# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001133228-25-008920
**Filing Date:** 2025-8
**Character Count:** 326574
**Document Hash:** 344ec86480e3c909e4ed7f5a2b1fdb14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008920.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001133228-25-008920

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 251256534

**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'? 2025-07-1774300184200_PutnamVTGlobalAssetAllocationFund_ClassIA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

 **Putnam Variable Trust** 

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class IA<sup>1</sup>  | $43 | 0.84% |

---

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

† Annualized.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $100705585 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1237 |
| **Portfolio Turnover Rate** | 104% |

---

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

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

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

![image](ts4278img003.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%.

---

| | |
|:---|:---|
| ![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 1 38923-STSIA-0825

67.612.57.70.70.60.30.30.10.10.00.010.1 ------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class IB<sup>1</sup>  | $56 | 1.09% |

---

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

† Annualized.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $100705585 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1237 |
| **Portfolio Turnover Rate** | 104% |

---

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

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

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

![image](ts4280img003.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%.

---

| | |
|:---|:---|
| ![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 1 38923-STSIB-0825

67.612.57.70.70.60.30.30.10.10.00.010.1 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

June

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Report

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 51
Notes

to

Financial

Statements

#### 55
Changes

In

and

Disagreements

with

Accountants

#### 71
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### IA

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$19.99

$17.56

$15.19

$20.05

$18.21

$16.95

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.36 0.30 0.25 0.22 0.22 Net

realized

and

unrealized

gains

(losses)

0.92 2.52 2.36 (3.20)

2.30 1.72 Total

from

investment

operations

........

1.10 2.88 2.66 (2.95)

2.52 1.94 Less

distributions

from:

Net

investment

income

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

(0.51)

(0.45)

(0.29)

(0.29)

(0.18)

(0.36)

Net

realized

gains

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

(2.47)

—

—

(1.62)

(0.50)

(0.32)

Total

distributions

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

(2.98)

(0.45)

(0.29)

(1.91)

(0.68)

(0.68)

Net

asset

value,

end

of

period

..........

$18.11

$19.99

$17.56

$15.19

$20.05

$18.21

Total

return

c

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

6.68%

16.63%

17.78%

(15.82)%

14.25%

12.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.87%

0.89%

0.93%

0.91%

0.84%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.84%

0.85%

0.86%

0.86%

0.84%

0.86%

Net

investment

income

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

1.91%

1.88%

1.87%

1.56%

1.13%

1.32%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$68,408

$68,410

$68,403

$66,140

$89,120

$87,732

Portfolio

turnover

rate

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

104%

234%

262%

262%

306%

320%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Variable

Trust

Financial

Highlights

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### IB

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.34

$17.86

$15.44

$20.34

$18.47

$17.17

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.16 0.31 0.26 0.22 0.17 0.18 Net

realized

and

unrealized

gains

(losses)

0.95 2.58 2.41 (3.26)

2.34 1.75 Total

from

investment

operations

........

1.11 2.89 2.67 (3.04)

2.51 1.93 Less

distributions

from:

Net

investment

income

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

(0.46)

(0.41)

(0.25)

(0.24)

(0.14)

(0.31)

Net

realized

gains

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

(2.47)

—

—

(1.62)

(0.50)

(0.32)

Total

distributions

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

(2.93)

(0.41)

(0.25)

(1.86)

(0.64)

(0.63)

Net

asset

value,

end

of

period

..........

$18.52

$20.34

$17.86

$15.44

$20.34

$18.47

Total

return

c

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

6.56%

16.36%

17.48%

(16.03)%

13.95%

12.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.12%

1.14%

1.18%

1.16%

1.09%

1.11%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

1.09%

1.10%

1.11%

1.11%

1.09%

1.11%

Net

investment

income

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

1.66%

1.62%

1.62%

1.30%

0.88%

1.06%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$32,297

$34,389

$31,832

$30,939

$40,953

$38,431

Portfolio

turnover

rate

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

104%

234%

262%

262%

306%

320%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

include

fees,

charges

or

expenses

imposed

by

the

variable

annuity

and

life

insurance

contracts

for

which

Putnam

Variable

Trust

serves

as

an

underlying

investment

vehicle.

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 70.0%

#### Aerospace

#### &

#### Defense

#### 2.0%
Airbus

SE

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

France

661

$

138,282

a

Axon

Enterprise,

Inc.

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

United

States

32,290

Curtiss-Wright

Corp.

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

United

States

78,657

Dassault

Aviation

SA

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

France

17,679

General

Dynamics

Corp.

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

United

States

126,872

General

Electric

Co.

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

United

States

82,107

Lockheed

Martin

Corp.

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

United

States

1,755

812,811

Northrop

Grumman

Corp.

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

United

States

93,996

RTX

Corp.

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

United

States

3,058

446,529

Textron,

Inc.

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

United

States

769

61,743

Thales

SA

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

France

116,634

2,007,600

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
Expeditors

International

of

Washington,

Inc.

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

United

States

506

57,811

FedEx

Corp.

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

United

States

60,010

United

Parcel

Service,

Inc.,

B

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

United

States

599

60,463

178,284

#### Automobile

#### Components

#### 0.1%
Aisin

Corp.

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

Japan

4,500

57,566

#### Automobiles

#### 1.0%
Subaru

Corp.

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

Japan

3,100

53,743

a

Tesla,

Inc.

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

United

States

2,785

884,683

Toyota

Motor

Corp.

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

Japan

1,300

22,390

960,816

#### Banks

#### 3.5%
AIB

Group

plc

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

Ireland

5,775

47,660

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

5,423

83,505

Banco

de

Sabadell

SA

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

Spain

6,523

20,766

Banco

Santander

SA

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

Spain

20,659

171,075

Bank

Hapoalim

BM

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

Israel

4,015

77,120

Bank

Leumi

Le-Israel

BM

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

Israel

5,048

93,921

Bank

of

America

Corp.

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

United

States

4,141

195,952

Barclays

plc

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

United

Kingdom

26,555

122,705

BNP

Paribas

SA

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

France

43,954

BOC

Hong

Kong

Holdings

Ltd.

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

China

3,000

13,060

Citigroup,

Inc.

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

United

States

10,890

926,957

Citizens

Financial

Group,

Inc.

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

United

States

1,426

63,814

Credit

Agricole

SA

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

France

1,396

26,410

Erste

Group

Bank

AG

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

Austria

630

53,629

First

Horizon

Corp.

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

United

States

2,836

60,123

HSBC

Holdings

plc

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

United

Kingdom

17,937

216,969

Intesa

Sanpaolo

SpA

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

Italy

18,639

107,368

JPMorgan

Chase

&

Co.

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

United

States

75,667

Lloyds

Banking

Group

plc

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

United

Kingdom

129,842

136,531

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

6,700

91,345

NatWest

Group

plc

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

United

Kingdom

15,394

108,111

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

61,891

Popular,

Inc.

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

United

States

551

60,726

UniCredit

SpA

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

Italy

1,829

122,695

Webster

Financial

Corp.

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

United

States

1,060

57,876

Wells

Fargo

&

Co.

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

United

States

978

78,357

Zions

Bancorp

NA

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

United

States

1,174

60,978

3,179,165

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Beverages

#### 0.3%
a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

$

46,367

Carlsberg

A/S,

B

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

Denmark

16,860

Coca-Cola

Co.

(The)

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

United

States

815

57,661

Coca-Cola

Consolidated,

Inc.

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

United

States

503

56,160

Coca-Cola

HBC

AG

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

Italy

1,255

65,565

Keurig

Dr

Pepper,

Inc.

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

United

States

1,724

56,995

a

Monster

Beverage

Corp.

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

United

States

1,127

70,595

PepsiCo,

Inc.

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

United

States

54,929

425,132

#### Biotechnology

#### 1.6%
AbbVie,

Inc.

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

United

States

2,250

417,645

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

65,544

Amgen,

Inc.

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

United

States

59,193

CSL

Ltd.

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

United

States

6,792

a

Exelixis,

Inc.

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

United

States

6,361

280,361

a

Genmab

A/S

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

Denmark

35,719

a

Incyte

Corp.

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

United

States

3,532

240,529

a

Natera,

Inc.

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

United

States

61,325

a

Neurocrine

Biosciences,

Inc.

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

United

States

2,660

334,335

Regeneron

Pharmaceuticals,

Inc.

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

United

States

55,650

1,557,093

#### Broadline

#### Retail

#### 3.0%
a

Amazon.com,

Inc.

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

United

States

11,924

2,616,006

eBay,

Inc.

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

United

States

833

62,025

a

Etsy,

Inc.

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

United

States

1,213

60,844

Next

plc

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

United

Kingdom

25,790

Prosus

NV

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

China

2,623

147,167

2,911,832

#### Building

#### Products

#### 0.4%
Allegion

plc

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

United

States

59,377

Cie

de

Saint-Gobain

SA

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

France

1,099

129,105

Johnson

Controls

International

plc

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

United

States

671

70,871

Owens

Corning

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

United

States

56,933

Trane

Technologies

plc

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

United

States

69,986

386,272

#### Capital

#### Markets

#### 2.7%
3i

Group

plc

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

United

Kingdom

2,222

125,748

Ameriprise

Financial,

Inc.

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

United

States

66,716

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

649

59,130

CME

Group,

Inc.

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

United

States

65,873

Deutsche

Boerse

AG

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

Germany

103,561

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

70,764

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

1,532

1,084,273

Intercontinental

Exchange,

Inc.

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

United

States

57,977

Morgan

Stanley

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

United

States

63,387

Northern

Trust

Corp.

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

United

States

545

69,101

State

Street

Corp.

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

United

States

5,718

608,052

UBS

Group

AG

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

Switzerland

1,697

57,616

Virtu

Financial,

Inc.,

A

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

United

States

1,723

77,173

2,509,371

#### Chemicals

#### 0.8%
Air

Liquide

SA

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

France

49,488

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Chemicals
(continued)

a

Axalta

Coating

Systems

Ltd.

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

United

States

1,834

$

54,451

CF

Industries

Holdings,

Inc.

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

United

States

714

65,688

DuPont

de

Nemours,

Inc.

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

United

States

826

56,655

Ecolab,

Inc.

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

United

States

61,971

Huntsman

Corp.

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

United

States

4,782

49,828

Linde

plc

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

United

States

66,154

LyondellBasell

Industries

NV,

A

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

United

States

997

57,686

Mosaic

Co.

(The)

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

United

States

1,644

59,973

NewMarket

Corp.

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

United

States

63,559

Sherwin-Williams

Co.

(The)

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

United

States

54,594

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

3,600

118,879

758,926

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Republic

Services,

Inc.,

A

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

United

States

56,967

TOPPAN

Holdings,

Inc.

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

Japan

2,200

59,767

Veralto

Corp.

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

United

States

560

56,532

Waste

Management,

Inc.

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

United

States

57,205

230,471

#### Communications

#### Equipment

#### 1.0%
a

Arista

Networks,

Inc.

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

United

States

1,324

135,458

Cisco

Systems,

Inc.

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

United

States

879

60,985

a

F5,

Inc.

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

United

States

60,041

Juniper

Networks,

Inc.

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

United

States

1,518

60,614

Motorola

Solutions,

Inc.

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

United

States

867

364,539

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

6,593

56,339

Ubiquiti,

Inc.

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

United

States

92,621

830,597

#### Construction

#### &

#### Engineering

#### 0.1%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

10,148

Vinci

SA

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

France

779

114,879

125,027

#### Construction

#### Materials

#### 0.1%
a

Amrize

Ltd.

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

United

States

1,088

54,273

Heidelberg

Materials

AG

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

Germany

45,686

Holcim

AG

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

United

States

1,064

79,012

178,971

#### Consumer

#### Finance

#### 0.4%
Ally

Financial,

Inc.

