not offered to the public and not requiring registration with the relevant securities authorities, including but not limited to, equity or debt issued by a privately held company, private funds, hedge funds, or other privately offered securities.

**Putnam** means any or all of Putnam Investments, LLC and its subsidiaries (other than PanAgora Asset Management, Inc. and any of its subsidiaries), any one of which shall be a Putnam company.

**Putnam employee, or employee,** means any employee of Putnam and, for purposes of all rules in Sections 1, 2, and 3, also includes the following:

• Members of the Immediate Family of a Putnam employee;

• Any trust in which a Putnam employee or Immediate Family member is a trustee with investment discretion;

• Any account for a partnership in which a Putnam employee or Immediate Family member is a general partner or a partner with investment discretion;

• Any closely held entity (such as a partnership, limited liability company, or corporation) in which a Putnam employee or Immediate Family member holds a controlling interest and with respect to which he or she has investment discretion;

• Any account (including any retirement, pension, deferred compensation, or similar account) in which a Putnam employee or Immediate Family member has a substantial economic interest and over which the Putnam employee or Immediate Family member exercises investment discretion;

• Any account other than a Putnam client account that receives investment advice of any sort from the employee or Immediate Family member, or as to which the employee or Immediate Family member has investment discretion.

**Putnam ETF** means any exchange-traded fund managed, sub-advised, and/or sponsored by Putnam Investments and its investment adviser subsidiaries.

**Security** The instruments required to be pre-cleared under Section 1.1 are considered to be securities for purposes of this Code and are also required to be reported by Access Persons under Section 4. In addition, transactions in exchange- traded funds (ETFs), exchange-traded notes (ETNs), exchange-traded commodities (ETCs), options, futures, and other derivative securities are required to be reported by Access Persons under Section 4, even for those instruments that are not required to be pre-cleared pursuant to Section 1.1(c).

**Section 1 — Personal Securities Rules for All Employees**

Putnam maintains the Code of Ethics PTA system to assist employees in fulfilling their obligations under the Code of Ethics. This system can be accessed by selecting the Code of Ethics PTA link, which appears on Putnam's intranet page in the Secure information section under My information. This system allows the automated pre-clearance of publicly traded equities and other securities trading on major U.S. and other exchanges. To pre-clear an options contract for a publicly traded security, pre-clear the underlying security in the Code of Ethics PTA system. To request clearance to trade bonds or other securities, you must contact the Code of Ethics staff. Pre-clearance hours are 9:00 a.m. to 4:00 p.m. Eastern Time.

**1.1. Pre-clearance Requirements**

The pre-clearance requirements under this section apply to employees who are Access Persons.

**1.1(a) Employees must pre-clear all trades in the following securities:**

• Stocks of companies

• Bonds and other debt instruments, including new offerings (including preferred stock, corporate, municipal, high-yield, and convertible bonds)

• Options, warrants, and all other derivatives of any underlying securities that themselves require pre-clearance

• Closed-end funds, including Putnam closed-end funds

**Employees must also pre-clear the following transactions:**

• Private placements and purchases of hedge funds or other private investment funds, which must receive pre-approval from the Code of Ethics Oversight Committee (sales of private placements, hedge funds, or other private investment funds do not need to be pre-cleared; however, they must be reported)

• Donating or gifting of securities

• Shares purchased by subscription or by mail (if purchasing directly from a company's transfer agent by check, you must pre-clear the day the check is to be mailed)

• Tendering securities from your personal account

• Loans, or guarantees of obligations, being made to non-family members with whom Putnam has a business or financial relationship

• Exercising rights to purchase shares of a company's stock (other than involuntary exercises)

• Exercising options or warrants to acquire shares of a company's stock (other than involuntary exercises as set forth under Section 1.1(c))

**1.1(b) Provisions Applicable to Pre-clearances**

Apre-clearance is only valid for trading on the day it is obtained. However, trades by employees in Putnam's Asian or European offices, or trades by any employees in securities listed on Asian or European stock exchanges, may be executed within one business day after pre-clearance is obtained. If the Code of Ethics system does not recognize a security, if an employee is unable to use the system, or if he or she has any questions with respect to the system or pre-clearance, the employee must contact the Code of Ethics staff.

**1.1(c) Exceptions from Pre-clearance Requirements**

Pre-clearance is not required for certain transactions. (Please note that reporting may still be required for Access Persons even when pre-clearance is not required. See Sections 4 and 5 for reporting requirements.) Pre-clearance is not required for:

• Open-end mutual funds

• Currencies and currency forwards, including cryptocurrencies

• Commodities

• Treasury securities and other U.S. and other sovereign government debt (Please note that agency securities, such as securities issued by Fannie Mae and Freddie Mac, require pre-clearance.)

• Certificates of deposit (CDs), commercial paper, repurchase agreements, bankers' acceptances, and other money market instruments

• Options and futures and all other derivatives based on an index of securities

• Exchange-traded funds (ETFs) other than single-stock ETFs, exchange-traded notes (ETNs), and exchange-traded commodities (ETCs)

• Putnam ETFs (however, certain investment professionals need to pre-clear trades in Putnam ETFs — see Section 1.1(d) below)

• Trades in approved discretionary accounts (see Section 4.2 for additional information)

• Transactions that are involuntary (i.e., not initiated by the employee or an Immediate Family member covered under the Code), including dividend reinvestments under an automatic program of a publicly traded issuer and broker actions not initiated by the employee, such as option assignments or sales out of the brokerage account to cover fees or margin calls (provided the employee may not have withdrawn funds from the margin account in the prior 10 days)

**1.1(d) Putnam ETFs Pre-clearance Rule for Certain Investment Professionals**

Personnel in the Equity Trading and Capital Markets groups, Portfolio Managers of any Putnam ETF, and any other Putnam personnel designated by the Code of Ethics Officer must pre-clear personal trades in Putnam ETFs by contacting the Code of Ethics staff. To enable timely processing, requests should be placed with the Code of Ethics staff by 12:00 p.m. on the day of the trade; requests are good only for the trading day on which they are submitted.

**1.2. Restricted List**

The Restricted List rule under this section applies to employees who are Access Persons.

Employees may not trade in securities that are on Putnam's Restricted List, except as set forth below under "Large-/ Mid-Cap Exemption." There are a number of reasons why a security may appear on the Restricted List, and securities are placed on the Restricted List under criteria, and in specific circumstances, as determined by the Code of Ethics Officer or the Code of Ethics Oversight Committee. If a security is not on the Restricted List, other classes of securities of the same issuer (e.g., preferred or convertible preferred stock) may be on the Restricted List. It is the employee's responsibility to identify with particularity the class of securities being pre-cleared. Bonds are generally restricted at the issuer level.

