# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001133228-25-008906
**Filing Date:** 2025-8
**Character Count:** 241361
**Document Hash:** 168b5e6bf0f3ce1fb2a6e5270dcd4855
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008906.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001133228-25-008906

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 251256025

**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 Income Fund (Series ID: S000003876)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010847 | Class IA Shares |  |
| C000010848 | Class IB Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-07-1774200172300_PutnamVTIncomeFund_ClassIA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-05346**

**Putnam Variable Trust** 

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

Date of reporting period: **June 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

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

---

This semi-annual shareholder report contains important information about Putnam VT Income Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class IA<sup>1</sup>  | $28 | 0.56% |

---

† Annualized.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $134696475 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 802 |
| **Portfolio Turnover Rate** | 136% |

---

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

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

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

![image](ts4266img003.jpg)

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

---

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

---

Putnam VT Income Fund PAGE 1 38921-STSIA-0825

43.419.011.27.24.63.90.110.6 ------

---

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

---

This semi-annual shareholder report contains important information about Putnam VT Income Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class IB<sup>1</sup>  | $43 | 0.85% |

---

† Annualized.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $134696475 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 802 |
| **Portfolio Turnover Rate** | 136% |

---

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

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

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

![image](ts4267img003.jpg)

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

---

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

---

Putnam VT Income Fund PAGE 1 38921-STSIB-0825

43.419.011.27.24.63.90.110.6 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### VT

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

June

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

Financial

Statements

Notes

to

Financial

Statements

Changes

In

and

Disagreements

with

Accountants

Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Variable

Trust

Financial

Highlights

#### Putnam

#### VT

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### IA

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.13

$8.40

$8.50

$10.40

$11.60

$11.63

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.42 0.42 0.34 0.36 0.33 Net

realized

and

unrealized

gains

(losses)

0.16 (0.22)

(0.02)

(1.69)

(0.87)

0.32 Total

from

investment

operations

........

0.35 0.20 0.40 (1.35)

(0.51)

0.65 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.47)

(0.50)

(0.55)

(0.18)

(0.58)

Net

realized

gains

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

—

—

—

—

(0.51)

(0.10)

Total

distributions

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

(0.42)

(0.47)

(0.50)

(0.55)

(0.69)

(0.68)

Net

asset

value,

end

of

period

..........

$8.06

$8.13

$8.40

$8.50

$10.40

$11.60

Total

return

c

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

4.34%

2.56%

4.96%

(13.48)%

(4.44)%

6.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.56%

0.59%

0.63%

0.62%

f

0.56%

0.57%

Net

investment

income

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

4.76%

5.11%

5.13%

3.78%

3.36%

2.88%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$74,943

$76,688

$81,851

$85,874

$111,757

$126,631

Portfolio

turnover

rate

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

136%

461%

890%

793%

800%

842%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Variable

Trust

Financial

Highlights

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### IB

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.02

$8.29

$8.39

$10.28

$11.46

$11.50

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.39 0.39 0.32 0.33 0.30 Net

realized

and

unrealized

gains

(losses)

0.16 (0.21)

(0.01)

(1.69)

(0.85)

0.32 Total

from

investment

operations

........

0.34 0.18 0.38 (1.37)

(0.52)

0.62 Less

distributions

from:

Net

investment

income

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

(0.39)

(0.45)

(0.48)

(0.52)

(0.15)

(0.56)

Net

realized

gains

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

—

—

—

—

(0.51)

(0.10)

Total

distributions

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

(0.39)

(0.45)

(0.48)

(0.52)

(0.66)

(0.66)

Net

asset

value,

end

of

period

..........

$7.97

$8.02

$8.29

$8.39

$10.28

$11.46

Total

return

c

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

4.37%

2.32%

4.69%

(13.81)%

(4.59)%

5.72%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.85%

0.84%

0.88%

0.87%

f

0.81%

0.82%

Net

investment

income

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

4.47%

4.86%

4.88%

3.53%

3.12%

2.62%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$59,754

$61,387

$65,947

$71,037

$99,028

$114,913

Portfolio

turnover

rate

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

136%

461%

890%

793%

800%

842%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Putnam

#### VT

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds

#### 44.5%

#### Aerospace

#### &

#### Defense

#### 1.2%
a

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.5 %

,

3/26/54

.........

United

Kingdom

200,000

$

197,628

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

25,000

23,187

Senior

Bond,

6.125%,

2/15/33

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

United

States

55,000

58,143

Senior

Bond,

3.6%,

5/01/34

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

United

States

36,000

31,746

Senior

Bond,

3.25%,

2/01/35

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

United

States

30,000

25,284

Senior

Bond,

3.375%,

6/15/46

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

United

States

205,000

140,479

Senior

Bond,

3.9%,

5/01/49

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

United

States

76,000

54,578

Senior

Bond,

6.858%,

5/01/54

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

United

States

80,000

87,655

Senior

Bond,

3.95%,

8/01/59

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

United

States

70,000

47,899

Senior

Note,

2.196%,

2/04/26

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

United

States

357,000

351,479

Senior

Note,

6.259%,

5/01/27

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

United

States

20,000

20,585

Senior

Note,

6.298%,

5/01/29

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

United

States

30,000

31,724

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

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

United

States

135,000

142,289

Senior

Bond,

5.95%,

2/01/37

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

United

States

16,000

17,001

Senior

Note,

3%,

1/15/29

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

United

States

142,000

135,864

Northrop

Grumman

Corp.

,

Senior

Bond

,

5.25 %

,

5/01/50

......

United

States

45,000

42,271

RTX

Corp.

,

Senior

Bond

,

4.125 %

,

11/16/28

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

United

States

370,000

368,635

1,776,447

#### Automobiles

#### 0.3%
a

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

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

United

States

8,000

8,502

Senior

Note,

144A,

6.5%,

1/16/29

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

United

States

295,000

311,234

Senior

Note,

144A,

5.35%,

3/19/29

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

United

States

41,000

41,794

Senior

Note,

144A,

4.55%,

9/26/29

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

United

States

50,000

49,567

Senior

Note,

144A,

5.4%,

1/08/31

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

United

States

20,000

20,441

Senior

Note,

144A,

5.4%,

6/23/32

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

United

States

20,000

20,264

451,802

#### Banks

#### 6.6%
a

ABN

AMRO

Bank

NV

,

Sub.

Bond

,

144A,

4.75 %

,

7/28/25

......

Netherlands

200,000

200,041

a,b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

202,641

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

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

Spain

200,000

199,575

Sub.

Bond,

6.921%,

8/08/33

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

Spain

200,000

216,892

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

195,000

178,149

Senior

Bond,

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

...

United

States

50,000

51,386

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

100,000

104,092

c

Sub.

Bond,

FRN,

5.34%,

(3-month

SOFR

+

1.022%),

9/15/26

United

States

100,000

99,866

Sub.

Bond,

5.425%

to

8/14/34,

FRN

thereafter,

8/15/35

.....

United

States

100,000

100,011

Sub.

Bond,

6.11%,

1/29/37

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

United

States

300,000

317,001

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

550,000

503,463

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

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

Canada

200,000

201,977

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

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

United

Kingdom

200,000

204,348

a

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

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

Spain

200,000

206,899

Citigroup,

Inc.

,

b

CC,

Junior

Sub.

Bond,

7.125%

to

8/14/29,

FRN

thereafter,

Perpetual

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

United

States

70,000

72,325

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Citigroup,

Inc.,

(continued)

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

64,000

$

63,438

Senior

Note,

5.61%

to

9/28/25,

FRN

thereafter,

9/29/26

.....

United

States

105,000

105,241

Sub.

Bond,

4.45%,

9/29/27

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

United

States

500,000

500,583

Sub.

Bond,

6.174%

to

5/24/33,

FRN

thereafter,

5/25/34

.....

United

States

76,000

79,589

a

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837 %

,

3/13/34

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

Australia

200,000

206,551

a

Credit

Agricole

SA

,

b

Junior

Sub.

Bond,

144A,

8.125%

to

12/22/25,

FRN

thereafter,

Perpetual

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

France

200,000

202,669

Sub.

Bond,

144A,

4%

to

1/09/28,

FRN

thereafter,

1/10/33

...

France

250,000

242,986

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

115,000

121,149

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

60,000

60,685

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

107,000

111,115

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

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

Netherlands

200,000

203,717

a

Intesa

Sanpaolo

SpA

,

Sub.

Bond

,

144A,

4.198%

to

5/31/31,

FRN

thereafter

,

6/01/32

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

Italy

210,000

193,284

JPMorgan

Chase

&

Co.

,

b

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

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

United

States

87,000

85,805

c

W,

Junior

Sub.

Bond,

FRN,

5.588%,

(3-month

SOFR

+

1.262%),

5/15/47

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

United

States

63,000

55,920

Senior

Bond,

5.294%

to

7/21/34,

FRN

thereafter,

7/22/35

...

United

States

125,000

127,254

Senior

Bond,

5.502%

to

1/23/35,

FRN

thereafter,

1/24/36

...

United

States

34,000

35,034

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

155,000

158,410

Senior

Note,

5.14%

to

1/23/30,

FRN

thereafter,

1/24/31

.....

United

States

86,000

88,213

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

300,000

277,487

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

380,000

396,207

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

3.369%

to

12/13/41,

FRN

thereafter

,

12/14/46

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

United

Kingdom

305,000

217,453

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

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

United

Kingdom

200,000

201,788

PNC

Financial

Services

Group,

Inc.

(The)

,

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

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

United

States

350,000

339,822

Royal

Bank

of

Canada

,

Senior

Note,

5.2%,

8/01/28

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

Canada

140,000

144,064

Sub.

Bond,

4.65%,

1/27/26

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

Canada

140,000

139,975

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond,

8.125%

to

10/30/27,

FRN

thereafter,

10/31/82

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

Canada

200,000

209,381

Sub.

Bond,

3.625%

to

9/14/26,

FRN

thereafter,

9/15/31

.....

Canada

180,000

178,004

Truist

Financial

Corp.

,

Senior

Bond,

5.711%

to

1/23/34,

FRN

thereafter,

1/24/35

...

United

States

120,000

124,436

Senior

Note,

4.26%

to

7/27/25,

FRN

thereafter,

7/28/26

.....

United

States

105,000

104,959

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

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

United

States

260,000

220,750

Wells

Fargo

&

Co.

,

b

BB,

Junior

Sub.

Bond,

3.9%

to

3/14/26,

FRN

thereafter,

Perpetual

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

United

States

50,000

49,519

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

125,000

129,088

Wells

Fargo

Bank

NA

,

Sub.

Bond

,

6.6 %

,

1/15/38

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

United

States

495,000

548,147

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421 %

,

7/24/39

........

Australia

185,000

$

168,091

8,949,480

#### Biotechnology

#### 0.6%
AbbVie,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/34

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

United

States

61,000

62,131

Amgen,

Inc.

,

Senior

Bond,

3.2%,

11/02/27

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

United

States

218,000

212,982

Senior

Bond,

5.65%,

3/02/53

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

United

States

98,000

95,753

Senior

Bond,

5.75%,

3/02/63

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

United

States

75,000

72,970

Senior

Note,

5.25%,

3/02/30

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

United

States

273,000

281,373

Biogen,

Inc.

,

Senior

Bond,

2.25%,

5/01/30

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

United

States

145,000

130,690

Senior

Bond,

3.25%,

2/15/51

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

United

States

105,000

67,081

922,980

#### Broadline

#### Retail

#### 0.3%
Amazon.com,

Inc.

,

Senior

Bond,

2.1%,

5/12/31

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

United

States

101,000

89,705

Senior

Bond,

2.7%,

6/03/60

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

United

States

453,000

260,442

350,147

#### Building

#### Products

#### 0.1%
Johnson

Controls

International

plc

,

Senior

Note

,

3.9 %

,

2/14/26

.

United

States

138,000

137,468

#### Capital

#### Markets

#### 3.5%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

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

United

States

175,000

174,111

Senior

Note,

7%,

1/15/27

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

United

States

35,000

36,125

Senior

Note,

5.95%,

7/15/29

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

United

States

58,000

59,361

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.729%

to

4/19/28,

FRN

thereafter

,

4/20/29

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

United

States

250,000

253,569

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

112,000

108,960

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note

,

2.311%

to

11/15/26,

FRN

thereafter

,

11/16/27

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

Germany

150,000

145,581

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

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

United

States

353,000

351,044

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

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

United

States

118,000

98,037

Senior

Note,

4%,

9/15/27

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

United

States

200,000

199,171

Senior

Note,

4.35%,

6/15/29

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

United

States

49,000

49,187

a

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

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

United

States

185,000

190,334

Jefferies

Financial

Group,

Inc.