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

United

States

1,561

60,801

American

Express

Co.

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

United

States

64,115

Capital

One

Financial

Corp.

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

United

States

69,785

SLM

Corp.

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

United

States

1,739

57,022

Synchrony

Financial

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

United

States

977

65,205

316,928

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.3%
Coles

Group

Ltd.

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

Australia

5,759

Costco

Wholesale

Corp.

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

United

States

57,417

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

2,376

99,237

a

Maplebear,

Inc.

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

United

States

3,169

143,366

Marks

&

Spencer

Group

plc

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

United

Kingdom

999

4,862

Target

Corp.

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

United

States

565

55,737

Tesco

plc

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

United

Kingdom

10,480

57,782

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Walmart,

Inc.

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

United

States

10,189

$

996,280

1,420,440

#### Containers

#### &

#### Packaging

#### 0.1%
Crown

Holdings,

Inc.

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

United

States

601

61,891

Packaging

Corp.

of

America

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

United

States

56,723

Sealed

Air

Corp.

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

United

States

1,807

56,071

174,685

#### Diversified

#### Consumer

#### Services

#### 0.2%
ADT,

Inc.

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

United

States

6,860

58,104

a

Duolingo,

Inc.,

A

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

United

States

58,223

116,327

#### Diversified

#### REITs

#### 0.1%
Covivio

SA

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

France

6,150

WP

Carey,

Inc.

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

United

States

956

59,635

65,785

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
AT&T,

Inc.

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

United

States

11,769

340,595

Deutsche

Telekom

AG

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

Germany

1,975

72,292

Koninklijke

KPN

NV

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

Netherlands

4,120

20,098

Telstra

Group

Ltd.

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

Australia

18,934

60,373

Verizon

Communications,

Inc.

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

United

States

1,321

57,160

550,518

#### Electric

#### Utilities

#### 1.5%
American

Electric

Power

Co.,

Inc.

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

United

States

563

58,417

Duke

Energy

Corp.

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

United

States

58,646

Edison

International

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

United

States

8,805

454,338

Exelon

Corp.

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

United

States

10,948

475,362

Iberdrola

SA

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

Spain

8,187

157,502

NRG

Energy,

Inc.

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

United

States

58,772

PG&E

Corp.

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

United

States

7,376

102,821

1,365,858

#### Electrical

#### Equipment

#### 0.9%
ABB

Ltd.

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

Switzerland

2,158

129,326

AMETEK,

Inc.

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

United

States

58,088

Eaton

Corp.

plc

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

United

States

65,686

GE

Vernova,

Inc.

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

United

States

95,776

a

Generac

Holdings,

Inc.

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

United

States

67,738

Mitsubishi

Electric

Corp.

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

Japan

6,000

129,054

Vertiv

Holdings

Co.,

A

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

United

States

2,735

351,201

896,869

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
a

Keysight

Technologies,

Inc.

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

United

States

58,826

a

Zebra

Technologies

Corp.,

A

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

United

States

61,055

119,881

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
Halliburton

Co.

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

United

States

13,399

273,072

TechnipFMC

plc

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

United

Kingdom

2,078

71,566

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

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
(continued)

Weatherford

International

plc

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

United

States

1,247

$

62,737

407,375

#### Entertainment

#### 1.5%
a

Netflix,

Inc.

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

United

States

1,009

1,351,182

Nexon

Co.

Ltd.

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

Japan

1,800

36,255

a

ROBLOX

Corp.,

A

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

United

States

1,143

120,244

a

Spotify

Technology

SA

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

United

States

71,363

1,579,044

#### Financial

#### Services

#### 3.1%
a

Berkshire

Hathaway,

Inc.,

B

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

United

States

529

256,972

Corebridge

Financial,

Inc.

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

United

States

1,792

63,616

Equitable

Holdings,

Inc.

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

United

States

7,199

403,864

EXOR

NV

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

Netherlands

762

76,922

a

Fiserv,

Inc.

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

United

States

60,688

Global

Payments,

Inc.

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

United

States

725

58,029

Investor

AB,

B

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

Sweden

3,121

92,486

Mastercard,

Inc.,

A

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

United

States

2,091

1,175,017

MGIC

Investment

Corp.

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

United

States

2,324

64,700

a

PayPal

Holdings,

Inc.

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

United

States

8,911

662,266

Western

Union

Co.

(The)

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

United

States

5,909

49,754

2,964,314

#### Food

#### Products

#### 0.5%
Ajinomoto

Co.,

Inc.

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

Japan

1,100

29,835

Associated

British

Foods

plc

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

United

Kingdom

3,041

85,922

Hormel

Foods

Corp.

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

United

States

1,937

58,594

Ingredion,

Inc.

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

United

States

56,418

Mondelez

International,

Inc.,

A

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

United

States

886

59,752

Nestle

SA

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

United

States

47,426

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

700

14,543

Tyson

Foods,

Inc.,

A

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

United

States

1,031

57,674

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

120,000

115,655

525,819

#### Gas

#### Utilities

#### 0.1%
National

Fuel

Gas

Co.

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

United

States

718

60,822

#### Ground

#### Transportation

#### 0.7%
CSX

Corp.

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

United

States

1,887

61,573

a

Lyft,

Inc.,

A

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

United

States

3,532

55,664

a

Uber

Technologies,

Inc.

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

United

States

1,796

167,567

Union

Pacific

Corp.

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

United

States

1,822

419,206

704,010

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.9%
Abbott

Laboratories

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

United

States

58,620

Becton

Dickinson

&

Co.

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

United

States

57,015

BioMerieux

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

France

24,620

a

Boston

Scientific

Corp.

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

United

States

527

56,605

a

Dexcom,

Inc.

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

United

States

669

58,397

a

Edwards

Lifesciences

Corp.

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

United

States

739

57,797

a

Hologic,

Inc.

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

United

States

1,034

67,375

Hoya

Corp.

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

Japan

800

95,010

a

Insulet

Corp.

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

United

States

56,238

Medtronic

plc

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

United

States

4,580

399,239

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

Olympus

Corp.

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

Japan

2,700

$

32,071

962,987

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.8%
Cardinal

Health,

Inc.

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

United

States

63,336

Cencora,

Inc.

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

United

States

59,970

Chemed

Corp.

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

United

States

48,693

Cigna

Group

(The)

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

United

States

1,234

407,936

Elevance

Health,

Inc.

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

United

States

55,232

Fresenius

SE

&

Co.

KGaA

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

Germany

9,108

Humana,

Inc.

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

United

States

55,741

McKesson

Corp.

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

United

States

59,355

Sonic

Healthcare

Ltd.

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

Australia

2,684

47,376

a

Tenet

Healthcare

Corp.

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

United

States

61,248

UnitedHealth

Group,

Inc.

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

United

States

56,779

Universal

Health

Services,

Inc.,

B

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

United

States

54,164

978,938

#### Health

#### Care

#### REITs

#### 0.0%

#### †
Omega

Healthcare

Investors,

Inc.

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

United

States

1,556

57,027

#### Health

#### Care

#### Technology

#### 0.5%
a

Doximity,

Inc.,

A

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

United

States

1,102

67,597

a

Veeva

Systems,

Inc.,

A

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

United

States

1,577

454,144

521,741

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.2%
a

Airbnb,

Inc.,

A

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

United

States

58,362

Aristocrat

Leisure

Ltd.

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

Australia

2,097

89,845

Booking

Holdings,

Inc.

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

United

States

52,103

a

Chipotle

Mexican

Grill,

Inc.,

A

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

United

States

1,067

59,912

Compass

Group

plc

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

United

Kingdom

3,270

110,762

a

DoorDash,

Inc.,

A

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

United

States

3,302

813,976

b

FDJ

United,

144A,

Reg

S

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

France

529

20,758

InterContinental

Hotels

Group

plc

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

United

Kingdom

26,754

1,232,472

#### Household

#### Durables

#### 0.4%
DR

Horton,

Inc.

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

United

States

61,366

Garmin

Ltd.

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

United

States

59,694

PulteGroup,

Inc.

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

United

States

576

60,745

Toll

Brothers,

Inc.

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

United

States

559

63,799

245,604

#### Household

#### Products

#### 0.7%
Clorox

Co.

(The)

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

United

States

51,630

Colgate-Palmolive

Co.

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

United

States

5,014

455,773

Kimberly-Clark

Corp.

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

United

States

1,443

186,032

Procter

&

Gamble

Co.

(The)

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

United

States

55,443

Reckitt

Benckiser

Group

plc

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

United

Kingdom

805

54,842

803,720

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
RWE

AG

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

Germany

20,058

Vistra

Corp.

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

United

States

72,291

92,349

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

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

#### 0.2%
3M

Co.

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

United

States

$

58,460

DCC

plc

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

United

Kingdom

23,819

Honeywell

International,

Inc.

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

United

States

61,713

Sekisui

Chemical

Co.

Ltd.

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

Japan

1,600

28,977

Smiths

Group

plc

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

United

Kingdom

1,052

32,448

205,417

#### Industrial

#### REITs

#### 0.0%

#### †
First

Industrial

Realty

Trust,

Inc.

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

United

States

1,105

53,184

#### Insurance

#### 1.7%
Aflac,

Inc.

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

United

States

553

58,319

AIA

Group

Ltd.

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

Hong

Kong

12,200

110,513

Allianz

SE

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

Germany

152,999

Allstate

Corp.

(The)

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

United

States

53,750

American

International

Group,

Inc.

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

United

States

659

56,404

AXA

SA

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

France

13,700

Axis

Capital

Holdings

Ltd.

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

United

States

647

67,172

a

Brighthouse

Financial,

Inc.

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

United

States

945

50,813

Chubb

Ltd.

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

United

States

55,047

Dai-ichi

Life

Holdings,

Inc.

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

Japan

2,200

16,726

Everest

Group

Ltd.

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

United

States

57,095

Globe

Life,

Inc.

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

United

States

1,195

148,527

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

27,519

MetLife,

Inc.

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

United

States

6,789

545,971

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

85,063

NN

Group

NV

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

Netherlands

9,183

Old

Republic

International

Corp.

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

United

States

1,626

62,503

b

Poste

Italiane

SpA,

144A,

Reg

S

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

Italy

515

11,065

Primerica,

Inc.

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

United

States

57,197

Progressive

Corp.

(The)

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

United

States

54,173

Prudential

Financial,

Inc.

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

United

States

523

56,191

QBE

Insurance

Group

Ltd.

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

Australia

1,254

19,310

Reinsurance

Group

of

America,

Inc.

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

United

States

59,706

Talanx

AG

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

Germany

55,876

Travelers

Cos.,

Inc.

(The)

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

United

States

54,311

Unipol

Assicurazioni

SpA

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

Italy

8,179

Unum

Group

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

United

States

711

57,420

W

R

Berkley

Corp.

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

United

States

794

58,335

Willis

Towers

Watson

plc

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

United

States

57,316

Zurich

Insurance

Group

AG

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

Switzerland

61,576

2,181,959

#### Interactive

#### Media

#### &

#### Services

#### 4.6%
Alphabet,

Inc.,

A

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

United

States

11,004

1,939,235

b

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

4,070

46,100

LY

Corp.

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

Japan

20,000

73,652

Meta

Platforms,

Inc.,

A

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

United

States

3,483

2,570,767

b

Scout24

SE,

144A,

Reg

S

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

Germany

23,054

4,652,808

#### IT

#### Services

#### 0.4%
Accenture

plc,

A

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

Ireland

53,800

Fujitsu

Ltd.

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

Japan

600

14,556

a

GoDaddy,

Inc.,

A

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

United

States

54,738

NEC

Corp.