**Large-/Mid-Cap Exemption** An employee may trade up to $25,000 in principal amount of the shares of a security appearing on the Restricted List if it is an equity security of an issuer with a market capitalization greater than $2 billion. However, these transactions must still be pre-cleared. Market capitalization is defined as outstanding shares multiplied by current price per share.

**1.3. Prohibited Transactions**

The following transactions and activities are prohibited for all employees:

1. Good-until-canceled orders (GTC). Any order not executed on the day of pre-clearance must be resubmitted for pre-clearance before being executed on a subsequent day.

2. Short sales of any security that is subject to pre-clearance requirements. However, short sales against the box are permitted. In addition, opening an option position that would result in a short position in the underlying security upon assignment or expiration is also prohibited (i.e., buying a put option or selling a call option without owning a number of shares at least equal to the delivery obligation under the contract is prohibited). Purchasing a put option or selling a call option would not be considered acceptable if the only position covering such option would be another option position, such as purchasing a call option or selling a put option to avoid a violation.

3. Purchasing equity securities in an initial public offering (IPO). Although exceptions from this prohibition will rarely be granted, employees may request an exemption from the Code of Ethics Officer, who may grant exceptions in unusual cases such as when an Immediate Family member's association or employment with the issuer warrants consideration or when the employee has had a pre-existing status for at least two years as a policyholder or depositor in connection with a bank or insurance company conversion from mutual or cooperative form to stock form.

4. Trading with material non-public information (see Section 7)

5. Personal trading with Putnam client portfolios. Putnam employees may not buy or sell securities when the employee knows a Putnam client account is on the other side of the trade.

6. Participating in an investment club

7. Spread betting. PIL employees may not enter into any spread betting contracts on financial instruments.

8. Opening a discretionary account (see Section 4.2) and trading securities requiring pre-clearance, without obtaining proper advance approval for that account as required

9. Investing in a public digital coin/token offering

10. Investments in single-stock ETFs. Note: Investments in single-Treasury ETFs are permitted, but are reportable transactions for Access Persons.

**1.4. Policy Regarding Frequency of Personal Trading**

Putnam employees are not limited to a pre-determined number of trades in securities during a specified time frame. However, excessive trading by an employee can divert the employee's attention from his or her responsibilities as an employee and increases the possibility of engaging in transactions that are in actual or apparent conflict with Putnam's client accounts. In addition, excessive short-term trading by an employee in shares of a Putnam-managed fund can also create actual or apparent conflicts with other shareholders of such fund and may have other detrimental effects as described in the prospectus or other disclosure document for such fund. Putnam reserves the right to monitor the number of trades (including for these purposes trades in securities that are required to be pre-cleared under Section 1.1(a), shares of Putnam-managed funds, and other securities that are required to be reported under Section 5.1 or 5.2, such as ETFs, ETNs, ETCs, options, futures, and other derivative securities) executed by an employee and members of his or her Immediate Family and may review any such activity that appears to be excessive with the employee's manager(s) and/or the Code of Ethics Oversight Committee, as deemed appropriate by the Code of Ethics Officer. The Code of Ethics Oversight Committee shall have the authority to address any circumstances of excessive trading in securities or excessive short-term trading in shares of a Putnam-managed fund in accordance with Section 8 of this Code.

**Section 2 — Putnam Mutual Funds, Closed-End Funds, and Exchange-Traded Funds**

**2.1. Holding Putnam Mutual Fund Shares at Putnam**

Putnam employees must hold shares of Putnam open-end U.S. mutual funds through accounts maintained at Putnam, with Putnam Retail Management (PRM) listed as the dealer of record. All transactions must be executed through Putnam and not through an outside broker or other intermediary.

These requirements also apply to:

• Self-directed IRA accounts holding Putnam fund shares;

• Variable annuities and variable insurance contracts, such as Putnam/Hartford Capital Manager and Allstate Advisor, which invest in Putnam Variable Trusts (must list PRM as dealer but may be held at the insurer)

In limited circumstances, retirement, pension, deferred compensation, health savings, and similar accounts (and variable insurance arrangements) that cannot be legally transferred to Putnam may be allowed to hold Putnam funds upon approval of the Code of Ethics Officer. For example, a spouse of a Putnam employee may have a 401(k)/Profit Sharing Plan with his or her employer that invests in Putnam funds. The employee must notify the Code of Ethics Officer in writing, provide the reason why the account cannot be transferred to Putnam, and arrange for all account statements and confirmations to be sent to the Code of Ethics staff, if approved.

**2.2. Putnam Mutual Funds — Linked Accounts**

All employees are required to ensure that their Immediate Family members' accounts holding Putnam mutual funds are linked to comply with the requirements stated above and to permit monitoring for excessive short-term trading in accordance with Section 1.4. To ensure these accounts are linked, log on to Putnam's intranet home page at http://intranet/home/index.shtml, and select Secure information -> My information -> Linked Putnam mutual fund accounts.

**2.3. Putnam — Closed-End Funds**

**2.3(a) Pre-clearance and Reporting**

Putnam closed-end fund shares are subject to the same pre-clearance and reporting requirements as other stocks. A list of the Putnam closed-end funds can be obtained from the Code of Ethics staff.

**2.3(b) Special Rules Applicable to Portfolio Managers to Putnam Closed-End Funds, Group Heads in the Investment Division, Operating Committee members, and officers of the Putnam Funds**

Portfolio Managers to Putnam closed-end funds, Group Heads in Putnam's Investment Division, Putnam Operating Committee members, and officers of the Putnam Funds will not receive clearance to engage in any combination of purchase and sale, or sale and purchase, of the shares of a given closed-end fund within six months of each other. Therefore, purchases should be made only if you intend to hold the shares more than six months, and sales should not be made if you plan to purchase more shares of that fund within six months.

**2.4. Putnam Exchange-Traded Funds**

Putnam employees may invest in Putnam ETFs, subject to the pre-clearance requirement set forth in Section 1.1(d) for certain investment professionals. However, Putnam employees must hold shares of Putnam ETFs in accounts maintained by an approved broker-dealer — see Section 4.4 below.

