# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001133228-26-002087
**Filing Date:** 2026-2
**Character Count:** 347884
**Document Hash:** 70e2fea6b963540afdf3e399b5bc625b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002087.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001133228-26-002087

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 26677630

**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 Global Asset Allocation Fund (Series ID: S000003896)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010887 | Class IA Shares |  |
| C000010888 | Class IB Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-01-1574300184200_PutnamVTGlobalAssetAllocationFund_ClassIA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Putnam Variable Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

Date of reporting period: **December 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class IA<sup>1</sup>  | $90 | 0.84% |

---

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

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

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

For the twelve months ended December 31, 2025, Class IA shares of Putnam VT Global Asset Allocation Fund returned 14.69%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.15% and 14.67%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection effects relative to the benchmark within these underlying strategies: | Security selection effects relative to the benchmark within these underlying strategies: |
| ↑ | Quantitative International Enhanced Equity strategy |
| ↑ | Quantitative U.S. Large Cap Equity strategy |
| ↑ | Fundamental High Yield Bond strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection effects within the underlying Quantitative U.S. Small Cap Equity strategy detracted from benchmark-relative results |
| ↓ | An off-benchmark allocation to the Global Alpha (capital appreciation) Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures for managing exposure to market risk, for hedging prepayment risk, for hedging interest rate risk, for gaining exposure to interest rates and for equitizing cash, which collectively detracted from performance.

Putnam VT Global Asset Allocation Fund PAGE 1 38923-ATSIA-0226

------

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

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

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

![image](ts6361img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class IA**  | 14.69 | 8.67 | 8.71 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.29 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 14.67 | 7.63 | 9.14 |

---

† The
 Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $97286072 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1235 |
| **Total Management Fee Paid** | $557611 |
| **Portfolio Turnover Rate** | 167% |

---

Putnam VT Global Asset Allocation Fund PAGE 2 38923-ATSIA-0226

------

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

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6361img004.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective March 31, 2025, portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Jacqueline Kenney, CFA and Thomas A. Nelson, CFA.

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

funddocuments@putnam.com.

---

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

---

Putnam VT Global Asset Allocation Fund PAGE 3 38923-ATSIA-0226

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class IB<sup>1</sup>  | $117 | 1.09% |

---

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

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

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

For the twelve months ended December 31, 2025, Class IB shares of Putnam VT Global Asset Allocation Fund returned 14.38%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.15% and 14.67%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection effects relative to the benchmark within these underlying strategies: | Security selection effects relative to the benchmark within these underlying strategies: |
| ↑ | Quantitative International Enhanced Equity strategy |
| ↑ | Quantitative U.S. Large Cap Equity strategy |
| ↑ | Fundamental High Yield Bond strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection effects within the underlying Quantitative U.S. Small Cap Equity strategy detracted from benchmark-relative results |
| ↓ | An off-benchmark allocation to the Global Alpha (capital appreciation) Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures for managing exposure to market risk, for hedging prepayment risk, for hedging interest rate risk, for gaining exposure to interest rates and for equitizing cash, which collectively detracted from performance.

Putnam VT Global Asset Allocation Fund PAGE 1 38923-ATSIB-0226

------

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

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

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

![image](ts6362img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class IB**  | 14.38 | 8.39 | 8.43 |
| **Russell 3000 Index**  | 17.15 | 13.15 | 14.29 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 14.67 | 7.63 | 9.14 |

---

† The
 Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $97286072 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1235 |
| **Total Management Fee Paid** | $557611 |
| **Portfolio Turnover Rate** | 167% |

---

Putnam VT Global Asset Allocation Fund PAGE 2 38923-ATSIB-0226

------

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

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6362img004.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective March 31, 2025, portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Jacqueline Kenney, CFA and Thomas A. Nelson, CFA.

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

funddocuments@putnam.com.

---

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

---

Putnam VT Global Asset Allocation Fund PAGE 3 38923-ATSIB-0226

------

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

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

December 31, 2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 52
Notes

to

Financial

Statements

#### 56
Report

of

Independent

Registered

Public

Accounting

Firm

#### 73
Tax

Information

#### 74
Changes

In

and

Disagreements

with

Accountants

#### 75
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

#### Global

#### Asset

#### Allocation

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### IA

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$19.99

$17.56

$15.19

$20.05

$18.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.31 0.36 0.30 0.25 0.22 Net

realized

and

unrealized

gains

(losses)

...........

2.15 2.52 2.36 (3.20)

2.30 Total

from

investment

operations

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

2.46 2.88 2.66 (2.95)

2.52 Less

distributions

from:

Net

investment

income

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

(0.51)

(0.45)

(0.29)

(0.29)

(0.18)

Net

realized

gains

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

(2.47)

—

—

(1.62)

(0.50)

Total

distributions

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

(2.98)

(0.45)

(0.29)

(1.91)

(0.68)

Net

asset

value,

end

of

year

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

$19.47

$19.99

$17.56

$15.19

$20.05

Total

return

c

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

14.69%

16.63%

17.78%

(15.82)%

14.25%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.86%

0.89%

0.93%

0.91%

0.84%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.84%

0.85%

0.86%

0.86%

0.84%

Net

investment

income

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

1.66%

1.88%

1.87%

1.56%

1.13%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$69,075

$68,410

$68,403

$66,140

$89,120

Portfolio

turnover

rate

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

167%

234%

262%

262%

306%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Variable

Trust

Financial

Highlights

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### IB

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.34

$17.86

$15.44

$20.34

$18.47

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.27 0.31 0.26 0.22 0.17 Net

realized

and

unrealized

gains

(losses)

...........

2.20 2.58 2.41 (3.26)

2.34 Total

from

investment

operations

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

2.47 2.89 2.67 (3.04)

2.51 Less

distributions

from:

Net

investment

income

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

(0.46)

(0.41)

(0.25)

(0.24)

(0.14)

Net

realized

gains

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

(2.47)

—

—

(1.62)

(0.50)

Total

distributions

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

(2.93)

(0.41)

(0.25)

(1.86)

(0.64)

Net

asset

value,

end

of

year

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

$19.88

$20.34

$17.86

$15.44

$20.34

Total

return

c

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

14.38%

16.36%

17.48%

(16.03)%

13.95%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.11%

1.14%

1.18%

1.16%

1.09%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.09%

1.10%

1.11%

1.11%

1.09%

Net

investment

income

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

1.41%

1.62%

1.62%

1.30%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$28,212

$34,389

$31,832

$30,939

$40,953

Portfolio

turnover

rate

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

167%

234%

262%

262%

306%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Variable

Trust

Schedule

of

Investments,

December

31,

2025

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 74.2%

#### Aerospace

#### &

#### Defense

#### 2.2%
Airbus

SE

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

France

694

$

161,163

a

Boeing

Co.

(The)

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

United

States

68,176

BWX

Technologies,

Inc.

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

United

States

59,111

Curtiss-Wright

Corp.

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

United

States

66,152

General

Dynamics

Corp.

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

United

States

1,190

400,625

General

Electric

Co.

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

United

States

980

301,869

Leonardo

DRS,

Inc.

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

United

States

1,750

59,658

Leonardo

SpA

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

Italy

12,927

Lockheed

Martin

Corp.

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

United

States

1,716

829,978

Northrop

Grumman

Corp.

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

United

States

62,153

RTX

Corp.

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

United

States

68,775

Thales

SA

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

France

79,851

2,170,438

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
Expeditors

International

of

Washington,

Inc.

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

United

States

65,862

FedEx

Corp.

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

United

States

66,149

United

Parcel

Service,

Inc.,

B

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

United

States

636

63,085

195,096

#### Automobile

#### Components

#### 0.2%
Aisin

Corp.

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

Japan

4,000

74,945

BorgWarner,

Inc.

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

United

States

1,380

62,183

137,128

#### Automobiles

#### 1.4%
Stellantis

NV

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

United

States

7,791

85,317

Subaru

Corp.

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

Japan

1,300

27,991

a

Tesla,

Inc.

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

United

States

2,761

1,241,677

Toyota

Motor

Corp.

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

Japan

1,200

25,772

1,380,757

#### Banks

#### 3.8%
AIB

Group

plc

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

Ireland

5,177

55,344

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

4,457

104,549

Banco

de

Sabadell

SA

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

Spain

5,847

23,042

Banco

Santander

SA

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

Spain

16,447

193,589

Bank

Hapoalim

BM

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

Israel

3,599

81,399

Bank

Leumi

Le-Israel

BM

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

Israel

5,176

114,067

Bank

of

America

Corp.

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

United

States

3,820

210,100

Barclays

plc

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

United

Kingdom

23,798

152,334

BNP

Paribas

SA

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

France

30,274

BOC

Hong

Kong

Holdings

Ltd.

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

China

3,000

15,225

Citigroup,

Inc.

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

United

States

8,730

1,018,704

Citizens

Financial

Group,

Inc.

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

United

States

1,165

68,048

Credit

Agricole

SA

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

France

1,253

25,797

Danske

Bank

A/S

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

Denmark

10,636

Erste

Group

Bank

AG

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

Austria

572

68,588

First

Horizon

Corp.

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

United

States

2,893

69,143

HSBC

Holdings

plc

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

United

Kingdom

14,894

234,371

Intesa

Sanpaolo

SpA

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

Italy

11,125

76,875

JPMorgan

Chase

&

Co.

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

United

States

100,855

Lloyds

Banking

Group

plc

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

United

Kingdom

109,052

144,245

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

6,100

96,814

NatWest

Group

plc

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

United

Kingdom

15,484

135,830

a

NU

Holdings

Ltd.,

A

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

Brazil

3,974

66,525

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

69,298

Popular,

Inc.

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

United

States

529

65,871

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

UniCredit

SpA

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

Italy

1,657

$

137,244

US

Bancorp

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

United

States

1,299

69,315

Wells

Fargo

&

Co.

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

United

States

903

84,160

Zions

Bancorp

NA

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

United

States

1,196

70,014

3,592,256

#### Beverages

#### 0.9%
a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

60,100

Carlsberg

A/S,

B

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

Denmark

50,914

a

Celsius

Holdings,

Inc.

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

United

States

1,425

65,180

Coca-Cola

Co.

(The)

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

United

States

900

62,919

Coca-Cola

Consolidated,

Inc.

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

United

States

58,714

Coca-Cola

HBC

AG

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

Italy

1,127

58,304

a

Monster

Beverage

Corp.

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

United

States

4,617

353,985

PepsiCo,

Inc.

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

United

States

61,570

771,686

#### Biotechnology

#### 2.1%
AbbVie,

Inc.

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

United

States

2,520

575,795

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

61,636

Amgen,

Inc.

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

United

States

63,825

a

Exelixis

,

Inc.

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

United

States

6,435

282,046

a

Genmab

A/S

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

Denmark

48,667

a

Incyte

Corp.

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

United

States

4,281

422,834

a

Insmed

,

Inc.

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

United

States

64,395

a

Natera

,

Inc.

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

United

States

77,203

a

Neurocrine

Biosciences,

Inc.

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

United

States

885

125,520

Regeneron

Pharmaceuticals,

Inc.

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

United

States

68,696

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

63,470

1,854,087

#### Broadline

#### Retail

#### 3.2%
a

Amazon.com,

Inc.

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

United

States

11,905

2,747,912

eBay,

Inc.

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

United

States

728

63,409

a

Etsy,

Inc.

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

United

States

1,146

63,534

Next

plc

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

United

Kingdom

25,222

Prosus

NV

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

China

2,323

143,838

3,043,915

#### Building

#### Products

#### 0.2%
Allegion

plc

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

United

States

60,185

Cie

de

Saint-Gobain

SA

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

France

43,829

Trane

Technologies

plc

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

United

States

61,494

165,508

#### Capital

#### Markets

#### 2.8%
3i

Group

plc

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

United

Kingdom

2,183

95,722

Affiliated

Managers

Group,

Inc.

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

United

States

68,322

Ameriprise

Financial,

Inc.

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

United

States

65,706

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

600

69,654

Charles

Schwab

Corp.

(The)

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

United

States

645

64,442

CME

Group,

Inc.

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

United

States

60,624

b

Euronext

NV,

144A

,

Reg

S

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

Netherlands

15,923

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

1,170

1,028,430

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

20,929

Interactive

Brokers

Group,

Inc.,

A

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

United

States

924

59,422

Invesco

Ltd.

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

United

States

2,556

67,146

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Capital

#### Markets
(continued)

Morgan

Stanley

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

United

States

$

73,852

Nomura

Holdings,

Inc.

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

Japan

13,700

114,127

Northern

Trust

Corp.

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

United

States

65,290

Raymond

James

Financial,

Inc.

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

United

States

29,709

a

Robinhood

Markets,

Inc.,

A

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

United

States

56,324

State

Street

Corp.

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

United

States

5,275

680,528

UBS

Group

AG

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

Switzerland

4,048

186,915

Virtu

Financial,

Inc.,

A

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

United

States

1,796

59,843

2,882,908

#### Chemicals

#### 1.0%
Air

Liquide

SA

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

France

62,589

Asahi

Kasei

Corp.

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

Japan

1,100

9,778

a

Axalta

Coating

Systems

Ltd.

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

United

States

2,185

70,597

CF

Industries

Holdings,

Inc.

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

United

States

3,733

288,710

DuPont

de

Nemours,

Inc.

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

United

States

782

31,436

Ecolab,

Inc.

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

United

States

61,955

Linde

plc

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

United

States

61,400

Mosaic

Co.

(The)

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

United

States

2,340

56,371

NewMarket

Corp.

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

United

States

118,896

PPG

Industries,

Inc.

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

United

States

32,275

Sherwin-Williams

Co.

(The)

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

United

States

58,973

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

2,000

62,122

Sika

AG

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

Switzerland

15,633

a

Solstice

Advanced

Materials,

Inc.

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

United

States

1,400

68,012

998,747

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Veralto

Corp.

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

United

States

626

62,462

#### Communications

#### Equipment

#### 0.4%
a

Arista

Networks,

Inc.

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

United

States

2,250

294,818

a

Ciena

Corp.

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

United

States

107,580

Cisco

Systems,

Inc.

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

United

States

783

60,314

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

4,254

41,400

Ubiquiti,

Inc.

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

United

States

60,315

564,427

#### Construction

#### &

#### Engineering

#### 0.3%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

752

74,648

Comfort

Systems

USA,

Inc.

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

United

States

63,464

Vinci

SA

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

France

953

134,071

272,183

#### Construction

#### Materials

#### 0.1%
Holcim

AG

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

United

States

1,249

121,591

#### Consumer

#### Finance

#### 0.5%
Ally

Financial,

Inc.

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

United

States

1,520

68,841

American

Express

Co.

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

United

States

63,631

Capital

One

Financial

Corp.

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

United

States

67,861

SLM

Corp.

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

United

States

2,293

62,049

Synchrony

Financial

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

United

States

802

66,911

329,293

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.8%
Coles

Group

Ltd.

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

Australia

5,403

Costco

Wholesale

Corp.

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

United

States

90,546

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Dollar

General

Corp.

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

United

States

579

$

76,874

a

Dollar

Tree,

Inc.

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

United

States

619

76,143

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

2,131

87,386

a

Maplebear

,

Inc.

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

United

States

1,526

68,639

Tesco

plc

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

United

Kingdom

8,238

48,990

Walmart,

Inc.

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

United

States

1,748

194,745

648,726

#### Containers

#### &

#### Packaging

#### 0.3%
Avery

Dennison

Corp.

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

United

States

64,022

Crown

Holdings,

Inc.

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

United

States

629

64,768

Packaging

Corp.

of

America

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

United

States

63,725

192,515

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
ADT,

Inc.

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

United

States

7,382

59,573

a

Duolingo,

Inc.,

A

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

United

States

31,239

90,812

#### Diversified

#### REITs

#### 0.1%
WP

Carey,

Inc.

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

United

States

950

61,142

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
AT&T,

Inc.

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

United

States

12,235

303,917

Deutsche

Telekom

AG

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

Germany

4,983

162,202

Telstra

Group

Ltd.

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

Australia

16,969

55,057

Verizon

Communications,

Inc.

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

United

States

1,494

60,851

582,027

#### Electric

#### Utilities

#### 1.1%
American

Electric

Power

Co.,

Inc.

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

United

States

521

60,077

Constellation

Energy

Corp.

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

United

States

63,589

Duke

Energy

Corp.

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

United

States

1,714

200,898

Edison

International

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

United

States

1,143

68,603

Enel

SpA

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

Italy

1,285

13,361

Eversource

Energy

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

United

States

907

61,068

Exelon

Corp.

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

United

States

1,417

61,767

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

5,500

86,376

NRG

Energy,

Inc.

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

United

States

61,148

PG&E

Corp.

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

United

States

4,075

65,485

Southern

Co.

(The)

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

United

States

732

63,830

Xcel

Energy,

Inc.

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

United

States

822

60,713

866,915

#### Electrical

#### Equipment

#### 1.2%
ABB

Ltd.

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

Switzerland

2,135

157,387

AMETEK,

Inc.

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

United

States

61,182

Fujikura

Ltd.

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

Japan

11,090

GE

Vernova

,

Inc.

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

United

States

1,117

730,038

Mitsubishi

Electric

Corp.

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

Japan

4,500

131,206

Nidec

Corp.

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

Japan

1,600

21,725

Rockwell

Automation,

Inc.

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

United

States

66,531

Vertiv

Holdings

Co.,

A

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

United

States

75,821

1,254,980

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Jabil,

Inc.

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

United

States

68,862

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
Halliburton

Co.