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

Japan

700

20,423

a

Snowflake,

Inc.,

A

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

United

States

77,424

a

Twilio,

Inc.,

A

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

United

States

61,807

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### IT

#### Services
(continued)

VeriSign,

Inc.

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

United

States

$

60,359

343,107

#### Leisure

#### Products

#### 0.2%
Bandai

Namco

Holdings,

Inc.

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

Japan

1,500

53,759

Hasbro,

Inc.

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

United

States

855

63,116

116,875

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Danaher

Corp.

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

United

States

58,274

#### Machinery

#### 1.0%
Allison

Transmission

Holdings,

Inc.

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

United

States

551

52,340

Caterpillar,

Inc.

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

United

States

72,983

Cummins,

Inc.

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

United

States

57,968

Deere

&

Co.

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

United

States

57,968

Donaldson

Co.,

Inc.

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

United

States

815

56,520

Flowserve

Corp.

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

United

States

1,149

60,150

GEA

Group

AG

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

Germany

734

51,453

Graco,

Inc.

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

United

States

687

59,061

Hoshizaki

Corp.

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

Japan

13,783

Komatsu

Ltd.

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

Japan

500

16,497

Lincoln

Electric

Holdings,

Inc.

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

United

States

59,086

Makita

Corp.

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

Japan

9,239

Parker-Hannifin

Corp.

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

United

States

49,591

Pentair

plc

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

United

States

594

60,980

Rational

AG

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

Germany

16,806

Schindler

Holding

AG

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

Switzerland

77,081

Westinghouse

Air

Brake

Technologies

Corp.

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

United

States

61,130

832,636

#### Marine

#### Transportation

#### 0.1%
a

Kirby

Corp.

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

United

States

531

60,221

SITC

International

Holdings

Co.

Ltd.

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

China

12,000

38,446

98,667

#### Media

#### 0.2%
Comcast

Corp.,

A

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

United

States

1,641

58,567

Informa

plc

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

United

Kingdom

2,589

28,663

New

York

Times

Co.

(The),

A

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

United

States

1,132

63,369

a

Trade

Desk,

Inc.

(The),

A

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

United

States

759

54,640

205,239

#### Metals

#### &

#### Mining

#### 0.7%
ArcelorMittal

SA

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

Luxembourg

600

19,053

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

4,385

105,493

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

8,093

BlueScope

Steel

Ltd.

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

Australia

1,622

24,717

a

Boliden

AB

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

Sweden

9,250

Fortescue

Ltd.

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

Australia

6,839

68,747

Freeport-McMoRan,

Inc.

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

United

States

1,437

62,294

Glencore

plc

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

Australia

9,549

37,209

Norsk

Hydro

ASA

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

Norway

2,645

15,146

Northern

Star

Resources

Ltd.

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

Australia

3,922

48,445

Nucor

Corp.

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

United

States

507

65,677

Rio

Tinto

plc

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

Australia

1,146

66,702

Royal

Gold,

Inc.

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

United

States

29,166

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Metals

#### &

#### Mining
(continued)

Southern

Copper

Corp.

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

Mexico

636

$

64,344

624,336

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
Rithm

Capital

Corp.

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

United

States

5,035

56,845

#### Multi-Utilities

#### 0.3%
Consolidated

Edison,

Inc.

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

United

States

553

55,494

Dominion

Energy,

Inc.

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

United

States

1,013

57,255

E.ON

SE

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

Germany

4,040

74,440

Engie

SA

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

France

5,703

134,037

Public

Service

Enterprise

Group,

Inc.

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

United

States

735

61,872

Sembcorp

Industries

Ltd.

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

Singapore

3,400

18,316

401,414

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.9%
Antero

Midstream

Corp.

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

United

States

3,101

58,764

Cheniere

Energy,

Inc.

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

United

States

2,732

665,297

ConocoPhillips

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

United

States

651

58,421

Coterra

Energy,

Inc.

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

United

States

2,346

59,542

ENEOS

Holdings,

Inc.

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

Japan

12,600

62,456

Eni

SpA

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

Italy

1,147

18,529

Equinor

ASA

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

Norway

4,603

116,245

Exxon

Mobil

Corp.

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

United

States

1,379

148,656

Inpex

Corp.

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

Japan

7,200

101,068

Marathon

Petroleum

Corp.

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

United

States

60,132

Repsol

SA

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

Spain

1,445

21,135

Shell

plc

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

United

States

1,036

36,146

TotalEnergies

SE

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

France

2,811

171,816

Valero

Energy

Corp.

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

United

States

60,355

Williams

Cos.,

Inc.

(The)

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

United

States

993

62,370

1,700,932

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Louisiana-Pacific

Corp.

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

United

States

635

54,604

#### Passenger

#### Airlines

#### 0.4%
Delta

Air

Lines,

Inc.

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

United

States

1,169

57,491

Qantas

Airways

Ltd.

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

Australia

13,935

98,445

Ryanair

Holdings

plc

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

Italy

861

24,423

a

United

Airlines

Holdings,

Inc.

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

United

States

730

58,130

238,489

#### Personal

#### Care

#### Products

#### 0.1%
Unilever

plc

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

United

Kingdom

1,087

66,336

#### Pharmaceuticals

#### 3.0%
AstraZeneca

plc

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

United

Kingdom

17,814

Bristol-Myers

Squibb

Co.

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

United

States

5,976

276,629

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

1,100

57,440

Daiichi

Sankyo

Co.

Ltd.

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

Japan

4,700

108,890

Eli

Lilly

&

Co.

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

United

States

1,118

871,515

GSK

plc

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

United

States

2,284

43,548

Ipsen

SA

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

France

25,253

Johnson

&

Johnson

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

United

States

3,080

470,470

Merck

&

Co.,

Inc.

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

United

States

7,522

595,442

Merck

KGaA

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

Germany

5,057

Novartis

AG

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

United

States

1,957

237,535

Novo

Nordisk

A/S,

B

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

Denmark

1,933

133,945

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Pharmaceuticals
(continued)

Otsuka

Holdings

Co.

Ltd.

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

Japan

1,000

$

49,579

Roche

Holding

AG

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

United

States

62,020

Sanofi

SA

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

United

States

40,468

2,995,605

#### Professional

#### Services

#### 1.1%
Automatic

Data

Processing,

Inc.

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

United

States

2,623

808,933

Booz

Allen

Hamilton

Holding

Corp.,

A

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

United

States

23,429

Broadridge

Financial

Solutions,

Inc.

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

United

States

58,327

Leidos

Holdings,

Inc.

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

United

States

57,582

a

Paylocity

Holding

Corp.

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

United

States

51,639

Recruit

Holdings

Co.

Ltd.

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

Japan

2,400

141,136

Verisk

Analytics,

Inc.,

A

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

United

States

28,970

1,170,016

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
a

CBRE

Group,

Inc.,

A

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

United

States

63,755

a

Jones

Lang

LaSalle,

Inc.

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

United

States

65,224

128,979

#### Residential

#### REITs

#### 0.1%
AvalonBay

Communities,

Inc.

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

United

States

56,980

Camden

Property

Trust

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

United

States

55,444

Equity

LifeStyle

Properties,

Inc.

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

United

States

859

52,975

Equity

Residential

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

United

States

821

55,409

Essex

Property

Trust,

Inc.

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

United

States

57,530

Invitation

Homes,

Inc.

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

United

States

1,701

55,793

Mid-America

Apartment

Communities,

Inc.

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

United

States

53,876

388,007

#### Retail

#### REITs

#### 0.6%
Brixmor

Property

Group,

Inc.

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

United

States

2,283

59,449

Simon

Property

Group,

Inc.

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

United

States

3,187

512,342

571,791

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 7.1%
Applied

Materials,

Inc.

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

United

States

66,271

ASML

Holding

NV

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

Netherlands

263,640

a

Astera

Labs,

Inc.

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

United

States

618

55,880

Broadcom,

Inc.

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

United

States

3,124

861,131

a

Cirrus

Logic,

Inc.

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

United

States

580

60,468

KLA

Corp.

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

United

States

66,285

Lam

Research

Corp.

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

United

States

750

73,005

NVIDIA

Corp.

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

United

States

30,151

4,763,557

QUALCOMM,

Inc.

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

United

States

5,814

925,938

SCREEN

Holdings

Co.

Ltd.

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

Japan

700

56,918

7,193,093

#### Software

#### 5.9%
a

Adobe,

Inc.

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

United

States

2,210

855,005

a

AppLovin

Corp.,

A

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

United

States

56,363

a

Atlassian

Corp.,

A

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

United

States

2,450

497,571

a

Autodesk,

Inc.

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

United

States

728

225,367

a

Cadence

Design

Systems,

Inc.

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

United

States

56,391

a

Check

Point

Software

Technologies

Ltd.

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

Israel

22,125

a

DocuSign,

Inc.,

A

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

United

States

645

50,239

a

Dropbox,

Inc.,

A

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

United

States

2,063

59,002

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Software
(continued)

a

Fortinet,

Inc.

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

United

States

557

$

58,886

Intuit,

Inc.

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

United

States

69,311

a

Manhattan

Associates,

Inc.

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

United

States

91,824

Microsoft

Corp.

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

United

States

6,869

3,416,709

a

Nice

Ltd.

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

Israel

13,053

Oracle

Corp.

Japan

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

Japan

35,757

Pegasystems,

Inc.

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

United

States

1,178

63,765

a

RingCentral,

Inc.,

A

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

United

States

2,213

62,739

Salesforce,

Inc.

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

United

States

56,992

SAP

SE

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

Germany

141,270

a

ServiceNow,

Inc.

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

United

States

327,958

a

Teradata

Corp.

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

United

States

2,443

54,503

a

Workday,

Inc.,

A

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

United

States

51,360

a

Zoom

Communications,

Inc.,

A

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

United

States

709

55,288

6,321,478

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

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

United

States

71,832

Millrose

Properties,

Inc.,

A

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

United

States

2,042

58,217

Public

Storage

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

United

States

55,456

VICI

Properties,

Inc.,

A

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

United

States

1,829

59,625

Weyerhaeuser

Co.

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

United

States

2,227

57,212

302,342

#### Specialty

#### Retail

#### 1.1%
a

AutoZone,

Inc.

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

United

States

51,971

Avolta

AG

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

Switzerland

14,653

Best

Buy

Co.,

Inc.

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

United

States

821

55,114

Fast

Retailing

Co.

Ltd.

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

Japan

102,859

Gap,

Inc.

(The)

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

United

States

2,108

45,976

Home

Depot,

Inc.

(The)

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

United

States

520

190,653

Industria

de

Diseno

Textil

SA

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

Spain

14,033

Ross

Stores,

Inc.

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

United

States

48,353

TJX

Cos.,

Inc.

(The)

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

United

States

6,384

788,360

Williams-Sonoma,

Inc.

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

United

States

55,546

1,367,518

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.9%
Apple,

Inc.

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

United

States

18,825

3,862,325

NetApp,

Inc.

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

United

States

594

63,291

3,925,616

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
adidas

AG

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

Germany

21,009

Asics

Corp.

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

Japan

1,700

43,351

Cie

Financiere

Richemont

SA

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

Switzerland

5,677

a

Deckers

Outdoor

Corp.

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

United

States

24,015

Hermes

International

SCA

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

France

108,435

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

16,748

Pandora

A/S

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

Denmark

83,517

302,752

#### Tobacco

#### 1.1%
Imperial

Brands

plc

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

United

Kingdom

2,735

108,060

Philip

Morris

International,

Inc.

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

United

States

5,354

975,124

1,083,184

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
AerCap

Holdings

NV

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

Ireland

$

35,100

Bunzl

plc

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

United

Kingdom

11,727

Mitsubishi

Corp.