**Section 3 — Additional Rules for Access Persons and Certain Investment Professionals**

**3.1. 60-Day Short-Term Rule — All Access Persons**

Access Persons may not sell a security at a price higher than any price paid for that security within the past 60 calendar days, or buy a security at a price below which he or she sold the same security within the past 60 days. This rule applies to transactions across all accounts of the employee. All trades for the previous 60 days in all accounts will be compared to the trade date for the transaction in question to determine whether a violation has occurred. Thus, if within a 60-day period, an employee buys a security for $10, buys it again for $15, and then sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price. To further illustrate the rule, if an employee buys a security for $15 on one day, buys it again for $10 a year later, and then less than 60 days after the second purchase sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price more than 60 days earlier. Access Persons may also not open an option transaction for a contract that expires in 60 days or less. The holding period for securities acquired upon exercise of a purchased call option shall be calculated using the date of acquisition of the option (rather than the date of exercise of the option) as the starting point for the 60-day holding period. Further, this rule also applies to common stock and option exercise transactions. For example, an employee may purchase calls/call spreads, and he or she may buy/sell a common stock of the same security (because transactions in options and common stock shares are treated differently); however, if the employee plans to exercise the option, he or she need to ensure that it is not in the opposite direction of the common stock transaction (at a profit) that he or she traded within the past 60 days. Although portfolio managers and analysts may sell securities at a profit within 60 days of purchase in order to comply with the requirements of the 7-Day Pre-Trade and 7-Day Post-Trade Rules (see Sections 3.2 and 3.3), any profit must be disgorged and paid to charity.

This 60-Day Short Term Rule will not apply to trades in ETFs, including Putnam ETFs.

**3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)**

**3.2(a) Portfolio Managers**

**Purchases in a Client Account**

Before a portfolio manager places an order to purchase a security or related derivative for any Putnam client portfolio that he or she manages, he or she must sell that security or related derivative if he or she has purchased it in a personal account within the preceding seven calendar days.

**Sales in a Client Account**

When a portfolio manager enters an order to sell a security or related derivative for any Putnam client portfolio that he or she manages, he or she must disgorge to charity any losses avoided if he or she sold the security or related derivative in a personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the selling price for the client account, multiplied by the number of shares sold for the personal account.

For certain designated sleeved funds or portfolios, if a portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research, who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer, or their designee may override this rule 3.2(a).

**3.2(b) Analysts**

**Purchase/Outperform/Upgrade Recommendations**

Before an analyst (i) initiates coverage, (ii) makes a "purchase," "outperform," or similar recommendation, or (iii) upgrades any previous recommendation for a security or related derivative (including designation of a security for inclusion in the portfolio of Putnam Research Fund), he or she must sell that security or related derivative if he or she has purchased it in a personal account within the preceding seven calendar days.

**Sell/Underperform/Downgrade Recommendations**

When an analyst (i) makes a "sell," "underperform," or similar recommendation, (ii) downgrades any previous recommendation, or (iii) ceases coverage for a security or related derivative (including designation of a security for sale from the portfolio of Putnam Research Fund), he or she must disgorge to charity any losses avoided if he or she sold the security in a personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the price at the time that the recommendation is made, multiplied by the number of shares sold for the personal account.

For certain designated sleeved funds or portfolios, if an analyst (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the analyst does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer, or their designee may override this rule 3.2(b).

**3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)**

**3.3(a) Portfolio Managers**

**Purchases in a Client Account**

No portfolio manager shall sell any security or related derivative in a personal account until seven calendar days have elapsed after the date of the most recent purchase of that security or related derivative by any Putnam client portfolio he or she manages or co-manages.

**Sales in a Client Account**

No portfolio managers shall purchase any security or related derivative in a personal account until seven calendar days have elapsed after the date of the most recent sale of that security or related derivative from any Putnam client portfolio that he or she manages or co-manages.

For certain designated sleeved funds or portfolios, if a portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research, who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer, or their designee may override this rule 3.3(a).

**3.3(b) Analysts**

**Purchase/Outperform/Upgrade Recommendations**

No analyst shall sell any security or related derivative from a personal account until seven calendar days have elapsed after the date of (i) a "purchase," "outperform," or similar recommendation or (ii) any upgrade of a previous recommendation for that security or related derivative (including designation of a security for inclusion in the portfolio of Putnam Research Fund).

**Sell/Underperform/Downgrade Recommendations**

No analyst shall purchase any security or related derivative in a personal account until seven calendar days have elapsed after the date of (i) a "sell," "underperform," or similar recommendation or (ii) any downgrade of a previous recommendation or ceasing coverage for that security or related derivative (including the removal of a security from the portfolio of Putnam Research Fund).

For certain designated sleeved funds or portfolios, if an analyst (but not the Chief Investment Officer of Equities and Director of Equity Research, who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the analyst does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer, or their designee may override this rule 3.3(b).

**3.4. Contra-Trading Rule (Portfolio Managers)**

No portfolio manager shall, without prior clearance and written approval (which may be satisfied by email) from the Chief Investment Officer and Code of Ethics Officer, sell in a personal account any securities or related derivative securities that are held in any Putnam client portfolio that he or she manages or co-manages. Contact the Code of Ethics Officer for a copy of the Contra-Trading Rule Clearance Form. For certain designated sleeved funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer, or their designee may permit a sale in the portfolio manager's personal account without obtaining written approval from the Chief Investment Officer and Code of Ethics Officer, if the portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research, who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios.

**3.5. No Personal Benefit (Portfolio Managers and Analysts)**

No portfolio manager shall cause, and no analyst shall recommend, an action that would cause a Putnam client to take action for the portfolio manager's or analyst's own personal benefit. A portfolio manager who trades in, or an analyst who recommends, particular securities for a Putnam client account in order to support the price of securities in his personal account, or who "front runs" a Putnam client order, is in violation of this rule.

**Section 4 — Reporting Requirements**

**4.1. Brokerage/Securities Accounts — Initial and Annual Requirements**

All employees (on their own behalf and on behalf of their Immediate Family members (see Definitions)) are required to report the existence of any accounts that have the capability of purchasing any securities. This rule includes all brokerage accounts, accounts held directly at an issuer's transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee, or any other accounts in which reportable securities can be traded and/or held. The only investment accounts excluded from this rule are accounts that are only permitted to hold open-end mutual funds (other than Putnam open-end funds) and no other investments, and Treasury Direct accounts, which can only purchase Treasury securities.