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

United

States

2,235

$

63,161

TechnipFMC

plc

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

United

Kingdom

8,191

364,991

428,152

#### Entertainment

#### 1.2%
a

Netflix,

Inc.

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

United

States

9,784

917,348

Nexon

Co.

Ltd.

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

Japan

800

19,541

Nintendo

Co.

Ltd.

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

Japan

13,503

a

ROBLOX

Corp.,

A

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

United

States

2,695

218,376

a

Spotify

Technology

SA

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

United

States

59,813

Walt

Disney

Co.

(The)

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

United

States

553

62,915

1,291,496

#### Financial

#### Services

#### 2.2%
a

Berkshire

Hathaway,

Inc.,

B

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

United

States

162,859

Corebridge

Financial,

Inc.

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

United

States

2,094

63,176

Equitable

Holdings,

Inc.

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

United

States

6,640

316,396

EXOR

NV

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

Netherlands

33,383

a

Fiserv,

Inc.

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

United

States

33,518

Investor

AB,

B

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

Sweden

3,924

139,834

Mastercard,

Inc.,

A

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

United

States

2,109

1,203,986

MGIC

Investment

Corp.

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

United

States

2,128

62,180

PayPal

Holdings,

Inc.

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

United

States

971

56,687

2,072,019

#### Food

#### Products

#### 0.4%
Ajinomoto

Co.,

Inc.

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

Japan

1,000

21,140

Archer-Daniels-Midland

Co.

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

United

States

1,001

57,547

Associated

British

Foods

plc

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

United

Kingdom

2,232

63,753

Ingredion,

Inc.

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

United

States

566

62,407

Mondelez

International,

Inc.,

A

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

United

States

1,143

61,528

Nestle

SA

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

United

States

32,458

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

97,000

108,059

406,892

#### Gas

#### Utilities

#### 0.0%

#### †
National

Fuel

Gas

Co.

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

United

States

752

60,205

Tokyo

Gas

Co.

Ltd.

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

Japan

900

35,680

95,885

#### Ground

#### Transportation

#### 0.3%
CSX

Corp.

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

United

States

1,666

60,392

JB

Hunt

Transport

Services,

Inc.

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

United

States

73,072

a

Lyft,

Inc.,

A

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

United

States

3,240

62,759

Norfolk

Southern

Corp.

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

United

States

60,342

a

Uber

Technologies,

Inc.

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

United

States

726

59,321

Union

Pacific

Corp.

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

United

States

63,382

379,268

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.1%
Abbott

Laboratories

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

United

States

61,643

BioMerieux

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

France

14,622

a

Boston

Scientific

Corp.

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

United

States

2,602

248,101

a

Dexcom,

Inc.

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

United

States

1,050

69,688

a

Edwards

Lifesciences

Corp.

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

United

States

708

60,357

a

Hologic,

Inc.

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

United

States

823

61,305

Hoya

Corp.

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

Japan

900

136,503

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

a

IDEXX

Laboratories,

Inc.

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

United

States

$

63,594

a

Insulet

Corp.

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

United

States

59,122

Medtronic

plc

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

United

States

2,397

230,256

Olympus

Corp.

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

Japan

900

11,411

Stryker

Corp.

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

United

States

61,507

1,078,109

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
Cardinal

Health,

Inc.

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

United

States

61,239

Cencora

,

Inc.

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

United

States

64,172

Cigna

Group

(The)

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

United

States

62,202

CVS

Health

Corp.

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

United

States

748

59,361

Fresenius

SE

&

Co.

KGaA

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

Germany

9,453

HCA

Healthcare,

Inc.

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

United

States

60,225

McKesson

Corp.

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

United

States

63,162

a

Tenet

Healthcare

Corp.

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

United

States

62,597

UnitedHealth

Group,

Inc.

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

United

States

62,721

Universal

Health

Services,

Inc.,

B

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

United

States

59,301

564,433

#### Health

#### Care

#### REITs

#### 0.1%
Omega

Healthcare

Investors,

Inc.

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

United

States

1,449

64,249

#### Health

#### Care

#### Technology

#### 0.5%
a

Doximity,

Inc.,

A

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

United

States

1,408

62,346

a

Veeva

Systems,

Inc.,

A

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

United

States

1,810

404,046

466,392

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.5%
a

Airbnb,

Inc.,

A

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

United

States

3,598

488,321

Aristocrat

Leisure

Ltd.

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

Australia

2,314

89,585

Booking

Holdings,

Inc.

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

United

States

176,726

Compass

Group

plc

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

United

Kingdom

2,574

81,557

a

DoorDash

,

Inc.,

A

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

United

States

2,280

516,374

InterContinental

Hotels

Group

plc

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

United

Kingdom

29,792

Las

Vegas

Sands

Corp.

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

United

States

933

60,729

1,443,084

#### Household

#### Durables

#### 0.1%
Garmin

Ltd.

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

United

States

63,695

#### Household

#### Products

#### 1.2%
Colgate-Palmolive

Co.

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

United

States

8,472

669,457

Kimberly-Clark

Corp.

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

United

States

30,267

Procter

&

Gamble

Co.

(The)

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

United

States

2,680

384,071

Reckitt

Benckiser

Group

plc

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

United

Kingdom

1,317

106,571

1,190,366

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
RWE

AG

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

Germany

2,232

118,267

Vistra

Corp.

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

United

States

56,304

174,571

#### Industrial

#### Conglomerates

#### 0.0%

#### †
3M

Co.

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

United

States

60,518

CK

Hutchison

Holdings

Ltd.

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

United

Kingdom

2,500

16,996

DCC

plc

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

United

Kingdom

20,621

Honeywell

International,

Inc.

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

United

States

59,698

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Industrial

#### Conglomerates
(continued)

Sekisui

Chemical

Co.

Ltd.

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

Japan

1,500

$

25,226

Siemens

AG

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

Germany

8,682

Smiths

Group

plc

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

United

Kingdom

944

29,859

221,600

#### Insurance

#### 2.4%
Aflac,

Inc.

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

United

States

2,638

290,892

Allianz

SE

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

Germany

158,595

Allstate

Corp.

(The)

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

United

States

59,323

American

International

Group,

Inc.

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

United

States

729

62,366

AXA

SA

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

France

12,091

Axis

Capital

Holdings

Ltd.

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

United

States

1,634

174,985

a

Brighthouse

Financial,

Inc.

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

United

States

928

60,125

Chubb

Ltd.

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

United

States

62,736

Dai-ichi

Life

Holdings,

Inc.

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

Japan

1,200

9,973

Everest

Group

Ltd.

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

United

States

63,458

Globe

Life,

Inc.

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

United

States

1,103

154,266

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

64,152

MetLife,

Inc.

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

United

States

3,622

285,921

Muenchener

Rueckversicherungs

-Gesellschaft

AG

in

Muenchen

Germany

149,385

NN

Group

NV

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

Netherlands

10,338

Primerica,

Inc.

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

United

States

62,006

Progressive

Corp.

(The)

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

United

States

60,801

Prudential

Financial,

Inc.

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

United

States

529

59,714

QBE

Insurance

Group

Ltd.

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

Australia

1,126

14,908

Reinsurance

Group

of

America,

Inc.

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

United

States

63,480

RenaissanceRe

Holdings

Ltd.

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

United

States

65,229

Talanx

AG

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

Germany

52,073

Travelers

Cos.,

Inc.

(The)

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

United

States

61,783

Unipol

Assicurazioni

SpA

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

Italy

8,997

Unum

Group

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

United

States

834

64,635

W

R

Berkley

Corp.

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

United

States

1,337

93,750

2,225,982

#### Interactive

#### Media

#### &

#### Services

#### 5.7%
Alphabet,

Inc.,

A

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

United

States

10,585

3,313,105

LY

Corp.

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

Japan

18,100

48,163

Meta

Platforms,

Inc.,

A

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

United

States

3,053

2,015,255

a

Reddit,

Inc.,

A

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

United

States

63,214

5,439,737

#### IT

#### Services

#### 0.3%
Fujitsu

Ltd.

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

Japan

600

16,490

a

GoDaddy,

Inc.,

A

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

United

States

61,420

International

Business

Machines

Corp.

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

United

States

59,538

NEC

Corp.

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

Japan

900

30,452

a

Snowflake,

Inc.,

A

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

United

States

70,195

VeriSign,

Inc.

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

United

States

62,195

300,290

#### Leisure

#### Products

#### 0.2%
Bandai

Namco

Holdings,

Inc.

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

Japan

3,500

93,156

Hasbro,

Inc.

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

United

States

790

64,780

157,936

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
a

Medpace

Holdings,

Inc.

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

United

States

62,343

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery

#### 1.4%
Allison

Transmission

Holdings,

Inc.

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

United

States

619

$

60,600

Caterpillar,

Inc.

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

United

States

1,321

756,761

Cummins,

Inc.

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

United

States

76,567

Deere

&

Co.

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

United

States

60,059

GEA

Group

AG

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

Germany

666

45,010

Graco,

Inc.

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

United

States

734

60,166

Kawasaki

Heavy

Industries

Ltd.

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

Japan

19,895

Komatsu

Ltd.

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

Japan

900

28,559

Lincoln

Electric

Holdings,

Inc.

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

United

States

64,463

Parker-Hannifin

Corp.

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

United

States

58,890

Pentair

plc

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

United

States

583

60,714

Schindler

Holding

AG

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

Switzerland

71,076

Xylem,

Inc.

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

United

States

61,417

Yangzijiang

Shipbuilding

Holdings

Ltd.

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

China

28,300

76,452

1,500,629

#### Marine

#### Transportation

#### 0.0%

#### †
SITC

International

Holdings

Co.

Ltd.

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

China

11,000

39,362

#### Media

#### 0.1%
Comcast

Corp.,

A

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

United

States

2,216

66,236

Informa

plc

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

United

Kingdom

1,767

20,966

87,202

#### Metals

#### &

#### Mining

#### 0.6%
ArcelorMittal

SA

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

Luxembourg

540

24,797

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

5,563

167,886

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

9,205

a

Boliden

AB

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

Sweden

14,957

Fortescue

Ltd.

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

Australia

7,547

110,356

Freeport-McMoRan,

Inc.

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

United

States

1,447

73,493

Glencore

plc

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

Australia

8,559

46,789

Norsk

Hydro

ASA

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

Norway

2,397

18,503

Rio

Tinto

plc

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

Australia

1,124

90,539

Southern

Copper

Corp.

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

Mexico

66,283

622,808

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
Rithm

Capital

Corp.

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

United

States

5,524

60,212

#### Multi-Utilities

#### 0.8%
Ameren

Corp.

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

United

States

635

63,411

CMS

Energy

Corp.

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

United

States

884

61,818

Consolidated

Edison,

Inc.

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

United

States

618

61,380

DTE

Energy

Co.

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

United

States

61,265

E.ON

SE

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

Germany

3,660

69,302

Engie

SA

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

France

4,871

127,958

Public

Service

Enterprise

Group,

Inc.

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

United

States

783

62,875

WEC

Energy

Group,

Inc.

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

United

States

595

62,749

570,758

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.5%
Antero

Midstream

Corp.

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

United

States

3,293

58,582

Cheniere

Energy,

Inc.

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

United

States

2,609

507,164

Chevron

Corp.

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

United

States

60,507

ConocoPhillips

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

United

States

688

64,404

ENEOS

Holdings,

Inc.

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

Japan

9,000

63,676

Eni

SpA

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

Italy

1,040

19,714

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Equinor

ASA

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

Norway

3,904

$

92,063

Exxon

Mobil

Corp.

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

United

States

525

63,179

HF

Sinclair

Corp.

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

United

States

1,251

57,646

Inpex

Corp.

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

Japan

5,400

108,003

Kinder

Morgan,

Inc.

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

United

States

2,311

63,529

Marathon

Petroleum

Corp.

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

United

States

54,644

Repsol

SA

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

Spain

1,297

24,200

Shell

plc

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

United

States

633

23,327

TotalEnergies

SE

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

France

2,446

159,474

Valero

Energy

Corp.

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

United

States

63,000

Williams

Cos.,

Inc.

(The)

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

United

States

1,034

62,154

1,545,266

#### Passenger

#### Airlines

#### 0.5%
Delta

Air

Lines,

Inc.

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

United

States

1,008

69,955

International

Consolidated

Airlines

Group

SA

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

United

Kingdom

7,782

43,209

Qantas

Airways

Ltd.

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

Australia

12,489

86,283

Ryanair

Holdings

plc

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

Italy

3,173

109,397

a

United

Airlines

Holdings,

Inc.

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

United

States

642

71,788

380,632

#### Personal

#### Care

#### Products

#### 0.1%
Estee

Lauder

Cos.,

Inc.

(The),

A

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

United

States

595

62,308

#### Pharmaceuticals

#### 3.4%
AstraZeneca

plc

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

United

Kingdom

41,453

Bristol-Myers

Squibb

Co.

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

United

States

6,014

324,395

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

1,000

52,462

a

Corcept

Therapeutics,

Inc.

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

United

States

801

27,875

Daiichi

Sankyo

Co.

Ltd.

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

Japan

4,200

89,185

Eli

Lilly

&

Co.

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

United

States

276,193

Galderma

Group

AG

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

Switzerland

73,104

GSK

plc

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

United

States

4,395

107,753

Ipsen

SA

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

France

26,650

Johnson

&

Johnson

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

United

States

3,942

815,797

Merck

&

Co.,

Inc.

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

United

States

9,712

1,022,285

Novartis

AG

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

United

States

1,721

237,147

Novo

Nordisk

A/S,

B

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

Denmark

1,752

88,859

Otsuka

Holdings

Co.

Ltd.

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

Japan

900

50,903

Pfizer,

Inc.

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

United

States

2,527

62,922

Roche

Holding

AG

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

United

States

46,253

Sanofi

SA

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

United

States

867

83,887

3,427,123

#### Professional

#### Services

#### 0.4%
Automatic

Data

Processing,

Inc.

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

United

States

89,773

Broadridge

Financial

Solutions,

Inc.

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

United

States

58,471

Experian

plc

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

United

States

15,284

Leidos

Holdings,

Inc.

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

United

States

59,532

a

Paylocity

Holding

Corp.

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

United

States

61,458

Recruit

Holdings

Co.

Ltd.

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

Japan

1,900

106,764

Verisk

Analytics,

Inc.,

A

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

United

States

63,081

454,363

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.1%
a

CBRE

Group,

Inc.,

A

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

United

States

63,834

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Residential

#### REITs

#### 0.6%
Invitation

Homes,

Inc.

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

United

States

12,892

$

358,269

Mid-America

Apartment

Communities,

Inc.

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

United

States

63,621

Sun

Communities,

Inc.

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

United

States

505

62,575

484,465

#### Retail

#### REITs

#### 0.4%
Brixmor

Property

Group,

Inc.

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

United

States

2,301

60,332

Simon

Property

Group,

Inc.

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

United

States

2,301

425,938

486,270

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 9.0%
a

Advanced

Micro

Devices,

Inc.

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

United

States

62,749

Applied

Materials,

Inc.

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

United

States

68,616

ASML

Holding

NV

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

Netherlands

307,093

a

Astera

Labs,

Inc.

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

United

States

70,370

Broadcom,

Inc.

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

United

States

3,348

1,158,743

a

Cirrus

Logic,

Inc.

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

United

States

58,420

a

Kioxia

Holdings

Corp.

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

Japan

26,622

KLA

Corp.

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

United

States

69,260

Lam

Research

Corp.

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

United

States

5,101

873,189

Micron

Technology,

Inc.

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

United

States

89,904

NVIDIA

Corp.

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

United

States

26,064

4,860,936

QUALCOMM,

Inc.

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

United

States

5,363

917,341

a

Renesas

Electronics

Corp.

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

Japan

3,400

46,569

SCREEN

Holdings

Co.

Ltd.

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

Japan

500

48,702

8,658,514

#### Software

#### 6.1%
a

Adobe,

Inc.

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

United

States

2,583

904,024

a

AppLovin

Corp.,

A

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

United

States

70,751

a

Atlassian

Corp.,

A

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

United

States

65,342

a

Autodesk,

Inc.

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

United

States

1,604

474,800

a

Cadence

Design

Systems,

Inc.

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

United

States

58,452

a

Crowdstrike

Holdings,

Inc.,

A

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

United

States

58,595

a

DocuSign,

Inc.,

A

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

United

States

889

60,808

a

Dropbox,

Inc.,

A

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

United

States

2,084

57,935

a

Fortinet,

Inc.

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

United

States

28,746

a

Guidewire

Software,

Inc.

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

United

States

60,504

Intuit,

Inc.

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

United

States

62,267

a

Manhattan

Associates,

Inc.

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

United

States

59,272

Microsoft

Corp.

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

United

States

6,905

3,339,396

a

Nice

Ltd.

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

Israel

614

69,405

Oracle

Corp.

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

United

States

63,346

Oracle

Corp.

Japan

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

Japan

25,215

Pegasystems,

Inc.

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

United

States

1,040

62,109

a

RingCentral,

Inc.,

A

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

United

States

2,261

65,298

a

Rubrik,

Inc.,

A

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

United

States

2,900

221,792

Salesforce,

Inc.

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

United

States

67,817

SAP

SE

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

Germany

117,840

a

ServiceNow,

Inc.

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

United

States

54,382

a

Workday,

Inc.,

A

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

United

States

59,065

a

Zoom

Communications,

Inc.,

A

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

United

States

725

62,560

a

Zscaler,

Inc.