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

Japan

2,800

55,949

Mitsui

&

Co.

Ltd.

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

Japan

6,200

126,356

229,132

#### Transportation

#### Infrastructure

#### 0.0%

#### †
b

Aena

SME

SA,

144A,

Reg

S

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

Spain

2,112

56,377

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
KDDI

Corp.

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

Japan

5,900

101,306

#### Total

#### Common

#### Stocks

#### (Cost

#### $41,697,270)

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

#### 70,488,954

#### Convertible

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Boeing

Co.

(The),

6%

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

United

States

17,612

#### Electric

#### Utilities

#### 0.0%

#### †
PG&E

Corp.,

A,

6%

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

United

States

5,452

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

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

United

States

8,458

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $25,850)

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

#### 31,522

#### 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

7,805

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

5,000

2,887

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

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

United

States

7,000

8,008

#### Software

#### 0.0%

#### †
b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

12,000

14,178

#### Total

#### Convertible

#### Bonds

#### (Cost

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

#### 32,878

#### Corporate

#### Bonds

#### 13.0%

#### Aerospace

#### &

#### Defense

#### 0.5%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

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

United

States

5,000

4,891

Senior

Note,

5.875%,

12/01/27

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

United

States

15,000

15,083

Senior

Note,

4.875%,

10/01/29

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

United

States

5,000

4,901

Senior

Note,

7.25%,

8/15/30

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

United

States

10,000

10,487

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

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

United

States

10,000

10,308

Senior

Note,

144A,

6.25%,

3/15/33

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

United

States

5,000

5,161

Boeing

Co.

(The)

,

Senior

Bond,

3.2%,

3/01/29

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

United

States

5,000

4,761

Senior

Bond,

2.95%,

2/01/30

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

United

States

3,000

2,782

Senior

Bond,

6.125%,

2/15/33

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

United

States

90,000

95,143

Senior

Bond,

5.875%,

2/15/40

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

United

States

5,000

4,992

Senior

Note,

2.7%,

2/01/27

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

United

States

13,000

12,640

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

Boeing

Co.

(The),

(continued)

Senior

Note,

6.259%,

5/01/27

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

United

States

7,000

$

7,204

Senior

Note,

6.298%,

5/01/29

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

United

States

10,000

10,575

Senior

Note,

6.388%,

5/01/31

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

United

States

10,000

10,751

b

Bombardier,

Inc.

,

Senior

Note,

144A,

8.75%,

11/15/30

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

Canada

10,000

10,839

Senior

Note,

144A,

7%,

6/01/32

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

Canada

5,000

5,213

Senior

Note,

144A,

6.75%,

6/15/33

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

Canada

5,000

5,187

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

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

United

States

35,000

36,890

Senior

Note,

3%,

1/15/29

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

United

States

37,000

35,401

Senior

Note,

4.85%,

10/15/31

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

United

States

15,000

15,209

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

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

United

States

5,000

4,982

Senior

Bond,

5.15%,

2/27/33

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

United

States

5,000

5,113

Senior

Bond,

4.875%,

10/15/40

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

United

States

20,000

18,863

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

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

United

States

15,000

16,562

Senior

Bond,

4.6%,

6/15/28

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

United

States

20,000

19,674

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

5,000

5,311

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

10,000

10,383

Senior

Secured

Note,

144A,

6.625%,

3/01/32

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

United

States

5,000

5,183

Senior

Secured

Note,

144A,

6%,

1/15/33

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

United

States

15,000

15,091

409,580

#### Automobile

#### Components

#### 0.0%

#### †
b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

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

United

States

20,000

21,034

Senior

Note,

144A,

7.5%,

2/15/33

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

United

States

5,000

5,117

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

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

United

States

10,000

7,756

33,907

#### Automobiles

#### 0.1%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

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

United

States

2,000

2,126

Senior

Note,

144A,

4.875%,

11/01/27

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

United

States

20,000

20,096

Senior

Note,

144A,

6.5%,

1/16/29

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

United

States

35,000

36,926

Senior

Note,

144A,

5.35%,

3/19/29

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

United

States

8,000

8,155

Senior

Note,

144A,

4.55%,

9/26/29

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

United

States

5,000

4,957

Senior

Note,

144A,

5.4%,

1/08/31

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

United

States

4,000

4,088

76,348

#### Banks

#### 2.2%
Banco

Santander

SA

,

Sub.

Bond

,

3.225%

to

8/21/31,

FRN

thereafter

,

11/22/32

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

Spain

200,000

179,572

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

5,000

4,568

Sub.

Bond,

6.11%,

1/29/37

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

United

States

195,000

206,051

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

120,000

109,846

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

50,000

49,561

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

204,000

200,852

Senior

Note,

5.61%

to

9/28/25,

FRN

thereafter,

9/29/26

.....

United

States

30,000

30,069

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Citigroup,

Inc.,

(continued)

Sub.

Bond,

4.45%,

9/29/27

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

United

States

50,000

$

50,058

Sub.

Bond,

4.75%,

5/18/46

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

United

States

10,000

8,543

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15 %

,

9/19/27

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

Australia

75,000

73,616

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

26,000

27,000

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

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

United

States

41,000

34,457

JPMorgan

Chase

&

Co.

,

c

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

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

United

States

17,000

16,767

d

W,

Junior

Sub.

Bond,

FRN,

5.588%,

(3-month

SOFR

+

1.262%),

5/15/47

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

United

States

13,000

11,539

Senior

Note,

1.04%

to

2/03/26,

FRN

thereafter,

2/04/27

.....

United

States

75,000

73,463

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

150,000

138,743

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

150,000

156,398

PNC

Financial

Services

Group,

Inc.

(The)

,

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

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

United

States

70,000

67,964

Royal

Bank

of

Canada

,

Senior

Note,

5.2%,

8/01/28

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

Canada

30,000

30,871

Sub.

Bond,

4.65%,

1/27/26

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

Canada

45,000

44,992

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

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

Canada

55,000

54,390

Truist

Financial

Corp.

,

Senior

Note,

4.26%

to

7/27/25,

FRN

thereafter,

7/28/26

.....

United

States

55,000

54,979

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

....

United

States

15,000

15,452

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

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

United

States

60,000

50,942

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

185,000

169,003

Senior

Note,

4.54%

to

8/14/25,

FRN

thereafter,

8/15/26

.....

United

States

22,000

21,996

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

15,000

15,490

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963 %

,

11/16/40

.......

Australia

25,000

18,524

1,915,706

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

,

Senior

Note

,

4.8 %

,

3/15/29

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

United

States

20,000

20,397

Amgen,

Inc.

,

Senior

Bond,

5.65%,

3/02/53

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

United

States

23,000

22,473

Senior

Bond,

5.75%,

3/02/63

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

United

States

10,000

9,729

Senior

Note,

5.15%,

3/02/28

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

United

States

30,000

30,662

Senior

Note,

5.25%,

3/02/30

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

United

States

47,000

48,442

131,703

#### Broadline

#### Retail

#### 0.0%

#### †
b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

10,000

10,377

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625 %

,

6/01/28

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

United

States

12,000

11,718

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

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

United

States

15,000

15,044

Senior

Secured

Note,

144A,

7.75%,

9/15/30

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

United

States

10,000

10,087

47,226

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products

#### 0.1%
b

Builders

FirstSource,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

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

United

States

5,000

$

5,102

Senior

Bond,

144A,

6.75%,

5/15/35

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

United

States

5,000

5,154

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

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

United

States

10,000

9,230

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

7/31/32

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

United

States

5,000

5,086

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

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

United

States

65,000

54,375

Senior

Note,

3.9%,

2/14/26

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

United

States

6,000

5,977

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

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

United

States

10,000

10,263

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5 %

,

2/01/30

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

United

States

15,000

14,297

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

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

United

States

5,000

5,162

Senior

Secured

Note,

144A,

6.375%,

3/01/32

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

United

States

10,000

10,290

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

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

United

States

10,000

10,492

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

8/15/32

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

United

States

15,000

15,379

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

10,000

9,475

Senior

Bond,

144A,

3.375%,

1/15/31

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

United

States

5,000

4,487

164,769

#### Capital

#### Markets

#### 0.9%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

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

United

States

25,000

24,873

Senior

Note,

2.15%,

7/15/26

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

United

States

24,000

23,392

Senior

Note,

7%,

1/15/27

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

United

States

5,000

5,161

Senior

Note,

2.875%,

6/15/27

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

United

States

26,000

25,139

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

5,000

5,501

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6 %

,

3/30/31

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

United

States

10,000

8,548

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

7,000

6,810

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

117,000

116,352

Sub.

Bond,

5.95%,

1/15/27

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

United

States

5,000

5,140

Intercontinental

Exchange,

Inc.

,

Senior

Bond

,

1.85 %

,

9/15/32

..

United

States

15,000

12,462

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

35,000

35,356

Senior

Secured

Note,

144A,

6.75%,

5/01/33

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

United

States

5,000

5,144

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

5.03 %

,

3/16/26

...

United

States

15,000

15,028

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125 %

,

6/01/44

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

United

States

30,000

27,370

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

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

United

States

16,000

17,070

Senior

Note,

5.2%,

3/15/30

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

United

States

15,000

15,241

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

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

United

States

50,000

43,415

Senior

Bond,

5%,

8/05/34

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

United

States

15,000

15,176

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

185,000

182,386

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

25,000

25,442

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Morgan

Stanley,

(continued)

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

5,000

$

5,073

Sub.

Bond,

3.95%,

4/23/27

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

United

States

40,000

39,766

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

24,000

23,920

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

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

United

States

12,000

11,264

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

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

United

States

5,000

5,212

Senior

Note,

5.35%,

6/28/28

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

United

States

9,000

9,269

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

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

United

States

30,000

25,686

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

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

United

States

30,000

27,907

Senior

Bond,

1.25%,

8/15/30

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

United

States

9,000

7,752

b,e

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

10,000

10,109

780,964

#### Chemicals

#### 0.2%
b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

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

United

States

10,000

10,321

Senior

Note,

144A,

6.25%,

11/01/31

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

United

States

5,000

5,050

Celanese

US

Holdings

LLC

,

Senior

Bond,

6.629%,

7/15/32

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

United

States

5,000

5,245

Senior

Note,

1.4%,

8/05/26

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

United

States

15,000

14,469

Senior

Note,

6.415%,

7/15/27

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

United

States

34,000

35,233

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

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

Germany

10,000

10,390

CF

Industries,

Inc.

,

Senior

Bond

,

4.95 %

,

6/01/43

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

United

States

20,000

17,804

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

10,000

10,259

Huntsman

International

LLC

,

Senior

Bond

,

2.95 %

,

6/15/31

....

United

States

15,000

12,634

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond,

4.45%,

9/26/28

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

United

States

20,000

20,001

b

Senior

Bond,

144A,

2.3%,

11/01/30

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

United

States

5,000

4,421

b

Senior

Note,

144A,

1.832%,

10/15/27

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

United

States

2,000

1,885

Nutrien

Ltd.

,

Senior

Bond,

4.125%,

3/15/35

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

Canada

25,000

22,774

Senior

Bond,

5.25%,

1/15/45

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

Canada

20,000

18,486

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

10,000

10,737

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

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

United

States

10,000

9,785

Senior

Secured

Note,

144A,

4.875%,

5/01/28

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

United

States

15,000

14,624

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/30

...

United

States

15,000

10,118

Westlake

Corp.

,

Senior

Bond

,

2.875 %

,

8/15/41

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

United

States

20,000

13,465

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.