To satisfy this requirement, a new employee must complete the Code of Ethics and Broker Account Certification, and Access Persons must also complete Initial Holdings Certification in the Code of Ethics PTA system, and supply the Code of Ethics Department with a copy of the most recent statement for each account, within the required time frame below:

• Access Persons —within 10 days of hire

• Non-access Persons—within 30 days of hire

In addition, a new employee must obtain written approval from the Code of Ethics staff to maintain his/her reportable accounts within 30 days of hire.

All current U.S. employees must contact the Code of Ethics staff and obtain written approval from the Code of Ethics staff prior to opening any new accounts outside of Putnam (including accounts being opened for Immediate Family members) and disclose them. This Rule includes all brokerage accounts (including a self-directed brokerage account in the Putnam 401(k) plan), accounts held directly at an issuer's transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee, or any other accounts in which reportable securities can be traded and/or held.

Non-U.S. current employees opening a new account (including accounts being opened for Immediate Family members) must disclose them to the Code of Ethics Department prior to opening, or immediately after opening, the account in advance of the first personal securities transaction in the account.

All employees will be required to certify annually that all accounts requiring disclosure are accurately listed in the Code of Ethics PTA system.

**4.2. Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed (Discretionary) Accounts — Initial and Annual Requirements**

If you wish to establish a professionally managed or discretionary account (including professionally managed or discretionary accounts being opened for Immediate Family members), where you completely turn over decision-making authority to a professional money manager who is not subject to this Code and you have no direct or indirect influence or control over the discretionary account, you must disclose the existence of the account and receive approval from the Code of Ethics staff in advance of the first personal securities transaction (new employees have 30 days to obtain the appropriate approval). You do not need to pre-clear or report securities transactions in these accounts. Please note that a discretionary account may not purchase an IPO or hold Putnam open-end mutual funds. The broker or advisor maintaining discretion over the account must be an independent third party, not affiliated with or related to a family member of the Putnam employee in any way.

In order for the account to be considered discretionary, the employee must:

1. Complete an initial certification in which both the employee and the broker/advisor certify that the Putnam employee or Immediate Family member does not participate in investment decisions on the account;

2. Complete an annual certification in which the employee certifies that the Putnam employee or Immediate Family member does not participate in investment decisions on the account, and does not have direct or indirect influence or control over the account;

3. Respond, and arrange for the employee's broker/advisor to respond, to such inquiries as deemed advisable by the Code of Ethics staff in their assessment of whether the account is discretionary; and

4. Ensure that copies of broker statements are delivered to Putnam Investments.

**4.3. Account Confirmations and Statements**

All employees are required to ensure that copies of all confirmations and statements are delivered to Putnam for all accounts described in Section 4.1, and to ensure that copies of all statements (but not confirmations) are delivered to Putnam for all discretionary accounts described in Section 4.2. When the employee discloses the account as required, the Code of Ethics staff will issue a 407 letter or other communication to the entity where the employee's account is held, requesting that confirmations and statements be sent to Putnam on the employee's behalf. However, it is ultimately the employee's responsibility to ensure that his or her broker has complied with this request. Employees in non-U.S. offices may be subject to different requirements with respect to the frequency of providing account confirmations and statements. Any such different requirements will be communicated to the employees by the Code of Ethics staff.

If it is discovered that these reports are not being delivered to Putnam, the Code of Ethics staff will bring this issue to the employee's attention and request he or she assist in rectifying the issue. If it is determined that a broker has failed to comply with requests to deliver these reports, Putnam reserves the right to require the employee to close the account within 30 days by transferring the account to another dealer willing to comply with this requirement (any trades as a result of a transfer must be pre-cleared). In cases where Putnam has an electronic reporting relationship established with a firm, Putnam may rely on this electronic reporting for monitoring and record keeping in lieu of receiving trade confirmations and statements via mail.

**4.4. Approved Brokers — U.S. Employees Only**

U.S. employees of Putnam are required to hold each of their personal accounts (including any retirement, pension, deferred compensation, or similar accounts) at a Putnam-approved broker that provides Putnam with an electronic broker feed. The list of approved brokers is posted to the Putnam Compliance intranet homepage and the Code of Ethics PTA system. In limited circumstances, employees may be allowed to hold personal accounts at a non-Putnam-approved broker (examples include retirement accounts at current employers of Immediate Family members and accounts that cannot legally be transferred to Putnam-approved brokers). In such a case, the employee must notify the Code of Ethics Officer in writing and provide the reason why the account cannot be transferred to a Putnam-approved broker or why the employee otherwise requests an exception be granted by the Code of Ethics Officer or Deputy Code of Ethics Officer. In the event an exception is granted, the employee must arrange for trade confirmations and account statements (quarterly) to be sent to the Code of Ethics staff.

**Section 5 — Additional Reporting, Certification, and Training Requirements**

**5.1. Initial/Annual Holdings Report — Access Persons Only**

Access Persons must disclose and certify their securities holdings, including all holdings for Immediate Family member accounts, within 10 days of hire (or within 10 days of becoming an Access Person) and then on an annual basis thereafter (within 45 days after the end of the year). The report of securities holdings must include all securities that require pre-clearance under Section 1.1, as well as holdings in non-U.S. sovereign government debt, ETFs, ETNs, ETCs, options, futures, and other derivative securities, and holdings of Putnam open-end U.S. mutual funds not held through a Putnam account and U.S. registered mutual funds to which Putnam acts as advisor or sub-advisor (see Section 4). Each of the initial and annual holdings reports must contain the following information:

**5.2. Initial holdings report**

• The title, number of shares, and principal amount of each security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person,

• The name of any broker, dealer, or bank with whom the Access Person maintained an account in which any securities could be held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

• The date that the report is submitted by the Access Person.

**5.3. Annual holdings report**

• The title, number of shares, and principal amount of each security in which the Access Person had any direct or indirect beneficial ownership,

• The name of any broker, dealer, or bank with whom the Access Person maintained an account in which any securities could be held for the direct or indirect benefit of the Access Person; and

• The date that the report is submitted by the Access Person.