,

Senior

Note,

5.03%,

3/16/26

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

United

States

55,000

55,104

Senior

Note,

6.2%,

4/14/34

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

United

States

75,000

78,489

a

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

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

United

States

110,000

106,870

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

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

United

States

41,000

43,741

Senior

Note,

5.2%,

3/15/30

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

United

States

179,000

181,873

a

Senior

Note,

144A,

4.625%,

11/15/27

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

United

States

50,000

49,919

Moody's

Corp.

,

Senior

Bond

,

5.25 %

,

7/15/44

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

United

States

108,000

103,368

Morgan

Stanley

,

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

35,000

35,619

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Morgan

Stanley,

(continued)

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

67,000

$

67,984

Senior

Note,

5.23%

to

1/14/30,

FRN

thereafter,

1/15/31

.....

United

States

15,000

15,359

Sub.

Bond,

3.95%,

4/23/27

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

United

States

760,000

755,561

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

314,000

312,950

Sub.

Bond,

5.942%

to

2/06/34,

FRN

thereafter,

2/07/39

.....

United

States

60,000

61,613

a

MSCI,

Inc.

,

Senior

Bond,

144A,

3.625%,

9/01/30

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

United

States

109,000

102,316

Senior

Bond,

144A,

3.25%,

8/15/33

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

United

States

250,000

219,254

Nasdaq,

Inc.

,

Senior

Bond

,

5.55 %

,

2/15/34

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

United

States

19,000

19,804

a

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

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

United

States

75,000

64,215

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

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

United

States

70,000

65,116

Senior

Note,

4.75%,

8/01/28

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

United

States

65,000

65,955

a

UBS

Group

AG

,

b

Junior

Sub.

Bond,

Reg

S,

6.875%

to

8/06/25,

FRN

thereafter,

Perpetual

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

Switzerland

247,000

247,382

Senior

Bond,

144A,

9.016%

to

11/14/32,

FRN

thereafter,

11/15/33

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

Switzerland

370,000

457,606

4,775,578

#### Chemicals

#### 0.8%
Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

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

United

States

65,000

62,700

Senior

Note,

6.415%,

7/15/27

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

United

States

47,000

48,704

DuPont

de

Nemours,

Inc.

,

Senior

Bond

,

5.419 %

,

11/15/48

.....

United

States

265,000

267,215

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

255,000

261,598

Huntsman

International

LLC

,

Senior

Bond,

4.5%,

5/01/29

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

United

States

150,000

142,367

Senior

Bond,

5.7%,

10/15/34

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

United

States

15,000

13,951

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond,

4.45%,

9/26/28

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

United

States

75,000

75,003

a

Senior

Bond,

144A,

2.3%,

11/01/30

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

United

States

18,000

15,914

Nutrien

Ltd.

,

Senior

Bond,

4.2%,

4/01/29

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

Canada

95,000

94,058

Senior

Bond,

2.95%,

5/13/30

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

Canada

25,000

23,286

Senior

Bond,

5.25%,

1/15/45

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

Canada

44,000

40,669

Sherwin-Williams

Co.

(The)

,

Senior

Bond

,

3.3 %

,

5/15/50

......

United

States

50,000

33,833

1,079,298

#### Commercial

#### Services

#### &

#### Supplies

#### 0.5%
Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

335,000

344,690

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

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

United

States

110,000

107,669

Senior

Bond,

3.2%,

6/01/32

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

United

States

22,000

20,102

Senior

Bond,

5%,

3/01/34

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

United

States

40,000

40,443

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

93,000

95,304

608,208

#### Communications

#### Equipment

#### 0.3%
Cisco

Systems,

Inc.

,

Senior

Bond

,

5.05 %

,

2/26/34

...........

United

States

105,000

107,518

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Communications

#### Equipment
(continued)

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

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

United

States

35,000

$

31,080

Senior

Note,

4.85%,

8/15/30

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

United

States

40,000

40,442

Senior

Note,

5.2%,

8/15/32

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

United

States

133,000

135,282

314,322

#### Construction

#### &

#### Engineering

#### 0.2%
MasTec,

Inc.

,

Senior

Note

,

5.9 %

,

6/15/29

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

United

States

320,000

331,248

#### Consumer

#### Finance

#### 1.4%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.3%,

1/30/32

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

Ireland

245,000

222,105

Senior

Note,

5.1%,

1/19/29

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

Ireland

150,000

152,736

a

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25 %

,

3/15/30

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

United

States

150,000

151,328

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

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

United

States

145,000

165,178

Senior

Note,

4.75%,

6/09/27

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

United

States

20,000

20,118

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

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

United

States

50,000

50,586

Capital

One

Financial

Corp.

,

Senior

Note,

7.624%

to

10/29/30,

FRN

thereafter,

10/30/31

..

United

States

132,000

149,176

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

225,000

190,874

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

.......

United

States

305,000

307,519

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

5.8%,

1/07/29

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

United

States

140,000

144,236

Senior

Note,

4.9%,

10/06/29

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

United

States

91,000

90,881

a

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

5.15%,

3/17/30

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

United

Kingdom

100,000

100,014

Senior

Note,

144A,

6.5%,

3/26/31

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

United

Kingdom

114,000

120,736

1,865,487

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.5%
a

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

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

United

States

359,000

331,192

a

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

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

Canada

260,000

255,923

Senior

Bond,

144A,

2.95%,

1/25/30

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

Canada

134,000

125,270

712,385

#### Containers

#### &

#### Packaging

#### 0.3%
Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

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

United

States

104,000

102,154

Senior

Secured

Note,

1.65%,

1/15/27

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

United

States

155,000

148,723

Senior

Secured

Note,

5.5%,

4/15/28

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

United

States

13,000

13,349

a

Senior

Secured

Note,

144A,

4.875%,

7/15/26

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

United

States

3,000

2,999

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

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

United

States

105,000

120,379

Senior

Bond,

7.95%,

2/15/31

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

United

States

39,000

45,230

432,834

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

15,000

13,798

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### REITs

#### 0.6%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond,

6.75%,

12/01/33

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

United

States

60,000

$

64,128

Senior

Note,

5.375%,

4/15/26

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

United

States

88,000

88,074

VICI

Properties

LP

,

Senior

Bond,

5.75%,

4/01/34

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

United

States

70,000

71,600

Senior

Note,

4.75%,

2/15/28

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

United

States

58,000

58,342

a

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

4.5%,

9/01/26

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

United

States

145,000

144,638

Senior

Note,

144A,

3.75%,

2/15/27

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

United

States

22,000

21,671

Senior

Note,

144A,

3.875%,

2/15/29

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

United

States

410,000

396,871

845,324

#### Diversified

#### Telecommunication

#### Services

#### 0.9%
AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

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

United

States

162,000

135,637

Senior

Bond,

4.75%,

5/15/46

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

United

States

335,000

292,750

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

149,000

159,994

TELUS

Corp.

,

Junior

Sub.

Bond

,

6.625%

to

10/14/30,

FRN

thereafter

,

10/15/55

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

Canada

110,000

110,684

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

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

United

States

85,000

80,705

Senior

Bond,

4.272%,

1/15/36

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

United

States

150,000

138,733

a

Senior

Bond,

144A,

5.401%,

7/02/37

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

United

States

117,000

117,761

Senior

Note,

2.1%,

3/22/28

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

United

States

250,000

236,925

1,273,189

#### Electric

#### Utilities

#### 3.8%
American

Electric

Power

Co.,

Inc.

,

Senior

Bond,

5.625%,

3/01/33

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

United

States

45,000

46,803

Senior

Bond,

3.25%,

3/01/50

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

United

States

100,000

65,667

J,

Senior

Bond,

4.3%,

12/01/28

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

United

States

210,000

210,197

a

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

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

United

States

65,000

57,233

DTE

Electric

Co.

,

Senior

Bond

,

5.25 %

,

5/15/35

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

United

States

45,000

45,842

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95 %

,

1/15/33

....

United

States

90,000

91,620

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

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

United

States

180,000

176,417

Senior

Bond,

5.45%,

6/15/34

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

United

States

29,000

29,805

Senior

Bond,

4.2%,

6/15/49

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

United

States

65,000

50,763

Senior

Bond,

5.8%,

6/15/54

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

United

States

21,000

20,531

Senior

Note,

4.85%,

1/05/29

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

United

States

25,000

25,405

Duke

Energy

Ohio,

Inc.

,

Senior

Bond,

3.65%,

2/01/29

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

United

States

97,000

95,181

Senior

Bond,

5.25%,

4/01/33

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

United

States

65,000

67,076

a

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

7.5 %

,

10/14/32

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

Italy

200,000

228,120

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

60,000

59,287

a

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

165,000

167,957

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

165,000

169,326

Exelon

Corp.

,

Senior

Bond,

5.625%,

6/15/35

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

United

States

225,000

231,543

Senior

Note,

5.15%,

3/15/29

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

United

States

280,000

287,388

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

45,000

45,044

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.125 %

,

2/01/42

.....

United

States

203,000

$

172,771

Georgia

Power

Co.

,

Senior

Bond,

4.95%,

5/17/33

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

United

States

270,000

272,209

Senior

Bond,

5.25%,

3/15/34

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

United

States

10,000

10,204

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

105,000

100,873

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

3.55%,

5/01/27

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

United

States

100,000

98,656

Senior

Bond,

5.9%,

3/15/55

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

United

States

25,000

25,116

Senior

Note,

5.3%,

3/15/32

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

United

States

80,000

82,475

Northern

States

Power

Co.

,

Senior

Bond

,

5.05 %

,

5/15/35

.....

United

States

65,000

65,678

a

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/02/25

..

United

States

191,000

188,241

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.75%,

3/15/29

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

United

States

161,000

168,863

Senior

Secured

Bond,

4.95%,

9/15/52

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

United

States

95,000

84,333

Senior

Secured

Note,

3.7%,

11/15/28

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

United

States

90,000

88,668

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

5.9%,

6/15/32

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

United

States

64,000

65,369

Senior

Bond,

4.95%,

7/01/50

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

United

States

145,000

117,015

Senior

Bond,

6.75%,

1/15/53

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

United

States

75,000

75,543

Senior

Note,

2.1%,

8/01/27

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

United

States

100,000

94,739

Senior

Note,

3.3%,

12/01/27

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

United

States

190,000

183,889

Senior

Note,

6.1%,

1/15/29

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

United

States

45,000

46,639

PacifiCorp

,

Senior

Bond

,

2.7 %

,

9/15/30

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

United

States

133,000

121,677

Southern

Co.

(The)

,

Senior

Bond,

5.7%,

3/15/34

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

United

States

85,000

88,873

Senior

Note,

5.5%,

3/15/29

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

United

States

10,000

10,414

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05 %

,

8/15/34

..

United

States

120,000

120,345

a

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

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

United

States

82,000

80,826

Senior

Secured

Bond,

144A,

6.95%,

10/15/33

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

United

States

9,000

9,890

Senior

Secured

Bond,

144A,

6%,

4/15/34

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

United

States

80,000

83,147

Senior

Secured

Note,

144A,

3.7%,

1/30/27

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

United

States

465,000

459,051

Xcel

Energy,

Inc.

,

Senior

Bond,

5.45%,

8/15/33

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

United

States

170,000

173,521

Senior

Bond,

5.6%,

4/15/35

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

United

States

90,000

91,925

5,352,155

#### Electrical

#### Equipment

#### 0.2%
a

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

211,000

205,915

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Flex

Ltd.

,

Senior

Note

,

5.25 %

,

1/15/32

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

United

States

80,000

80,920

#### Entertainment

#### 0.2%
Netflix,

Inc.

,

Senior

Bond,

5.4%,

8/15/54

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

United

States

20,000

19,753

a

Senior

Bond,

144A,

5.375%,

11/15/29

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

United

States

242,000

252,884

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755 %

,

3/15/27

....

United

States

6,000

5,599

278,236

#### Financial

#### Services

#### 0.1%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

100,000

98,024

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Financial

#### Services
(continued)

Global

Payments,

Inc.

,

Senior

Note

,

2.15 %

,

1/15/27

.........

United

States

60,000

$

58,061

156,085

#### Food

#### Products

#### 0.9%
JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

5.125%,

2/01/28

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

United

States

110,000

112,498

Senior

Note,

3%,

2/02/29

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

United

States

157,000

149,255

Senior

Note,

5.75%,

4/01/33

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

United

States

19,000

19,542

Senior

Note,

6.75%,

3/15/34

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

United

States

65,000

70,999

a,d

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

,

Senior

Bond

,

144A,

5.5 %

,

1/15/36

.