United

States

10,000

9,061

256,762

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

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

United

States

15,000

15,684

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

17,000

16,948

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

5,000

5,126

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

1/15/31

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

United

States

5,000

5,238

b

Madison

IAQ

LLC

,

Senior

Note,

144A,

5.875%,

6/30/29

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

United

States

15,000

14,766

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

b

Madison

IAQ

LLC,

(continued)

Senior

Secured

Note,

144A,

4.125%,

6/30/28

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

United

States

10,000

$

9,722

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25 %

,

1/15/28

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

United

States

15,000

15,037

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

100,000

102,893

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

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

United

States

20,000

20,015

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

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

United

States

5,000

5,419

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

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

United

States

30,000

29,364

Senior

Bond,

3.2%,

6/01/32

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

United

States

2,000

1,828

Senior

Bond,

5%,

3/01/34

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

United

States

10,000

10,111

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

33,000

33,818

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

10,000

10,406

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

5,000

5,209

301,584

#### Communications

#### Equipment

#### 0.1%
b

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

10,000

9,835

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

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

United

States

5,000

4,440

Senior

Bond,

5.55%,

8/15/35

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

United

States

35,000

35,700

Senior

Note,

4.85%,

8/15/30

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

United

States

5,000

5,055

55,030

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

5,000

5,192

#### Consumer

#### Finance

#### 0.4%
Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

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

United

States

34,000

38,731

Senior

Note,

4.75%,

6/09/27

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

United

States

25,000

25,148

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

40,000

41,437

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

15,000

15,175

Senior

Note,

4.731%

to

4/24/28,

FRN

thereafter,

4/25/29

....

United

States

30,000

30,347

Capital

One

Financial

Corp.

,

Sub.

Bond

,

2.359%

to

7/28/31,

FRN

thereafter

,

7/29/32

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

United

States

92,000

78,046

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/30

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

United

States

10,000

10,734

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

30,000

31,081

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.9 %

,

10/06/29

United

States

23,000

22,970

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

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

United

Kingdom

7,000

7,001

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

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

United

States

15,000

14,765

Senior

Note,

7.5%,

5/15/31

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

United

States

15,000

15,684

Senior

Note,

7.125%,

11/15/31

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

United

States

10,000

10,411

341,530

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

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

United

States

24,000

22,141

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

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

Canada

25,000

24,608

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

b

Alimentation

Couche-Tard,

Inc.,

(continued)

Senior

Bond,

144A,

2.95%,

1/25/30

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

Canada

14,000

$

13,088

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

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

United

States

5,000

5,271

Senior

Note,

144A,

5.75%,

4/15/33

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

United

States

10,000

10,015

Walmart,

Inc.

,

Senior

Note

,

4.35 %

,

4/28/30

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

United

States

40,000

40,470

115,593

#### Containers

#### &

#### Packaging

#### 0.2%
Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

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

United

States

44,000

43,219

Senior

Secured

Note,

1.65%,

1/15/27

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

United

States

23,000

22,068

Senior

Secured

Note,

5.5%,

4/15/28

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

United

States

2,000

2,054

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

15,000

15,403

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

8/15/28

United

States

15,000

14,982

b

Graphic

Packaging

International

LLC

,

Senior

Note

,

144A,

3.5 %

,

3/01/29

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

United

States

5,000

4,719

b

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/28

....

Canada

25,000

25,000

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

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

United

States

10,000

9,937

Senior

Secured

Note,

144A,

7.875%,

4/15/27

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

United

States

15,000

15,265

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

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

United

States

30,000

34,394

Senior

Bond,

7.95%,

2/15/31

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

United

States

10,000

11,598

198,639

#### Distributors

#### 0.0%

#### †
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

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

United

States

10,000

9,467

Senior

Secured

Note,

144A,

4%,

1/15/28

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

United

States

10,000

9,788

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

5,000

5,262

24,517

#### Diversified

#### REITs

#### 0.1%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond,

3.25%,

1/15/32

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

United

States

15,000

13,214

Senior

Note,

5.375%,

4/15/26

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

United

States

4,000

4,003

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

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

United

States

30,000

30,177

Senior

Note,

5.125%,

11/15/31

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

United

States

30,000

30,058

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

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

United

States

10,000

9,850

87,302

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

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

United

States

60,000

50,236

Senior

Bond,

4.75%,

5/15/46

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

United

States

77,000

67,289

Senior

Bond,

3.55%,

9/15/55

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

United

States

41,000

27,687

Senior

Note,

4.1%,

2/15/28

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

United

States

15,000

14,940

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

8,000

7,976

Senior

Bond,

144A,

4.75%,

3/01/30

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

United

States

60,000

58,173

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

(continued)

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

10,000

$

9,348

Senior

Bond,

144A,

4.75%,

2/01/32

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

United

States

15,000

14,237

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75 %

,

6/15/30

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

Germany

73,000

86,212

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

10,000

10,010

Senior

Secured

Note,

144A,

8.75%,

5/15/30

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

United

States

10,000

10,467

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

21,000

22,550

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

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

United

States

65,000

61,715

Senior

Bond,

3.7%,

3/22/61

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

United

States

47,000

32,467

b

Senior

Bond,

144A,

5.401%,

7/02/37

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

United

States

76,000

76,495

Senior

Note,

2.1%,

3/22/28

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

United

States

20,000

18,954

568,756

#### Electric

#### Utilities

#### 0.7%
American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3 %

,

12/01/28

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

United

States

55,000

55,052

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

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

United

States

10,000

8,805

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9 %

,

3/15/36

......

United

States

28,000

29,933

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95 %

,

1/15/33

....

United

States

10,000

10,180

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

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

United

States

55,000

53,905

Senior

Bond,

4.2%,

6/15/49

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

United

States

70,000

54,668

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45 %

,

4/01/39

......

United

States

5,000

5,482

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

15,000

14,822

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

30,000

30,538

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

5,000

5,131

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

25,000

24,017

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.45%,

3/15/35

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

United

States

85,000

86,684

Senior

Note,

5.749%,

9/01/25

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

United

States

50,000

50,076

b

NRG

Energy,

Inc.

,

c

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

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

United

States

10,000

11,111

Senior

Bond,

144A,

6.25%,

11/01/34

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

United

States

15,000

15,292

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

3.75 %

,

4/01/45

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

United

States

75,000

57,736

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

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

United

States

5,000

4,737

Senior

Note,

6.1%,

1/15/29

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

United

States

50,000

51,821

Senior

Note,

5.55%,

5/15/29

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

United

States

25,000

25,412

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

10,000

9,495

Senior

Secured

Bond,

5.25%,

7/01/30

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

United

States

15,000

14,299

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5 %

,

3/01/40

United

States

25,000

25,419

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

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

United

States

15,000

15,621

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

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

United

States

5,000

4,997

Senior

Note,

144A,

7.75%,

10/15/31

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

United

States

15,000

15,953

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

10,000

10,461

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

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

United

States

17,000

16,757

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

b

Vistra

Operations

Co.

LLC,

(continued)

Senior

Secured

Bond,

144A,

6%,

4/15/34

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

United

States

5,000

$

5,197

Senior

Secured

Note,

144A,

5.05%,

12/30/26

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

United

States

10,000

10,055

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6 %

,

10/01/34

...

United

States

17,000

16,834

740,490

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

15,000

14,221

b

Sensata

Technologies,

Inc.

,

Senior

Bond

,

144A,

3.75 %

,

2/15/31

United

States

20,000

18,250

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

20,000

19,127

51,598

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25 %

,

4/01/30

..

United

States

15,000

15,488

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

20,000

14,872

b

Precision

Drilling

Corp.

,

Senior

Note,

144A,

7.125%,

1/15/26

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

Canada

3,000

3,011

Senior

Note,

144A,

6.875%,

1/15/29

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

Canada

10,000

9,886

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

4,077

4,120

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/27

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

United

States

5,250

5,262

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

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

United

States

4,524

4,599

Transocean,

Inc.

,

Senior

Bond,

6.8%,

3/15/38

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

United

States

15,000

10,561

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

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

United

States

4,000

4,116

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

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

United

States

10,000

10,314

82,229

#### Entertainment

#### 0.2%
b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

7/15/28

......

United

States

10,000

9,960

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

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

United

States

5,000

5,077

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

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

United

States

10,000

10,544

b

Senior

Bond,

144A,

5.375%,

11/15/29

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

United

States

63,000

65,833

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75 %

,

12/01/45

........

United

States

40,000

50,462

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755 %

,

3/15/27

....

United

States

9,000

8,399

150,275

#### Financial

#### Services

#### 0.1%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

20,000

19,605

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

10,000

11,097

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

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

United

States

20,000

20,231

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

5,000

5,159

Global

Payments,

Inc.

,

Senior

Note

,

2.15 %

,

1/15/27

.........

United

States

6,000

5,806

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

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

United

States

15,000

15,875

Senior

Note,

144A,

8.25%,

5/15/30

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

United

States

10,000

10,369

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

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

United

States

20,000

20,328

Senior

Note,

144A,

7.125%,

2/01/32

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

United

States

15,000

15,591

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Financial

#### Services
(continued)

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

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

United

States

25,000

$

24,960

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

25,000

25,796

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

10,000

10,245

185,062

#### Food

#### Products

#### 0.3%
b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

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

United

States

10,000

10,433

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

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

United

States

7,000

6,655

b,e

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

50,105

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

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

United

States

2,000

1,714

B,

Senior

Bond,

7.45%,

4/01/31

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

United

States

6,000

6,878

Kraft

Heinz

Foods

Co.

,

Senior

Note

,

%

,

6/01/26

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

United

States

19,000

18,756

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

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

United

States

5,000

5,015

Senior

Bond,

144A,

5.7%,

5/01/55

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

United

States

5,000

4,991

Senior

Note,

144A,

4.6%,

3/01/28

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

United

States

40,000

40,334

Senior

Note,

144A,

4.8%,

3/01/30

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

United

States

40,000

40,543

Senior

Note,

144A,

5%,

3/01/32

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

United

States

45,000

45,621

Senior

Note,

144A,

5.2%,

3/01/35

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

United

States

5,000

5,062

236,107

#### Ground

#### Transportation

#### 0.1%
b,e

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

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

United

States

5,000

5,109

CSX

Corp.

,

Senior

Bond

,

4.1 %

,

3/15/44

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

United

States

70,000

58,386

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

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

United

States

16,000

15,759

Senior

Note,

144A,

4.4%,

7/01/27

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

United

States

10,000

9,988

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

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

United

States

30,000

30,542

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

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

United

States

15,000

15,691

135,475

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

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

United

States

10,000

10,450

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

37,000

34,265

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4 %

,

11/15/49

....

United

States

15,000

10,678

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

35,000

35,523

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

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

United

States

5,000

5,216

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

10,000

9,929

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

15,000

14,399

120,460

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.3%
Centene

Corp.

,

Senior

Bond

,

%

,

10/15/30

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

United

States

10,000

8,942

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.625%,

3/15/27

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

United

States

10,000

9,856

Senior

Secured

Note,

144A,

5.25%,

5/15/30

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

United

States

20,000

17,754

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

b

CHS/Community

Health

Systems,

Inc.,

(continued)

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

10,000

$

10,611

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

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

United

States

10,000

10,366

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

15,000

15,509

Senior

Bond,

4.78%,

3/25/38

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

United

States

10,000

9,183

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/01/32

...........