**5.4. Quarterly Transaction Report — Access Persons Only**

Access Persons must disclose and certify all their personal securities transactions, including transactions for Immediate Family member accounts, within 20 calendar days following the end of each quarter. If the 20th of a month after the end of a quarter falls on a holiday or weekend, the Code of Ethics Officer may extend the deadline. In addition to the securities requiring pre-clearance under Section 1.1, Access Persons are also required to disclose and certify all personal transactions in non-U.S. sovereign government debt, as well as ETFs, ETNs, ETCs, options, futures, and other derivative securities, and not just those requiring pre-clearance. The quarterly transaction report must contain the following information:

• The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each transaction involved,

• The nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition),

• The price of the security at which the transaction was effected,

• The name of the broker, dealer, or bank with or through which the transaction was effected, and

• The date that the report is submitted by the Access Person

**5.5. Annual Certification — All Employees**

Each calendar year, all employees will be required to certify that they have reviewed and understand the rules and requirements of the Code and that the list of brokerage accounts (for the employee and all Immediate Family members) disclosed in the Code of Ethics PTA system is accurate. An email notification will be sent informing employees of their requirement and the due date.

**5.6. Training Requirements — All Employees**

As deemed necessary by the Code of Ethics staff, employees will be required to complete training on Putnam's Code of Ethics. Email notifications will be sent notifying employees of the requirements and the due date.

**5.7. Maintenance and Distribution of the Code of Ethics**

When revisions are made to the Code of Ethics, all employees will receive a revised version of the Code. The Code will be available to all employees on Putnam's intranet site. Hard copies may be requested by contacting the Code of Ethics staff.

**5.8. Procedures and Timeliness**

Most certifications and reports required by the Code are completed in the Code of Ethics PTA system. There are strict deadlines for these filings. Planned absences, vacations, and business trips are not valid excuses for failing to meet a deadline. Employees will receive instructions regarding these submissions and the due dates. Please contact the Code of Ethics staff for assistance.

**Section 6 — General Ethics Rules for All Employees**

Putnam employees are expected to act ethically at all times in connection with their employment. In addition to complying with the specific provisions of this section, employees should contact the Code of Ethics staff or the Ombuds if they are not sure how to proceed in any circumstances involving ethical issues or questions.

**6.1. Conflicts of Interest**

Your obligation to act ethically at all times includes the ethical handling of actual, apparent, and potential conflicts of interest between personal and business affairs. Please note that when this Section 6.1 refers to a "conflict of interest," it is referring to actual, apparent, and potential conflicts of interest. Conflicts of interest may arise in various circumstances, some of which are covered in the specific situations set forth in the other portions of this Section 6. However, it is not possible to set forth each specific situation under which a conflict of interest may arise.

A conflict of interest arises when a person's personal affairs interfere with the interests of Putnam or Putnam's clients. A conflict of interest can also arise when an employee or a member of his or her Immediate Family takes an action or has an interest that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise when an employee or a member of his or her Immediate Family receives or grants improper personal benefits as a result of his or her position or in the event that an employee or a member of his or her Immediate Family enters into transactions or agreements with any entity or person with whom Putnam has a business or financial relationship. Putnam employees must recognize (including through their personal trading and conduct) that the firm's clients always come first, that the employees and the firm must avoid any actual or potential abuse of our positions of trust and responsibility, and that the employees and the firm must never take inappropriate advantage of our positions.

Given that actual, apparent, and potential conflicts of interest may often not be clear-cut, if you have any question or doubt whatsoever, you should consult the Code of Ethics Officer or Deputy Code of Ethics Officer prior to engaging in the activity in question. Any employee who becomes aware of a conflict, potential conflict, or the appearance of a conflict is strongly encouraged to bring it to the attention of the Code of Ethics Officer or Deputy Code of Ethics Officer.

**6.2. Outside Business Activities**

No Putnam employee shall serve as employee, officer, director, trustee, or general partner of a corporation or entity other than Putnam, without prior written approval of the Code of Ethics Officer, who may also confirm that the employee's manager has approved such outside position. Requests for a role at a publicly traded company are especially disfavored and are closely reviewed. Permission will be granted only in extenuating circumstances.

All employees must provide a written request seeking approval from the Code of Ethics Officer by entering the details of the proposed position in the Code of Ethics PTA system. Employees may not engage in any outside employment activity until they receive an email approving their request. Employees hired at Putnam with an outside position must disclose the position upon hire in the system and may be required to resign such position if the position presents conflicts of interest or other issues.

FINRA-licensed employees under PRM also have an obligation to disclose outside positions to, and receive approval from, the PRM Compliance Department. Employees must also keep this information accurate by updating their profile in the Code of Ethics system and updating the PRM Compliance Department if they change or terminate a position previously approved.

**6.3. Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments**

**6.3(a)**

An employee may serve as a volunteer, officer, director, or trustee of a charitable or not-for-profit institution, provided that the employee abides by the Code of Ethics with respect to any investment activity for which he or she has any discretion or input as a volunteer, officer, director, or trustee. The pre-clearance and reporting requirements of the Code of Ethics do not apply to the trading activities of such charitable or not-for-profit institutions for which an employee serves as a volunteer, officer, director, or trustee unless the employee has discretion for the account. You must contact the Code of Ethics staff if you are asked to serve in a role in which you may have discretion, investment, or financial authority for a charitable or not-for-profit institution to discuss whether such position is permissible and whether you must perform any additional actions prior to serving in such role.

**6.3(b)**

Except as stated below, no Putnam employee shall serve as a trustee, an executor, a custodian, or any other fiduciary, or as an investment advisor or a counselor for any account outside Putnam. Putnam employees may serve as a fiduciary with respect to a religious or charitable trust or foundation, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input. The pre-clearance and reporting requirements of the Code of Ethics apply to the trading activities of such a religious or charitable trust or foundation if the employee has discretion for the account.

**6.3(c) Family Trust or Estate Exception**

Putnam employees may serve as a fiduciary with respect to a family trust or estate, as long as the employee abides by all of the Rules of the Code of Ethics with respect to any investment activity over which he has any discretion.

**6.4. Service As a Public Official**

An employee seeking to serve in an official capacity (elected or unelected, with or without compensation) for any government, government agency, or instrumentality must contact the Code of Ethics Officer prior to serving in such capacity. The Code of Ethics Officer shall review such prospective service to determine whether the service could create any potential conflicts of interest for Putnam (e.g., service of a government body that can select investment managers for a public pension plan) and to determine any appropriate steps to address conflicts.

**6.5. Family Members' Conflict Policy**

No employee or member of an employee's Immediate Family shall have any direct or indirect personal financial interests in companies that do business with Putnam, unless such interest is disclosed and approved by the Code of Ethics Officer.

**6.5(a) Corporate Purchase of Goods and Services**

Putnam will not acquire goods and services from any firm in which a member of an employee's Immediate Family serves as a sales representative or in a senior management capacity, or has an ownership interest (excluding normal investment holdings in public companies), unless permission is obtained from the Chief Financial Officer and the Code of Ethics Officer. Any employee who is aware of a proposal to purchase goods and services from a firm with which a member of the employee's Immediate Family has one of these associations must notify the Chief Financial Officer and the Code of Ethics Officer.