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

United

States

58,929

6,228,650

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

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

United

States

889

156,082

EPR

Properties

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

United

States

1,189

59,331

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Specialized

#### REITs
(continued)

Public

Storage

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

United

States

$

57,609

VICI

Properties,

Inc.,

A

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

United

States

6,465

181,796

454,818

#### Specialty

#### Retail

#### 0.4%
a

AutoZone,

Inc.

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

United

States

61,047

Avolta

AG

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

Switzerland

14,450

a

Chewy,

Inc.,

A

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

United

States

1,818

60,085

Fast

Retailing

Co.

Ltd.

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

Japan

36,259

Home

Depot,

Inc.

(The)

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

United

States

57,809

a

O'Reilly

Automotive,

Inc.

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

United

States

657

59,925

Ross

Stores,

Inc.

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

United

States

72,056

TJX

Cos.,

Inc.

(The)

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

United

States

752

115,515

a

Ulta

Beauty,

Inc.

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

United

States

70,786

547,932

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 4.8%
Apple,

Inc.

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

United

States

16,924

4,600,959

a

Pure

Storage,

Inc.,

A

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

United

States

866

58,031

a

Sandisk

Corp.

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

United

States

96,851

4,755,841

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
Asics

Corp.

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

Japan

1,600

38,410

Hermes

International

SCA

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

France

67,037

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

9,799

Pandora

A/S

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

Denmark

47,552

Tapestry,

Inc.

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

United

States

602

76,918

239,716

#### Tobacco

#### 0.7%
Imperial

Brands

plc

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

United

Kingdom

2,696

113,205

Philip

Morris

International,

Inc.

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

United

States

3,631

582,412

695,617

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
Bunzl

plc

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

United

Kingdom

9,271

Mitsubishi

Corp.

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

Japan

3,100

70,905

Mitsui

&

Co.

Ltd.

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

Japan

4,900

145,517

225,693

#### Transportation

#### Infrastructure

#### 0.1%
b

Aena

SME

SA,

144A,

Reg

S

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

Spain

1,895

52,948

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
KDDI

Corp.

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

Japan

5,200

90,000

SoftBank

Group

Corp.

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

Japan

11,221

101,221

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 41,313,815)
....................................

#### 72,181,142

#### Convertible

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Boeing

Co.

(The),

6%

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

United

States

17,886

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks
(continued)

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

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

United

States

$

8,534

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $18,600)

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

#### 26,420

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.0%

#### †

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

5,000

7,606

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

5,000

4,074

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

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

United

States

7,000

7,549

#### Software

#### 0.0%

#### †
Guidewire

Software,

Inc.

,

Senior

Note

,

1.25 %

,

11/01/29

.......

United

States

12,000

13,224

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $31,121)
......................................

#### 32,453

#### Corporate

#### Bonds

#### 13.3%

#### Aerospace

#### &

#### Defense

#### 0.7%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

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

United

States

5,000

5,008

Senior

Note,

5.875%,

12/01/27

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

United

States

15,000

15,076

Senior

Note,

4.875%,

10/01/29

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

United

States

5,000

5,006

Senior

Note,

7.25%,

8/15/30

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

United

States

10,000

10,571

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

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

United

States

10,000

10,348

Senior

Note,

144A,

6.25%,

3/15/33

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

United

States

5,000

5,223

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

3,000

2,844

Senior

Bond,

6.125%,

2/15/33

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

United

States

90,000

96,975

Senior

Bond,

6.875%,

3/15/39

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

United

States

10,000

11,284

Senior

Bond,

5.875%,

2/15/40

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

United

States

5,000

5,153

Senior

Note,

2.7%,

2/01/27

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

United

States

13,000

12,816

Senior

Note,

6.259%,

5/01/27

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

United

States

7,000

7,185

Senior

Note,

6.298%,

5/01/29

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

United

States

70,000

74,326

Senior

Note,

5.15%,

5/01/30

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

United

States

20,000

20,557

b

Bombardier,

Inc.

,

Senior

Note,

144A,

8.75%,

11/15/30

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

Canada

10,000

10,817

Senior

Note,

144A,

6.75%,

6/15/33

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

Canada

5,000

5,291

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

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

United

States

35,000

36,854

Senior

Note,

3%,

1/15/29

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

United

States

57,000

55,310

Senior

Note,

4.85%,

10/15/31

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

United

States

15,000

15,424

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

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

United

States

5,000

5,021

Senior

Bond,

5.15%,

2/27/33

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

United

States

5,000

5,166

Senior

Bond,

4.875%,

10/15/40

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

United

States

20,000

19,392

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

35,000

35,066

b

TransDigm

,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

10,000

10,470

Senior

Secured

Note,

144A,

6.625%,

3/01/32

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

United

States

5,000

5,209

Senior

Secured

Note,

144A,

6%,

1/15/33

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

United

States

15,000

15,364

Senior

Secured

Note,

144A,

6.25%,

1/31/34

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

United

States

5,000

5,191

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

b

TransDigm,

Inc.,

(continued)

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

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

United

States

10,000

$

10,423

517,370

#### Automobile

#### Components

#### 0.0%

#### †
b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25 %

,

4/15/31

United

States

20,000

21,042

b

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

10/15/32

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

United

States

10,000

10,189

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

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

United

States

10,000

10,376

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

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

United

States

10,000

8,670

50,277

#### Automobiles

#### 0.1%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

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

United

States

2,000

2,136

Senior

Note,

144A,

4.875%,

11/01/27

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

United

States

20,000

20,279

Senior

Note,

144A,

6.5%,

1/16/29

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

United

States

35,000

37,090

Senior

Note,

144A,

5.35%,

3/19/29

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

United

States

8,000

8,241

Senior

Note,

144A,

4.55%,

9/26/29

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

United

States

5,000

5,032

Senior

Note,

144A,

5.4%,

1/08/31

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

United

States

4,000

4,134

76,912

#### Banks

#### 2.1%
Banco

Santander

SA

,

Sub.

Bond

,

3.225%

to

8/21/31,

FRN

thereafter

,

11/22/32

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

Spain

200,000

183,159

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

5,000

4,659

Sub.

Bond,

6.11%,

1/29/37

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

United

States

195,000

210,459

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

120,000

113,039

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

50,000

49,920

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

204,000

202,761

Sub.

Bond,

4.45%,

9/29/27

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

United

States

50,000

50,339

Sub.

Bond,

4.75%,

5/18/46

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

United

States

10,000

8,784

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15 %

,

9/19/27

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

Australia

75,000

74,339

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

26,000

26,956

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

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

United

States

41,000

35,636

JPMorgan

Chase

&

Co.

,

c

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

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

United

States

17,000

16,915

d

W,

Junior

Sub.

Bond,

FRN,

5.113%,

(3-month

SOFR

+

1.262%),

5/15/47

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

United

States

13,000

11,524

Senior

Note,

1.04%

to

2/03/26,

FRN

thereafter,

2/04/27

.....

United

States

75,000

74,795

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

150,000

141,550

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

150,000

158,629

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

5,000

5,144

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

70,000

69,475

Royal

Bank

of

Canada

,

Sub.

Bond

,

4.65 %

,

1/27/26

..........

Canada

45,000

45,017

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

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

Canada

55,000

54,697

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

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

United

States

15,000

$

15,532

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

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

United

States

60,000

52,401

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

185,000

172,722

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

15,000

15,545

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963 %

,

11/16/40

.......

Australia

25,000

19,073

1,813,070

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

,

Senior

Note

,

4.8 %

,

3/15/29

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

United

States

20,000

20,495

Amgen,

Inc.

,

Senior

Bond,

5.65%,

3/02/53

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

United

States

23,000

22,537

Senior

Bond,

5.75%,

3/02/63

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

United

States

10,000

9,765

Senior

Note,

5.15%,

3/02/28

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

United

States

30,000

30,708

Senior

Note,

5.25%,

3/02/30

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

United

States

57,000

59,190

Biogen,

Inc.

,

Senior

Bond

,

2.25 %

,

5/01/30

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

United

States

10,000

9,192

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75 %

,

9/15/30

United

States

20,000

17,854

169,741

#### Broadline

#### Retail

#### 0.0%

#### †
Amazon.com,

Inc.

,

Senior

Note

,

4.1 %

,

11/20/30

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

United

States

5,000

5,007

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625 %

,

6/01/28

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

United

States

12,000

11,950

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

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

United

States

15,000

15,670

Senior

Secured

Note,

144A,

6.75%,

11/15/32

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

United

States

15,000

15,439

48,066

#### Building

#### Products

#### 0.1%
b

Builders

FirstSource

,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

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

United

States

5,000

5,176

Senior

Bond,

144A,

6.75%,

5/15/35

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

United

States

5,000

5,234

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

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

United

States

10,000

7,757

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

7/31/32

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

United

States

5,000

5,135

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

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

United

States

65,000

56,379

Senior

Note,

3.9%,

2/14/26

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

United

States

6,000

5,999

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

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

United

States

10,000

10,258

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

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

United

States

5,000

5,225

Senior

Secured

Note,

144A,

6.375%,

3/01/32

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

United

States

10,000

10,415

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

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

United

States

10,000

10,704

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

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

United

States

15,000

15,454

Senior

Note,

144A,

6.25%,

8/01/33

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

United

States

10,000

10,221

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

10,000

9,654

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products
(continued)

b

Standard

Industries,

Inc.,

(continued)

Senior

Bond,

144A,

3.375%,

1/15/31

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

United

States

5,000

$

4,596

162,207

#### Capital

#### Markets

#### 1.0%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

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

United

States

25,000

24,999

Senior

Note,

2.15%,

7/15/26

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

United

States

24,000

23,697

Senior

Note,

7%,

1/15/27

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

United

States

5,000

5,125

Senior

Note,

2.875%,

6/15/27

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

United

States

26,000

25,461

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

5,000

5,402

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6 %

,

3/30/31

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

United

States

10,000

8,724

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

7,000

6,883

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

117,000

117,343

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

22,000

21,998

Sub.

Bond,

5.95%,

1/15/27

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

United

States

5,000

5,104

Intercontinental

Exchange,

Inc.

,

Senior

Bond

,

1.85 %

,

9/15/32

..

United

States

15,000

12,801

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

35,000

35,638

Senior

Secured

Note,

144A,

6.75%,

5/01/33

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

United

States

5,000

5,222

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

10,000

10,001

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125 %

,

6/01/44

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

United

States

30,000

28,112

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

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

United

States

16,000

17,082

Senior

Note,

5.2%,

3/15/30

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

United

States

15,000

15,357

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

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

United

States

50,000

44,453

Senior

Bond,

5%,

8/05/34

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

United

States

15,000

15,310

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

185,000

183,989

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

25,000

25,523

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

5,000

5,100

Sub.

Bond,

3.95%,

4/23/27

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

United

States

40,000

39,986

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

24,000

24,428

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

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

United

States

30,000

28,678

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

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

United

States

5,000

5,252

Senior

Note,

5.35%,

6/28/28

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

United

States

7,000

7,226

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

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

United

States

40,000

37,728

Senior

Bond,

1.25%,

8/15/30

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

United

States

9,000

7,924

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

10,000

10,379

804,925

#### Chemicals

#### 0.0%

#### †
b

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

5,000

5,142

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4 %

,

8/05/26

......

United

States

15,000

14,772

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

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

Germany

10,000

10,387

CF

Industries,

Inc.

,

Senior

Bond

,

4.95 %

,

6/01/43

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

United

States

20,000

17,929

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

10,000

$

7,923

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

10,000

10,426

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

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

United

States

10,000

10,051

Senior

Secured

Note,

144A,

4.875%,

5/01/28

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

United

States

15,000

15,058

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

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

United

States

15,000

15,141

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.

United

States

10,000

9,558

116,387

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

17,000

17,012

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

5,000

5,155

b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/31

...

United

States

5,000

5,252

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125 %

,

6/30/28

United

States

10,000

9,834

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

100,000

103,513

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

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

United

States

20,000

20,685

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

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

United

States

5,000

5,382

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

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

United

States

30,000

29,548

Senior

Bond,

3.2%,

6/01/32

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

United

States

2,000

1,866

Senior

Bond,

5%,

3/01/34

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

United

States

10,000

10,222

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

33,000

33,862

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

10,000

10,318

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

5,000

5,254

257,903

#### Communications

#### Equipment

#### 0.1%
b

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

10,000

10,061

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

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

United

States

5,000

4,546

Senior

Bond,

5.55%,

8/15/35

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

United

States

35,000

36,394

Senior

Note,

4.85%,

8/15/30

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

United

States

5,000

5,103

b

Viasat

,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

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

United

States

5,000

4,760

60,864

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa

,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

5,000

5,290

#### Consumer

#### Finance

#### 0.6%
Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

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

United

States

34,000

38,641

Senior

Note,

4.75%,

6/09/27

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

United

States

25,000

25,232

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

40,000

42,250

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

15,000

15,179

Senior

Note,

4.731%

to

4/24/28,

FRN

thereafter,

4/25/29

....

United

States

30,000

30,467

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

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

Ireland

37,000

38,406

Senior

Note,

144A,

4.9%,

10/10/30

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

Ireland

10,000

10,057

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

5,000

4,993

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

92,000

80,641

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/30

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

United

States

10,000

$

10,762

b

FirstCash

,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

30,000

31,244

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

4.2%,

10/27/28

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

United

States

10,000

10,016

Senior

Note,

4.9%,

10/06/29

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

United

States

23,000

23,371

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

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

United

Kingdom

7,000

7,101

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

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

United

States

10,000

10,012

Senior

Note,

7.5%,

5/15/31

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

United

States

15,000

15,793

Senior

Note,

7.125%,

11/15/31

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

United

States

10,000

10,446

Senior

Note,

6.5%,

3/15/33

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

United

States

10,000

10,121

414,732

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

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

United

States

24,000

22,672

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

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

Canada

25,000

24,843

Senior

Bond,

144A,

2.95%,

1/25/30

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

Canada

14,000

13,272

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

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

United

States

5,000

5,262

Senior

Note,

144A,

5.75%,

4/15/33

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

United

States

10,000

10,195

Walmart,

Inc.

,

Senior

Note

,

4.35 %

,

4/28/30

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

United

States

40,000

40,647

116,891

#### Containers

#### &

#### Packaging

#### 0.2%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

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

United

States

5,000

5,044

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

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

United

States

44,000

43,957

Senior

Secured

Note,

1.65%,

1/15/27

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

United

States

23,000

22,402

Senior

Secured

Note,

5.5%,

4/15/28

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

United

States

2,000

2,061

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

15,000

15,434

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

8/15/28

United

States

15,000

15,043

b

Graphic

Packaging

International

LLC

,

Senior

Note

,

144A,

3.5 %

,

3/01/29

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

United

States

5,000

4,789

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/30

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

United

States

10,000

9,650

Senior

Secured

Note,

144A,

7.875%,

4/15/30

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

United

States

15,000

14,896

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

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

United

States

30,000

34,165

Senior

Bond,

7.95%,

2/15/31

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

United

States

10,000

11,458

178,899

#### Distributors

#### 0.0%

#### †
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

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

United

States

10,000

9,646

Senior

Secured

Note,

144A,

4%,

1/15/28

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

United

States

10,000

9,939

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

5,000

5,234

24,819

#### Diversified

#### REITs

#### 0.1%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25 %

,

1/15/32

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

United

States

15,000

13,611

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### REITs
(continued)

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

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

United

States

30,000

$

30,304

Senior

Note,

5.125%,

11/15/31

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

United

States

30,000

30,405

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

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

United

States

10,000

9,939

84,259

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

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

United

States

25,000

24,542

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

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

United

States

60,000

51,226

Senior

Bond,

4.75%,

5/15/46

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

United

States

77,000

66,894

Senior

Bond,

3.55%,

9/15/55

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

United

States

41,000

27,321

Senior

Note,

4.1%,

2/15/28

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

United

States

15,000

15,016

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

8,000

7,915

Senior

Bond,

144A,

4.75%,

3/01/30

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

United

States

60,000

57,340

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

10,000

9,195

Senior

Bond,

144A,

4.75%,

2/01/32

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

United

States

15,000

13,720

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

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

United

States

15,000

15,296

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75 %

,

6/15/30

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

Germany

73,000

85,210

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

5/15/30

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

United

States

10,000

10,453

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

21,000

22,543

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

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

United

States

65,000

62,747

Senior

Bond,

3.7%,

3/22/61

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

United

States

47,000

31,764

b

Senior

Bond,

144A,

5.401%,

7/02/37

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

United

States

76,000

76,846

Senior

Note,

2.1%,

3/22/28

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

United

States

20,000

19,206

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

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

United

States

15,000

15,465

612,699

#### Electric

#### Utilities

#### 0.7%
American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3 %

,

12/01/28

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

United

States

55,000

55,409

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

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

United

States

10,000

9,017

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9 %

,

3/15/36

......

United

States

28,000

30,132

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95 %

,

1/15/33

....

United

States

10,000

10,319

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

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

United

States

55,000

54,357

Senior

Bond,

4.2%,

6/15/49

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

United

States

70,000

55,188

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45 %

,

4/01/39

......

United

States

5,000

5,547

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

15,000

14,918

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

30,000

30,605

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

5,000

5,127

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

25,000

24,465

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45 %

,

3/15/35

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

United

States

85,000

88,036

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

b

NRG

Energy,

Inc.