United

States

30,000

31,104

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

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

United

States

22,000

22,009

Senior

Note,

5.45%,

4/01/31

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

United

States

35,000

36,101

Senior

Note,

3.625%,

3/15/32

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

United

States

45,000

41,526

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

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

United

States

25,000

25,810

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

5.125%,

11/01/27

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

United

States

25,000

24,976

Senior

Secured

Note,

4.25%,

6/01/29

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

United

States

10,000

9,706

Senior

Secured

Note,

6.125%,

6/15/30

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

United

States

15,000

15,280

288,733

#### 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

26,184

#### Health

#### Care

#### Technology

#### 0.0%

#### †
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

20,000

19,704

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

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

United

States

30,000

30,824

50,528

#### 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

5,179

Senior

Note,

144A,

6.5%,

4/01/32

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

United

States

10,000

10,291

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

5,000

5,147

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

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

United

States

5,000

5,101

25,718

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.6%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

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

Canada

15,000

13,994

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

20,000

19,181

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

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

United

States

20,000

19,103

Senior

Note,

144A,

6%,

10/15/32

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

United

States

5,000

4,907

Senior

Secured

Note,

144A,

7%,

2/15/30

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

United

States

20,000

20,724

b

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/01/27

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

United

States

15,000

15,133

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

10,000

10,176

Senior

Note,

144A,

5.875%,

6/15/31

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

United

States

10,000

10,194

Senior

Note,

144A,

6.125%,

2/15/33

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

United

States

5,000

5,119

Senior

Secured

Note,

144A,

4%,

8/01/28

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

United

States

25,000

24,484

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

10,000

10,039

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

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

United

States

15,000

13,854

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

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

Canada

10,000

9,795

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Hyatt

Hotels

Corp.

,

Senior

Bond,

4.85%,

3/15/26

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

United

States

47,000

$

47,022

Senior

Note,

5.75%,

1/30/27

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

United

States

22,000

22,461

b

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

11/15/29

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

United

States

15,000

15,463

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

40,000

36,382

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

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

United

States

10,000

10,639

Senior

Note,

144A,

6.75%,

2/01/32

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

United

States

5,000

5,111

Senior

Secured

Note,

144A,

8.125%,

1/15/29

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

United

States

10,000

10,548

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

10,000

9,977

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

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

United

States

10,000

10,067

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

5,000

5,143

Senior

Note,

144A,

6%,

2/01/33

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

United

States

20,000

20,398

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

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

United

States

15,000

14,467

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25 %

,

5/15/31

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

United

States

15,000

15,425

b

Six

Flags

Entertainment

Corp.

/

Six

Flags

Theme

Parks,

Inc.

/

Canada's

Wonderland

Co.

,

Senior

Secured

Note

,

144A,

6.625 %

,

5/01/32

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

United

States

5,000

5,160

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

15,000

15,347

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

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

United

States

5,000

5,047

Senior

Note,

144A,

9.125%,

7/15/31

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

United

States

15,000

16,164

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Bond,

144A,

5.125%,

10/01/29

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

United

States

10,000

9,935

Senior

Note,

144A,

7.125%,

2/15/31

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

United

States

25,000

26,677

478,136

#### Household

#### Durables

#### 0.1%
DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

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

United

States

10,000

9,893

Senior

Note,

1.3%,

10/15/26

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

United

States

60,000

57,705

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

15,000

15,602

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

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

United

States

5,000

4,877

Senior

Note,

6.625%,

5/15/32

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

United

States

5,000

4,782

b

Senior

Note,

144A,

8.5%,

6/01/28

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

United

States

5,000

5,264

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

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

United

States

10,000

9,971

Senior

Note,

144A,

5.875%,

6/15/27

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

United

States

5,000

5,088

Senior

Note,

144A,

5.75%,

1/15/28

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

United

States

5,000

5,079

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

12,000

11,941

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

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

United

States

10,000

9,692

139,894

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

10,000

9,467

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
AES

Corp.

(The)

,

Senior

Note,

1.375%,

1/15/26

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

United

States

24,000

23,546

Senior

Note,

2.45%,

1/15/31

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

United

States

25,000

21,869

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

b

Calpine

Corp.

,

Senior

Bond

,

144A,

%

,

2/01/31

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

United

States

5,000

$

4,950

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

15,000

15,525

b,c

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

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

United

States

5,000

5,125

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

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

United

States

15,000

15,190

86,205

#### Industrial

#### Conglomerates

#### 0.1%
Honeywell

International,

Inc.

,

Senior

Bond

,

3.812 %

,

11/21/47

..

United

States

55,000

42,623

#### Industrial

#### REITs

#### 0.1%
Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

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

United

States

10,000

9,096

Senior

Note,

1.75%,

2/01/31

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

United

States

55,000

47,733

56,829

#### Insurance

#### 0.3%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

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

United

States

15,000

15,654

Senior

Secured

Note,

144A,

7.5%,

11/06/30

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

United

States

15,000

15,505

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

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

United

States

20,000

19,730

Senior

Note,

144A,

7.375%,

10/01/32

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

United

States

5,000

5,160

Senior

Secured

Note,

144A,

7%,

1/15/31

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

United

States

20,000

20,703

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

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

United

States

20,000

20,317

Secured

Note,

144A,

1.985%,

8/19/28

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

United

States

60,000

55,398

Secured

Note,

144A,

5.526%,

7/11/31

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

United

States

25,000

25,558

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

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

United

States

29,000

25,562

Senior

Bond,

2.85%,

10/15/50

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

United

States

10,000

6,459

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

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

United

States

5,000

5,044

Senior

Note,

4.9%,

6/23/30

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

United

States

12,000

12,118

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25 %

,

5/30/29

......

United

States

10,000

10,093

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

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

United

States

10,000

10,082

Secured

Note,

144A,

4.95%,

9/09/29

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

United

States

14,000

14,153

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

15,000

15,359

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

10,000

10,092

b

HUB

International

Ltd.

,

Senior

Secured

Note

,

144A,

7.25 %

,

6/15/30

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

United

States

15,000

15,687

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note,

144A,

10.5%,

12/15/30

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

Canada

15,000

16,000

Senior

Secured

Note,

144A,

8.5%,

3/15/30

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

Canada

5,000

5,303

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375 %

,

3/15/29

..

United

States

22,000

22,093

b

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8 %

,

7/27/26

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

United

States

15,000

15,230

361,300

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Meta

Platforms,

Inc.

,

Senior

Bond,

5.4%,

8/15/54

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

United

States

38,000

37,086

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Interactive

#### Media

#### &

#### Services
(continued)

Meta

Platforms,

Inc.,

(continued)

Senior

Note,

3.5%,

8/15/27

..........................

United

States

40,000

$

39,625

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/33

............

United

States

30,000

30,803

107,514

#### IT

#### Services

#### 0.0%

#### †
b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625 %

,

5/01/28

..

United

States

5,000

5,019

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

25,000

24,649

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

10,000

10,489

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

10/01/30

...........

United

States

15,000

14,046

54,203

#### Leisure

#### Products

#### 0.0%

#### †
b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.375 %

,

4/01/26

............

United

States

5,000

4,939

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

6,000

6,009

#### Machinery

#### 0.0%

#### †
Caterpillar,

Inc.

,

Senior

Bond

,

5.2 %

,

5/15/35

...............

United

States

25,000

25,497

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

5,000

5,341

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

9,000

9,016

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565 %

,

2/15/30

.........

United

States

15,000

13,844

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

10,000

9,768

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

5,000

5,013

68,479

#### Media

#### 0.4%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

10,000

8,007

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

110,000

73,330

Senior

Secured

Note,

4.908%,

7/23/25

.................

United

States

11,000

10,999

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

27,000

24,872

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

5,000

4,729

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

15,000

15,497

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

7,000

5,325

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

19,000

13,039

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

.........................................

United

States

5,000

4,907

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

5,000

4,987

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

10,000

9,715

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

15,000

15,463

b

Gray

Media,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/31

......

United

States

10,000

7,507

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65 %

,

10/01/28

........................................

United

States

47,000

47,249

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

15,000

15,283

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

5,000

5,034

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

10,000

10,439

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

News

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

2/15/32

...........

United

States

4,000

$

3,917

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

10,000

9,747

Omnicom

Group,

Inc.

/

Omnicom

Capital,

Inc.

,

Senior

Bond

,

3.6 %

,

4/15/26

....................................

United

States

65,000

64,524

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

10,000

9,558

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

5,000

4,978

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

5,000

5,298

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

12,000

11,688

Senior

Note,

3.7%,

6/01/28

..........................

United

States

5,000

4,855

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

30,000

30,333

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

15,000

13,343

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

10,000

9,612

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125 %

,

2/15/28

.....

United

States

65,000

69,712

513,947

#### Metals

#### &

#### Mining

#### 0.0%

#### †
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

...............

Luxembourg

20,000

22,174

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

13,000

13,113

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/32

........

United

States

10,000

9,439

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

5,000

4,609

Senior

Note,

4.125%,

1/15/30

........................

United

States

5,000

4,804

b

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

...................................

Australia

10,000

10,179

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

34,000

30,647

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

15,000

15,296

Senior

Note,

144A,

5.371%,

4/04/29

...................

Australia

10,000

10,257

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

15,000

15,245

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

15,000

14,382

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

15,000

15,519

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

10,000

9,516

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

10,000

10,650

185,830

#### 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

14,270

#### Multi-Utilities

#### 0.3%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

10,000

10,185

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

45,000

38,183

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

45,000

45,309

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

15,000

14,858

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

15,000

14,317

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

85,000

84,293

207,145

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.8%
Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75 %

,

11/15/39

.........

Canada

2,000

$

2,142

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

80,000

79,171

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

10,000

10,562

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

5,000

3,732

b,e

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

.........................................

United

States

15,000

15,020

Devon

Energy

Corp.

,

Senior

Bond

,

7.95 %

,

4/15/32

..........

United

States

5,000

5,748

Enbridge,

Inc.

,

Senior

Bond,

4.25%,

12/01/26

........................

Canada

30,000

29,953

Senior

Bond,

4.5%,

6/10/44

..........................

Canada

15,000

12,308

b

Encino

Acquisition

Partners

Holdings

LLC

,

Senior

Note

,

144A,

8.5 %

,

5/01/28

....................................

United

States

15,000

15,422

Energy

Transfer

LP

,

c

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

86,000

85,922

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

30,000

28,795

Senior

Note,

5.5%,

6/01/27

..........................

United

States

6,000

6,110

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

30,000

30,378

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

7/01/33

...................................

United

States

25,000

25,369

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

...................

United

States

10,000

10,155

Senior

Note,

144A,

5.125%,

6/15/28

...................

United

States

10,000

9,937

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

5,000

5,145

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

5,000

5,026

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

5,000

5,192

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

15,000

17,325

Senior

Note,

1.75%,

11/15/26

........................

United

States

10,000

9,662

Senior

Note,

5%,

2/01/29

...........................

United

States

5,000

5,080

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

25,000

25,228

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

....

United

States

15,000

15,018

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

25,000

27,534

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

35,000

34,282

Senior

Note,

8.5%,

7/15/27

..........................

United

States

10,000

10,585

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

45,000

44,578

Ovintiv,

Inc.

,

Senior

Note

,

5.65 %

,

5/15/28

.................

United

States

46,000

47,302

b

Sitio

Royalties

Operating

Partnership

LP

/

Sitio

Finance

Corp.

,

Senior

Note

,

144A,

7.875 %

,

11/01/28

...................

United

States

15,000

15,715

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

10,000

10,013

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

144A,

5.026 %

,

10/01/29

..................................

Canada

20,000

20,071

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

30,000

29,589

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

15,000

15,260

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875 %

,

2/01/31

............

United

States

9,000

8,933

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

15,000

14,547

b

Venture

Global

LNG,

Inc.

,

c

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

15,000

14,597

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

b

Venture

Global

LNG,

Inc.,

(continued)

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

15,000

$

16,350

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

10,000

10,394

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

15,000

16,209

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

5,000

5,416

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

5,000

5,358

b

Viper

Energy,

Inc.