**6.5(b) Portfolio Trading**

Putnam will not allocate any client trades to any firm that employs a member of an employee's Immediate Family as a sales representative to Putnam (in a primary, secondary, or backup role). Any Putnam employee who is aware that an Immediate Family member serves as a broker-dealer's sales representative to Putnam should inform the Code of Ethics Officer.

**6.5(c) Definition of Immediate Family (specific to this rule)**

"Immediate Family" of an employee means (1) spouse, fiancé(e), or domestic partner of the employee, (2) any child, sibling, or parent of an employee and any person married to a child, sibling, or parent of an employee, and (3) any other person who lives in the same household as the employee.

**6.6. CFA Institute Code of Ethics and Standards of Professional Conduct**

All members of the Investment Division and any other CFA institute Members or Candidates must follow and abide by the spirit of the Code of Ethics and the Standards of Professional Conduct of the CFA Institute as in effect from time to time (see the Appendix for a copy of the version in force as of the date of the Putnam Investments Code). The text of the CFA Institute Code of Ethics and Standards of Professional Conduct can be found on the Putnam Compliance Department intranet home page, which is accessible from the Putnam intranet home page. The terms of Putnam's Code of Ethics shall govern in any case where there is a conflict between the terms of this Code and the CFA Institute Code of Ethics and Standards of Professional Conduct. Please contact the Code of Ethics Officer with any questions.

**6.7. Business Ethics, Ombuds, and Hotlines**

**6.7(a)**

If a Putnam employee suspects that fraudulent, illegal, or other irregular activity (including violations of the Code of Ethics) might be occurring at Putnam, the activity should be reported immediately to Putnam's Controller, Chief Compliance Officer, or Code of Ethics Officer through the Ombuds or hotlines described below or through Putnam's Human Resources department.

**6.7(b)**

Putnam has established the office of the corporate Ombuds as a resource to help employees address legal or ethical issues in the workplace and to allow employees to voice concerns or seek clarity on issues. The Ombuds provides a confidential, independent, and impartial source to employees to discuss potential violations of law or of company standards without fear of retribution, and serves as a neutral party with no vested interest in a particular outcome.

**6.7(c)**

An employee who does not feel comfortable reporting activity in the manner described in 6.7(a) may instead contact any of the following on an anonymous basis:

• The Putnam Ethics hotline at 1-888-475-4210,

• The Putnam Funds Trustees' hotline at 1-866-858-4155, or

• Putnam's Ombuds at 1-866-ombuds7 (866-662-8377).

**6.7(d)**

Employees will not be retaliated against for reporting information in good faith and in accordance with this Code. Putnam will not terminate employment, demote, transfer to an undesirable assignment, or otherwise discriminate against or harass an employee for calling attention to suspected unethical or illegal acts. It is a violation of this Code to intimidate or impose any other form of retaliation on an employee who reports any actual or suspected illegal or unethical conduct. Putnam takes claims of retaliation very seriously and will promptly investigate allegations of retaliation, subjecting anyone found responsible for retaliating against an employee who reported unethical or illegal conduct to disciplinary action up to and including termination of employment. However, an employee who knowingly makes a false report may be subject to discipline.

**Section 7 — Material, Non-Public Information and Insider Trading**

**7.1. Material, Non-Public Information and Insider Trading**

Antifraud provisions of the U.S. securities laws as well as the laws of other countries generally prohibit persons who possess material, non-public information from trading on or communicating that information to others. Putnam's policies, including the Insider Trading Policy that is disclosed along with other compliance policies on the Chief Compliance Officer's Intranet page, call for strict compliance with such laws. Unlawful trading while in possession of material, non-public information is a very serious matter and can be a crime punishable by imprisonment. There is also significant monetary liability for an inside trader, which can include liability to private plaintiffs and/or the Securities and Exchange Commission, which can seek a court order requiring a violator to pay back profits, as well as penalties substantially greater than those profits. In certain cases, controlling persons of inside traders, including supervisors of inside traders or Putnam itself, can be liable for penalties.

Employees found to have conducted this activity will be immediately referred to the Code of Ethics Oversight Committee or Putnam's Chief Executive Officer to determine the appropriate sanction, up to and including termination.

While employees in the Investment Division are most likely to come into contact with material, non-public information, the rules (and sanctions) in this area apply to all Putnam employees (see Section 7.2 for information on what to do if you believe you may have material, non-public information).

**7.2. Reporting and Restrictions**

Any employee who believes he or she is (or may be) in possession of material, non-public information must immediately contact Putnam's Chief Compliance Officer or an attorney in Putnam's Legal Department and provide details on the information received and the source. The employee must also take precautions to maintain the confidentiality of the information in question, and not share this information with anyone outside of Putnam's Legal and Compliance Division. This provision does not, however, prevent any employee who suspects possible violations of law or regulation from providing such information to Putnam's Controller, Chief Compliance Officer, or Code of Ethics Officer through the Ombuds or hotlines or through Putnam's Human Resources department as described in Section 6.6 or to any governmental agency or entity, or self-regulatory authority, including but not limited to the Securities and Exchange Commission or the Financial Industry Regulatory Authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation.

After reviewing the facts and circumstances, Putnam's Chief Compliance Officer or Putnam's Legal Department will make a determination as to whether possession of the information warrants restricting trading activity in the issuer's securities for client accounts as well as personal securities transactions for employees or whether other steps are appropriate, such as the establishment of an information barrier or other trading restrictions.

**7.3. Special Provisions Applicable to Putnam Affiliates**

Any employee wishing to place a trade in the securities of Great-West Lifeco Inc., Power Financial Corporation, Power Corporation of Canada, or IGM Financial Inc. must contact the Code of Ethics Officer or the Deputy Code of Ethics Officer to request manual approval of the pre-clearance request. An employee requesting such approval must certify that he or she is not in possession of any material, non-public information regarding the company in which he or she is seeking to place a trade. The decision whether or not to grant the pre-clearance request is in the sole discretion of the Code of Ethics Officer and the Deputy Code of Ethics Officer. The Code of Ethics Officer and Deputy Code of Ethics Officer will reject any such request for pre-clearance made by (i) directors of a Putnam-branded subsidiary of Putnam Investments, LLC; and persons who hold the office of chief executive officer, chief operating officer, chief financial officer, president, vice- president, secretary, assistant secretary, treasurer, or assistant treasurer of Putnam or its Putnam-branded subsidiaries, and any other person who performs functions similar to those normally performed by a person holding such office (as determined by the Legal and Compliance Department) during the period beginning five weeks before and ending two full trading days after the issue of a press release announcing quarterly or annual financial results of Great-West Lifeco Inc.