,

c

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

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

United

States

10,000

$

10,929

Senior

Bond,

144A,

6.25%,

11/01/34

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

United

States

15,000

15,419

Senior

Bond,

144A,

6%,

1/15/36

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

United

States

20,000

20,275

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

3.75 %

,

4/01/45

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

United

States

75,000

58,959

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

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

United

States

5,000

4,851

Senior

Note,

6.1%,

1/15/29

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

United

States

50,000

52,363

Senior

Note,

5.55%,

5/15/29

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

United

States

25,000

25,830

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

10,000

10,421

Senior

Secured

Bond,

5.25%,

7/01/30

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

United

States

15,000

14,903

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5 %

,

3/01/40

United

States

25,000

25,686

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

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

United

States

15,000

15,574

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

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

United

States

5,000

5,029

Senior

Note,

144A,

7.75%,

10/15/31

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

United

States

15,000

15,895

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

10,000

10,539

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

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

United

States

17,000

16,889

Senior

Secured

Bond,

144A,

6%,

4/15/34

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

United

States

5,000

5,273

Senior

Secured

Note,

144A,

5.05%,

12/30/26

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

United

States

10,000

10,077

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6 %

,

10/01/34

...

United

States

17,000

16,880

718,912

#### Electrical

#### Equipment

#### 0.0%

#### †
b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

10,000

9,883

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

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

United

States

5,000

4,996

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

15,000

14,458

b

Sensata

Technologies,

Inc.

,

Senior

Bond

,

144A,

3.75 %

,

2/15/31

United

States

20,000

18,781

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

20,000

19,610

57,845

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

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

United

States

5,000

5,143

Senior

Note,

144A,

7.25%,

2/15/29

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

United

States

10,000

10,410

Senior

Note,

144A,

6.5%,

10/01/33

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

United

States

10,000

10,217

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

20,000

19,416

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

3,615

3,720

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

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

United

States

15,000

12,910

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

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

United

States

18,750

19,601

b

Senior

Secured

Note,

144A,

7.875%,

10/15/32

...........

United

States

5,000

5,246

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

8,000

8,206

Senior

Note,

144A,

6.75%,

10/15/33

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

United

States

10,000

10,246

105,115

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Entertainment

#### 0.2%
b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

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

United

States

5,000

$

5,049

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

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

United

States

10,000

10,518

b

Senior

Bond,

144A,

5.375%,

11/15/29

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

United

States

63,000

65,750

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75 %

,

12/01/45

........

United

States

40,000

50,796

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

.....

United

States

10,000

7,062

139,175

#### Financial

#### Services

#### 0.2%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

20,000

19,686

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note,

144A,

6.5%,

10/01/30

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

United

States

10,000

10,213

Senior

Note,

144A,

6.75%,

12/01/32

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

United

States

15,000

15,318

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

10,000

11,098

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

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

United

States

20,000

21,069

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

5,000

5,123

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

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

United

States

15,000

15,823

Senior

Note,

144A,

8.25%,

5/15/30

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

United

States

15,000

15,787

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

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

United

States

30,000

26,196

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

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

United

States

30,000

31,364

Senior

Secured

Note,

144A,

6.75%,

8/01/32

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

United

States

5,000

5,226

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

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

United

States

25,000

25,964

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

25,000

25,968

b

Rocket

Cos.,

Inc.

,

Senior

Note,

144A,

7.125%,

2/01/32

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

United

States

15,000

15,787

Senior

Note,

144A,

6.375%,

8/01/33

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

United

States

10,000

10,439

255,061

#### Food

#### Products

#### 0.3%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

2,000

1,886

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

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

United

States

10,000

10,444

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

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

United

States

7,000

6,744

b

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

50,000

50,839

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

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

United

States

2,000

1,763

B,

Senior

Bond,

7.45%,

4/01/31

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

United

States

6,000

6,870

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

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

United

States

5,000

5,592

Senior

Bond,

4.625%,

10/01/39

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

United

States

5,000

4,571

Senior

Note,

3%,

6/01/26

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

United

States

19,000

18,919

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

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

United

States

5,000

5,043

Senior

Bond,

144A,

5.7%,

5/01/55

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

United

States

10,000

9,968

Senior

Note,

144A,

4.6%,

3/01/28

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

United

States

40,000

40,557

Senior

Note,

144A,

4.8%,

3/01/30

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

United

States

40,000

40,887

Senior

Note,

144A,

5%,

3/01/32

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

United

States

45,000

46,400

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products
(continued)

b

Mars,

Inc.,

(continued)

Senior

Note,

144A,

5.2%,

3/01/35

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

United

States

5,000

$

5,141

255,624

#### Ground

#### Transportation

#### 0.1%
b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

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

United

States

5,000

5,232

CSX

Corp.

,

Senior

Bond

,

4.1 %

,

3/15/44

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

United

States

70,000

58,690

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

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

United

States

16,000

15,898

Senior

Note,

144A,

4.4%,

7/01/27

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

United

States

10,000

10,037

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

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

United

States

30,000

30,713

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

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

United

States

20,000

20,957

141,527

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

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

United

States

5,000

5,225

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

37,000

34,919

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4 %

,

11/15/49

....

United

States

15,000

10,855

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

4.15%,

12/15/28

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

United

States

5,000

5,014

Senior

Note,

4.8%,

8/14/29

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

United

States

35,000

35,785

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

10,000

10,060

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

15,000

14,655

116,513

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.4%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

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

United

States

20,000

18,820

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

10,000

10,927

Senior

Secured

Note,

144A,

9.75%,

1/15/34

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

United

States

10,000

10,516

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

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

United

States

10,000

10,471

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

15,000

15,746

Senior

Bond,

4.78%,

3/25/38

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

United

States

10,000

9,443

Senior

Note,

5%,

9/15/32

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

United

States

24,000

24,505

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/01/32

...........

United

States

30,000

31,247

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

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

United

States

22,000

22,051

Senior

Note,

5.45%,

4/01/31

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

United

States

35,000

36,538

Senior

Note,

3.625%,

3/15/32

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

United

States

45,000

42,557

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

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

United

States

25,000

25,796

Tenet

Healthcare

Corp.

,

b

Senior

Note,

144A,

6%,

11/15/33

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

United

States

10,000

10,302

Senior

Secured

Note,

6.125%,

6/15/30

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

United

States

15,000

15,368

284,287

#### Health

#### Care

#### REITs

#### 0.0%

#### †
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

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

United

States

25,000

26,717

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Technology

#### 0.1%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

20,000

$

19,957

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

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

United

States

30,000

31,385

51,342

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

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

United

States

5,000

5,159

Senior

Note,

144A,

6.5%,

4/01/32

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

United

States

10,000

10,378

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

5,000

5,218

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

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

United

States

5,000

5,167

25,922

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.3%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

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

Canada

15,000

14,303

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

20,000

19,555

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

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

United

States

15,000

14,399

Senior

Note,

144A,

6%,

10/15/32

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

United

States

5,000

4,866

Senior

Secured

Note,

144A,

7%,

2/15/30

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

United

States

10,000

10,361

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

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

United

States

25,000

25,290

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

10,000

10,293

Senior

Note,

144A,

5.875%,

6/15/31

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

United

States

10,000

10,337

Senior

Note,

144A,

5.75%,

8/01/32

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

United

States

10,000

10,275

Senior

Note,

144A,

6.125%,

2/15/33

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

United

States

5,000

5,165

Senior

Secured

Note,

144A,

4%,

8/01/28

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

United

States

25,000

24,644

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

10,000

10,103

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

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

United

States

15,000

14,272

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

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

Canada

10,000

10,108

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

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

United

States

25,000

25,598

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75 %

,

1/30/27

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

United

States

22,000

22,349

b

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

11/15/29

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

United

States

15,000

15,414

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

40,000

37,369

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

15,000

15,676

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

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

United

States

10,000

10,651

Senior

Note,

144A,

6.75%,

2/01/32

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

United

States

5,000

5,123

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

10,000

10,026

b

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

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

United

States

5,000

5,106

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond,

5.375%,

1/15/36

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

United

States

5,000

5,023

b

Senior

Note,

144A,

5.625%,

9/30/31

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

United

States

10,000

10,226

b

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

5,000

5,176

b

Senior

Note,

144A,

6%,

2/01/33

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

United

States

20,000

20,557

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo

,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

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

United

States

15,000

13,342

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

15,000

15,423

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

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

United

States

5,000

5,047

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

Viking

Cruises

Ltd.,

(continued)

Senior

Note,

144A,

9.125%,

7/15/31

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

United

States

15,000

$

16,071

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

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

United

States

25,000

27,068

449,216

#### Household

#### Durables

#### 0.1%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

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

United

States

15,000

15,025

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

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

United

States

5,000

5,060

Senior

Note,

1.3%,

10/15/26

.........................

United

States

60,000

58,797

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

5,000

5,107

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

5,000

5,085

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

15,000

15,655

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

5,000

4,889

Senior

Note,

6.625%,

5/15/32

........................

United

States

5,000

4,858

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

10,000

10,069

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

5,000

5,093

Senior

Note,

144A,

5.75%,

11/15/32

...................

United

States

5,000

5,148

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

12,000

12,050

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note,

144A,

4.875%,

9/15/28

...................

United

States

10,000

9,870

Senior

Note,

144A,

6.75%,

1/15/34

....................

United

States

15,000

15,207

171,913

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

10,000

9,566

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
AES

Corp.

(The)

,

Senior

Note

,

1.375 %

,

1/15/26

............

United

States

24,000

23,973

b

Calpine

Corp.

,

Senior

Bond

,

144A,

%

,

2/01/31

.............

United

States

5,000

5,099

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

15,000

15,483

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

5,000

4,949

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

20,000

19,957

b

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

.....................

United

States

15,000

15,520

Senior

Note,

144A,

6.25%,

2/01/34

....................

United

States

15,000

15,306

b,c

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

5,000

5,145

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

15,000

15,318

120,750

#### Industrial

#### Conglomerates

#### 0.1%
Honeywell

International,

Inc.

,

Senior

Bond

,

3.812 %

,

11/21/47

..

United

States

55,000

43,124

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis

LP

,

Senior

Bond

,

2.25 %

,

4/15/30

.................

United

States

10,000

9,284

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance

#### 0.4%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

15,000

$

15,707

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

15,000

15,682

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

20,000

20,087

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

5,000

5,191

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

20,000

20,763

b

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/31/32

................................

United

States

15,000

15,572

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

20,000

20,342

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

60,000

56,389

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

25,000

25,644

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

29,000

25,811

Senior

Bond,

2.85%,

10/15/50

........................

United

States

10,000

6,454

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

5,000

5,062

Senior

Note,

4.9%,

6/23/30

..........................

United

States

12,000

12,174

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25 %

,

5/30/29

......

United

States

10,000

10,159

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

10,000

10,138

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

14,000

14,231

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

15,000

15,414

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

5,000

5,072

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

5,000

5,244

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375 %

,

3/15/29

..

United

States

22,000

22,233

b

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8 %

,

7/27/26

....................................

United

States

15,000

15,154

342,523

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Alphabet,

Inc.

,

Senior

Note

,

4.1 %

,

11/15/30

................

United

States

10,000

10,033

Meta

Platforms,

Inc.

,

Senior

Bond,

5.625%,

11/15/55

.......................

United

States

15,000

14,408

Senior

Note,

3.5%,

8/15/27

..........................

United

States

40,000

39,945

64,386

#### IT

#### Services

#### 0.1%
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

35,000

32,776

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

10,000

10,447

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

10/01/30

...........

United

States

10,000

9,488

52,711

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

6,000

6,021

#### Machinery

#### 0.0%

#### †
Caterpillar,

Inc.

,

Senior

Bond

,

5.2 %

,

5/15/35

...............

United

States

25,000

25,928

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

5,000

5,311

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

9,000

9,113

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565 %

,

2/15/30

.........

United

States

15,000

14,053

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Machinery
(continued)

b

Terex

Corp.

,

Senior

Note

,

144A,

%

,

5/15/29

...............

United

States

10,000

$

9,975

64,380

#### Media

#### 0.5%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

10,000

7,519

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

110,000

69,513

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

27,000

25,281

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

5,000

5,007

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

5,000

5,287

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

15,000

15,857

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

7,000

5,168

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

19,000

12,758

b

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

10,000

10,130

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

5,000

5,071

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

3,000

3,019

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

10,000

10,226

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

10,000

9,672

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

15,000

16,599

b

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %

,

8/15/30

..

United

States

20,000

19,989

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

15,000

15,578

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

10,000

7,508

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

5,000

5,112

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

15,000

15,169

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

5,000

5,029

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

10,000

10,558

b

News

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

2/15/32

...........

United

States

4,000

3,944

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

10,000

9,933

b

Omnicom

Group,

Inc.

,

Senior

Note

,

144A,

4.65 %

,

10/01/28

....

United

States

47,000

47,252

Omnicom

Group,

Inc.

/

Omnicom

Capital,

Inc.

,

Senior

Bond

,

3.6 %

,

4/15/26

....................................

United

States

65,000

64,911

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

5,000

4,894

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

5,000

5,295

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

12,000

11,811

Senior

Note,

3.7%,

6/01/28

..........................

United

States

5,000

4,890

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

30,000

31,354

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

3.875 %

,

9/01/31

....

United

States

15,000

13,824

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125 %

,

2/15/28

.....

United

States

65,000

69,097

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

10,000

10,755

558,010

#### Metals

#### &

#### Mining

#### 0.2%
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

...............

Luxembourg

20,000

22,601

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

13,000

13,120

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Metals

#### &

#### Mining
(continued)

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

10,000

$

10,262

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

5,000

5,229

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

5,000

4,829

Senior

Note,

4.125%,

1/15/30

........................

United

States

5,000

4,861

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

10,000

10,444

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

34,000

31,184

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

15,000

15,703

Senior

Note,

144A,

5.371%,

4/04/29

...................

Australia

10,000

10,326

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

15,000

15,258

b

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

5,000

5,218

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

15,000

14,500

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

15,000

15,583

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

15,000

15,219

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

10,000

9,704

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

10,000

10,633

214,674

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

.........................

United

States

15,000

14,520

#### Multi-Utilities

#### 0.3%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

10,000

10,227

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

45,000

38,616

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

45,000

45,568

DTE

Energy

Co.

,

Senior

Note

,

4.95 %

,

7/01/27

..............

United

States

10,000

10,136

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

15,000

14,965

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

15,000

14,488

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

85,000

85,462

219,462

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.6%
Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75 %

,

11/15/39

.........

Canada

2,000

2,207

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

80,000

80,193

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

10,000

10,594

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

.........................................

United

States

15,000

14,909

Devon

Energy

Corp.

,

Senior

Bond

,

7.95 %

,

4/15/32

..........

United

States

5,000

5,836

Enbridge,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/26

..............

Canada

30,000

30,064

Energy

Transfer

LP

,

c

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

86,000

85,957

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

30,000

29,207

Senior

Note,

5.5%,

6/01/27

..........................

United

States

6,000

6,100

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

30,000

30,178

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

7/01/33

...................................

United

States

25,000

25,554

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

5,000

$

5,182

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

10,000

10,254

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

15,000

17,425

Senior

Note,

1.75%,

11/15/26

........................

United

States

10,000

9,820

Senior

Note,

5%,

2/01/29

...........................

United

States

5,000

5,117

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

25,000

25,239

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

....

United

States

15,000

15,222

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

15,000

16,887

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

35,000

35,704

Senior

Note,

8.5%,

7/15/27

..........................

United

States

10,000

10,473

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

45,000

45,259

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

10,000

10,051

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

20,000

20,295

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

30,000

29,876

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

25,000

25,621

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875 %

,

2/01/31

............

United

States

9,000

9,057

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

15,000

14,907

b

Venture

Global

LNG,

Inc.

,

c

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

15,000

11,857

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

15,000

15,557

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

10,000

9,950

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

15,000

15,505

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

5,000

5,478

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

5,000

5,124

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

5,000

5,405

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

12,000

12,254

Senior

Note,

4.9%,

8/01/30

..........................

United

States

13,000

13,157

b

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875 %

,

4/15/32

.......

United

States

10,000

9,860

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

16,000

16,677

748,012

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Magnera

Corp.

,

Senior

Secured

Note,

144A,

4.75%,

11/15/29

............

United

States

5,000

4,629

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

5,000

4,913

Mercer

International,

Inc.

,

Senior

Note

,

5.125 %

,

2/01/29

......

Germany

10,000

6,420

15,962

#### Passenger

#### Airlines

#### 0.0%

#### †
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

1,667

1,670

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

10,000

10,189

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

15,000

15,130

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Passenger

#### Airlines
(continued)

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

10,000

$

9,964

36,953

#### Personal

#### Care

#### Products

#### 0.0%

#### †
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note,

144A,

6.625%,

7/15/30

...................

United

States

5,000

5,142

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

15,000

14,797

Kenvue

,

Inc.

,

Senior

Note

,

4.9 %

,

3/22/33

.................

United

States

26,000

26,541

46,480

#### Pharmaceuticals

#### 0.5%
Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

15,000

13,716

Senior

Note,

4.75%,

2/12/30

.........................

United

States

29,000

29,826

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

5,000

5,291

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

.............

United

States

50,000

39,789

Novartis

Capital

Corp.

,

Senior

Bond,

4%,

11/20/45

..........................

United

States

80,000

67,098

Senior

Note,

4.1%,

11/05/30

.........................

United

States

15,000

14,989

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

71,000

71,775

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

8,000

7,580

Senior

Note,

4.45%,

5/19/28

.........................

United

States

6,000

6,080

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

20,000

20,118

Senior

Note,

5.15%,

9/02/29

.........................

United

States

20,000

20,565

Viatris

,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

...................

United

States

25,000

24,299

Zoetis,

Inc.

,

Senior

Bond

,

%

,

5/15/30

....................