,

Senior

Note,

144A,

5.375%,

11/01/27

..................

United

States

5,000

5,008

Senior

Note,

144A,

7.375%,

11/01/31

..................

United

States

15,000

15,928

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

16,000

16,455

842,524

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75 %

,

11/15/29

.........

United

States

5,000

4,423

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

10,000

8,166

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

5,000

5,077

17,666

#### Passenger

#### Airlines

#### 0.0%

#### †
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

3,334

3,328

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

10,000

9,997

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

15,000

14,852

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

10,000

9,714

37,891

#### Personal

#### Care

#### Products

#### 0.0%

#### †
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

15,000

14,672

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

5,000

5,119

Kenvue,

Inc.

,

Senior

Note

,

4.9 %

,

3/22/33

.................

United

States

26,000

26,397

46,188

#### Pharmaceuticals

#### 0.4%
Bristol-Myers

Squibb

Co.

,

Senior

Note

,

4.9 %

,

2/22/29

........

United

States

20,000

20,483

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

15,000

13,756

Senior

Note,

4.75%,

2/12/30

.........................

United

States

29,000

29,742

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

5,000

5,299

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

.............

United

States

50,000

39,519

Novartis

Capital

Corp.

,

Senior

Bond

,

%

,

11/20/45

..........

United

States

80,000

66,818

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

71,000

70,816

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

8,000

7,558

Senior

Note,

4.45%,

5/19/28

.........................

United

States

6,000

6,049

Royalty

Pharma

plc

,

Senior

Note

,

5.15 %

,

9/02/29

...........

United

States

20,000

20,426

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

...................

United

States

25,000

23,832

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Zoetis,

Inc.

,

Senior

Bond

,

%

,

5/15/30

....................

United

States

9,000

$

8,092

312,390

#### Professional

#### Services

#### 0.1%
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

15,000

15,498

Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

35,000

35,863

51,361

#### 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

11,222

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note,

3.875%,

1/15/27

........................

United

States

73,000

72,524

Senior

Note,

3.5%,

1/15/28

..........................

United

States

90,000

88,321

Broadcom,

Inc.

,

Senior

Note,

3.459%,

9/15/26

........................

United

States

25,000

24,774

Senior

Note,

5.05%,

7/12/29

.........................

United

States

10,000

10,244

Senior

Note,

5.05%,

4/15/30

.........................

United

States

10,000

10,247

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75 %

,

7/15/30

........

United

States

10,000

10,047

216,157

#### Software

#### 0.1%
Atlassian

Corp.

,

Senior

Bond,

5.5%,

5/15/34

..........................

United

States

4,000

4,109

Senior

Note,

5.25%,

5/15/29

.........................

United

States

16,000

16,434

Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3 %

,

9/10/29

....

United

States

25,000

25,010

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

5,000

5,187

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

10,000

10,100

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

15,000

14,180

Oracle

Corp.

,

Senior

Bond,

2.65%,

7/15/26

.........................

United

States

7,000

6,876

Senior

Bond,

2.875%,

3/25/31

........................

United

States

45,000

41,059

Senior

Bond,

5.375%,

7/15/40

........................

United

States

35,000

34,210

Senior

Bond,

4%,

11/15/47

..........................

United

States

50,000

38,305

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

10,000

9,713

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

30,000

26,010

Synopsys,

Inc.

,

Senior

Note

,

4.85 %

,

4/01/30

...............

United

States

20,000

20,284

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

15,000

15,573

267,050

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

,

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

5,000

4,486

Senior

Note,

2.75%,

1/15/27

.........................

United

States

125,000

122,072

Senior

Note,

4.9%,

3/15/30

..........................

United

States

10,000

10,146

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

12,000

11,899

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

34,000

33,426

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

25,000

24,566

Senior

Note,

1.05%,

7/15/26

.........................

United

States

23,000

22,157

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialized

#### REITs
(continued)

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

25,000

$

25,723

254,475

#### Specialty

#### Retail

#### 0.1%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

20,000

20,770

b,f

BCPE

Ulysses

Intermediate,

Inc.

,

Senior

Note

,

144A,

PIK,

7.75 %

,

4/01/27

.........................................

United

States

5,000

4,836

b,f

Carvana

Co.

,

Senior

Secured

Note,

144A,

PIK,

9%,

12/01/28

...........

United

States

8,594

8,824

Senior

Secured

Note,

144A,

PIK,

9%,

6/01/31

............

United

States

10,000

11,327

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15 %

,

1/15/32

.....

United

States

20,000

17,937

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

20,000

20,252

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

20,000

19,217

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/29

.............

United

States

5,000

4,918

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875 %

,

10/15/28

...

United

States

20,000

19,985

128,066

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

27,000

22,630

Senior

Bond,

4.375%,

5/13/45

........................

United

States

64,000

56,584

Senior

Bond,

3.95%,

8/08/52

.........................

United

States

20,000

15,953

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

5,000

4,852

Senior

Bond,

5.6%,

10/15/54

.........................

United

States

11,000

10,167

Senior

Note,

4.55%,

10/15/29

........................

United

States

34,000

33,838

Senior

Note,

4.85%,

10/15/31

........................

United

States

10,000

9,979

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

...................................

United

States

15,000

15,261

Seagate

HDD

Cayman

,

Senior

Note

,

3.125 %

,

7/15/29

........

United

States

5,000

4,532

173,796

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

10,000

9,549

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/31

..........

United

States

15,000

15,896

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5 %

,

3/01/31

.......

United

States

20,000

18,321

PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

...................

United

States

20,000

20,150

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

10,000

10,152

74,068

#### Tobacco

#### 0.2%
Philip

Morris

International,

Inc.

,

Senior

Note,

4.875%,

2/13/29

........................

United

States

60,000

61,079

Senior

Note,

5.125%,

2/15/30

........................

United

States

43,000

44,257

Senior

Note,

4.375%,

4/30/30

........................

United

States

30,000

29,936

Senior

Note,

4.75%,

11/01/31

........................

United

States

15,000

15,120

150,392

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
Air

Lease

Corp.

,

Senior

Bond,

4.625%,

10/01/28

.......................

United

States

23,000

23,161

Senior

Bond,

3.25%,

10/01/29

........................

United

States

3,000

2,859

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Trading

#### Companies

#### &

#### Distributors
(continued)

Air

Lease

Corp.,

(continued)

Senior

Note,

5.3%,

6/25/26

..........................

United

States

48,000

$

48,329

Senior

Note,

5.85%,

12/15/27

........................

United

States

15,000

15,521

Senior

Note,

2.1%,

9/01/28

..........................

United

States

65,000

60,709

b

Aircastle

Ltd.

,

Senior

Note,

144A,

5.25%,

8/11/25

....................

United

States

25,000

24,999

Senior

Note,

144A,

6.5%,

7/18/28

.....................

United

States

15,000

15,667

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

15,000

14,604

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

15,000

15,865

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

10,000

10,640

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

.........................................

United

States

15,000

13,771

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

10,000

10,009

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

5,000

5,134

Senior

Note,

144A,

7%,

6/15/30

......................

United

States

5,000

5,225

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

10,000

9,661

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

20,000

20,654

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

10,000

10,313

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

5,000

5,150

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

15,000

15,606

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

5,000

5,172

333,049

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

65,000

65,936

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

10,000

9,106

Senior

Bond,

2.25%,

11/15/31

........................

United

States

60,000

52,044

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

15,000

15,108

Senior

Note,

3.75%,

4/15/27

.........................

United

States

78,000

77,221

Senior

Note,

3.375%,

4/15/29

........................

United

States

15,000

14,443

Senior

Note,

3.875%,

4/15/30

........................

United

States

7,000

6,801

Senior

Note,

5.125%,

5/15/32

........................

United

States

10,000

10,202

250,861

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $13,394,828)
....................................

#### 13,111,913
g

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.3%
h

#### Automobile

#### Components

#### 0.0%

#### †
Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan,

7.077%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

6,739

6,754

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.191%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

9,923

9,520

16,274

a

a

a

a

a

a

#### Building

#### Products

#### 0.0%

#### †
h

CP

Atlas

Buyer,

Inc.,

First

Lien,

CME

Term

Loan,

B,

8.177%,

(1-month

SOFR

+

3.75%),

11/23/27

....................

United

States

10,425

10,413

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Chemicals

#### 0.0%

#### †
Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.864%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

10,588

$

10,390

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.51%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

12,195

12,268

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.55%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

4,925

4,954

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.642%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

4,836

4,235

31,847

a

a

a

a

a

a

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
h

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.762%,

(6-month

SOFR

+

2.5%),

6/21/28

......................

United

States

4,873

4,882

#### Communications

#### Equipment

#### 0.1%
e,h

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.577%,

(1-month

SOFR

+

5.25%),

12/18/29

....................

United

States

15,000

15,205

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
h

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.227%,

(6-month

SOFR

+

4.725%),

2/09/26

......

Luxembourg

9,612

8,919

#### Distributors

#### 0.0%

#### †
h

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.296%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

3,715

3,732

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
h

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan,

10.177%,

(1-month

SOFR

+

5.75%),

12/10/29

............

United

States

2,351

2,360

#### Electrical

#### Equipment

#### 0.0%

#### †
h

Vertiv

Group

Corp.,

First

Lien,

Amendment

No.

CME

Term

Loan,

B3,

6.074%,

(1-month

SOFR

+

1.75%),

3/02/27

...........

United

States

14,010

14,041

h

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan,

7.679%,

(1-month

SOFR

+

3.25%),

5/10/27

.....................

United

States

4,937

4,934

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan,

6.577%,

(1-month

SOFR

+

2.25%),

10/23/28

........

United

States

4,486

4,496

9,430

a

a

a

a

a

a

h

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
e

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.827%,

(1-month

SOFR

+

3.5%),

1/29/29

...............

United

States

14,885

14,886

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

5,000

4,895

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.827%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

9,727

9,737

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.285%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

4,950

4,951

34,469

a

a

a

a

a

a

#### IT

#### Services

#### 0.0%

#### †
h

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.827%,

(1-month

SOFR

+

3.5%),

6/27/31

...............

United

States

9,925

9,962

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Machinery

#### 0.0%

#### †
h

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

10/23/28

......

United

States

4,987

$

5,012

h

#### Media

#### 0.1%
Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.441%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

3,031

3,013

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

15,797

15,703

18,716

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
h

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.563%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

2,000

2,008

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
h

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

8.583%,

(3-month

SOFR

+

4.25%),

11/04/31

...........................

United

States

4,963

4,882

#### Passenger

#### Airlines

#### 0.0%

#### †
h

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.522%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

14,083

14,012

h

#### Pharmaceuticals

#### 0.0%

#### †
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

10.561%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

5,000

4,833

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

12,903

12,911

17,744

a

a

a

a

a

a

h

#### Software

#### 0.0%

#### †
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.796%,

(3-month

SOFR

+

3.5%),

3/30/29

........

United

States

3,650

3,658

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

8.577%,

(1-month

SOFR

+

4.25%),

11/28/28

....................

United

States

8,888

8,918

12,576

a

a

a

a

a

a

h

#### Specialty

#### Retail

#### 0.0%

#### †
LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

8.162%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

4,937

4,629

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.177%,

(1-month

SOFR

+

3.75%),

2/11/28

.....................

United

States

8,598

8,528

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.577%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

9,605

9,567

22,724

a

a

a

a

a

a

h

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
e

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B,

7.316%,

(12-month

SOFR

+

3.25%),

6/25/32

.............

United

States

505

509

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.776%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

9,900

9,311

9,820

a

a

a

a

a

a

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
h

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.28%,

(3-month

SOFR

+

4%),

1/29/31

.................