United

States

110,000

110,230

a

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group

,

Senior

Bond

,

144A,

5.95 %

,

4/20/35

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

United

States

25,000

25,924

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

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

United

States

18,000

15,431

B,

Senior

Bond,

7.45%,

4/01/31

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

United

States

30,000

34,389

a

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

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

United

States

70,000

70,210

Senior

Bond,

144A,

2.45%,

7/16/50

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

United

States

100,000

57,286

Senior

Bond,

144A,

5.7%,

5/01/55

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

United

States

55,000

54,905

Senior

Bond,

144A,

5.8%,

5/01/65

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

United

States

35,000

34,967

Senior

Note,

144A,

4.65%,

4/20/31

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

United

States

16,000

16,213

Senior

Note,

144A,

5%,

3/01/32

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

United

States

355,000

359,899

Senior

Note,

144A,

5.2%,

3/01/35

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

United

States

75,000

75,936

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5 %

,

3/01/32

...........

United

States

30,000

27,036

1,234,720

#### Gas

#### Utilities

#### 0.1%
CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4 %

,

7/01/34

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

United

States

115,000

116,984

#### Ground

#### Transportation

#### 0.8%
a

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

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

United

Kingdom

200,000

199,270

Senior

Bond,

144A,

5.95%,

10/15/33

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

United

Kingdom

200,000

207,276

a

ERAC

USA

Finance

LLC

,

Senior

Bond,

144A,

3.3%,

12/01/26

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

United

States

40,000

39,434

Senior

Bond,

144A,

7%,

10/15/37

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

United

States

83,000

95,312

a

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

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

United

States

133,000

130,994

Senior

Note,

144A,

4.4%,

7/01/27

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

United

States

110,000

109,875

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

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

United

States

200,000

203,615

985,776

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

45,000

41,674

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

225,000

228,363

270,037

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.5%
Centene

Corp.

,

Senior

Note

,

2.625 %

,

8/01/31

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

United

States

180,000

154,349

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

45,000

46,526

Senior

Bond,

4.78%,

3/25/38

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

United

States

292,000

268,155

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Elevance

Health,

Inc.

,

Senior

Bond,

2.25%,

5/15/30

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

United

States

215,000

$

194,147

Senior

Bond,

5.125%,

2/15/53

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

United

States

65,000

58,096

HCA,

Inc.

,

Senior

Bond,

5.25%,

6/15/26

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

United

States

35,000

35,052

Senior

Bond,

4.5%,

2/15/27

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

United

States

66,000

66,028

Senior

Bond,

4.125%,

6/15/29

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

United

States

30,000

29,483

Senior

Bond,

5.6%,

4/01/34

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

United

States

41,000

41,966

Senior

Bond,

6%,

4/01/54

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

United

States

54,000

52,869

Senior

Note,

3.625%,

3/15/32

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

United

States

50,000

46,139

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

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

United

States

165,000

170,348

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.849 %

,

5/08/29

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

United

States

200,000

207,570

UnitedHealth

Group,

Inc.

,

Senior

Bond,

4.75%,

7/15/45

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

United

States

50,000

44,278

Senior

Bond,

2.9%,

5/15/50

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

United

States

160,000

99,661

Senior

Note,

3.85%,

6/15/28

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

United

States

370,000

366,933

Senior

Note,

5.3%,

6/15/35

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

United

States

110,000

112,157

1,993,757

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
a

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

23,000

23,404

Senior

Secured

Note,

144A,

4%,

8/01/28

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

United

States

533,000

522,007

Hyatt

Hotels

Corp.

,

Senior

Note,

5.75%,

1/30/27

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

United

States

22,000

22,461

Senior

Note,

5.05%,

3/30/28

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

United

States

80,000

80,890

Senior

Note,

5.25%,

6/30/29

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

United

States

105,000

106,859

Senior

Note,

5.375%,

12/15/31

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

United

States

75,000

76,087

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

210,000

191,006

a

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5 %

,

4/01/28

United

States

20,000

20,261

1,042,975

#### Household

#### Durables

#### 0.5%
DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

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

United

States

225,000

222,594

Senior

Bond,

5.5%,

10/15/35

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

United

States

95,000

96,799

PulteGroup,

Inc.

,

Senior

Bond

,

6.375 %

,

5/15/33

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

United

States

95,000

101,980

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

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

United

States

73,000

72,639

Senior

Bond,

3.8%,

11/01/29

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

United

States

145,000

140,788

634,800

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.6%
AES

Corp.

(The)

,

Senior

Note

,

1.375 %

,

1/15/26

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

United

States

140,000

137,354

a

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

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

United

States

100,000

106,979

Constellation

Energy

Generation

LLC

,

Senior

Bond,

6.125%,

1/15/34

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

United

States

44,000

47,416

Senior

Bond,

6.5%,

10/01/53

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

United

States

106,000

113,900

Senior

Bond,

5.75%,

3/15/54

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

United

States

43,000

42,175

Senior

Note,

5.6%,

3/01/28

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

United

States

272,000

281,523

729,347

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Industrial

#### REITs

#### 0.2%
Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

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

United

States

54,000

$

49,119

Senior

Bond,

5%,

3/15/34

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

United

States

110,000

110,339

Senior

Note,

1.75%,

2/01/31

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

United

States

80,000

69,429

228,887

#### Insurance

#### 1.7%
Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

95,000

96,453

a

Athene

Global

Funding

,

Secured

Note,

144A,

5.526%,

7/11/31

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

United

States

80,000

81,786

Secured

Note,

144A,

5.322%,

11/13/31

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

United

States

74,000

74,645

Athene

Holding

Ltd.

,

Senior

Bond,

5.875%,

1/15/34

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

United

States

40,000

41,449

Senior

Bond,

6.25%,

4/01/54

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

United

States

35,000

34,580

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

4.3 %

,

5/15/43

United

States

210,000

185,103

Brown

&

Brown,

Inc.

,

Senior

Bond,

5.55%,

6/23/35

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

United

States

110,000

112,213

Senior

Note,

4.9%,

6/23/30

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

United

States

92,000

92,907

Senior

Note,

5.25%,

6/23/32

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

United

States

82,000

83,681

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

65,000

65,146

a

CNO

Global

Funding

,

Secured

Note,

144A,

2.65%,

1/06/29

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

United

States

150,000

140,223

Secured

Note,

144A,

4.95%,

9/09/29

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

United

States

95,000

96,036

a

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

305,000

312,292

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

60,000

61,899

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

220,000

222,018

Fidelity

National

Financial,

Inc.

,

Senior

Bond

,

3.2 %

,

9/17/51

...

United

States

89,000

54,994

a

Liberty

Mutual

Group,

Inc.

,

Senior

Bond

,

144A,

5.5 %

,

6/15/52

..

United

States

200,000

185,388

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375 %

,

3/15/29

..

United

States

194,000

194,818

a

Massachusetts

Mutual

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

3.729 %

,

10/15/70

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

United

States

29,000

19,209

a

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8 %

,

7/27/26

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

United

States

125,000

126,916

a

Nippon

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

6.5%

to

4/29/35,

FRN

thereafter

,

4/30/55

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

Japan

200,000

207,187

a

Teachers

Insurance

&

Annuity

Association

of

America

,

Sub.

Bond

,

144A,

6.85 %

,

12/16/39

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

United

States

170,000

191,899

2,680,842

#### Interactive

#### Media

#### &

#### Services

#### 0.3%
Meta

Platforms,

Inc.

,

Senior

Bond,

5.4%,

8/15/54

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

United

States

297,000

289,856

Senior

Bond,

5.75%,

5/15/63

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

United

States

140,000

141,639

Senior

Bond,

5.55%,

8/15/64

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

United

States

30,000

29,342

460,837

#### IT

#### Services

#### 0.1%
a

Gartner,

Inc.

,

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

80,000

76,120

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

49,000

45,884

122,004

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Leisure

#### Products

#### 0.2%
Brunswick

Corp.

,

Senior

Bond,

2.4%,

8/18/31

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

United

States

44,000

$

37,435

Senior

Bond,

5.1%,

4/01/52

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

United

States

154,000

117,822

Senior

Note,

5.85%,

3/18/29

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

United

States

50,000

51,531

206,788

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

105,000

105,152

Thermo

Fisher

Scientific,

Inc.

,

Senior

Note

,

2.6 %

,

10/01/29

....

United

States

135,000

126,533

231,685

#### Machinery

#### 0.5%
a

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125 %

,

9/25/27

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

Germany

355,000

360,169

Oshkosh

Corp.

,

Senior

Bond,

4.6%,

5/15/28

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

United

States

125,000

125,222

Senior

Bond,

3.1%,

3/01/30

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

United

States

15,000

14,048

Westinghouse

Air

Brake

Technologies

Corp.

,

Senior

Bond

,

5.611 %

,

3/11/34

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

United

States

130,000

134,661

634,100

#### Media

#### 1.1%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

3.5%,

3/01/42

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

United

States

100,000

71,348

Senior

Secured

Note,

4.908%,

7/23/25

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

United

States

57,000

56,997

Senior

Secured

Note,

2.25%,

1/15/29

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

United

States

168,000

154,757

Comcast

Corp.

,

Senior

Bond,

2.35%,

1/15/27

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

United

States

172,000

167,397

Senior

Bond,

3.45%,

2/01/50

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

United

States

135,000

92,646

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65 %

,

10/01/28

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

United

States

150,000

150,794

Paramount

Global

,

Senior

Bond,

4.2%,

6/01/29

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

United

States

230,000

223,827

Senior

Bond,

4.95%,

1/15/31

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

United

States

40,000

38,908

Senior

Bond,

4.375%,

3/15/43

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

United

States

20,000

14,734

Senior

Note,

3.7%,

6/01/28

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

United

States

18,000

17,477

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

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

United

States

334,000

389,091

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

4.5 %

,

9/15/42

.

United

States

115,000

91,661

1,469,637

#### Metals

#### &

#### Mining

#### 0.3%
a

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

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

Australia

124,000

123,034

Senior

Bond,

144A,

5.634%,

4/04/34

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

Australia

20,000

20,395

Senior

Note,

144A,

6.375%,

10/06/30

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

Australia

70,000

75,168

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

4.875 %

,

3/14/30

.....

Australia

115,000

117,253

335,850

#### Multi-Utilities

#### 0.9%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

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

United

States

75,000

76,387

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

4.25 %

,

10/15/50

United

States

100,000

79,976

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Multi-Utilities
(continued)

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

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

United

States

85,000

$

72,123

Dominion

Energy,

Inc.

,

C

,

Senior

Bond

,

4.9 %

,

8/01/41

........

United

States

135,000

121,943

DTE

Energy

Co.

,

Senior

Bond,

5.85%,

6/01/34

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

United

States

45,000

47,098

Senior

Note,

4.95%,

7/01/27

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

United

States

145,000

146,735

NiSource,

Inc.

,

Senior

Bond,

5.85%,

4/01/55

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

United

States

100,000

99,056

Senior

Note,

5.2%,

7/01/29

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

United

States

230,000

236,219

Public

Service

Enterprise

Group,

Inc.

,

Senior

Note

,

4.9 %

,

3/15/30

United

States

60,000

61,054

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

160,000

152,710

Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

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

United

States

50,000

51,066

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

45,000

44,626

1,188,993

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.3%
a

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

75,000

68,450

Canadian

Natural

Resources

Ltd.

,

Senior

Bond,

7.2%,

1/15/32

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

Canada

110,000

121,215

a

Senior

Note,

144A,

5%,

12/15/29

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

Canada

124,000

125,178

Cheniere

Energy

Partners

LP

,

Senior

Bond,

3.25%,

1/31/32

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

United

States

89,000

79,830

Senior

Note,

4.5%,

10/01/29

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

United

States

195,000

192,980

a

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Bond,

144A,

6.544%,

11/15/53

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

United

States

45,000

46,558

Senior

Note,

144A,

5.927%,

8/15/30

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

United

States

50,000

52,810

DCP

Midstream

Operating

LP

,

Senior

Bond

,

8.125 %

,

8/16/30

..

United

States

85,000

98,916

Diamondback

Energy,

Inc.

,

Senior

Bond

,

6.25 %

,

3/15/33

......

United

States

75,000

79,912

a

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8 %

,

12/15/34

United

States

75,000

76,445

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond,

5.8%,

1/15/35

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

United

States

43,000

44,780

Senior

Bond,

5.65%,

10/15/54

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

United

States

17,000

16,270

El

Paso

Natural

Gas

Co.

LLC

,

Senior

Bond

,

8.375 %

,

6/15/32

..

United

States

200,000

235,195

Enbridge,

Inc.

,

Senior

Bond,

4.25%,

12/01/26

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

Canada

95,000

94,851

Senior

Bond,

4.5%,

6/10/44

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

Canada

90,000

73,847

Energy

Transfer

LP

,

b

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

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

United

States

125,000

124,887

Senior

Bond,

6.5%,

2/01/42

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

United

States

20,000

20,747

Senior

Note,

5.5%,

6/01/27

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

United

States

182,000

185,331

Senior

Note,

5.25%,

7/01/29

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

United

States

30,000

30,743

Senior

Note,

5.2%,

4/01/30

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

United

States

129,000

131,927

EQT

Corp.