United

States

9,000

8,238

329,364

#### Professional

#### Services

#### 0.1%
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

15,000

15,539

Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

35,000

36,050

51,589

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

%

,

4/15/30

.....................

United

States

12,000

11,998

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.5 %

,

1/15/28

....................................

United

States

90,000

89,265

Broadcom,

Inc.

,

Senior

Note,

3.459%,

9/15/26

........................

United

States

25,000

24,936

Senior

Note,

5.05%,

7/12/29

.........................

United

States

10,000

10,298

Senior

Note,

5.05%,

4/15/30

.........................

United

States

10,000

10,321

Senior

Note,

4.2%,

10/15/30

.........................

United

States

5,000

4,998

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

55,000

53,049

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75 %

,

7/15/30

........

United

States

10,000

10,135

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

5,000

5,189

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

b

Qnity

Electronics,

Inc.,

(continued)

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

5,000

$

5,118

213,309

#### Software

#### 0.1%
Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3 %

,

9/10/29

....

United

States

25,000

25,134

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

5,000

5,211

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

5,000

5,069

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

15,000

13,097

Oracle

Corp.

,

Senior

Bond,

5.375%,

7/15/40

........................

United

States

35,000

31,354

Senior

Bond,

4%,

11/15/47

..........................

United

States

37,000

25,429

Senior

Note,

4.45%,

9/26/30

.........................

United

States

5,000

4,893

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

10,000

9,847

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

30,000

26,446

Synopsys,

Inc.

,

Senior

Note

,

4.85 %

,

4/01/30

...............

United

States

20,000

20,433

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

15,000

15,432

182,345

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

,

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

5,000

4,594

Senior

Note,

2.75%,

1/15/27

.........................

United

States

125,000

123,402

Senior

Note,

4.9%,

3/15/30

..........................

United

States

10,000

10,217

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

12,000

11,975

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

34,000

33,756

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

25,000

24,811

Senior

Note,

1.05%,

7/15/26

.........................

United

States

23,000

22,625

Senior

Note,

4.9%,

9/01/29

..........................

United

States

10,000

10,170

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

25,000

25,225

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

20,000

20,477

287,252

#### Specialty

#### Retail

#### 0.1%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

20,000

20,254

b,e

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

%

,

6/01/31

...

United

States

10,700

12,081

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15 %

,

1/15/32

.....

United

States

20,000

18,393

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

20,000

20,462

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

20,000

19,144

b

White

Cap

Supply

Holdings

LLC

,

Senior

Note

,

144A,

7.375 %

,

11/15/30

........................................

United

States

10,000

10,383

100,717

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

27,000

22,832

Senior

Bond,

4.375%,

5/13/45

........................

United

States

64,000

57,090

Senior

Bond,

3.95%,

8/08/52

.........................

United

States

20,000

15,937

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

34,000

34,205

Senior

Note,

4.85%,

10/15/31

........................

United

States

10,000

10,104

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
(continued)

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

5,000

$

4,427

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

15,000

15,482

160,077

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

10,000

9,691

b

Under

Armour

,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

5,000

5,017

14,708

#### Tobacco

#### 0.2%
BAT

Capital

Corp.

,

Senior

Bond,

4.906%,

4/02/30

........................

United

Kingdom

5,000

5,113

Senior

Note,

6.343%,

8/02/30

........................

United

Kingdom

5,000

5,409

Senior

Note,

4.625%,

3/22/33

........................

United

Kingdom

20,000

19,895

Philip

Morris

International,

Inc.

,

Senior

Note,

4.875%,

2/13/29

........................

United

States

60,000

61,433

Senior

Note,

5.125%,

2/15/30

........................

United

States

43,000

44,464

Senior

Note,

4.375%,

4/30/30

........................

United

States

30,000

30,196

Senior

Note,

4.75%,

11/01/31

........................

United

States

15,000

15,324

181,834

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
Air

Lease

Corp.

,

Senior

Note,

5.3%,

6/25/26

..........................

United

States

48,000

48,251

Senior

Note,

5.85%,

12/15/27

........................

United

States

15,000

15,430

Senior

Note,

2.1%,

9/01/28

..........................

United

States

65,000

61,290

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

............

United

States

15,000

15,774

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

15,000

14,902

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

10,000

10,404

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

15,000

15,863

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

5,000

5,209

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

10,000

9,879

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

20,000

20,904

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

10,000

10,429

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

5,000

5,170

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

15,000

15,681

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

5,000

5,223

254,409

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

65,000

66,258

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

10,000

9,286

Senior

Bond,

2.25%,

11/15/31

........................

United

States

60,000

53,173

Senior

Note,

3.75%,

4/15/27

.........................

United

States

78,000

77,779

Senior

Note,

3.375%,

4/15/29

........................

United

States

15,000

14,623

Senior

Note,

3.875%,

4/15/30

........................

United

States

7,000

6,885

Senior

Note,

5.125%,

5/15/32

........................

United

States

10,000

10,295

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Note,

6.7%,

12/15/33

.........................

United

States

15,000

$

16,823

255,122

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $13,091,960)
....................................

#### 12,933,905
f

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.4%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
g

TransDigm

,

Inc.,

First

Lien,

CME

Term

Loan,

K,

5.966%,

(1-month

SOFR

+

2.25%),

3/22/30

............................

United

States

9,975

10,015

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
g

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

6.672%,

(3-month

SOFR

+

3%),

3/18/30

.......................

United

States

8,928

8,966

#### Automobile

#### Components

#### 0.0%

#### †
g

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.581%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

9,872

9,819

#### Broadline

#### Retail

#### 0.0%

#### †
g

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

6.193%,

(3-month

SOFR

+

2.25%),

9/29/32

.....................

Netherlands

4,572

4,586

#### Capital

#### Markets

#### 0.0%

#### †
g

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

5.822%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

9,948

9,913

g

#### Chemicals

#### 0.0%

#### †
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.466%,

(1-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

9,948

9,783

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.254%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

5,294

5,152

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.036%,

(3-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

12,133

12,159

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.162%,

(3-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

4,901

4,911

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.759%,

(12-month

SOFR

+

2%),

10/29/32

...............

United

States

3,601

3,625

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.327%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

4,811

2,695

38,325

a

a

a

a

a

a

g

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.466%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

4,776

4,807

h

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

5.585%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

10,000

9,987

14,794

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.1%
g

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.466%,

(1-month

SOFR

+

4.75%),

12/18/29

....................

United

States

15,000

15,048

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
h,i

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

CME

Term

Loan,

TBD,

11/01/32

....................................

Luxembourg

3,065

2,755

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Containers

#### &

#### Packaging
(continued)

g

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.044%,

(6-month

SOFR

+

4.75%),

2/12/26

.......

Luxembourg

9,612

$

1,682

g

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.838%,

(3-month

SOFR

+

3%),

9/30/32

.........

United

States

4,946

4,994

9,431

a

a

a

a

a

a

#### Distributors

#### 0.1%
g

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

7.672%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

13,645

13,663

g

#### Electric

#### Utilities

#### 0.0%

#### †
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

5.716%,

(1-month

SOFR

+

2%),

9/30/31

................

United

States

9,975

10,019

h

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan,

5.822%,

(3-month

SOFR

+

2%),

12/15/27

................

United

States

6,307

6,340

16,359

a

a

a

a

a

a

g

#### Entertainment

#### 0.0%

#### †
Live

Nation

Entertainment,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

5.734%,

(1-month

SOFR

+

2%),

10/21/32

.............

United

States

8,130

8,151

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.581%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

9,948

9,635

17,786

a

a

a

a

a

a

g

#### Financial

#### Services

#### 0.0%

#### †
Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

5.41%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

9,975

9,980

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

CME

Term

Loan,

B6,

5.566%,

(1-month

SOFR

+

1.75%),

11/05/32

.....

United

States

3,546

3,553

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.459%,

(1-month

SOFR

+

3.5%),

8/16/32

...............

United

States

8,542

8,541

22,074

a

a

a

a

a

a

#### Food

#### Products

#### 0.0%

#### †
g

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

6.122%,

(6-month

SOFR

+

2.25%),

9/30/32

.....................

United

States

10,313

10,327

g

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

7.966%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

4,697

4,752

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.466%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

2,726

2,737

7,489

a

a

a

a

a

a

g

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.466%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

9,524

9,548

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

5.966%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

9,939

9,887

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.966%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

14,783

14,796

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.422%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

9,975

9,979

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.216%,

(1-month

SOFR

+

2.5%),

5/03/29

......................

United

States

9,974

10,045

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan,

5.843%,

(1-month

SOFR

+

2%),

11/03/32

United

States

7,099

$

7,124

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.934%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

4,925

4,845

66,224

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
g

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.734%,

(1-month

SOFR

+

2%),

3/19/32

................

United

States

8,856

8,877

g

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
h

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan,

5.466%,

(1-month

SOFR

+

1.75%),

1/31/31

.....................

United

States

10,000

10,011

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B,

5.672%,

(3-month

SOFR

+

2%),

11/25/32

.....

United

States

10,577

10,592

20,603

a

a

a

a

a

a

#### IT

#### Services

#### 0.0%

#### †
g

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.784%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

9,900

9,922

g

#### Media

#### 0.1%
Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

6.235%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

9,975

9,994

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.831%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

3,031

3,043

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.352%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

15,386

15,458

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.216%,

(1-month

SOFR

+

2.5%),

6/28/32

......................

United

States

10,000

10,059

38,554

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
g

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.986%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

1,990

2,009

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
g

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

5.672%,

(3-month

SOFR

+

2%),

12/31/30

......................

United

States

9,975

10,021

#### Passenger

#### Airlines

#### 0.0%

#### †
g,h

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.134%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

10,000

10,036

g

#### Pharmaceuticals

#### 0.0%

#### †
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

9.966%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

4,975

4,872

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.466%,

(1-month

SOFR

+

3.75%),

4/23/31

.....

United

States

12,838

12,754

17,626

a

a

a

a

a

a

#### Professional

#### Services

#### 0.0%

#### †
g

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8,

5.916%,

(1-month

SOFR

+

2%),

5/09/31

................

United

States

9,515

9,582

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Software

#### 0.0%

#### †
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

6.922%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

1,512

$

1,516

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.466%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

8,843

8,852

10,368

a

a

a

a

a

a

g

#### Specialty

#### Retail

#### 0.0%

#### †
LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

7.584%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

4,912

4,621

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

6.966%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

9,556

9,606

14,227

a

a

a

a

a

a

g

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1,

6.922%,

(3-month

SOFR

+

3.25%),

9/13/32

..............

United

States

505

510

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.354%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

9,850

9,216

9,726

a

a

a

a

a

a

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
g

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.216%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

4,850

4,850

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $450,012)
...........................

#### 441,220

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.3%
Brazil

Government

Bond

,

Senior

Bond

,

8.25 %

,

1/20/34

.......

Brazil

30,000

34,953

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

2,000

1,999

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

3,000

EUR

3,634

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

..............

Colombia

17,000

15,250

Mexico

Government

Bond

,

A

,

Senior

Bond

,

6.75 %

,

9/27/34

....

Mexico

40,000

43,490

Panama

Government

Bond

,

Senior

Bond

,

9.375 %

,

4/01/29

....

Panama

15,000

17,130

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

40,000

37,012

Philippines

Government

Bond

,

Senior

Bond

,

9.5 %

,

2/02/30

....

Philippines

20,000

24,057

Poland

Government

Bond

,

4.875 %

,

2/12/30

...............

Poland

30,000

30,935

b

Romania

Government

Bond

,

Senior

Bond

,

144A,

6.375 %

,

1/30/34

Romania

16,000

16,679

Uruguay

Government

Bond

,

e

Senior

Bond,

PIK,

7.875%,

1/15/33

....................

Uruguay

15,000

17,954

Senior

Bond,

7.625%,

3/21/36

........................

Uruguay

10,000

12,121

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $248,855)
..............

#### 255,214

#### Asset-Backed

#### Securities

#### 0.1%

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

1,085

1,096

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

29,279

27,195

28,291

a

a

a

a

a

a

#### Financial

#### Services

#### 0.0%

#### †
g

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

4.646 %

,

(1-month

SOFR

+

0.914 %),

2/25/34

.

...................

United

States

10,553

10,495

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

g

New

Century

Home

Equity

Loan

Trust

,

2003-4

,

M1

,

FRN

,

4.971 %

,

(1-month

SOFR

+

1.239 %),

10/25/33

.

..................

United

States

16,456

$

16,451

g

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

4.896 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

..................

United

States

6,805

6,758

b,g

Ready

Capital

Mortgage

Financing

LLC

,

2021-FL7

,

A

,

144A,

FRN

,

5.046 %

,

(1-month

SOFR

+

1.314 %),

11/25/36

.

.......

United

States

2,732

2,727

36,431

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $65,906)
.................................

#### 64,722

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.4%

#### Financial

#### Services

#### 0.4%
j

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

AS

,

FRN

,

3.989 %

,

9/15/48

..............................

United

States

6,436

6,422

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

C

,

4.178 %

,

5/15/52

.........................................

United

States

10,000

8,960

Benchmark

Mortgage

Trust

,

2020-B17

,

A2

,

2.211 %

,

3/15/53

...

United

States

12,293

11,653

j

CD

Mortgage

Trust

,

2017-CD6

,

B

,

FRN

,

3.911 %

,

11/13/50

.....

United

States

14,000

13,396

j

CFCRE

Commercial

Mortgage

Trust

,

2017-C8

,

B

,

FRN

,

4.199 %

,

6/15/50

.........................................

United

States

14,000

13,625

Citigroup

Commercial

Mortgage

Trust

,

2016-C3

,

A4

,

3.154 %

,

11/15/49

........................................

United

States

21,000

20,775

j

COMM

Mortgage

Trust

,

2014-CR17,

C,

FRN,

4.781%,

5/10/47

..................

United

States

25,000

23,252

2014-UBS6,

C,

FRN,

4.408%,

12/10/47

.................

United

States

6,026

5,968

b,j,k

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.048 %

,

1/15/49

.........................

United

States

454,169

CSAIL

Commercial

Mortgage

Trust

,

j

2015-C1,

B,

FRN,

3.833%,

4/15/50

....................

United

States

21,434

20,527

2016-C6,

AS,

3.346%,

1/15/49

........................

United

States

16,000

15,853

j

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

15,000

14,800

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

13,000

11,814

j,k

2020-C19,

XA,

IO,

FRN,

1.085%,

3/15/53

................

United

States

1,014,799

34,728

j,k

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.605 %

,

12/15/49

....

United

States

735,327

1,570

j

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

C,

FRN,

4.755%,

6/15/51

....................

United

States

11,000

10,035

k

2018-C8,

XA

,

IO,

FRN,

0.587%,

6/15/51

.................

United

States

833,008

9,180

j

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.639%,

8/15/45

...............

United

States

12,417

12,192

2013-C10,

B,

FRN,

3.952%,

7/15/46

...................

United

States

11,059

10,562

2015-C22,

C,

FRN,

3.972%,

4/15/48

...................

United

States

31,000

27,469

2016-C32,

AS,

FRN,

3.994%,

12/15/49

.................

United

States

22,000

21,779

j,k

Morgan

Stanley

Capital

I

Trust

,

2018-H3

,

XA

,

IO,

FRN

,

0.776 %

,

7/15/51

.........................................

United

States

1,089,604

17,771

j

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-LC20,

C,

FRN,

4.056%,

4/15/50

..................

United

States

3,995

3,869

2020-C57,

C,

FRN,

4.023%,

8/15/53

...................

United

States

16,000

14,686

j

WFRBS

Commercial

Mortgage

Trust

,

b,l

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

8,056

2,961

2013-C11,

C,

FRN,

4.011%,

3/15/45

....................

United

States

47,000

45,607

b

2013-C15,

D,

144A,

FRN,

4.145%,

8/15/46

..............

United

States

9,951

5,722

385,283

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $403,209)
.................

#### 385,283
Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities

#### 9.8%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.5%
FHLMC

Pool,

Year,

3%,

1/01/48

......................

United

States

495,787

$

448,083

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

9,159

9,523

457,606

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 6.8%
FNMA,

4%,

1/01/57

..................................

United

States

28,288

26,936

FNMA,

Year,

2.5%,

7/01/51

.........................

United

States

709,038

600,197

FNMA,

Year,

3%,

4/01/46

-

11/01/48

...................

United

States

322,329

292,014

FNMA,

Year,

5%,

9/01/52

...........................

United

States

724,969

727,939

m

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

1/25/56

......

United

States

50,000

40,430

m

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

1/25/41

.....

United

States

1,000,000

946,289

m

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

1/25/56

.....

United

States

2,080,000

1,758,738

m

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

1/25/56

.....

United

States

1,000,000

924,648

m

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

1/25/41

......

United

States

30,000

30,387

m

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

1/25/56

......

United

States

1,200,000

1,196,906

m

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

1/25/56

......

United

States

100,000

102,688

6,647,172

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 2.5%
GNMA

II,

Year,

5.5%,

7/20/53

........................

United

States

394,833

404,859

m

GNMA

II,

Single-family,

Year,

2%,

1/15/56

...............

United

States

30,000

24,853

GNMA

II,

Single-family,

Year,

3%,

10/20/50

..............

United

States

380,397

343,639

GNMA

II,

Single-family,

Year,

3%,

8/20/49

-

4/20/51

.......

United

States

380,763

343,382

m

GNMA

II,

Single-family,

Year,

3%,

1/15/56

...............

United

States

1,000,000

898,711

GNMA

II,

Single-family,

Year,

5.5%,

6/20/53

-

7/20/53

......