**7.4. Putnam Equity Plan, TH Lee Funds, and Putnam Hedge Funds**

Great-West Lifeco Inc. stock shares owned by Putnam Investments, LLC Equity Incentive Plan (or any successor plan) share- holders are administered by the Putnam HR department; therefore, holdings of such shares do not need to be reported under this Code. In addition, the exercise of rights under the Putnam Investment, LLC Equity Incentive Plan to acquire Great-West Lifeco Inc. stock and the sale of such stock during specified window periods does not need to be pre-cleared under this Code, and such transaction does not need to be reported on the quarterly transaction report for Access Persons. However, if an employee holds Great-West Lifeco Inc. stock shares outside of the Putnam Investments, LLC Equity Incentive Plan (for example, in a brokerage account), such brokerage account and the holding must be reported under this Code.

Investments in Putnam hedge funds and in certain TH Lee private funds by employees are administered by the Putnam HR department. Therefore, employees do not need to pre-clear or report such funds under this Code.

**7.5. PIL Employees**

For PIL employees, certain topics are covered by the Market Abuse rules of the U.K. Financial Conduct Authority. PIL employees receive information on this topic in their annual instructor-led code of ethics and compliance training.

**Section 8 — Sanctions**

The Code of Ethics Oversight Committee reviews violations of the Code by employees and approves sanctions that it believes fit the circumstances. These sanctions include written warnings, trading bans, suspension or termination of employment, and disgorgement of profits (or payment of losses avoided) from impermissible trading. Sanctions will apply even if the exception results from inadvertence rather than intentional behaviors, although the Committee's belief that an employee has violated the Code of Ethics intentionally may result in more severe sanctions. Sanctions for subsequent violations (based on a rolling three-year measurement period) may be more severe than for an employee's initial violation. Sanctions are communicated to the employee and the employee's manager. All violations concerning the use of material, non-public information, failure to report inside information, or insider trading will be presented to the Code of Ethics Oversight Committee to determine the appropriate sanction, up to and including termination. Severe criminal penalties may also be imposed.

**Section 9 — Procedures for Determinations and Exemptions**

No perceived ambiguity in the Code of Ethics shall excuse any violation. Any employee who has a question concerning the applicability of the Code or believes the Code to be ambiguous in a particular situation should request a determination from the Code of Ethics Officer in advance of the conduct. Employees may also request an exemption from the Code of Ethics if they do so in advance of the conduct or transaction sought to be exempted.

Any employee seeking a determination or exemption shall provide the Code of Ethics Officer with such information as the Code of Ethics Officer deems necessary to render the determination or make a decision on the exemption.

**Appendix** <br>

[GRAPHIC OMITTED: CFA INSTITUTE LOGO]

**CODE OF ETHICS AND STANDARDS OF PROFESSIONAL CONDUCT**

**PREAMBLE**

The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving its mission to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. High ethical standards are critical to maintaining the public's trust in financial markets and in the investment profession. Since their creation in the 1960s, the Code and Standards have promoted the integrity of CFA Institute members and served as a model for measuring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute members (including holders of the Chartered Financial Analyst® [CFA®] designation) and CFA candidates must abide by the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can include revocation of membership, revocation of candidacy in the CFA Program, and revocation of the right to use the CFA designation.

**THE CODE OF ETHICS**

Members of CFA Institute (including CFA charterholders) and candidates for the CFA designation ("Members and Candidates") must:

• Act with integrity, competence, diligence, respect and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

• Place the integrity of the investment profession and the interests of clients above their own personal interests.

• Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

• Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

• Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

• Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

**STANDARDS OF PROFESSIONAL CONDUCT**

**I. PROFESSIONALISM**

**A. Knowledge of the Law.** Members and Candidates must under-stand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members and Candidates must not knowingly participate or assist in and must dissociate from any violation of such laws, rules, or regulations.

**B. Independence and Objectivity.** Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another's independence and objectivity.

**C. Misrepresentation.** Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities.

**D. Misconduct.** Members and Candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

**II. INTEGRITY OF CAPITAL MARKETS**

**A. Material Nonpublic Information.** Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.

**B. Market Manipulation.** Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

**III. DUTIES TO CLIENTS**

**A. Loyalty, Prudence, and Care.** Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients' interests before their employer's or their own interests.

**B. Fair Dealing.** Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.

**C. Suitability.**

**1.** When Members and Candidates are in an advisory relationship with a client, they must:

**a.** Make a reasonable inquiry into a client's or prospective client's investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action and must reassess and update this information regularly.

**b.** Determine that an investment is suitable to the client's financial situation and consistent with the client's written objectives, mandates, and constraints before making an investment recommendation or taking investment action.

**c.** Judge the suitability of investments in the context of the client's total portfolio.

**2.** When Members and Candidates are responsible for managing a portfolio to a specific mandate, strategy, or style, they must make only investment recommendations or take only investment actions that are consistent with the stated objectives and constraints of the portfolio.

**D. Performance Presentation.** When communicating investment performance information, Members and Candidates must make reasonable efforts to ensure that it is fair, accurate, and complete.

**E. Preservation of Confidentiality.** Members and Candidates must keep information about current, former, and prospective clients confidential unless:

**1.** The information concerns illegal activities on the part of the client or prospective client,

**2.** Disclosure is required by law, or

**3.** The client or prospective client permits disclosure of the information.

**IV. DUTIES TO EMPLOYERS**

**A. Loyalty.** In matters related to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer.

**B. Additional Compensation Arrangements.** Members and Candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer's interest unless they obtain written consent from all parties involved.

**C. Responsibilities of Supervisors.** Members and Candidates must make reasonable efforts to ensure that anyone subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards.

**V. INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS**

**A. Diligence and Reasonable Basis.** Members and Candidates must:

**1.** Exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions.

**2.** Have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action.

**B. Communication with Clients and Prospective Clients.** Members and Candidates must:

**1.** Disclose to clients and prospective clients the basic format and general principles of the investment processes they use to analyze investments, select securities, and construct port-folios and must promptly disclose any changes that might materially affect those processes.