,

Senior

Bond

,

%

,

2/01/30

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

United

States

210,000

227,755

Kinder

Morgan

Energy

Partners

LP

,

Senior

Bond

,

5.4 %

,

9/01/44

United

States

86,000

79,901

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

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

United

States

235,000

258,816

Senior

Note,

8.5%,

7/15/27

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

United

States

109,000

115,376

Senior

Note,

5.2%,

8/01/29

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

United

States

65,000

65,257

ONEOK,

Inc.

,

Senior

Note,

4.75%,

10/15/31

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

United

States

15,000

14,859

Senior

Note,

6.1%,

11/15/32

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

United

States

205,000

216,905

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Ovintiv,

Inc.

,

Senior

Bond,

6.25%,

7/15/33

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

United

States

93,000

$

96,070

Senior

Note,

5.65%,

5/15/28

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

United

States

29,000

29,821

a

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Bond,

144A,

5.584%,

10/01/34

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

Canada

35,000

34,649

Senior

Note,

144A,

5.026%,

10/01/29

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

Canada

180,000

180,640

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

145,000

143,015

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond,

5%,

1/15/28

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

United

States

220,000

220,185

Senior

Bond,

4.875%,

2/01/31

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

United

States

93,000

92,304

a

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

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

United

States

365,000

376,722

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

87,000

89,476

4,142,623

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
a

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

4.95 %

,

6/30/32

......

United

States

170,000

172,129

#### Passenger

#### Airlines

#### 0.2%
a

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

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

United

States

230,000

227,735

#### Personal

#### Care

#### Products

#### 0.4%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/29

.......

United

States

250,000

241,821

Kenvue,

Inc.

,

Senior

Note

,

4.9 %

,

3/22/33

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

United

States

315,000

319,812

561,633

#### Pharmaceuticals

#### 1.2%
Eli

Lilly

&

Co.

,

Senior

Bond

,

4.875 %

,

2/27/53

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

United

States

70,000

64,195

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

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

United

States

205,000

162,029

Novartis

Capital

Corp.

,

Senior

Bond

,

%

,

11/20/45

..........

United

States

265,000

221,333

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

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

United

States

240,000

239,376

Senior

Bond,

5.3%,

5/19/53

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

United

States

120,000

113,370

Senior

Note,

4.45%,

5/19/28

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

United

States

57,000

57,468

Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

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

United

States

120,000

128,865

Royalty

Pharma

plc

,

Senior

Bond,

5.4%,

9/02/34

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

United

States

103,000

104,411

Senior

Note,

5.15%,

9/02/29

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

United

States

82,000

83,745

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

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

United

States

110,000

104,863

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

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

United

States

225,000

240,112

Zoetis,

Inc.

,

Senior

Bond

,

%

,

5/15/30

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

United

States

74,000

66,533

1,586,300

#### Professional

#### Services

#### 0.1%
Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

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

United

States

80,000

81,971

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.2%
Analog

Devices,

Inc.

,

Senior

Note

,

5.05 %

,

4/01/34

..........

United

States

95,000

97,434

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875 %

,

1/15/27

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

United

States

122,000

121,205

Broadcom,

Inc.

,

Senior

Bond,

4.15%,

11/15/30

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

United

States

158,000

155,519

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Broadcom,

Inc.,

(continued)

a

Senior

Bond,

144A,

4.926%,

5/15/37

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

United

States

400,000

$

388,417

Senior

Note,

5.05%,

7/12/29

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

United

States

120,000

122,928

a

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/33

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

United

States

200,000

207,522

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

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

United

States

68,000

70,820

Senior

Note,

4.75%,

7/15/30

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

United

States

5,000

5,024

Senior

Note,

5.95%,

9/15/33

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

United

States

67,000

70,788

Xilinx,

Inc.

,

Senior

Bond

,

2.375 %

,

6/01/30

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

United

States

320,000

293,476

1,533,133

#### Software

#### 0.9%
Atlassian

Corp.

,

Senior

Bond,

5.5%,

5/15/34

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

United

States

18,000

18,493

Senior

Note,

5.25%,

5/15/29

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

United

States

27,000

27,732

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

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

United

States

45,000

41,059

Senior

Bond,

4.3%,

7/08/34

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

United

States

80,000

76,018

Senior

Bond,

3.65%,

3/25/41

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

United

States

475,000

374,737

Senior

Bond,

4%,

11/15/47

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

United

States

110,000

84,271

Senior

Bond,

3.95%,

3/25/51

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

United

States

55,000

40,631

Senior

Note,

1.65%,

3/25/26

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

United

States

130,000

127,362

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

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

United

States

240,000

208,079

Synopsys,

Inc.

,

Senior

Bond,

5.15%,

4/01/35

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

United

States

65,000

65,543

Senior

Bond,

5.7%,

4/01/55

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

United

States

10,000

9,949

Senior

Note,

4.85%,

4/01/30

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

United

States

90,000

91,278

1,165,152

#### Specialized

#### REITs

#### 1.1%
American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

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

United

States

118,000

116,336

Senior

Bond,

2.9%,

1/15/30

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

United

States

48,000

44,748

Senior

Bond,

2.7%,

4/15/31

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

United

States

195,000

174,976

Senior

Bond,

5.55%,

7/15/33

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

United

States

250,000

258,000

Senior

Note,

4.9%,

3/15/30

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

United

States

60,000

60,875

Crown

Castle,

Inc.

,

Senior

Bond,

3.65%,

9/01/27

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

United

States

130,000

127,804

Senior

Bond,

4.75%,

5/15/47

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

United

States

25,000

21,422

Senior

Note,

4.9%,

9/01/29

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

United

States

230,000

232,184

EPR

Properties

,

Senior

Bond

,

4.5 %

,

6/01/27

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

United

States

24,000

23,888

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

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

United

States

193,000

183,213

Senior

Note,

2.5%,

5/15/31

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

United

States

70,000

62,051

Extra

Space

Storage

LP

,

Senior

Note

,

5.9 %

,

1/15/31

.........

United

States

130,000

137,416

Weyerhaeuser

Co.

,

Senior

Bond

,

7.375 %

,

3/15/32

..........

United

States

32,000

36,150

1,479,063

#### Specialty

#### Retail

#### 0.2%
AutoNation,

Inc.

,

Senior

Bond

,

4.5 %

,

10/01/25

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

United

States

16,000

15,994

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

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

United

States

160,000

143,496

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialty

#### Retail
(continued)

Dick's

Sporting

Goods,

Inc.,

(continued)

Senior

Bond,

4.1%,

1/15/52

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

United

States

60,000

$

42,917

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

5.3 %

,

6/25/54

.........

United

States

92,000

88,398

290,805

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.6%
Apple,

Inc.

,

Senior

Bond

,

4.375 %

,

5/13/45

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

United

States

468,000

413,768

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

8.35 %

,

7/15/46

United

States

5,000

6,383

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond,

5%,

10/15/34

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

United

States

28,000

27,173

Senior

Bond,

5.6%,

10/15/54

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

United

States

55,000

50,835

Senior

Note,

4.55%,

10/15/29

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

United

States

221,000

219,946

Senior

Note,

4.85%,

10/15/31

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

United

States

55,000

54,882

772,987

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

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

United

States

130,000

130,975

Tapestry,

Inc.

,

Senior

Bond,

3.05%,

3/15/32

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

United

States

17,000

15,195

Senior

Bond,

5.5%,

3/11/35

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

United

States

37,000

37,162

Senior

Note,

5.1%,

3/11/30

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

United

States

92,000

93,245

276,577

#### Tobacco

#### 0.4%
Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

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

United

States

296,000

304,652

Senior

Note,

4.375%,

4/30/30

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

United

States

65,000

64,861

Senior

Note,

4.75%,

11/01/31

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

United

States

110,000

110,880

480,393

#### Trading

#### Companies

#### &

#### Distributors

#### 0.6%
Air

Lease

Corp.

,

Senior

Bond,

4.625%,

10/01/28

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

United

States

40,000

40,280

Senior

Bond,

3.25%,

10/01/29

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

United

States

260,000

247,832

a

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

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

United

States

75,000

78,338

a

Aviation

Capital

Group

LLC

,

Senior

Note,

144A,

5.375%,

7/15/29

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

United

States

210,000

213,968

Senior

Note,

144A,

5.125%,

4/10/30

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

United

States

130,000

131,295

711,713

#### Wireless

#### Telecommunication

#### Services

#### 0.7%
Rogers

Communications,

Inc.

,

Senior

Bond,

4.3%,

2/15/48

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

Canada

100,000

80,257

Senior

Note,

5%,

2/15/29

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

Canada

90,000

91,296

Senior

Note,

3.8%,

3/15/32

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

Canada

38,000

35,327

Sub.

Bond,

7.125%

to

4/14/35,

FRN

thereafter,

4/15/55

.....

Canada

40,000

40,564

NC5,

Sub.

Bond,

7%

to

4/14/30,

FRN

thereafter,

4/15/55

....

Canada

80,000

81,989

T-Mobile

USA,

Inc.

,

Senior

Bond,

5.05%,

7/15/33

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

United

States

255,000

256,835

Senior

Bond,

4.5%,

4/15/50

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

United

States

261,000

215,957

Senior

Bond,

5.75%,

1/15/54

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

United

States

115,000

112,738

Senior

Note,

3.875%,

4/15/30

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

United

States

7,000

6,801

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Note,

5.125%,

5/15/32

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

United

States

74,000

$

75,492

997,256

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $60,844,272)
....................................

#### 59,960,795

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.2%
a

Electricite

de

France

SA

,

Senior

Bond,

144A,

5.75%,

1/13/35

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

France

100,000

102,223

Senior

Bond,

144A,

4.75%,

10/13/35

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

France

95,000

90,985

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $185,458)
..............

#### 193,208

#### Asset-Backed

#### Securities

#### 11.5%

#### Banks

#### 0.3%
Capital

One

Multi-Asset

Execution

Trust

,

2022-A3

,

A

,

4.95 %

,

10/15/27

.

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

United

States

400,000

400,509

#### Capital

#### Markets

#### 0.2%
a,e

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.706 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

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

United

States

250,000

250,879

#### Consumer

#### Finance

#### 3.2%
BA

Credit

Card

Trust

,

2024-A1

,

A

,

4.93 %

,

5/15/29

.

..........

United

States

687,000

697,576

Discover

Card

Execution

Note

Trust

,

2022-A4

,

A

,

5.03 %

,

10/15/27

.

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

United

States

695,000

696,088

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1

,

A3

,

4.66 %

,

2/16/28

.

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

United

States

447,352

448,046

a

Golden

Credit

Card

Trust

,

2022-4A

,

A

,

144A,

4.31 %

,

9/15/27

.

..

Canada

483,000

482,838

Harley-Davidson

Motorcycle

Trust

,

2024-B,

A3,

4.31%,

7/16/29

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

United

States

702,000

703,565

2025-A,

A3,

4.67%,

4/15/30

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

United

States

105,000

106,299

Hyundai

Auto

Receivables

Trust

,

2023-A,

A3,

4.58%,

4/15/27

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

United

States

362,039

362,151

2023-B,

A3,

5.48%,

4/17/28

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

United

States

589,023

592,918

Toyota

Auto

Receivables

Owner

Trust

,

2022-C

,

A3

,

3.76 %

,

4/15/27

.

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

United

States

280,505

279,696

4,369,177

a

a

a

a

a

a

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

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

United

States

10,023

10,166

a

2013,

144A,

4.704%,

1/10/36

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

United

States

82,081

78,688

88,854

a

a

a

a

a

a

#### Financial

#### Services

#### 7.8%
a,e

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.669 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

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

United

States

250,000

250,211

a,e

AIMCO

CLO

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.622 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

Jersey

250,000

250,264

a,e

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.709 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

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

United

States

250,000

251,200

a,e

Apex

Credit

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.802 %

,

(3-month

SOFR

+

1.52 %),

7/25/37

.

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

United

States

250,000

251,125

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

a,e

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A,

A1,

144A,

FRN,

5.592%,

(3-month

SOFR

+

1.32%),

4/22/35

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

United

States

250,000

$

250,000

d

2022-2A,

A1R,

144A,

FRN,

Zero

Cpn.,

(3-month

SOFR

+

1.15%),

4/22/35

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

United

States

250,000

250,188

a,e

BDS

Ltd.

,

2021-FL10,

A,

144A,

FRN,

5.779%,

(1-month

SOFR

+

1.464%),

12/16/36

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

United

States

152,451

152,658

2021-FL9,

A,

144A,

FRN,

5.499%,

(1-month

SOFR

+

1.184%),

11/16/38

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

United

States

33,364

33,415

a,e

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.669 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

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

United

States

175,000

175,165

a,e

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.899 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

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

Jersey

150,000

150,550

Carmax

Auto

Owner

Trust

,

2024-3

,

A3

,

4.89 %

,

7/16/29

.