United

States

217,243

221,823

m

GNMA

II,

Single-family,

Year,

6%,

1/15/56

...............

United

States

100,000

101,918

GNMA

II,

Single-family,

Year,

6.5%,

5/20/37

-

11/20/39

.....

United

States

80,187

85,951

2,425,136

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $9,805,227)
...........................

#### 9,529,914

#### Residential

#### Mortgage-Backed

#### Securities

#### 0.7%

#### Financial

#### Services

#### 0.7%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

53,624

54,366

g

Alternative

Loan

Trust

,

2006-OA10,

4A1,

FRN,

4.226%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

55,282

49,302

2006-OA7,

1A2,

FRN,

4.969%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

32,133

32,211

b,g

Chase

Home

Lending

Mortgage

Trust

,

2024-11

,

A11

,

144A,

FRN

,

5.124 %

,

(30-day

SOFR

Average

+

1.25 %),

11/25/55

........

United

States

40,139

40,114

j

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

5.934 %

,

5/25/35

.........................................

United

States

3,285

3,242

b,j

Ellington

Financial

Mortgage

Trust

,

2020-2

,

A2

,

144A,

FRN

,

1.486 %

,

10/25/65

..................................

United

States

13,900

13,259

b,j

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-2

,

M1

,

144A,

FRN

,

%

,

8/25/56

.................................

United

States

b,g

FHLMC

STACR

REMIC

Trust

,

2022-DNA2,

M1A,

144A,

FRN,

5.174%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

16,038

16,046

2022-DNA5,

M1A,

144A,

FRN,

6.824%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

6,452

6,575

2025-DNA1,

A1,

144A,

FRN,

4.824%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

29,150

29,165

2025-DNA3,

M1,

144A,

FRN,

4.974%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

11,148

11,172

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

g

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01,

1M2,

FRN,

10.739%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

10,896

$

10,995

2016-C01,

2M2,

FRN,

10.939%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

6,264

6,324

2016-C03,

2M2,

FRN,

9.889%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

1,351

1,371

2016-C05,

2M2,

FRN,

8.439%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

22,356

22,656

2016-C06,

1M2,

FRN,

8.239%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

17,736

17,974

2016-C07,

2M2,

FRN,

8.339%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

42,369

43,358

2017-C02,

2M2C,

FRN,

7.639%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

48,279

49,344

b

2024-R06,

1A1,

144A,

FRN,

5.024%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

8,536

8,557

b

2025-R02,

1A1,

144A,

FRN,

4.874%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

9,594

9,613

b

2025-R02,

1M1

,

144A,

FRN,

5.024%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

8,437

8,452

b

2025-R03,

2A1,

144A,

FRN,

5.324%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

7,374

7,412

b

2025-R04,

1M1,

144A,

FRN,

5.074%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

11,846

11,880

b

2025-R06,

1A1,

144A,

FRN,

4.774%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

....................................

United

States

9,497

9,509

b,g

J.P.

Morgan

Mortgage

Trust

,

2025-1

,

A11

,

144A,

FRN

,

5.124 %

,

(30-day

SOFR

Average

+

1.25 %),

6/25/55

...............

United

States

47,709

47,679

b,j

RMF

Buyout

Issuance

Trust

,

2020-HB1

,

A1

,

144A,

FRN

,

1.719 %

,

10/25/50

........................................

United

States

38,683

36,535

b,j

Visio

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.521 %

,

8/25/55

........

United

States

117,000

113,608

g

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR9

,

A1C3

,

FRN

,

4.806 %

,

(1-month

SOFR

+

1.074 %),

7/25/45

...

United

States

12,171

12,042

673,064

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $669,662)
..................

#### 673,064

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.1%

#### Financial

#### Services

#### 0.1%
g

FHLMC

,

3065,

DC,

FRN,

7.565%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

6,188

6,481

3408,

EK,

FRN,

9.302%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

2,656

3,201

g

FNMA

,

2024-89,

FA,

FRN,

5.074%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

18,643

18,713

2025-41,

FA,

FRN,

5.024%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

12,586

12,632

GNMA

,

j,k

2015-H26,

DI,

IO,

FRN,

1.966%,

10/20/65

...............

United

States

45,299

2,261

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA,

(continued)

g

2024-78,

QF,

FRN,

5.018%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

20,544

$

20,659

63,947

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $63,495)
..........

#### 63,947

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $66,161,862)

#### ..............................

#### 96,587,284

#### a

#### Short

#### Term

#### Investments

#### 6.5%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.1%
n,o

U.S.

Treasury

Bills,

3.18%,

1/20/26

......................

United

States

1,000,000

998,236

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $997,985)
..................

#### 998,236

#### Shares

#### Management

#### Investment

#### Companies

#### 5.4%
p,q

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

.......

United

States

5,284,771

5,284,771

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $5,284,771)

#### ...................

#### 5,284,771

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $6,282,756

####)
...............................

#### 6,283,007

#### a

#### Total

#### Investments

#### (Cost

#### $72,444,618)

#### 105.8%

#### .................................

#### $102,870,291

#### TBA

#### Sale

#### Commitments

#### (1.7)%

#### ..............................................

#### (#### 1,622,852)

#### Other

#### Assets,

#### less

#### Liabilities

#### (4.1)%

#### .........................................

#### (3,961,367)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $97,286,072

#### a

#### Principal

#### Amount

#### \*
r

#### TBA

#### Sale

#### Commitments

#### (1.7)%

#### Mortgage-Backed

#### Securities

#### (1.7)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (0.2)%
Uniform

Mortgage-Backed

Securities

,

4%,

TBA,

1/25/56

..................................

United

States

(50,000)

(47,433)

6.5%,

TBA,

1/25/56

................................

United

States

(100,000)

(103,940)

(151,373)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (1.5)%
GNMA

II,

Single-family,

Year

,

5.5%,

1/15/56

....................................

United

States

(1,150,000)

(1,161,331)

6.5%,

1/15/56

....................................

United

States

(300,000)

(310,148)

(1,471,479)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(1,618,043))

#### .........................

#### $(1,622,852)
Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

December

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non

-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

December

31,

2025,

the

aggregate

value

of

these

securities

was

$4,931,573,

representing

5.1%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

See

Note

(g)

regarding

senior

floating

rate

interests.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(d).

i

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

j

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.

k

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.

l

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

m

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

n

The

rate

shown

represents

the

yield

at

period

end.

o

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

December

31,

2025,

the

value

of

this

security

pledged

amounted

to

$986,256,

representing

1.0%

of

net

assets.

p

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

q

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

r

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

(d).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
Russell

2000

E-Mini

Index

......................

Long

$

1,998,400

3/20/26

$

(45,033)

S&P

500

E-Mini

Index

.........................

Short

14,818,875

3/20/26

(24,398)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Short

2,923,375

3/20/26

18,209

U.S.

Treasury

Year

Notes

.....................

Long

5,428,516

3/31/26

(1,861)

U.S.

Treasury

Year

Notes

.....................

Long

3,934,969

3/31/26

(15,758)

U.S.

Treasury

Long

Bonds

.....................

Long

2,427,469

3/20/26

(30,429)

U.S.

Treasury

Ultra

Bonds

......................

Long

1,416,000

3/20/26

(32,249)

Total

Futures

Contracts

......................................................................

$(131,519)

\*

As

of

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

December

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(e).

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Australian

Dollar

....

BOFA

Buy

38,900

25,931

1/14/26

$

$

—

Australian

Dollar

....

BZWS

Buy

72,900

47,495

1/14/26

1,167

(8) Australian

Dollar

....

CITI

Buy

38,500

24,988

1/14/26

707

—

Australian

Dollar

....

GSCO

Buy

64,300

41,894

1/14/26

1,020

—

Australian

Dollar

....

MSCO

Buy

64,600

42,160

1/14/26

954

—

Australian

Dollar

....

SSBT

Buy

42,700

27,766

1/14/26

731

—

Australian

Dollar

....

TDOM

Buy

44,400

28,889

1/14/26

743

—

Australian

Dollar

....

TDOM

Sell

268,800

175,462

1/14/26

—

(3,934)

Australian

Dollar

....

UBSW

Buy

37,000

24,020

1/14/26

673

—

Australian

Dollar

....

WPAC

Buy

98,700

64,464

1/14/26

1,408

—

Canadian

Dollar

....

BOFA

Buy

17,000

12,192

1/14/26

—

Canadian

Dollar

....

MSCO

Buy

1/14/26

—

Canadian

Dollar

....

WPAC

Buy

28,300

20,258

1/14/26

—

Israeli

New

Shekel

..

BOFA

Sell

36,300

11,043

1/14/26

—

(355) Israeli

New

Shekel

..

BZWS

Sell

3,500

1,063

1/14/26

—

(36) Israeli

New

Shekel

..

GSCO

Sell

644,100

196,360

1/14/26

—

(5,885)

Israeli

New

Shekel

..

HSBK

Buy

93,200

28,323

1/14/26

942

—

Israeli

New

Shekel

..

UBSW

Sell

38,600

11,726

1/14/26

—

(394) New

Zealand

Dollar

.

MSCO

Buy

14,300

8,227

1/14/26

—

Hong

Kong

Dollar

...

BZWS

Buy

47,900

6,173

2/11/26

—

(10) Hong

Kong

Dollar

...

CITI

Buy

18,800

2,423

2/11/26

—

(4) Hong

Kong

Dollar

...

GSCO

Buy

922,000

118,817

2/11/26

—

(191) Hong

Kong

Dollar

...

HSBK

Buy

8,700

1,119

2/11/26

—

—

Hong

Kong

Dollar

...

HSBK

Sell

334,900

43,138

2/11/26

—

Hong

Kong

Dollar

...

MSCO

Buy

26,300

3,389

2/11/26

—

(5) Hong

Kong

Dollar

...

SSBT

Buy

24,400

3,145

2/11/26

—

(5) Hong

Kong

Dollar

...

UBSW

Sell

78,200

10,077

2/11/26

—

Singapore

Dollar

....

BOFA

Buy

7,100

5,502

2/11/26

—

Singapore

Dollar

....

BZWS

Buy

3,300

2,557

2/11/26

—

Singapore

Dollar

....

HSBK

Buy

94,300

73,083

2/11/26

—

Singapore

Dollar

....

HSBK

Sell

99,100

77,045

2/11/26

—

(244) Singapore

Dollar

....

MSCO

Buy

26,200

20,242

2/11/26

—

Singapore

Dollar

....

SSBT

Buy

165,000

127,478

2/11/26

1,207

—

Japanese

Yen

......

BOFA

Buy

10,912,800

71,273

2/12/26

—

(1,368)

Japanese

Yen

......

BZWS

Buy

8,700

2/12/26

—

(1) Japanese

Yen

......

CITI

Sell

21,672,200

141,536

2/12/26

2,707

—

Japanese

Yen

......

HSBK

Sell

2,089,400

13,646

2/12/26

—

Japanese

Yen

......

JPHQ

Sell

38,067,300

246,703

2/12/26

2,850

—

Japanese

Yen

......

MSCO

Buy

43,381,300

281,704

2/12/26

—

(3,810)

Japanese

Yen

......

SSBT

Buy

2,588,000

16,817

2/12/26

—

(239) Japanese

Yen

......

UBSW

Buy

4,922,100

31,985

2/12/26

—

(455) British

Pound

......

BOFA

Buy

19,000

25,520

3/17/26

—

British

Pound

......

BZWS

Buy

90,600

121,690

3/17/26

—

British

Pound

......

CITI

Sell

193,600

260,034

3/17/26

—

(882) British

Pound

......

GSCO

Buy

10,900

14,642

3/17/26

—

British

Pound

......

GSCO

Sell

160,900

216,114

3/17/26

—

(732) British

Pound

......

HSBK

Buy

3,100

4,167

3/17/26

—

British

Pound

......

HSBK

Sell

39,500

53,015

3/17/26

—

(219) British

Pound

......

JPHQ

Sell

138,500

186,016

3/17/26

—

(641) British

Pound

......

MSCO

Sell

17,100

22,830

3/17/26

—

(216) British

Pound

......

SSBT

Buy

91,400

122,026

3/17/26

1,155

—

British

Pound

......

TDOM

Buy

26,200

34,980

3/17/26

—

Danish

Krone

......

BOFA

Buy

425,700

67,375

3/17/26

—

(117) Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Danish

Krone

......

CITI

Sell

364,200

57,603

3/17/26

$

$

—

Danish

Krone

......

JPHQ

Sell

48,100

7,614

3/17/26

—

Danish

Krone

......

MSCO

Buy

2,600

3/17/26

—

—

Danish

Krone

......

SSBT

Sell

163,700

25,866

3/17/26

—

Danish

Krone

......

UBSW

Buy

36,200

5,720

3/17/26

—

(1) Euro

.............

BOFA

Buy

32,000

37,793

3/17/26

—

(62) Euro

.............

BZWS

Buy

2,700

3,189

3/17/26

—

(5) Euro

.............

CITI

Buy

3,600

4,241

3/17/26

—

Euro

.............

CITI

Sell

62,100

73,343

3/17/26

—

Euro

.............

GSCO

Buy

16,200

19,065

3/17/26

—

Euro

.............

GSCO

Sell

61,100

72,165

3/17/26

—

Euro

.............

HSBK

Sell

168,000

198,407

3/17/26

—

Euro

.............

MSCO

Sell

97,100

114,507

3/17/26

(1) Euro

.............

SSBT

Buy

188,400

222,141

3/17/26

—

Euro

.............

TDOM

Buy

114,300

134,843

3/17/26

—

(70) Euro

.............

UBSW

Sell

37,000

43,626

3/17/26

—

(1) Norwegian

Krone

...

BOFA

Buy

19,000

1,885

3/17/26

—

—

Norwegian

Krone

...

HSBK

Buy

30,000

2,976

3/17/26

—

(1) Norwegian

Krone

...

JPHQ

Sell

1,947,900

193,213

3/17/26

—

Norwegian

Krone

...

MSCO

Buy

35,900

3,539

3/17/26

—

Norwegian

Krone

...

UBSW

Sell

70,300

6,930

3/17/26

—

(42) Swedish

Krona

.....

BZWS

Buy

735,900

80,000

3/17/26

—

Swedish

Krona

.....

HSBK

Buy

1,103,800

120,002

3/17/26

—

Swedish

Krona

.....

MSCO

Sell

145,200

15,713

3/17/26

—

(117) Swedish

Krona

.....

SSBT

Buy

314,700

34,058

3/17/26

—

Swedish

Krona

.....

TDOM

Buy

160,600

17,380

3/17/26

—

Swiss

Franc

.......

BOFA

Buy

50,100

63,777

3/17/26

—

(48) Swiss

Franc

.......

BZWS

Buy

16,100

20,497

3/17/26

—

(17) Swiss

Franc

.......

GSCO

Sell

14,600

18,589

3/17/26

—

Swiss

Franc

.......

HSBK

Buy

7,000

8,912

3/17/26

—

(8) Swiss

Franc

.......

HSBK

Sell

14,500

18,442

3/17/26

—

(3) Swiss

Franc

.......

JPHQ

Buy

5,300

6,748

3/17/26

—

(6) Swiss

Franc

.......

MSCO

Buy

21,500

27,286

3/17/26

—

Swiss

Franc

.......

SSBT

Sell

50,500

64,087

3/17/26

—

(151) Total

Forward

Exchange

Contracts

...................................................

$20,557

$(20,284)

Net

unrealized

appreciation

(depreciation)

............................................

$273

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

December

31,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(e).

At

December

31,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(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

#### Centrally

#### Cleared

#### Swap

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

448,000

$

34,760

$

35,771

$

(1,011)

Non-

Investment

Grade

CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

4,011,000

91,939

91,399

540

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$126,699

$127,170

$(471)

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

21,000

882

3,801

(2,919)

CMBX.NA.BBB-.6

(3.00)%

Monthly

JPHQ

5/11/63

22,000

924

4,906

(3,982)

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

43,000

(1,806)

(2,593)

787

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$—

$6,114

$(6,114)

Total

Credit

Default

Swap

Contracts

....................................

$126,699

$

133,284

$(6,585)

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.

#### 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

3.6%

.....

Annual

9/17/27

871,000

$

(2,683)

$

1,438

$

(4,121)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

2,797,000

7,526

3,648

3,878

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.13%

....

Annual

12/17/27

1,520,000

$

5,757

$

4,211

$

1,546

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.15%

....

Annual

12/17/27

97,000

Receive

Fixed

3.32%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/28

176,000

(79) Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.63%

....

Annual

9/17/30

10,000

(67) (114) 47

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

1,917,000

(14,479)

2,625

(17,104)

Receive

Fixed

3.18%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/30

660,000

(8,686)

(4,378)

(4,308)

Receive

Fixed

3.2%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/30

47,000

(575) (350) (225) Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

1,244,000

9,064

3,779

5,285

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

55,000

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.53%

....

Annual

12/17/35

820,000

18,436

7,659

10,777

Receive

Fixed

3.55%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/35

486,000

(10,112)

(4,498)

(5,614)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.77%

....

Annual

3/18/36

108,000

(14) 430

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

142,000

2,916

(1,867)

4,783

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

623,000

(14,967)

990

(15,957)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.88%

....

Annual

12/17/55

160,000

7,895

1,467

6,428

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.9%

.....

Annual

12/17/55

56,000

2,571

2,400

Total

Interest

Rate

Swap

Contracts

.................................

$3,969

$

15,457

$(11,488)

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

December

31,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(e)

.

\*

In

U.S.

dollars

unless

otherwise

indicated.