**2.** Disclose to clients and prospective clients significant limitations and risks associated with the investment process.

**3.** Use reasonable judgment in identifying which factors are important to their investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.

**4.** Distinguish between fact and opinion in the presentation of investment analysis and recommendations.

**C. Record Retention.** Members and Candidates must develop and maintain appropriate records to support their investment analyses, recommendations, actions, and other investment-related communications with clients and prospective clients.

**VI. CONFLICTS OF INTEREST**

**A. Disclosure of Conflicts.** Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

**B. Priority of Transactions.** Investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner.

**C. Referral Fees.** Members and Candidates must disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration, or benefit received from or paid to others for the recommendation of products or services.

**VII. RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE**

**A. Conduct as Participants in CFA Institute Programs.** Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of the CFA Institute programs.

**B. Reference to CFA Institute, the CFA Designation, and the CFA Program.** When referring to CFA Institute, CFA Institute membership, the CFA designation, or candidacy in the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA program.

[GRAPHIC OMITTED: CFA INSTITUTE LOGO]

www.cfainstitute.org

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|:---|:---|
| **Putnam Investments \| 100 Federal Street \| Boston, MA02110 \| putnam.com** | HR104 332638 1/23 |

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## Ex-99.Code

**THE PUTNAM FUNDS**

<u>Code of Ethics</u>

Each of The Putnam Funds (the "Funds") has determined to adopt this Code of Ethics with respect to certain activities by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such activities.

I. <u>Rules Applicable to Officers and Trustees Affiliated with Putnam Investments, LLC or Its Subsidiaries</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Incorporation of Adviser's Code of Ethics</u>. The provisions of the Code of Ethics for employees
of Putnam Investments, LLC and its subsidiaries (other than PanAgora Asset Management, Inc. and any of its subsidiaries) (the "Putnam
Investments Code of Ethics"), which is attached as Appendix A hereto, are hereby incorporated herein as the Funds' Code of
Ethics applicable to officers and Trustees of the Funds who are employees of the Funds or officers, directors or employees of Putnam Investments,
LLC or its subsidiaries. A violation of the Putnam Investments Code of Ethics shall constitute a violation of the Funds' Code of
Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Reports</u>. Officers and Trustees of each of the Funds who are made subject to the Putnam Investments
Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Putnam Investments Code of Ethics with the Code
of Ethics Officer designated therein. A report filed with the Code of Ethics Officer shall be deemed to be filed with each of the Funds
of which the reporting individual is an officer or Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Code of Ethics Officer shall cause the reported personal securities transactions to be compared with
completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred.
Before making any determination that a violation has been committed by any person, the Code of Ethics Officer shall give such person an
opportunity to supply additional explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Code of Ethics Officer determines that a violation of any provision of this Code has or may have
occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit, Compliance and Risk
Committee of the Funds at its next meeting when Code of Ethics matters are discussed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Sanctions</u>. In addition to reporting violations of this Code to the Audit, Compliance and Risk Committee
of the Funds as provided in Section I-C(2), the Code of Ethics

Officer shall also report to such Committee any sanctions imposed with respect to such violations.

II. <u>Rules Applicable to Unaffiliated Trustees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Beneficial ownership" shall be interpreted in the same manner as it would be in determining
whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Control" means the power to exercise a controlling influence over the management or policies
of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Covered Person" means an affiliated person of the Fund, who is not made subject to the Putnam
Investments Code of Ethics pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Interested Trustee" means a Trustee of a Fund who is an "interested person" of
the Fund within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Purchase or sale of a security" includes, among other things, the writing of an option to
purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the Investment
Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an
agency thereof, bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments,
including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into
or exchangeable for a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "Security Held or to be Acquired by a Fund" means: (i) any security, as defined herein, which,
within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or Putnam Investments
for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described
in (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "Unaffiliated Trustee" means a Trustee who is not made subject to the Putnam Investments Code
of Ethics pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Prohibited Actions</u>. No Covered Person, in connection with the purchase or sale, directly or indirectly,
by such Covered Person of a security held or to be acquired by the Fund, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in
order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit
on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Every Unaffiliated Trustee of a Fund shall file with the Funds' Compliance Liaison a report containing
the information described in Section II-C(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated
Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that
transaction, knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that,
during the 15-day period immediately preceding or after the date of the transaction by the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such security was or is to be purchased or sold by the Fund or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such security was or is being considered for purchase or sale by the Fund;

<u>provided</u>, <u>however</u>, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction
to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if
applicable) and the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The date that the report is submitted by each Unaffiliated Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any such report may contain a statement that the report shall not be construed as an admission by the
person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an "interested
person" of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act with the Code of Ethics
Officer of Putnam Investments. Such reports shall be reviewed by such Officer as provided in Section I-C(1) and any related violations
shall be reported by him to the Audit, Compliance and Risk Committee as provided in Section I-C(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer of Putnam Investments,
shall cause the reported personal securities transactions that he receives pursuant to Section II-C(1) to be compared with completed and
contemplated portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before making any determination that a violation of this Code has occurred, the Compliance Liaison shall
give the person involved an opportunity to supply additional information regarding the transaction in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Sanctions</u>. If the Compliance Liaison determines that a violation of this Code has occurred, he
shall so advise the Funds' Audit, Compliance and Risk Committee, and provide the Committee with a report of the matter, including
any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.

III. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Amendments to the Putnam Investments Code of Ethics</u>. Any amendment to the Putnam Investments'
Code of Ethics shall be deemed an amendment to Section 1-A of this Code effective 30 days after written notice of such amendment shall
have been received by the Chair of the Funds, unless the Trustees of the Funds expressly

determine that such amendment shall become effective at an earlier or later date or shall not be adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Records</u>. The Funds shall maintain records in the manner and to the extent set forth below, which
records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be
available for examination by representatives of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in
effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A record of any violation of this Code and of any action taken as a result of such violation shall be
preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation
occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period
of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant
to this Code shall be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To the extent any record required to be kept by this section is also required to be kept by Putnam Investments
pursuant to the Putnam Investments' Code of Ethics, Putnam Investments shall maintain such record on behalf of the Funds as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Confidentiality</u>. All reports of securities transactions and any other information filed with any
Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities
and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Interpretation of Provisions</u>. The Trustees may from time to time adopt such interpretations of
this Code as they deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Delegation by Chair</u>. The Chair of the Funds may from time to time delegate any or all of his or
her responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he or she
may designate.

As revised January 27, 2023.