.......

United

States

680,000

687,407

a,e

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.731 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

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

United

States

175,000

175,261

a

Chase

Auto

Owner

Trust

,

2024-3A

,

A3

,

144A,

5.22 %

,

7/25/29

.

..

United

States

689,000

697,267

a,e

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.635%,

(3-month

SOFR

+

1.36%),

10/24/37

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

United

States

250,000

251,125

2021-4A,

AR,

144A,

FRN,

5.639%,

(3-month

SOFR

+

1.36%),

7/23/37

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

United

States

250,000

250,691

a,e

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.701 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

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

United

States

250,000

250,541

a,e

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.749 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

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

United

States

250,000

250,325

a,e

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

5.189 %

,

(3-month

SOFR

+

0.92 %),

10/20/31

.

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

United

States

163,347

163,297

a,e

Ellington

CLO

III

Ltd.

,

2018-3A

,

B

,

144A,

FRN

,

6.531 %

,

(3-month

SOFR

+

2.262 %),

7/20/30

.

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

United

States

250,000

250,702

a,e

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.789 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

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

United

States

250,000

251,614

a,e

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.789 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

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

United

States

100,000

100,642

a,e

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.649 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

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

United

States

250,000

250,762

Ford

Credit

Auto

Owner

Trust

,

2024-B

,

A3

,

5.1 %

,

4/15/29

.

.....

United

States

688,000

697,046

a,e

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.769 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

250,000

251,385

a,e

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.761 %

,

(3-month

SOFR

+

1.492 %),

7/20/34

.

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

United

States

150,000

150,368

a,e

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.714 %

,

(3-month

SOFR

+

1.432 %),

7/28/34

.

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

United

States

250,000

250,538

a,e

J.P.

Morgan

Mortgage

Trust

,

2023-HE3

,

A1

,

144A,

FRN

,

5.902 %

,

(30-day

SOFR

Average

+

1.6 %),

5/20/54

.

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

United

States

291,637

293,273

a

Lendbuzz

Securitization

Trust

,

2024-3A

,

A2

,

144A,

4.97 %

,

10/15/29

.

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

United

States

244,980

245,309

a,e

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.672 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

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

United

States

250,000

251,000

a,e

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2017-25A

,

AR2

,

144A,

FRN

,

5.669 %

,

(3-month

SOFR

+

1.4 %),

7/18/38

.

.....

United

States

250,000

250,234

a,e

Oaktree

CLO

Ltd.

,

2019-4A,

ARR,

144A,

FRN,

5.779%,

(3-month

SOFR

+

1.51%),

7/20/37

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

United

States

250,000

251,675

2021-1A,

A1R,

144A,

FRN,

5.606%,

(3-month

SOFR

+

1.35%),

1/15/38

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

United

States

250,000

251,134

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

a,e

Palmer

Square

CLO

Ltd.

,

2021-3A

,

B

,

144A,

FRN

,

6.168 %

,

(3-month

SOFR

+

1.912 %),

1/15/35

.

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

United

States

250,000

$

250,000

a,e

Rockland

Park

CLO

Ltd.

,

2021-1A

,

B

,

144A,

FRN

,

6.181 %

,

(3-month

SOFR

+

1.912 %),

4/20/34

.

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

United

States

250,000

250,555

a,e

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.646 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

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

United

States

250,000

250,474

a,e

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.701 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

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

United

States

250,000

250,305

a,e

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.693 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

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

United

States

250,000

250,319

a

USB

Auto

Owner

Trust

,

2025-1A

,

A3

,

144A,

4.49 %

,

6/17/30

.

...

United

States

139,000

140,233

a,e

Voya

CLO

Ltd.

,

2024-4A

,

A1

,

144A,

FRN

,

5.619 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

United

States

250,000

249,337

a,e

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.716 %

,

(3-month

SOFR

+

1.46 %),

7/15/37

.

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

United

States

250,000

251,179

10,378,774

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $15,403,372)
.............................

#### 15,488,193

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.7%

#### Financial

#### Services

#### 4.7%
f

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.451 %

,

9/15/48

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

United

States

483,000

466,678

f,g

BANK

,

2018-BN13

,

XA

,

IO,

FRN

,

0.598 %

,

8/15/61

..........

United

States

6,751,302

79,789

a,f

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

F

,

144A,

FRN

,

2.701 %

,

11/15/52

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

United

States

234,000

136,139

f,g

BBCMS

Mortgage

Trust

,

2025-5C34

,

XA

,

IO,

FRN

,

1.395 %

,

5/15/58

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

United

States

1,064,968

52,885

f,g

BMO

Mortgage

Trust

,

2025-5C10

,

XA

,

IO,

FRN

,

1.58 %

,

5/15/58

United

States

999,989

55,851

a,f

CFCRE

Commercial

Mortgage

Trust

,

2011-C2

,

D

,

144A,

FRN

,

5.08 %

,

12/15/47

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

United

States

24,804

23,963

f

COMM

Mortgage

Trust

,

a

2012-CR1,

D,

144A,

FRN,

5.274%,

5/15/45

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

United

States

66,313

60,396

a

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

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

United

States

389,000

222,278

2014-CR17,

C,

FRN,

4.941%,

5/10/47

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

United

States

227,000

208,182

a

2014-CR17,

D,

144A,

FRN,

5.005%,

5/10/47

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

United

States

198,000

158,896

a

2014-CR19,

D,

144A,

FRN,

4.661%,

8/10/47

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

United

States

46,980

45,265

2014-UBS6,

C,

FRN,

4.557%,

12/10/47

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

United

States

35,874

35,439

a,f,g

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.03 %

,

1/15/49

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

United

States

2,974,849

535

f

CSAIL

Commercial

Mortgage

Trust

,

2015-C1,

C,

FRN,

3.959%,

4/15/50

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

United

States

116,000

105,879

g

2015-C3,

XA,

IO,

FRN,

0.624%,

8/15/48

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

United

States

4,286,026

f,g

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.783 %

,

12/15/49

....

United

States

5,184,204

25,619

a,f

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53 %

,

8/10/44

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

United

States

267,868

257,412

f

GS

Mortgage

Securities

Trust

,

a,g

2011-GC5,

XA,

IO,

144A,

FRN,

0.086%,

8/10/44

..........

United

States

517,249

g

2013-GC13,

XA,

IO,

FRN,

0.089%,

7/10/46

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

United

States

3,850,466

g

2014-GC22,

XA,

IO,

FRN,

0.744%,

6/10/47

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

United

States

2,691,914

15,770

a

2014-GC24,

D,

144A,

FRN,

4.542%,

9/10/47

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

United

States

120,000

76,499

g

2015-GS1,

XA,

IO,

FRN,

0.851%,

11/10/48

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

United

States

15,402,554

25,500

a,f

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2007-CB20,

E,

144A,

FRN,

8.188%,

2/12/51

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

United

States

8,924

11,606

2011-C3,

B,

144A,

FRN,

5.013%,

2/15/46

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

United

States

147,821

142,998

2012-C6,

E,

144A,

FRN,

5.129%,

5/15/45

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

United

States

138,000

132,963

2012-LC9,

D,

144A,

FRN,

3.69%,

12/15/47

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

United

States

127,000

120,819

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

a,f

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

(continued)

h

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

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

United

States

498,000

$

21,596

f

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

4.071%,

7/15/45

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

United

States

99,344

95,476

a

2013-C14,

D,

144A,

FRN,

4.172%,

8/15/46

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

United

States

122,000

94,485

g

2014-C22,

XA,

IO,

FRN,

0.549%,

9/15/47

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

United

States

1,041,081

g

2014-C25,

XA,

IO,

FRN,

0.614%,

11/15/47

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

United

States

561,029

a,f,g

LCCM

Trust

,

2017-LC26

,

XA

,

IO,

144A,

FRN

,

1.669 %

,

7/12/50

.

United

States

5,669,648

119,916

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

a,f

2013-C10,

F,

144A,

FRN,

4.112%,

7/15/46

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

United

States

273,000

24,242

f

2015-C23,

B,

FRN,

4.311%,

7/15/50

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

United

States

16,682

16,561

2015-C25,

AS,

4.069%,

10/15/48

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

United

States

214,000

213,468

f,g

2015-C25,

XA,

IO,

FRN,

1.055%,

10/15/48

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

United

States

2,045,718

633

f,g

2015-C26,

XA,

IO,

FRN,

0.945%,

10/15/48

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

United

States

2,109,376

f

2015-C27,

C,

FRN,

4.627%,

12/15/47

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

United

States

390,000

369,288

Morgan

Stanley

Capital

I

Trust

,

a,f

2011-C3,

E,

144A,

FRN,

5.106%,

7/15/49

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

United

States

67,561

65,806

2015-UBS8,

A4,

3.809%,

12/15/48

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

United

States

88,000

87,466

f

2015-UBS8,

B,

FRN,

4.315%,

12/15/48

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

United

States

412,000

395,921

f,g

2016-BNK2,

XA,

IO,

FRN,

1.074%,

11/15/49

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

United

States

3,108,869

26,658

f,g

2016-UB12,

XA,

IO,

FRN,

0.766%,

12/15/49

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

United

States

7,892,552

45,752

f

2018-L1,

C,

FRN,

4.938%,

10/15/51

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

United

States

205,000

185,805

a,e

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.67%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

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

United

States

208,400

211,911

2020-01,

M10,

144A,

FRN,

8.17%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

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

United

States

371,171

377,609

a,h

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

859,373

UBS

Commercial

Mortgage

Trust

,

2017-C7,

A4,

3.679%,

12/15/50

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

United

States

128,000

125,527

f,g

2017-C7,

XA,

IO,

FRN,

1.123%,

12/15/50

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

United

States

4,003,198

81,329

f,g

2018-C12,

XA,

IO,

FRN,

1.022%,

8/15/51

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

United

States

4,194,690

93,587

f,g

2019-C17,

XA,

IO,

FRN,

1.578%,

10/15/52

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

United

States

5,555,350

270,576

f,g

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

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

United

States

9,241

Wells

Fargo

Commercial

Mortgage

Trust

,

a

2014-LC16,

D,

144A,

3.938%,

8/15/50

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

United

States

73,535

8,903

2015-C31,

D,

3.852%,

11/15/48

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

United

States

95,000

82,460

f,g

2015-LC20,

XB,

IO,

FRN,

0.747%,

4/15/50

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

United

States

3,469,154

f,g

2017-C41,

XA,

IO,

FRN,

1.301%,

11/15/50

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

United

States

3,078,835

65,201

f,g

2018-C43,

XA,

IO,

FRN,

0.721%,

3/15/51

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

United

States

12,899,791

169,455

2019-C49,

B,

4.546%,

3/15/52

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

United

States

148,000

144,039

f,g

2019-C50,

XA,

IO,

FRN,

1.571%,

5/15/52

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

United

States

2,200,687

88,479

a

2019-C53,

D,

144A,

2.5%,

10/15/52

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

United

States

218,000

171,476

f

2020-C57,

C,

FRN,

4.157%,

8/15/53

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

United

States

122,000

112,254

f

WFRBS

Commercial

Mortgage

Trust

,

2013-C11,

B,

FRN,

3.714%,

3/15/45

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

United

States

75,465

74,261

g

2013-C14,

XA,

IO,

FRN,

0.456%,

6/15/46

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

United

States

278,124

a

2013-C15,

D,

144A,

FRN,

4.286%,

8/15/46

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

United

States

90,551

46,634

g

2014-C22,

XA,

IO,

FRN,

0.393%,

9/15/57

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

United

States

1,587,329

6,349,128

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $7,559,827)
...............