#### Total

#### Return

#### Swap

#### Contracts

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value

#### \*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts

#### Long

#### a
RCXTPGDL

Index

#

....................

0%

At

Maturity

GSCO

4/21/26

3,900,405

$

39,958

BCFTUSAL

Index

#

....................

0%

At

Maturity

BZWS

12/17/26

2,919,152

(1,663)

#### Short

#### b
RCXTPGSS

Index

#

....................

0%

At

Maturity

GSCO

4/21/26

3,610,624

(36,508)

BCFTUSAS

Index

#

....................

0%

At

Maturity

BZWS

12/17/26

2,915,065

Total

Return

Swap

Contracts

....................................................................

$2,012

\*

In

U.S.

dollars

unless

otherwise

indicated.

#

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

The

largest

components,

and

any

individual

component

greater

than

1%

of

basket

value,

are

shown

below.

a

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

b

The

Fund

receives

a

variable

financing

rate

and

pays

the

total

return

on

the

underlying

instrument.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET

#### (#### RCXTPGDL

####)

#### OF

#### COMMON

#### STOCKS
JX

Advanced

Metals

Corp

Materials

1,829

$

22,866

0.58%

Boliden

AB

Materials

21,770

0.56%

Exxon

Mobil

Corp

Energy

21,217

0.54%

Telia

Co

AB

Communication

Services

4,943

21,117

0.54%

MSCI

Inc

Financials

21,044

0.54%

Chevron

Corp

Energy

20,998

0.54%

AT&T

Inc

Communication

Services

840

20,866

0.53%

ConocoPhillips

Energy

20,852

0.53%

Eni

SpA

Energy

1,101

20,816

0.53%

Norsk

Hydro

ASA

Materials

2,706

20,808

0.53%

Engie

SA

Utilities

791

20,807

0.53%

Airbnb

Inc

Consumer

Discretionary

20,788

0.53%

BP

PLC

Energy

3,567

20,766

0.53%

Iberdrola

SA

Utilities

956

20,726

0.53%

Aristocrat

Leisure

Ltd

Consumer

Discretionary

533

20,673

0.53%

NN

Group

NV

Financials

20,665

0.53%

United

Utilities

Group

PLC

Utilities

1,285

20,635

0.53%

TotalEnergies

SE

Energy

20,580

0.53%

Smiths

Group

PLC

Industrials

648

20,499

0.52%

Holcim

AG

Materials

20,446

0.52%

SS&C

Technologies

Holdings

Inc

Industrials

20,441

0.52%

Telenor

ASA

Communication

Services

1,417

20,426

0.52%

Amadeus

IT

Group

SA

Consumer

Discretionary

20,383

0.52%

Intertek

Group

PLC

Industrials

20,330

0.52%

Veralto

Corp

Industrials

20,309

0.52%

Osaka

Gas

Co

Ltd

Utilities

583

20,209

0.52%

Allegion

plc

Industrials

20,162

0.51%

Endesa

SA

Utilities

560

20,130

0.51%

Danone

SA

Consumer

Staples

20,123

0.51%

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(RCXTPGDL)

#### OF

#### COMMON

#### STOCKS
(continued)

Idemitsu

Kosan

Co

Ltd

Energy

2,664

$

20,103

0.51%

Avery

Dennison

Corp

Materials

20,083

0.51%

Graco

Inc

Industrials

20,035

0.51%

Honeywell

International

Inc

Industrials

19,895

0.51%

Automatic

Data

Processing

Inc

Industrials

19,838

0.51%

Rio

Tinto

PLC

Materials

19,807

0.51%

Jack

Henry

&

Associates

Inc

Financials

19,741

0.50%

Experian

PLC

Industrials

19,735

0.50%

Dai

Nippon

Printing

Co

Ltd

Industrials

1,148

19,729

0.50%

VICI

Properties

Inc

Real

Estate

700

19,697

0.50%

Tokyo

Gas

Co

Ltd

Utilities

19,583

0.50%

Cie

Financiere

Richemont

SA

Consumer

Discretionary

19,432

0.50%

Sandvik

AB

Industrials

595

19,391

0.49%

PepsiCo

Inc

Consumer

Staples

19,297

0.49%

E.ON

SE

Utilities

1,009

19,106

0.49%

Veeva

Systems

Inc

Health

Care

18,997

0.48%

George

Weston

Ltd

Consumer

Staples

18,994

0.48%

GoDaddy

Inc

Information

Technology

18,960

0.48%

3M

Co

Industrials

18,690

0.48%

Hartford

Insurance

Group

Inc/The

Financials

18,668

0.48%

Chubu

Electric

Power

Co

Inc

Utilities

1,192

18,336

0.47%

#### A

#### BASKET

#### (#### BCFTUSAL

####)

#### OF

#### COMMON

#### STOCKS
Freeport-McMoRan

Inc

Materials

770

39,092

1.34%

Exelixis

Inc

Health

Care

884

38,740

1.33%

Regeneron

Pharmaceuticals

Inc

Health

Care

37,512

1.29%

Axis

Capital

Holdings

Ltd

Financials

36,792

1.26%

Natera

Inc

Health

Care

36,688

1.26%

Johnson

Controls

International

plc

Industrials

36,575

1.25%

General

Motors

Co

Consumer

Discretionary

36,281

1.24%

State

Street

Corp

Financials

36,007

1.23%

Valero

Energy

Corp

Energy

35,460

1.21%

Cirrus

Logic

Inc

Information

Technology

35,453

1.21%

MGIC

Investment

Corp

Financials

1,194

34,903

1.20%

QUALCOMM

Inc

Information

Technology

34,900

1.20%

Synchrony

Financial

Financials

34,325

1.18%

Booking

Holdings

Inc

Consumer

Discretionary

34,214

1.17%

Cadence

Design

Systems

Inc

Information

Technology

33,606

1.15%

NRG

Energy

Inc

Utilities

33,492

1.15%

Pegasystems

Inc

Information

Technology

551

32,925

1.13%

Unum

Group

Financials

32,643

1.12%

Arista

Networks

Inc

Information

Technology

32,283

1.11%

Manhattan

Associates

Inc

Information

Technology

32,224

1.10%

Affiliated

Managers

Group

Inc

Financials

31,858

1.09%

AutoNation

Inc

Consumer

Discretionary

30,556

1.05%

Allison

Transmission

Holdings

Inc

Industrials

30,542

1.05%

American

International

Group

Inc

Financials

30,457

1.04%

Cheniere

Energy

Inc

Energy

29,820

1.02%

DoorDash

Inc

Consumer

Discretionary

29,489

1.01%

Rubrik

Inc

Information

Technology

29,412

1.01%

Curtiss-Wright

Corp

Industrials

28,588

0.98%

Equitable

Holdings

Inc

Financials

600

28,578

0.98%

Uber

Technologies

Inc

Industrials

28,331

0.97%

Virtu

Financial

Inc

Financials

824

27,455

0.94%

Southwest

Airlines

Co

Industrials

652

26,957

0.92%

Toll

Brothers

Inc

Consumer

Discretionary

26,761

0.92%

Netflix

Inc

Communication

Services

26,039

0.89%

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTUSAL)

#### OF

#### COMMON

#### STOCKS
(continued)

Pure

Storage

Inc

Information

Technology

$

25,929

0.89%

Lam

Research

Corp

Information

Technology

25,304

0.87%

Edison

International

Utilities

25,263

0.87%

Textron

Inc

Industrials

25,234

0.86%

Vornado

Realty

Trust

Real

Estate

757

25,191

0.86%

Ulta

Beauty

Inc

Consumer

Discretionary

24,555

0.84%

Boyd

Gaming

Corp

Consumer

Discretionary

24,324

0.83%

Sandisk

Corp/DE

Information

Technology

24,083

0.83%

Docusign

Inc

Information

Technology

24,068

0.82%

Spotify

Technology

SA

Communication

Services

23,558

0.81%

eBay

Inc

Consumer

Discretionary

23,452

0.80%

Ventas

Inc

Real

Estate

22,437

0.77%

Gap

Inc/The

Consumer

Discretionary

829

21,226

0.73%

NVR

Inc

Consumer

Discretionary

21,007

0.72%

Hologic

Inc

Health

Care

20,581

0.71%

Louisiana-Pacific

Corp

Materials

20,355

0.70%

#### A

#### BASKET

#### (#### RCXTPGSS

####)

#### OF

#### COMMON

#### STOCKS
Canadian

Natural

Resources

Ltd

Energy

602

20,412

0.56%

Cellnex

Telecom

SA

Communication

Services

623

20,086

0.55%

Aker

BP

ASA

Energy

790

20,041

0.55%

Shell

PLC

Energy

534

19,688

0.54%

Orange

SA

Communication

Services

1,168

19,475

0.54%

Keppel

Ltd

Industrials

2,411

19,404

0.54%

PPL

Corp

Utilities

554

19,399

0.54%

Swisscom

AG

Communication

Services

19,345

0.53%

Salmar

ASA

Consumer

Staples

19,282

0.53%

Southern

Co/The

Utilities

19,150

0.53%

Visa

Inc

Financials

19,127

0.53%

Wilmar

International

Ltd

Consumer

Staples

7,978

19,108

0.53%

Diamondback

Energy

Inc

Energy

18,983

0.52%

AvalonBay

Communities

Inc

Real

Estate

18,916

0.52%

Verizon

Communications

Inc

Communication

Services

18,814

0.52%

Atmos

Energy

Corp

Utilities

18,782

0.52%

Waste

Connections

Inc

Industrials

18,752

0.52%

Exelon

Corp

Utilities

18,750

0.52%

RELX

PLC

Industrials

18,748

0.52%

Entergy

Corp

Utilities

18,746

0.52%

Heineken

NV

Consumer

Staples

18,729

0.52%

Equifax

Inc

Industrials

18,689

0.52%

CenterPoint

Energy

Inc

Utilities

18,602

0.51%

Dominion

Energy

Inc

Utilities

18,585

0.51%

American

Water

Works

Co

Inc

Utilities

18,508

0.51%

Realty

Income

Corp

Real

Estate

18,473

0.51%

Hermes

International

SCA

Consumer

Discretionary

18,464

0.51%

Paychex

Inc

Industrials

18,326

0.51%

REA

Group

Ltd

Communication

Services

18,301

0.50%

Kesko

Oyj

Consumer

Staples

805

18,200

0.50%

Zurich

Insurance

Group

AG

Financials

18,191

0.50%

Walmart

Inc

Consumer

Staples

18,179

0.50%

EQT

AB

Financials

18,143

0.50%

Straumann

Holding

AG

Health

Care

17,873

0.49%

Ferrovial

SE

Industrials

17,860

0.49%

Swiss

Life

Holding

AG

Financials

17,519

0.48%

Singapore

Telecommunications

Ltd

Communication

Services

4,910

17,371

0.48%

Bureau

Veritas

SA

Industrials

543

17,321

0.48%

Land

Securities

Group

PLC

Real

Estate

2,069

17,306

0.48%

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(RCXTPGSS)

#### OF

#### COMMON

#### STOCKS
(continued)

Coca-Cola

Co/The

Consumer

Staples

$

17,262

0.48%

Masco

Corp

Industrials

17,024

0.47%

Glencore

PLC

Materials

3,108

16,996

0.47%

Essity

AB

Consumer

Staples

583

16,764

0.46%

International

Paper

Co

Materials

16,619

0.46%

Marriott

International

Inc/MD

Consumer

Discretionary

16,519

0.46%

Orkla

ASA

Consumer

Staples

1,454

16,201

0.45%

Allianz

SE

Financials

16,192

0.45%

Pernod

Ricard

SA

Consumer

Staples

16,138

0.45%

Tourmaline

Oil

Corp

Energy

16,132

0.45%

EssilorLuxottica

SA

Health

Care

16,120

0.44%

#### A

#### BASKET

#### (#### BCFTUSAS

####)

#### OF

#### COMMON

#### STOCKS
Micron

Technology

Inc

Information

Technology

43,616

1.49%

Oracle

Corp

Information

Technology

37,638

1.29%

Coherent

Corp

Information

Technology

36,935

1.27%

MKS

Inc

Information

Technology

36,701

1.26%

DT

Midstream

Inc

Energy

36,472

1.25%

Take-Two

Interactive

Software

Inc

Communication

Services

36,466

1.25%

Roivant

Sciences

Ltd

Health

Care

1,671

36,253

1.24%

Diamondback

Energy

Inc

Energy

35,131

1.20%

Synopsys

Inc

Information

Technology

33,868

1.16%

SoFi

Technologies

Inc

Financials

1,292

33,833

1.16%

Lithia

Motors

Inc

Consumer

Discretionary

33,111

1.13%

Blue

Owl

Capital

Inc

Financials

2,197

32,818

1.12%

Royal

Caribbean

Cruises

Ltd

Consumer

Discretionary

31,267

1.07%

Jack

Henry

&

Associates

Inc

Financials

30,457

1.04%

Monolithic

Power

Systems

Inc

Information

Technology

30,185

1.03%

Gen

Digital

Inc

Information

Technology

1,097

29,819

1.02%

Albemarle

Corp

Materials

29,746

1.02%

Dell

Technologies

Inc

Information

Technology

29,644

1.02%

Aon

PLC

Financials

29,172

1.00%

Norwegian

Cruise

Line

Holdings

Ltd

Consumer

Discretionary

1,284

28,667

0.98%

Domino's

Pizza

Inc

Consumer

Discretionary

28,167

0.97%

Royal

Gold

Inc

Materials

28,015

0.96%

Lumentum

Holdings

Inc

Information

Technology

27,723

0.95%

Bunge

Global

SA

Consumer

Staples

27,597

0.95%

Kinsale

Capital

Group

Inc

Financials

26,275

0.90%

Affirm

Holdings

Inc

Financials

25,881

0.89%

Somnigroup

International

Inc

Consumer

Discretionary

25,300

0.87%

NU

Holdings

Ltd/Cayman

Islands

Financials

1,494

25,014

0.86%

BWX

Technologies

Inc

Industrials

24,662

0.85%

CH

Robinson

Worldwide

Inc

Industrials

24,183

0.83%

Marriott

International

Inc/MD

Consumer

Discretionary

23,844

0.82%

Ross

Stores

Inc

Consumer

Discretionary

23,749

0.81%

RPM

International

Inc

Materials

23,684

0.81%

Tyler

Technologies

Inc

Information

Technology

23,486

0.80%

LPL

Financial

Holdings

Inc

Financials

22,959

0.79%

Exact

Sciences

Corp

Health

Care

22,791

0.78%

Strategy

Inc

Information

Technology

22,775

0.78%

Texas

Instruments

Inc

Information

Technology

22,257

0.76%

Equifax

Inc

Industrials

21,949

0.75%

Expand

Energy

Corp

Energy

21,918

0.75%

PTC

Inc

Information

Technology

21,846

0.75%

NIKE

Inc

Consumer

Discretionary

20,360

0.70%

Entegris

Inc

Information

Technology

20,294

0.70%

Amdocs

Ltd

Information

Technology

20,045

0.69%

Putnam

Variable

Trust

Schedule

of

Investments

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTUSAS)

#### OF

#### COMMON

#### STOCKS
(continued)

Healthcare

Realty

Trust

Inc

Real

Estate

1,155

$

19,580

0.67%

T

Rowe

Price

Group

Inc

Financials

19,377

0.66%

Stanley

Black

&

Decker

Inc

Industrials

19,352

0.66%

Fox

Corp

Communication

Services

18,942

0.65%

Watsco

Inc

Industrials

18,892

0.65%

Trump

Media

&

Technology

Group

Corp

Communication

Services

1,399

18,525

0.64%

See

Note 9 regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$67,159,847

Cost

-

Non-controlled

affiliates

(Note

f)

........................................................

5,284,771

Value

-

Unaffiliated

issuers

..................................................................

$97,585,520

Value

-

Non-controlled

affiliates

(Note

f)

........................................................

5,284,771

Cash

....................................................................................

10,964

Receivables:

Investment

securities

sold

...................................................................

75,759

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

1,618,043

Capital

shares

sold

........................................................................

1,575

Dividends

and

interest

.....................................................................

402,324

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

152,692

Variation

margin

on

futures

contracts

...........................................................

80,364

OTC

swap

contracts

(upfront

payments)

..........................................................

8,707

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

20,557

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

40,970

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

.......................................

Prepaid

expenses

..........................................................................

54,114

Total

assets

..........................................................................

105,336,369

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

48,899

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

6,017,336

Capital

shares

redeemed

...................................................................

24,875

Management

fees

.........................................................................

38,734

Administrative

fees

........................................................................

863

Distribution

fees

..........................................................................

6,026

Transfer

agent

fees

........................................................................

11,611

Professional

fees

.........................................................................

113,698

Trustees'

fees

and

expenses

.................................................................

74,131

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

1,446

OTC

swap

contracts

(upfront

receipts)

...........................................................

2,593

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

45,072

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

20,284

TBA

sale

commitments,

at

value

(proceeds

$1,618,043)

(Note

1d)

......................................

1,622,852

Accrued

expenses

and

other

liabilities

...........................................................

21,877

Total

liabilities

.........................................................................

8,050,297

Net

assets,

at

value

.................................................................

$97,286,072

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$59,936,985

Total

distributable

earnings

(losses)

.............................................................

37,349,087

Net

assets,

at

value

.................................................................

$97,286,072

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Class

#### IA:
Net

assets,

at

value

.......................................................................

$69,074,508

Shares

outstanding

........................................................................

3,548,290

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$19.47

#### Class

#### IB:
Net

assets,

at

value

.......................................................................

$28,211,564

Shares

outstanding

........................................................................