#### 6,349,128
Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities

#### 28.5%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 2.8%
FHLMC

Pool,

Year,

3%,

3/01/43

-

6/01/46

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

United

States

529,942

$

475,823

FHLMC

Pool,

Year,

3.5%,

8/01/43

-

2/01/47

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

United

States

926,208

858,603

FHLMC

Pool,

Year,

4%,

9/01/45

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

United

States

261,904

249,359

FHLMC

Pool,

Year,

4.5%,

8/01/44

-

3/01/45

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

United

States

190,259

186,601

FHLMC

Pool,

Year,

5.5%,

9/01/53

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

United

States

849,329

858,223

FHLMC

Pool,

Year,

5.5%,

9/01/53

-

11/01/53

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

United

States

793,183

798,915

FHLMC

Pool,

Year,

6%,

9/01/53

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

United

States

344,457

352,636

3,780,160

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 14.2%
FNMA,

3.5%,

6/01/56

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

United

States

1,107,001

998,015

FNMA,

3.5%,

9/01/57

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

United

States

722,115

649,785

FNMA,

5.28%,

12/01/28

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

United

States

226,000

233,122

FNMA,

Year,

2%,

2/01/37

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

United

States

821,449

757,171

FNMA,

Year,

2%,

1/01/51

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

United

States

1,122,868

895,009

FNMA,

Year,

3%,

6/01/46

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

United

States

585,419

524,730

FNMA,

Year,

3%,

9/01/42

-

3/01/47

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

United

States

1,334,658

1,198,680

FNMA,

Year,

3%,

4/01/52

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

United

States

898,117

780,351

FNMA,

Year,

3.5%,

7/01/43

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

United

States

177,258

165,978

FNMA,

Year,

4%,

9/01/45

-

6/01/46

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

United

States

429,604

406,103

FNMA,

Year,

4.5%,

7/01/44

-

5/01/45

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

United

States

438,937

429,586

FNMA,

Year,

5%,

3/01/38

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

United

States

2,996

3,038

FNMA,

Year,

5.5%,

9/01/53

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

United

States

90,089

90,740

FNMA,

Year,

5.5%,

11/01/53

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

United

States

857,020

864,187

i

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

7/25/40

.....

United

States

1,000,000

888,907

i

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

7/25/55

......

United

States

5,000,000

3,959,282

i

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/55

.....

United

States

4,000,000

3,317,132

i

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

7/25/55

......

United

States

1,000,000

929,961

i

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

7/25/55

......

United

States

1,000,000

980,135

i

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

7/25/55

......

United

States

1,000,000

1,016,279

19,088,191

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 11.5%
GNMA

I,

Single-family,

Year,

3.5%,

11/15/47

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

United

States

41,755

38,642

GNMA

II,

Year,

5.5%,

7/20/53

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

United

States

434,919

442,944

GNMA

II,

Single-family,

Year,

2.5%,

2/20/53

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

United

States

4,141,364

3,552,297

GNMA

II,

Single-family,

Year,

2.5%,

9/20/52

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

United

States

366,384

311,661

GNMA

II,

Single-family,

Year,

3%,

2/20/53

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

United

States

953,663

846,030

GNMA

II,

Single-family,

Year,

3.5%,

11/20/47

-

11/20/49

....

United

States

601,620

552,931

GNMA

II,

Single-family,

Year,

4%,

2/20/48

-

5/20/48

.......

United

States

637,329

589,074

GNMA

II,

Single-family,

Year,

4.5%,

7/20/47

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

United

States

863,888

852,327

GNMA

II,

Single-family,

Year,

4.5%,

5/20/48

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

United

States

91,647

88,655

i

GNMA

II,

Single-family,

Year,

4.5%,

7/15/55

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

United

States

3,000,000

2,872,111

GNMA

II,

Single-family,

Year,

5%,

5/20/48

-

6/20/48

.......

United

States

233,048

233,049

i

GNMA

II,

Single-family,

Year,

5%,

7/15/55

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

United

States

3,000,000

2,947,379

GNMA

II,

Single-family,

Year,

5.5%,

6/20/53

-

7/20/53

......

United

States

227,134

229,582

GNMA

II,

Single-family,

Year,

5.5%,

4/20/54

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

United

States

980,360

986,999

GNMA

II,

Single-family,

Year,

6%,

11/20/53

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

United

States

416,495

431,640

GNMA

II,

Single-family,

Year,

6%,

11/20/53

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

United

States

522,352

540,424

15,515,745

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $38,814,621)
..........................

#### 38,384,096

#### Residential

#### Mortgage-Backed

#### Securities

#### 7.4%

#### Financial

#### Services

#### 7.4%
a

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

520,351

529,262

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

a

Angel

Oak

Mortgage

Trust

,

2023-3

,

A1

,

144A,

4.8 %

,

9/26/67

...

United

States

88,651

$

87,830

a,f

Arroyo

Mortgage

Trust

,

2019-3

,

M1

,

144A,

FRN

,

4.204 %

,

10/25/48

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

United

States

330,000

302,427

a

BRAVO

Residential

Funding

Trust

,

f

2020-RPL1,

M1,

144A,

FRN,

3.25%,

5/26/59

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

United

States

353,000

335,568

2023-NQM8,

A1,

144A,

6.394%,

10/25/63

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

United

States

94,303

95,192

2024-NQM2,

A1,

144A,

6.285%,

2/25/64

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

United

States

100,052

101,041

a,f

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.253 %

,

2/25/55

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

United

States

332,000

313,461

a,e

Chevy

Chase

Funding

LLC

,

2004-3A

,

A2

,

144A,

FRN

,

4.734 %

,

(1-month

SOFR

+

0.414 %),

8/25/35

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

United

States

36,759

35,673

a

Citigroup

Mortgage

Loan

Trust

,

2022-A

,

A1

,

144A,

6.17 %

,

9/25/62

United

States

120,134

120,095

a

COLT

Mortgage

Loan

Trust

,

f

2020-2,

A2,

144A,

FRN,

3.094%,

3/25/65

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

United

States

66,569

66,041

2023-3,

A1,

144A,

7.18%,

9/25/68

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

United

States

473,672

481,028

a,e

Connecticut

Avenue

Securities

Trust

,

2019-HRP1,

M2,

144A,

FRN,

6.57%,

(30-day

SOFR

Average

+

2.264%),

11/25/39

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

United

States

7,105

7,105

2021-R03,

1M2,

144A,

FRN,

5.955%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

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

United

States

24,000

24,157

2022-R03,

1M2,

144A,

FRN,

7.805%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

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

United

States

19,000

19,754

2022-R04,

1M2,

144A,

FRN,

7.405%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

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

United

States

19,000

19,587

2022-R08,

1M1,

144A,

FRN,

6.855%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

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

United

States

11,569

11,833

2023-R01,

1M1,

144A,

FRN,

6.706%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

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

United

States

7,865

8,072

2023-R02,

1M1,

144A,

FRN,

6.605%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

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

United

States

15,826

16,160

2023-R06,

1M1,

144A,

FRN,

6.005%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

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

United

States

8,410

8,460

2024-R04,

1M1,

144A,

FRN,

5.405%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

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

United

States

5,998

5,998

2024-R06,

1A1,

144A,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

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

United

States

52,354

52,562

2024-R06,

1M1,

144A,

FRN,

5.355%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

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

United

States

9,036

9,039

2025-R01,

1A1,

144A,

FRN,

5.256%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

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

United

States

24,366

24,343

2025-R01,

1M1,

144A,

FRN,

5.406%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

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

United

States

20,282

20,308

2025-R02,

1A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

1%),

2/25/45

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

United

States

25,578

25,609

2025-R02,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

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

United

States

74,215

74,308

2025-R03,

2A1,

144A,

FRN,

5.755%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

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

United

States

38,323

38,575

a,f

Ellington

Financial

Mortgage

Trust

,

2020-1

,

A2

,

144A,

FRN

,

3.149 %

,

5/25/65

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

United

States

179,000

175,599

f

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

a

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

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

United

States

235,000

227,961

2019-3,

M,

FRN,

4.75%,

10/25/58

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

United

States

300,903

293,571

a,e

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.955%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

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

United

States

4,381

4,401

2021-DNA6,

M2,

144A,

FRN,

5.805%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

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

United

States

57,873

58,115

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

a,e

FHLMC

STACR

REMIC

Trust,

(continued)

2021-DNA7,

M2,

144A,

FRN,

6.105%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

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

United

States

108,000

$

108,832

2021-HQA4,

M1,

144A,

FRN,

5.255%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

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

United

States

15,208

15,186

2022-DNA2,

M1A,

144A,

FRN,

5.605%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

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

United

States

2,532

2,534

2022-HQA1,

M2,

144A,

FRN,

9.555%,

(30-day

SOFR

Average

+

5.25%),

3/25/42

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

United

States

911,000

967,664

2022-HQA3,

M1A,

144A,

FRN,

6.605%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

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

United

States

5,941

6,053

2023-DNA1,

M1A,

144A,

FRN,

6.406%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

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

United

States

29,494

29,942

2023-HQA3,

M1,

144A,

FRN,

6.155%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

12,682

12,787

2025-DNA1,

A1,

144A,

FRN,

5.255%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

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

United

States

69,750

69,680

a

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

27,888

27,125

a

Imperial

Fund

Mortgage

Trust

,

2022-NQM7

,

A1

,

144A,

7.369 %

,

11/25/67

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

United

States

272,174

273,065

a,e

J.P.

Morgan

Mortgage

Trust

,

2024-9

,

A11

,

144A,

FRN

,

5.655 %

,

(30-day

SOFR

Average

+

1.35 %),

2/25/55

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

United

States

188,377

189,285

a,f

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.289 %

,

8/26/47

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

United

States

43,569

43,522

a,e

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-4

,

AF

,

144A,

FRN

,

5.655 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/54

United

States

110,151

110,575

a,f

New

Residential

Mortgage

Loan

Trust

,

2020-NQM2

,

A2

,

144A,

FRN

,

2.891 %

,

5/24/60

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

United

States

212,000

199,432

a

NYMT

Loan

Trust

,

2022-SP1

,

A1

,

144A,

5.25 %

,

7/25/62

......

United

States

131,338

131,285

a

OBX

Trust

,

2022-NQM7,

A1,

144A,

5.11%,

8/25/62

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

United

States

231,061

230,035

2023-NQM7,

A1,

144A,

6.844%,

4/25/63

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

United

States

317,493

321,737

a,f

PRKCM

Trust

,

2023-AFC2

,

A1

,

144A,

FRN

,

6.482 %

,

6/25/58

...

United

States

435,401

437,027

a,f

Residential

Mortgage

Loan

Trust

,

2020-2

,

A3

,

144A,

FRN

,

2.911 %

,

5/25/60

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

United

States

464,000

449,512

a,f

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

%

,

8/25/62

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

United

States

115,107

111,302

a

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4

,

A1

,

144A,

7.5 %

,

2/25/30

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

United

States

245,000

246,679

a,e

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.22%,

(1-month

SOFR

+

0.9%),

10/27/25

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

United

States

325,000

326,726

2024-5,

A,

144A,

FRN,

5.22%,

(1-month

SOFR

+

0.9%),

8/04/25

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

United

States

325,000

325,211

2025-1,

A,

144A,

FRN,

5.221%,

(1-month

SOFR

+

0.9%),

7/23/26

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

United

States

277,000

280,032

a,f

Towd

Point

Mortgage

Trust

,

2018-5

,

M1

,

144A,

FRN

,

3.25 %

,

7/25/58

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

United

States

153,000

129,901

a

Verus

Securitization

Trust

,

2024-1

,

A1

,

144A,

5.712 %

,

1/25/69

.

United

States

307,619

308,440

a

Visio

Trust

,

2022-1

,

A2

,

144A,

5.85 %

,

8/25/57

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

United

States

105,970

105,647

e

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13,

A1C4,

FRN,

5.294%,

(1-month

SOFR

+

0.974%),

10/25/45

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

United

States

526,521

522,037

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

e

WaMu

Mortgage

Pass-Through

Certificates

Trust,

(continued)

2005-AR17,

A1B2,

FRN,

5.254%,

(1-month

SOFR

+

0.934%),

12/25/45

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

United

States

410,046

$

375,923

9,950,311

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $9,661,633)
................

#### 9,950,311

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.0%

#### Financial

#### Services

#### 4.0%
FHLMC

,

e

3065,

DC,

FRN,

6.605%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

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

United

States

64,183

66,607

f

3117,

AF,

FRN,

Zero

Cpn.,

2/15/36

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

United

States

3,223

2,816

3369,

BO,

Strip,

9/15/37

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

United

States

1,067

903

3391,

Strip,

4/15/37

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

United

States

9,652

8,382

e

3408,

EK

,

FRN,

8.014%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

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

United

States

55,731

64,876

g

4018,

DI,

IO,

4.5%,

7/15/41

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

United

States

24,686

e

406,

F30,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

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

United

States

150,629

151,372

g

4132,

IP,

IO,

4.5%,

11/15/42

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

United

States

115,015

8,590

e,g

4945,

SL,

IO,

FRN,

1.63%,

(30-day

SOFR

Average

+

5.936%),

1/25/50

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

United

States

3,313,571

409,291

g

5050,

IM,

IO,

3.5%,

10/25/50

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

United

States

3,410,562

676,246

g

5349,

IB,

IO,

4%,

12/15/46

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

United

States

428,804

93,707

a,e

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

2021-

MN3

,

M2

,

144A,

FRN

,

8.305 %

,

(30-day

SOFR

Average

+

%),

11/25/51

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

United

States

337,000

348,373

FNMA

,

e,g

2010-35,

SG,

IO,

FRN,

1.98%,

(30-day

SOFR

Average

+

6.286%),

4/25/40

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

United

States

200,352

22,620

g

2015-33,

AI,

IO,

5%,

6/25/45

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

United

States

573,002

74,806

g

2021-12,

NI,

IO,

2.5%,

3/25/51

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

United

States

3,399,013

556,956

g

2023-49,

IA,

IO,

3%,

8/25/46

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

United

States

691,745

87,975

g

2023-49,

IB,

IO,

3.5%,

3/25/47

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

United

States

253,237

39,732

e

2025-41,

FA,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

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

United

States

111,354

111,526

372,

1,

Strip,

8/25/36

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

United

States

6,108

5,039

GNMA

,

g

2009-79,

IC,

IO,

6%,

8/20/39

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

United

States

221,949

25,528

f,g

2010-H19,

GI,

IO,

FRN,

1.453%,

8/20/60

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

United

States

406,681

14,994

g

2012-113,

ID,

IO,

3.5%,

9/20/42

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

United

States

373,089

56,790

g

2012-136,

IO,

3.5%,

11/20/42

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

United

States

532,233

70,877

g

2012-38,

MI,

IO,

4%,

3/20/42

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

United

States

1,263,203

226,457

g

2014-100,

JI,

IO,

3.5%,

7/16/29

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

United

States

175,600

5,591

g

2014-180,

IO,

5%,

12/20/44

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

United

States

711,401

141,986

g

2014-76,

IO,

5%,

5/20/44

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

United

States

205,504

43,178

f,g

2014-H11,

GI,

IO,

FRN,

1.534%,

6/20/64

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

United

States

2,127,676

51,226

g

2015-52,

KI,

IO,

3.5%,

11/20/40

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

United

States

145,344

6,443

g

2015-53,

MI,

IO,

4%,

4/16/45

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

United

States

575,675

114,951

f,g

2015-H01,

CI,

IO,

FRN,

1.568%,

12/20/64

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

United

States

210,649

4,794

f,g

2015-H04,

AI,

IO,

FRN,

1.615%,

12/20/64

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

United

States

985,570

28,637

f,g

2015-H10,

CI,

IO,

FRN,

1.8%,

4/20/65

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

United

States

515,221

12,247

f,g

2015-H12,

AI,

IO,

FRN,

1.835%,

5/20/65

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

United

States

640,510

14,406

f,g

2015-H12,

EI,

IO,

FRN,

1.718%,

4/20/65

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

United

States

1,292,952

26,260

f,g

2015-H12,

GI,

IO,

FRN,

1.768%,

5/20/65

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

United

States

916,350

29,910

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA,

(continued)

f,g

2015-H13,

AI,

IO,

FRN,

2.049%,

6/20/65

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

United

States

964,819

$

48,065

f,g

2015-H16,

XI,

IO,

FRN,

2.828%,

7/20/65

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

United

States

371,363

20,687

f,g

2015-H20,

AI,

IO,

FRN,

1.833%,

8/20/65

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

United

States

439,554

11,281

f,g

2015-H25,

AI,

IO,

FRN,

1.621%,

9/20/65

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

United

States

913,475

12,773

f,g

2015-H25,

CI,

IO,

FRN,

2.244%,

10/20/65

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

United

States

545,067

21,660

f,g

2016-H11,

HI,

IO,

FRN,

1.948%,

1/20/66

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

United

States

410,151

9,629

f,g

2016-H23,

NI,

IO,

FRN,

2.998%,

10/20/66

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

United

States

1,721,089

75,778

f,g

2016-H24,

JI,

IO,

FRN,

2.758%,

11/20/66

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

United

States

407,141

22,183

f,g

2017-H08,

NI,

IO,

FRN,

2.267%,

3/20/67

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

United

States

1,155,514

37,289

f,g

2017-H10,

MI,

IO,

FRN,

1.904%,

4/20/67

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

United

States

1,235,746

36,138

f,g

2017-H12,

QI,

IO,

FRN,

2.42%,

5/20/67

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

United

States

1,013,207

37,339

f,g

2017-H18,

CI,

IO,

FRN,

2.423%,

9/20/67

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

United

States

1,153,897

77,062

e,g

2019-121,

SD,

IO,

FRN,

1.568%,

(1-month

SOFR

+

5.886%),

10/20/49

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

United

States

117,972

14,760

f,g

2019-H02,

DI,

IO,

FRN,

2.653%,

11/20/68

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

United

States

1,537,712

67,167

e,g

2020-112,

MS,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

8/20/50

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

United

States

3,507,761

517,002

e

2023-152,

FB,

FRN,

5.452%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

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

United

States

216,644

220,226

e

2023-66,

PS,

FRN,

4.62%,

(30-day

SOFR

Average

+

15.375%),

5/20/53

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

United

States

423,257

446,197

f,g

2024-32,

IO,

FRN,

0.7%,

6/16/63

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

United

States

2,547,906

131,081

5,410,889

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $5,502,097)
........

#### 5,410,889

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $137,971,280)

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

#### 135,736,620

#### a

#### Short

#### Term

#### Investments

#### 10.9%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.9%
j,k

U.S.

Treasury

Bills,

4.22%,

10/02/25

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

United

States

1,100,000

1,088,006

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $1,088,732)

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

#### 1,088,006

#### Shares

#### Money

#### Market

#### Funds

#### 10.0%
l,m

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

.......

United

States

13,531,841

13,531,841

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $13,531,841)

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

#### 13,531,841

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $14,620,573

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

#### 14,619,847

#### a

#### Total

#### Investments

#### (Cost

#### $152,591,853)

#### 111.7%

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

#### $150,356,467

#### TBA

#### Sale

#### Commitments

#### (9.0)%

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

#### (12,184,044)

#### Other

#### Assets,

#### less

#### Liabilities

#### (2.7)%

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

#### (3,475,948)

#### Net

#### Assets

#### 100.0%

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

#### $134,696,475

#### a
Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### a
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
n

#### TBA

#### Sale

#### Commitments

#### (9.0)%

#### Mortgage-Backed

#### Securities

#### (9.0)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (5.7)%
Uniform

Mortgage-Backed

Securities

,

3.5%,

TBA,

7/25/55

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

United

States

(1,000,000)

$

(900,440)

4.5%,

TBA,

7/25/55

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

United

States

(3,000,000)

(2,869,967)

5.5%,

TBA,

7/25/55

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

United

States

(4,000,000)

(3,999,710)

(7,770,117)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (3.3)%
GNMA

II,

Single-family,

Year

,

2.5%,

7/15/55

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

United

States

(4,000,000)

(3,399,007)

6%,

7/15/55

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

United

States

(1,000,000)

(1,014,920)

(4,413,927)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(12,005,117))

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

#### $(12,184,044)
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$35,477,404,

representing

26.3%

of

net

assets.

b

Perpetual

security

with

no

stated

maturity

date.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(d).

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

i

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

j

The

rate

shown

represents

the

yield

at

period

end.

k

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$928,762,

representing

0.7%

net

assets.

l

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

m

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

n

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

1(d).

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Putnam

#### VT

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

June

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(e).

At

June

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

See

Note

1(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

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

Long

$

7,400,250

9/19/25

$

119,515

U.S.

Treasury

Year

Ultra

Notes

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

Long

3,199,438

9/19/25

52,024

U.S.

Treasury

Year

Notes

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

Short

13,521,523

9/30/25

(52,403)

U.S.

Treasury

Year

Notes

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

Long

10,246,000

9/30/25

105,013

U.S.

Treasury

Long

Bonds

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

Long

3,695,000

9/19/25

110,444

U.S.

Treasury

Ultra

Bonds

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

Long

10,125,625

9/19/25

327,228

Total

Futures

Contracts

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

$661,821

\*

As

of

period

end.

#### Forward

#### Premium

#### Swap

#### Option

#### Contracts

#### Fixed

#### right

#### or

#### obligation

#### to

#### receive

#### or

#### (pay)/

#### Floating

#### rate

#### index/Maturity

#### date

#### Counter

#### par

#### t

#### y

#### Expiration

#### date/strike

#### Notional/

#### Contract

#### amount

#### \*

#### Premium

#### receivable/
(payable)

#### Unrealized

#### appreciation/
(depreciation)

#### a
3.833%/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

188,900

$

4,505

$

(626) (3.833%)/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

188,900

4,505

(2,963)

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

18,300,000

(40,260)

(17,250)

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

12,200,000

50,630

28,678

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

701,800

34,318

(9,187)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

701,800

35,932

(19,031)

3.428%/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

384,300

22,117

(10,425)

(3.428%)/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

384,300

22,116

2,911

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

2,237,700

25,286

(18,648)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

271,700

9,863

(4,196)

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

456,000

57,114

(4,155)

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

456,000

57,114

2,374

2.35%/1-day

SOFR/Mar-59/(Purchased)

GSCO

3/12/29

/

2.35%

1,865,500

108,759

(57,934)

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCM

10/09/25

/

4.5%

2,237,700

(7,286)

6,687

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCM

10/09/25

/

2.85%

2,237,700

15,065

(9,681)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

572,900

25,322

1,865

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

572,900

26,382

(5,686)

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

473,000

56,713

4,275

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

473,000

56,713

(4,884)

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

1,568,800

56,791

(3,891)

#### Unrealized

#### appreciation

#### 46,790

#### Unrealized
(depreciation)

#### (168,557)

#### Total

#### $(121,767)
\*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

June

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(e).

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

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

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

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

#### Swap

#### Contracts

#### to

#### Buy

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

#### Index
CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

167,000

$

13,510

$

85,971

$

(72,461)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

GSCO

11/17/59

257,000

48,401

49,237

(836) CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

193,000

22,851

24,897

(2,046)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

193,000

33,408

35,029

(1,621)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

386,000

76,911

80,932

(4,021)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

285,000

9,363

53,386

(44,023)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

193,000

32,923

34,668

(1,745)

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

140,000

(11,326)

(24,342)

13,016

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

27,000

(2,184)

(5,518)

3,334

Below

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

285,000

(9,363)

(17,136)

7,773

Investment

Grade

Total

OTC

Swap

Contracts

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

$214,494

$317,124

$(102,630)

Total

Credit

Default

Swap

Contracts

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

$214,494

$

317,124

$(102,630)

(a) In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b) Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c) Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d) The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

June

30,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(e).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

2,317,000

$

(10,131)

$

(4,136)

$

(5,995)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.63%

....

Annual

9/17/30

3,294,000

(36,198)

(16,998)

(19,200)

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/35

3,166,000

51,765

9,619

42,146

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.03%

....

Annual

9/17/55

1,265,000

(26,945)

(1,613)

(25,332)

Total

Interest

Rate

Swap

Contracts

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

$(21,509)

$

(13,128)

$(8,381)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$139,060,012

Cost

-

Non-controlled

affiliates

(Note

f)

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

13,531,841

Value

-

Unaffiliated

issuers

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

$136,824,626

Value

-

Non-controlled

affiliates

(Note

f)

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

13,531,841

Cash

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

252,090

Receivables:

Investment

securities

sold

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

15,168

Receivable

for

sales

of

TBA

securities

(Note

d)

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

12,005,117

Capital

shares

sold

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

311,127

Dividends

and

interest

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

1,215,212

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

97,176

Variation

margin

on

futures

contracts

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

189,335

Due

from

custodian

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

108,618

OTC

swap

contracts

(upfront

payments)

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

364,120

Unrealized

appreciation

on

forward

premium

swap

option

contracts

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

46,790

Unrealized

appreciation

on

OTC

swap

contracts

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

24,123

Prepaid

expenses

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

70,283

Total

assets

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

165,055,626

Liabilities:

Payables:

Investment

securities

purchased

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

555,139

Payable

for

purchases

of

TBA

securities

(Note

d)

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

16,616,758

Capital

shares

redeemed

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

96,623

Management

fees

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

41,300

Administrative

fees

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

515

Distribution

fees

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

12,128

Transfer

agent

fees

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

23,409

Trustees'

fees

and

expenses

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

99,341

Variation

margin

on

centrally

cleared

swap

contracts

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

38,366

Deposits

from

brokers

for:

OTC

derivative

contracts

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

256,000

OTC

swap

contracts

(upfront

receipts)

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

46,996

Unrealized

depreciation

on

OTC

swap

contracts

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

126,753

Unrealized

depreciation

on

forward

premium

swap

option

contracts

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

168,557

TBA

sale

commitments,

at

value

(proceeds

$12,005,117)

(Note

1d)

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

12,184,044

Accrued

expenses

and

other

liabilities

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

93,222

Total

liabilities

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

30,359,151

Net

assets,

at

value

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

$134,696,475

Net

assets

consist

of:

Paid-in

capital

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

$229,066,453

Total

distributable

earnings

(losses)

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

(94,369,978)