1,419,090

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$19.88

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

........................................................................

$1,107,066

Non-controlled

affiliates

(Note

f)

.............................................................

428,198

Interest:

Unaffiliated

issuers

........................................................................

977,072

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

(163) Non-controlled

affiliates

(Note

f)

.............................................................

Total

investment

income

...................................................................

2,512,346

Expenses:

Management

fees

(Note

a)

...................................................................

573,527

Administrative

fees

(Note

b)

..................................................................

1,823

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

IB

................................................................................

80,383

Transfer

agent

fees:

(Note

3d)

&nbsp;&nbsp;&nbsp;&nbsp;Class

IA

................................................................................

48,149

&nbsp;&nbsp;&nbsp;&nbsp;Class

IB

................................................................................

22,318

Custodian

fees

(Note

4)

......................................................................

44,820

Reports

to

shareholders

fees

..................................................................

27,888

Professional

fees

...........................................................................

131,338

Trustees'

fees

and

expenses

(Note

3e)

...........................................................

3,250

Other

....................................................................................

7,941

Total

expenses

.........................................................................

941,437

Expense

reductions

(Note

4)

...............................................................

(237) Expenses

waived/paid

by

affiliates

(Note

f

and

g)

..............................................

(15,916)

Net

expenses

.........................................................................

925,284

Net

investment

income

................................................................

1,587,062

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

8,237,056

Foreign

currency

transactions

................................................................

(3,077)

Forward

exchange

contracts

.................................................................

(30,396)

Futures

contracts

.........................................................................

(1,357,464)

TBA

sale

commitments

.....................................................................

39,840

Swap

contracts

...........................................................................

451,479

Net

realized

gain

(loss)

..................................................................

7,337,438

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

4,776,271

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

5,604

Unfunded

loan

commitments

(Note

8)

..........................................................

Forward

exchange

contracts

.................................................................

46,140

Futures

contracts

.........................................................................

(58,689)

TBA

sale

commitments

.....................................................................

(21,186)

Swap

contracts

...........................................................................

9,499

Net

change

in

unrealized

appreciation

(depreciation)

............................................

4,757,648

Net

realized

and

unrealized

gain

(loss)

............................................................

12,095,086

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$13,682,148

Putnam

Variable

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$1,587,062

$1,863,184

Net

realized

gain

(loss)

.................................................

7,337,438

12,622,959

Net

change

in

unrealized

appreciation

(depreciation)

...........................

4,757,648

1,354,252

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

13,682,148

15,840,395

Distributions

to

shareholders:

Class

IA

............................................................

(9,866,995)

(1,703,708)

Class

IB

............................................................

(4,541,243)

(704,262)

Total

distributions

to

shareholders

..........................................

(14,408,238)

(2,407,970)

Capital

share

transactions:

(Note

2)

Class

IA

............................................................

1,216,086

(9,053,859)

Class

IB

............................................................

(6,003,260)

(1,814,348)

Total

capital

share

transactions

............................................

(4,787,174)

(10,868,207)

Net

increase

(decrease)

in

net

assets

...................................

(5,513,264)

2,564,218

Net

assets:

Beginning

of

year

.......................................................

102,799,336

100,235,118

End

of

year

...........................................................

$97,286,072

$102,799,336

Putnam

Variable

Trust

Notes

to

Financial

Statements

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Variable

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty separate

funds.

The Trust

follows the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

VT

Global

Asset

Allocation

Fund

(Fund)

is

included

in

this

report.

Shares

of

the

Fund

are

generally

sold

only

to

insurance

company

separate

accounts

to

fund

the

benefits

of

variable

life

insurance

policies

or

variable

annuity

contracts. At

December

31,

2025,

41.4%

of

the

Fund's

shares

were

held

through

one

insurance

company.

Investment

activities

of

these

insurance

company

separate

accounts

could

have

a

material

impact

on

the

Fund.

The

Fund

offers two classes

of

shares:

Class

IA

and

Class

IB.

Each

class

of

shares

may

differ

by

its

distribution

fees,

voting

rights

on

matters

affecting

a

single

class

and

its

exchange

privilege.

The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the 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.

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

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.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

December

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### 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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

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. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Stripped

#### Securities
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

December

31,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$11,419.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

and

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

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

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to

credit risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

9 regarding

other

derivative

information.

f. #### Securities

#### Lending
The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

the

Putnam

Cash

Collateral

Pool,

LLC,

a

limited

liability

company,

an

affiliate

of

Putnam

Management. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

g. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

h. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. The

Fund may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

gains

and

other

distributions,

if

any,

are

recorded

on

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.

j. #### 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.

k. #### 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)

h. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

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

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### IA

#### Shares:
Shares

sold

...................................

53,240

$997,594

28,082

$524,743

Shares

issued

in

reinvestment

of

distributions

..........

588,372

9,866,995

92,342

1,703,708

Shares

redeemed

...............................

(515,476)

(9,648,503)

(593,757)

(11,282,310)

Net

increase

(decrease)

..........................

126,136

$1,216,086

(473,333)

$(9,053,859)

#### Class

#### IB

#### Shares:
Shares

sold

...................................

419,858

$8,530,884

330,182

$6,433,962

Shares

issued

in

reinvestment

of

distributions

..........

264,640

4,541,222

37,441

704,262

Shares

redeemed

...............................

(956,118)

(19,075,366)

(458,996)

(8,952,572)

Net

increase

(decrease)

..........................

(271,620)

$(6,003,260)

(91,373)

$(1,814,348)

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

The

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

year

ended

December

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.572%

of

the

Fund's

average daily

net

assets.

Under

a

subadvisory

agreement,

Putnam

Management

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund.

With

respect

to

the

portfolio

management

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

average

net

asset

value

of

the

Fund

and

with

respect

to

the

other

advisory

and

related

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund.

These

fees

are

not

an

additional

expense

to

the

Fund.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by

Advisers based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

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
0.750%

of

the

first

$5

billion,

0.700%

of

the

next

$5

billion,

0.650%

of

the

next

$10

billion,

0.600%

of

the

next

$10

billion,

0.550%

of

the

next

$50

billion,

0.530%

of

the

next

$50

billion,

0.520%

of

the

next

$100

billion

and

0.515%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### 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

year

ended

December

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### Maximum

#### %

#### Approved

#### %
Class

IB

..................................................................

0.35%

0.25%

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

......

$12,768,794

$25,207,476

$(32,691,499)

$—

$—

$5,284,771

5,284,771

$428,198

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

April

30,

2027,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with PSERV

and

its

custodian whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

December

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations. Effective

April

14,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

5. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

December

31,

2025

and

2024,

was

as

follows:

At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.044%

.............

$—

$221,025

$(221,025)

$—

$—

$—

—

$173

#### Total

#### Affiliated

#### Securities

#### ...
$12,768,794

$25,428,501

$(32,912,524)

$—

$—

$5,284,771

$428,371

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$4,281,624

$2,407,970

Long

term

capital

gain

......................................................

10,126,614

—

$14,408,238

$2,407,970

Cost

of

investments

..........................................................................

$75,088,964

Unrealized

appreciation

........................................................................

$32,188,740

Unrealized

depreciation

........................................................................

(6,028,831)

Net

unrealized

appreciation

(depreciation)

..........................................................

$26,159,909

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

wash

sales,

EU

reclaims,

passive

foreign

investment

company

shares,

tax

straddles

and

derivative

financial

instruments.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

December

31,

2025,

aggregated

$159,365,685 and

$170,959,372,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

December

31,

2025,

the

aggregate

value

of

these

securities represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

8. #### Unfunded

#### Loan

#### Commitments
The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedule

of

Investments.

At

December

31,

2025,

unfunded

commitments

were

as

follows:

9. #### Other

#### Derivative

#### Information
At

December

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$4,366,396

Undistributed

long

term

capital

gains

..............................................................

6,750,721

Total

distributable

earnings

.....................................................................

$11,117,117

#### Borrower

#### Unfunded

#### Commitment

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
GC

Ferry

Acquisition

I,

Inc.

$

1,458

#### 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

#### Global

#### Asset

#### Allocation

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

18,209

a

Variation

margin

on

futures

contracts

$

80,297

a

Variation

margin

on

centrally

cleared

swap

contracts

35,920

a

Variation

margin

on

centrally

cleared

swap

contracts

47,408

a

5. #### Income

#### Taxes
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

For

the

year

ended

December

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

#### 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

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

20,557

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

20,284

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

540

a

Variation

margin

on

centrally

cleared

swap

contracts

1,011

a

OTC

swap

contracts

(upfront

payments)

8,707

OTC

swap

contracts

(upfront

receipts)

2,593

Unrealized

appreciation

on

OTC

swap

contracts

787

Unrealized

depreciation

on

OTC

swap

contracts

6,901

Equity

contracts

...........

Variation

margin

on

futures

contracts

—

Variation

margin

on

futures

contracts

69,431

a

Unrealized

appreciation

on

OTC

swap

contracts

40,183

Unrealized

depreciation

on

OTC

swap

contracts

38,171

Total

....................

$124,903

$266,096

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

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

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$22,213

Futures

contracts

$177,272

Swap

contracts

(7,518)

Swap

contracts

26,753

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(30,396)

Forward

exchange

contracts

46,140

Credit

contracts

...............

Swap

contracts

118,287

Swap

contracts

(9,911)

Equity

contracts

..............

Futures

contracts

(1,379,677)

Futures

contracts

(235,961)

Swap

contracts

340,710

Swap

contracts

(7,343)

Total

.......................

$(936,381)

$(3,050)

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

For

the

year

ended

December

31,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

swap

contracts

represented

$31,907,082

and

$28,480,740,

respectively. The

average

month

end

contract

value

of

forward

exchange

contracts

was

$3,443,642.

See

Note

1(e) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

10. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matured

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Effective

January

30,

2026,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

29,

2027,

for

a

total

of

$2.995

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

11. #### 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)

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

December

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

1,916,497

$

253,941

$

—

$

2,170,438

Air

Freight

&

Logistics

...................

195,096

—

—

195,096

Automobile

Components

.................

62,183

74,945

—

137,128

Automobiles

..........................

1,241,677

139,080

—

1,380,757

Banks

...............................

1,892,033

1,700,223

—

3,592,256

Beverages

...........................

662,468

109,218

—

771,686

Biotechnology

.........................

1,805,420

48,667

—

1,854,087

Broadline

Retail

.......................

2,874,855

169,060

—

3,043,915

Building

Products

......................

121,679

43,829

—

165,508

Capital

Markets

........................

2,449,292

433,616

—

2,882,908

Chemicals

...........................

848,625

150,122

—

998,747

Commercial

Services

&

Supplies

...........

62,462

—

—

62,462

Communications

Equipment

..............

523,027

41,400

—

564,427

Construction

&

Engineering

...............

63,464

208,719

—

272,183

Construction

Materials

..................

—

121,591

—

121,591

Consumer

Finance

.....................

329,293

—

—

329,293

Consumer

Staples

Distribution

&

Retail

......

506,947

141,779

—

648,726

Containers

&

Packaging

.................

192,515

—

—

192,515

Diversified

Consumer

Services

............

90,812

—

—

90,812

Diversified

REITs

......................

61,142

—

—

61,142

Diversified

Telecommunication

Services

.....

364,768

217,259

—

582,027

Electric

Utilities

........................

767,178

99,737

—

866,915

Electrical

Equipment

....................

933,572

321,408

—

1,254,980

Electronic

Equipment,

Instruments

&

Components

........................

68,862

—

—

68,862

Energy

Equipment

&

Services

.............

428,152

—

—

428,152

Entertainment

.........................

1,258,452

33,044

—

1,291,496

Financial

Services

......................

1,898,802

173,217

—

2,072,019

Food

Products

........................

181,482

225,410

—

406,892

Gas

Utilities

..........................

60,205

35,680

—

95,885

Ground

Transportation

..................

379,268

—

—

379,268

Health

Care

Equipment

&

Supplies

.........

915,573

162,536

—

1,078,109

Health

Care

Providers

&

Services

..........

554,980

9,453

—

564,433

Health

Care

REITs

.....................

64,249

—

—

64,249

Health

Care

Technology

.................

466,392

—

—

466,392

Hotels,

Restaurants

&

Leisure

.............

1,242,150

200,934

—

1,443,084

Household

Durables

....................

63,695

—

—

63,695

Household

Products

....................

1,083,795

106,571

—

1,190,366

Independent

Power

and

Renewable

Electricity

Producers

..........................

56,304

118,267

—

174,571

Industrial

Conglomerates

................

120,216

101,384

—

221,600

Insurance

............................

1,809,622

416,360

—

2,225,982

Interactive

Media

&

Services

..............

5,391,574

48,163

—

5,439,737

IT

Services

...........................

253,348

46,942

—

300,290

Leisure

Products

.......................

64,780

93,156

—

157,936

Life

Sciences

Tools

&

Services

............

62,343

—

—

62,343

Machinery

............................

1,259,637

240,992

—

1,500,629

Marine

Transportation

...................

—

39,362

—

39,362

11. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Media

...............................

$

66,236

$

20,966

$

—

$

87,202

Metals

&

Mining

.......................

139,776

483,032

—

622,808

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

60,212

—

—

60,212

Multi-Utilities

..........................

373,498

197,260

—

570,758

Oil,

Gas

&

Consumable

Fuels

.............

1,054,809

490,457

—

1,545,266

Passenger

Airlines

.....................

141,743

238,889

—

380,632

Personal

Care

Products

.................

62,308

—

—

62,308

Pharmaceuticals

.......................

2,529,467

897,656

—

3,427,123

Professional

Services

...................

332,315

122,048

—

454,363

Real

Estate

Management

&

Development

....

63,834

—

—

63,834

Residential

REITs

......................

484,465

—

—

484,465

Retail

REITs

..........................

486,270

—

—

486,270

Semiconductors

&

Semiconductor

Equipment

.

8,229,528

428,986

—

8,658,514

Software

.............................

6,016,190

212,460

—

6,228,650

Specialized

REITs

......................

454,818

—

—

454,818

Specialty

Retail

........................

497,223

50,709

—

547,932

Technology

Hardware,

Storage

&

Peripherals

.

4,755,841

—

—

4,755,841

Textiles,

Apparel

&

Luxury

Goods

..........

76,918

162,798

—

239,716

Tobacco

.............................

582,412

113,205

—

695,617

Trading

Companies

&

Distributors

..........

—

225,693

—

225,693

Transportation

Infrastructure

..............

—

52,948

—

52,948

Wireless

Telecommunication

Services

.......

—

101,221

—

101,221

Convertible

Preferred

Stocks

................

26,420

—

—

26,420

Convertible

Bonds

.......................

—

32,453

—

32,453

Corporate

Bonds

........................

—

12,933,905

—

12,933,905

Senior

Floating

Rate

Interests

...............

—

441,220

—

441,220

Foreign

Government

and

Agency

Securities

....

—

255,214

—

255,214

Asset-Backed

Securities

...................

—

64,722

—

64,722

Commercial

Mortgage-Backed

Securities

......

—

385,283

—

385,283

Mortgage-Backed

Securities

................

—

9,529,914

—

9,529,914

Residential

Mortgage-Backed

Securities

.......

—

673,064

—

673,064

Agency

Commercial

Mortgage-Backed

Securities

—

63,947

—

63,947

Short

Term

Investments

...................

5,284,771

998,236

—

6,283,007

Total

Investments

in

Securities

...........

$67,367,940

$35,502,351

b

$—

$102,870,291

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$20,557

$—

$20,557

Futures

Contracts

.......................

18,209

—

—

18,209

Swap

Contracts

.........................

—

77,430

—

77,430

Unfunded

Loan

Commitments

..............

—

—

Total

Other

Financial

Instruments

.........

$18,209

$97,996

$—

$116,205

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

1,622,852

$

—

$

1,622,852

Forward

Exchange

Contracts

...............

—

20,284

—

20,284

Futures

Contracts

........................

149,728

—

—

149,728

Swap

Contracts

.........................

—

93,491

—

93,491

Total

Other

Financial

Instruments

.........

$149,728

$1,736,627

$—

$1,886,355

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$10,124,393,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

11. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

12. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

13. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Putnam

Variable

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Cu

#### r

#### rency

#### AUD
Australian

Dollar

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CDX.NA.IG.

#### Series

#### number
CDX

North

America

Investment

Grade

Index

#### Selected

#### Portfolio

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### IO
Interest

Only

#### PIK
Payment-In-Kind

#### 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

........................

3.87%

Putnam

Variable

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Variable

Trust

and

Shareholders

of

Putnam

VT

Global

Asset

Allocation

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

VT

Global

Asset

Allocation

Fund

(one

of

the

funds

constituting

Putnam

Variable

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

February

19,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Variable

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

December

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$10,126,614

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$497,189

Section

163(j)

Interest

Earned

§163(j)

$1,158,443

Putnam

Variable

Trust

franklintempleton.com

Annual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38923-AFSOI

02/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

[(a) (1) Code of Ethics attached hereto.](pvgpbf-efp22394_ec99code.htm)

Exhibit 99.CODE ETH

[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvgpbf-efp22394_ec99cert.htm)

Exhibit 99.CERT

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvgpbf-efp22394_ec99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Variable Trust** | **Putnam Variable Trust** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | February 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | February 25, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | February 25, 2026 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Variable Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: February 25, 2026

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Variable Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: February 25, 2026

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| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Variable Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **December 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Variable Trust | Putnam Variable Trust |

---

---

| | |
|:---|:---|
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: February 25, 2026 | Date: February 25, 2026 |

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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.