Net

assets,

at

value

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

$134,696,475

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund

#### Class

#### IA:
Net

assets,

at

value

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

$74,942,566

Shares

outstanding

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

9,294,944

Net

asset

value

and

maximum

offering

price

per

share

a

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

$8.06

#### Class

#### IB:
Net

assets,

at

value

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

$59,753,909

Shares

outstanding

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

7,501,740

Net

asset

value

and

maximum

offering

price

per

share

a

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

$7.97

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

f)

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

$320,373

Interest:

Unaffiliated

issuers

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

3,253,044

Total

investment

income

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

3,573,417

Expenses:

Management

fees

(Note

a)

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

251,873

Administrative

fees

(Note

b)

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

765

Distribution

fees:

(Note

3c)

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

IB

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

74,286

Transfer

agent

fees:

(Note

3d)

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

IA

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

19,086

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

IB

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

28,305

Custodian

fees

(Note

4)

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

13,579

Reports

to

shareholders

fees

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

10,059

Professional

fees

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

61,648

Trustees'

fees

and

expenses

(Not

e

3e)

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

2,290

Other

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

Total

expenses

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

462,106

Expense

reductions

(Note

4)

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

(552) Net

expenses

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

461,554

Net

investment

income

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

3,111,863

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(539,423)

Forward

premium

swap

option

contracts

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

85,790

Futures

contracts

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

(1,031,256)

TBA

sale

commitments

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

149,785

Swap

contracts

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

57,815

Net

realized

gain

(loss)

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

(1,277,289)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

and

TBA

sale

commitments

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

2,529,781

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(11) Forward

premium

swap

option

contracts

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

(125,663)

Futures

contracts

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

1,580,503

Swap

contracts

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

(48,543)

Net

change

in

unrealized

appreciation

(depreciation)

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

3,936,067

Net

realized

and

unrealized

gain

(loss)

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

2,658,778

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$5,770,641

Putnam

Variable

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$3,111,863

$7,168,921

Net

realized

gain

(loss)

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

(1,277,289)

(4,049,888)

Net

change

in

unrealized

appreciation

(depreciation)

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

3,936,067

368,151

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

5,770,641

3,487,184

Distributions

to

shareholders:

Class

IA

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

(3,819,973)

(4,511,418)

Class

IB

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

(2,920,969)

(3,570,142)

Total

distributions

to

shareholders

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

(6,740,942)

(8,081,560)

Capital

share

transactions:

(Note

2)

Class

IA

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

(1,194,206)

(2,655,786)

Class

IB

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

(1,214,028)

(2,472,700)

Total

capital

share

transactions

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

(2,408,234)

(5,128,486)

Net

increase

(decrease)

in

net

assets

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

(3,378,535)

(9,722,862)

Net

assets:

Beginning

of

period

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

138,075,010

147,797,872

End

of

period

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

$134,696,475

$138,075,010

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### VT

#### Income

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Variable

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty separate

funds.

The Trust

follows the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

VT

Income

Fund

(Fund)

is

included

in

this

report.

Shares

of

the

Fund

are

generally

sold

only

to

insurance

company

separate

accounts

to

fund

the

benefits

of

variable

life

insurance

policies

or

variable

annuity

contracts. The

Fund

offers two classes

of

shares:

Class

IA

and

Class

IB.

Each

class

of

shares

may

differ

by

its

distribution

fees,

voting

rights

on

matters

affecting

a

single

class

and

its

exchange

privilege.

The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

d. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Foreign

#### Currency

#### Translation
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

June

30,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$85,182.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain exposure

to

interest

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

8 regarding

other

derivative

information.

f. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividend

income

is recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

h. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### IA

#### Shares:
Shares

sold

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

267,655

$2,176,816

627,283

$5,140,042

Shares

issued

in

reinvestment

of

distributions

..........

481,712

3,819,973

568,905

4,511,417

Shares

redeemed

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

(891,693)

(7,190,995)

(1,508,175)

(12,307,245)

Net

increase

(decrease)

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

(142,326)

$(1,194,206)

(311,987)

$(2,655,786)

#### Class

#### IB

#### Shares:
Shares

sold

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

289,502

$2,331,662

666,419

$5,392,360

Shares

issued

in

reinvestment

of

distributions

..........

372,572

2,920,969

455,375

3,570,142

Shares

redeemed

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

(813,543)

(6,466,659)

(1,421,554)

(11,435,202)

Net

increase

(decrease)

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

(151,469)

$(1,214,028)

(299,760)

$(2,472,700)

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

June

30,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.375%

of

the

Fund's

average daily

net

assets.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund

pursuant

to

a

new

subadvisory

agreement.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.550%

of

the

first

$5

billion,

0.500%

of

the

next

$5

billion,

0.450%

of

the

next

$10

billion,

0.400%

of

the

next

$10

billion,

0.350%

of

the

next

$50

billion,

0.330%

of

the

next

$50

billion,

0.320%

of

the

next

$100

billion

and

0.315%

of

any

excess

thereafter.

#### Maximum

#### %

#### Approved

#### %
Class

IB

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

0.35%

0.25%

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

d. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

was

paid

a

monthly

fee

for

investor

servicing

at

an

annual

rate

of

0.07%

of

the

Fund's

average

daily

net

assets.

e. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

March

30,

2027,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

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

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

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

a

a

a

a

a

a

a

#### Putnam

#### VT

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

$14,594,739

$19,706,930

$(20,769,828)

$—

$—

$13,531,841

13,531,841

$320,373

#### Total

#### Affiliated

#### Securities

#### ...
$14,594,739

$19,706,930

$(20,769,828)

$—

$—

$13,531,841

$320,373

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

period

ended

June

30,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

April

14,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

June

30,

2025,

aggregated

$206,070,783 and

$177,355,062,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

June

30,

2025,

the

aggregate

value

of

these

securities represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

48,568,512

Long

term

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

38,803,467

Total

capital

loss

carryforwards

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

$87,371,979

Cost

of

investments

..........................................................................

$150,924,080

Unrealized

appreciation

........................................................................

$4,506,173

Unrealized

depreciation

........................................................................

(5,073,787)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(567,614)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

8. #### Other

#### Derivative

#### Information
At

June

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

June

30,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

June

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options

represented

$55,173,748,

$47,042,030

and

$23,695,029,

respectively.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### VT

#### Income

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

714,224

a

Variation

margin

on

futures

contracts

$

52,403

a

Variation

margin

on

centrally

cleared

swap

contracts

42,146

b

Variation

margin

on

centrally

cleared

swap

contracts

50,527

b

Unrealized

appreciation

on

forward

premium

swap

option

contracts

46,790

Unrealized

depreciation

on

forward

premium

swap

option

contracts

168,557

Credit

contracts

............

OTC

swap

contracts

(upfront

payments)

364,120

OTC

swap

contracts

(upfront

receipts)

46,996

Unrealized

appreciation

on

OTC

swap

contracts

24,123

Unrealized

depreciation

on

OTC

swap

contracts

126,753

Total

....................

$1,191,403

$445,236

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### VT

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(1,031,256)

Futures

contracts

$1,580,503

Swap

contracts

38,434

Swap

contracts

(2,997)

Forward

premium

swap

option

contracts

85,790

Forward

premium

swap

option

contracts

(125,663)

Credit

contracts

...............

Swap

contracts

19,381

Swap

contracts

(45,546)

Total

.......................

$(887,651)

$1,406,297

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

At

June

30,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

June

30,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### VT

#### Income

#### Fund
Forward

Premium

Swap

Option

Contracts

...................

$

46,790

$

168,557

Swap

Contracts

.......................................

388,243

173,749

Total

.............................................

$435,033

$342,306

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### Cash

#### Collateral

#### Received

#### a

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### VT

#### Income

#### Fund

#### Counterparty
BNDP

...................

$

28,678

$

(20,839)

$

—

$

—

$

7,839

BOFA

....................

10,684

(10,684)

—

—

—

CITI

.....................

66,402

(66,402)

—

—

—

DBAB

...................

2,374

(2,374)

—

—

—

GSCO

...................

190,095

(66,458)

—

(123,637)

—

JPHQ

...................

85,971

(72,461)

—

(13,510)

—

MCM

....................

12,827

(12,827)

—

—

—

MLCO

...................

3,334

(3,334)

—

—

—

MSCO

...................

34,668

(1,745)

—

—

32,923

NATW

...................

—

—

—

—

—

Total

...................

$435,033

$(257,124)

$—

$(137,147)

$40,762

$

a

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

At

June

30,

2025,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(e) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### VT

#### Income

#### Fund

#### Counterparty
BNDP

...................

$

20,839

$

(20,839)

$

—

$

—

$

—

BOFA

....................

55,779

(10,684)

—

—

45,095

CITI

.....................

91,209

(66,402)

—

—

24,807

DBAB

...................

4,155

(2,374)

—

—

1,781

GSCO

...................

66,458

(66,458)

—

—

—

JPHQ

...................

72,461

(72,461)

—

—

—

MCM

....................

20,251

(12,827)

—

—

7,424

MLCO

...................

5,518

(3,334)

—

—

2,184

MSCO

...................

1,745

(1,745)

—

—

—

NATW

...................

3,891

—

—

—

3,891

Total

...................

$342,306

$(257,124)

$—

$—

$85,182

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### VT

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

59,960,795

$

—

$

59,960,795

Foreign

Government

and

Agency

Securities

....

—

193,208

—

193,208

Asset-Backed

Securities

...................

—

15,488,193

—

15,488,193

Commercial

Mortgage-Backed

Securities

......

—

6,349,128

—

6,349,128

Mortgage-Backed

Securities

................

—

38,384,096

—

38,384,096

Residential

Mortgage-Backed

Securities

.......

—

9,950,311

—

9,950,311

Agency

Commercial

Mortgage-Backed

Securities

—

5,410,889

—

5,410,889

Short

Term

Investments

...................

13,531,841

1,088,006

—

14,619,847

Total

Investments

in

Securities

...........

$13,531,841

$136,824,626

$—

$150,356,467

Other

Financial

Instruments:

Forward

Premium

Swap

Option

Contracts

.....

$—

$46,790

$—

$46,790

Futures

Contracts

.......................

714,224

—

—

714,224

Swap

Contracts

.........................

—

66,269

—

66,269

Total

Other

Financial

Instruments

.........

$714,224

$113,059

$—

$827,283

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

12,184,044

$

—

$

12,184,044

Forward

Premium

Swap

Option

Contracts

......

—

168,557

—

168,557

Futures

Contracts

........................

52,403

—

—

52,403

Swap

Contracts

.........................

—

177,280

—

177,280

Total

Other

Financial

Instruments

.........

$52,403

$12,529,881

$—

$12,582,284

9. #### Credit

#### Facility
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund
(continued)

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Counterparty

#### BNDP
BNP

Paribas

SA

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### DBAB
Deutsche

Bank

AG

#### GSCO
Goldman

Sachs

Group,

Inc.

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MCM
Mizuho

Capital

Markets

LLC

#### MLCO
Merrill

Lynch

International

&

Co.

#### MSCO
Morgan

Stanley

#### NATW
Natwest

Markets

plc

#### Index

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

Index

#### Selected

#### Portfolio

#### CLO
Collateralized

Loan

Obligation

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

4.45%

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Income

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

its

affiliate,

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect

wholly-

owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)(6)

under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

April

30,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

first

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

fourth

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Adviser

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

management

contract.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

Putnam

Variable

Trust

franklintempleton.com

Semiannual

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each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

IA

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Variable

Insurance

Products

(Underlying

Funds)

–

Core

Bond

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-performing

funds):

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

117,

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

expressed

concern

about

your

fund's

fourth

quartile

performance

over

the

five-year

period

ended

December

31,

2024. The

Trustees

noted

and

considered

the

Advisor's

observations

concerning

the

performance

of

your

fund.

In

the

Advisor's

view:

1. The

fund's

underperformance

for

the

five-year

period

was

driven

by

significant

underperformance

in

both

the

commercial

mortgage-backed

sector

as

well

as

the

prepayment

sensitive

residential

mortgage-back

sector.

In

particular,

that

COVID

and

ensuing

policy

responses

dramatically

changed

the

fundamental

picture

for

commercial

and

residential

real

estate.

2. That

the

structured

product

models

had

been

recalibrated

and

the

fund's

allocation

moderated

to

structured

product

in

order

to

deliver

more

resilient

performance.

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

The

Trustees

also

noted

that

the

Advisor

remained

confident

in

the

fund's

portfolio

managers.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

One-year

period

Three-year

period

Five-year

period

1st

2nd

4th

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

annual

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38921-SFSOI

08/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
|  | There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein. |

---

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvif-efp17152_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvif-efp17152_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Variable Trust** | **Putnam Variable Trust** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | August 26, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Variable Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: August 26, 2025 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Variable Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: August 26, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Variable Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Variable Trust | Putnam Variable Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.