United

States

14,887

14,616

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
h

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.827%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

9,875

$

9,413

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $294,321)
...........................

#### 293,057

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.3%
Brazil

Government

Bond

,

Senior

Bond

,

8.25 %

,

1/20/34

.......

Brazil

30,000

34,268

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

2,000

1,957

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

3,000

EUR

3,668

Ecopetrol

SA

,

Senior

Bond

,

6.875 %

,

4/29/30

...............

Colombia

20,000

19,834

Mexico

Government

Bond

,

A

,

Senior

Bond

,

6.75 %

,

9/27/34

....

Mexico

60,000

63,840

Panama

Government

Bond

,

Senior

Bond

,

9.375 %

,

4/01/29

....

Panama

25,000

28,286

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

40,000

35,926

Petroleos

Mexicanos

,

Senior

Note

,

6.49 %

,

1/23/27

..........

Mexico

20,000

19,912

Philippines

Government

Bond

,

Senior

Bond

,

9.5 %

,

2/02/30

....

Philippines

20,000

24,150

Poland

Government

Bond

,

4.875 %

,

2/12/30

...............

Poland

30,000

30,623

b

Romania

Government

Bond

,

Senior

Bond

,

144A,

6.375 %

,

1/30/34

Romania

16,000

15,701

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

........................

Uruguay

25,000

29,728

Senior

Bond,

7.625%,

3/21/36

........................

Uruguay

10,000

11,958

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $317,092)
..............

#### 319,851

#### Asset-Backed

#### Securities

#### 0.1%

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

1,253

1,271

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

30,401

29,144

30,415

a

a

a

a

a

a

#### Financial

#### Services

#### 0.0%

#### †
h

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

5.234 %

,

(1-month

SOFR

+

0.914 %),

2/25/34

.

...................

United

States

11,510

11,522

h

New

Century

Home

Equity

Loan

Trust

,

2003-4

,

M1

,

FRN

,

5.559 %

,

(1-month

SOFR

+

1.239 %),

10/25/33

.

..................

United

States

18,020

18,027

h

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.484 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

..................

United

States

8,538

8,442

b,h

Ready

Capital

Mortgage

Financing

LLC

,

2021-FL7

,

A

,

144A,

FRN

,

5.634 %

,

(1-month

SOFR

+

1.314 %),

11/25/36

.

.......

United

States

6,003

6,017

44,008

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $74,528)
.................................

#### 74,423

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.7%

#### Financial

#### Services

#### 0.7%
i

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

AS

,

FRN

,

3.989 %

,

9/15/48

..............................

United

States

14,000

13,921

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

C

,

4.178 %

,

5/15/52

.........................................

United

States

10,000

8,852

i

CD

Mortgage

Trust

,

2017-CD6

,

B

,

FRN

,

3.911 %

,

11/13/50

.....

United

States

14,000

13,315

i

CFCRE

Commercial

Mortgage

Trust

,

2017-C8

,

B

,

FRN

,

4.199 %

,

6/15/50

.........................................

United

States

14,000

13,431

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Citigroup

Commercial

Mortgage

Trust

,

2016-C3

,

A4

,

3.154 %

,

11/15/49

........................................

United

States

21,000

$

20,542

COMM

Mortgage

Trust

,

i

2012-LC4,

C,

FRN,

5.69%,

12/10/44

...................

United

States

6,708

6,283

i

2013-CR13,

C,

FRN,

5.109%,

11/10/46

.................

United

States

5,288

4,966

i

2014-CR17,

C,

FRN,

4.941%,

5/10/47

..................

United

States

25,000

22,927

2014-UBS3,

AM,

4.012%,

6/10/47

.....................

United

States

8,694

8,345

i

2014-UBS6,

C,

FRN,

4.557%,

12/10/47

.................

United

States

6,915

6,832

i

2015-CR22,

AM,

FRN,

3.603%,

3/10/48

.................

United

States

12,311

12,108

i

2015-LC19,

B,

FRN,

3.829%,

2/10/48

...................

United

States

28,000

27,657

i

2015-LC21,

B,

FRN,

4.518%,

7/10/48

...................

United

States

8,727

8,662

b,i,j

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.03 %

,

1/15/49

..........................

United

States

454,707

CSAIL

Commercial

Mortgage

Trust

,

i

2015-C1,

B,

FRN,

3.959%,

4/15/50

....................

United

States

30,000

28,728

2016-C6,

AS,

3.346%,

1/15/49

........................

United

States

16,000

15,513

i

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

15,000

14,634

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

13,000

11,787

i,j

2020-C19,

XA,

IO,

FRN,

1.206%,

3/15/53

................

United

States

1,019,215

38,948

i,j

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.783 %

,

12/15/49

....

United

States

784,820

3,878

i

GS

Mortgage

Securities

Trust

,

2015-GC32

,

B

,

FRN

,

4.543 %

,

7/10/48

.........................................

United

States

73,000

72,598

i

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

C,

FRN,

4.915%,

6/15/51

....................

United

States

11,000

9,908

j

2018-C8,

XA,

IO,

FRN,

0.747%,

6/15/51

.................

United

States

841,252

11,366

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b,i

2012-C5,

E,

144A,

FRN,

4.8%,

8/15/45

.................

United

States

14,381

14,109

i

2013-C10,

B,

FRN,

4.112%,

7/15/46

....................

United

States

11,791

11,136

2014-C19,

C,

4%,

12/15/47

..........................

United

States

7,881

7,643

i

2015-C22,

C,

FRN,

4.191%,

4/15/48

...................

United

States

31,000

26,951

i

2015-C24,

B,

FRN,

4.449%,

5/15/48

...................

United

States

10,000

9,954

i

2015-C25,

B,

FRN,

4.66%,

10/15/48

...................

United

States

37,000

36,441

i,j

2015-C26,

XA,

IO,

FRN,

0.945%,

10/15/48

...............

United

States

295,329

i

2016-C32,

AS,

FRN,

3.994%,

12/15/49

.................

United

States

22,000

21,628

i

Morgan

Stanley

Capital

I

Trust

,

2015-UBS8,

B,

FRN,

4.315%,

12/15/48

.................

United

States

16,000

15,376

j

2018-H3,

XA,

IO,

FRN,

0.962%,

7/15/51

.................

United

States

1,257,469

24,011

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31,

AS,

4.049%,

11/15/48

......................

United

States

17,000

16,888

i

2015-LC20,

C,

FRN,

4.056%,

4/15/50

..................

United

States

8,483

8,173

i

2015-SG1,

B,

FRN,

4.568%,

9/15/48

...................

United

States

14,000

13,529

i

2016-NXS5,

C,

FRN,

5.119%,

1/15/59

..................

United

States

10,000

9,547

i

2020-C57,

C,

FRN,

4.157%,

8/15/53

...................

United

States

16,000

14,722

i

WFRBS

Commercial

Mortgage

Trust

,

b,k

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

8,056

2,719

2013-C11,

C,

FRN,

4.145%,

3/15/45

...................

United

States

47,000

44,989

b

2013-C15,

D,

144A,

FRN,

4.286%,

8/15/46

..............

United

States

9,951

5,124

658,229

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $685,700)
.................

#### 658,229

#### Mortgage-Backed

#### Securities

#### 9.9%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.5%
FHLMC

Pool,

Year,

3%,

1/01/48

......................

United

States

523,136

461,922

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate
(continued)

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

11,786

$

12,186

474,108

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 7.1%
FNMA,

4%,

1/01/57

..................................

United

States

29,414

27,462

FNMA,

Year,

2.5%,

7/01/51

.........................

United

States

729,081

605,311

FNMA,

Year,

3%,

4/01/46

-

11/01/48

...................

United

States

337,526

298,723

FNMA,

Year,

5%,

9/01/52

...........................

United

States

777,651

765,306

l

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/40

.....

United

States

1,000,000

933,932

l

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/55

.....

United

States

2,000,000

1,658,566

l

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

7/25/55

.....

United

States

1,000,000

900,440

l

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

7/25/55

......

United

States

2,000,000

1,960,269

7,150,009

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 2.3%
GNMA

II,

Year,

5.5%,

7/20/53

........................

United

States

434,919

442,945

GNMA

II,

Single-family,

Year,

3%,

8/20/49

-

4/20/51

.......

United

States

802,752

712,993

l

GNMA

II,

Single-family,

Year,

3%,

7/15/55

...............

United

States

1,000,000

884,672

GNMA

II,

Single-family,

Year,

5.5%,

6/20/53

-

7/20/53

......

United

States

227,134

229,582

GNMA

II,

Single-family,

Year,

6.5%,

5/20/37

-

11/20/39

.....

United

States

85,306

90,000

2,360,192

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $10,242,510)
..........................

#### 9,984,309

#### Residential

#### Mortgage-Backed

#### Securities

#### 0.8%

#### Financial

#### Services

#### 0.8%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

59,233

60,247

h

Alternative

Loan

Trust

,

2006-OA10,

4A1,

FRN,

4.814%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

57,821

49,454

2006-OA7,

1A2,

FRN,

5.339%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

33,877

33,257

b,h

Chase

Home

Lending

Mortgage

Trust

,

2024-11

,

A11

,

144A,

FRN

,

5.555 %

,

(30-day

SOFR

Average

+

1.25 %),

11/25/55

........

United

States

45,440

45,482

i

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.259 %

,

5/25/35

.........................................

United

States

3,635

3,591

b,h

Connecticut

Avenue

Securities

Trust

,

2024-R06,

1A1,

144A,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

9,761

9,800

2025-R02,

1A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

9,838

9,850

2025-R02,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

12,944

12,960

2025-R03,

2A1,

144A,

FRN,

5.755%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

9,125

9,184

2025-R04,

1M1,

144A,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

15,470

15,509

b,i

Ellington

Financial

Mortgage

Trust

,

2020-2

,

A2

,

144A,

FRN

,

1.486 %

,

10/25/65

..................................

United

States

17,346

16,319

b,i

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-2

,

M1

,

144A,

FRN

,

%

,

8/25/56

.................................

United

States

10,828

10,780

b,h

FHLMC

STACR

REMIC

Trust

,

2022-DNA2,

M1A,

144A,

FRN,

5.605%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

26,585

26,606

2022-DNA5,

M1A,

144A,

FRN,

7.255%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

8,445

8,637

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,h

FHLMC

STACR

REMIC

Trust,

(continued)

2025-DNA1,

A1,

144A,

FRN,

5.255%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

41,075

$

41,034

h

FNMA

Connecticut

Avenue

Securities

,

2016-C01,

1M2,

FRN,

11.17%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

17,222

17,730

2016-C01,

2M2,

FRN,

11.37%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

10,336

10,637

2016-C03,

2M2,

FRN,

10.32%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

2,099

2,157

2016-C05,

2M2,

FRN,

8.87%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

29,600

30,323

2016-C06,

1M2,

FRN,

8.67%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

21,361

21,939

2016-C07,

2M2,

FRN,

8.77%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

50,591

52,231

2017-C02,

2M2C,

FRN,

8.07%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

55,078

55,887

b,h

J.P.

Morgan

Mortgage

Trust

,

2025-1

,

A11

,

144A,

FRN

,

5.555 %

,

(30-day

SOFR

Average

+

1.25 %),

6/25/55

...............

United

States

55,200

55,252

b,i

RMF

Buyout

Issuance

Trust

,

2020-HB1

,

A1

,

144A,

FRN

,

1.719 %

,

10/25/50

........................................

United

States

41,717

39,082

b

Verus

Securitization

Trust

,

2020-5

,

A2

,

144A,

2.578 %

,

5/25/65

.

United

States

20,437

19,767

b,i

Visio

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.521 %

,

8/25/55

........

United

States

117,000

111,232

h

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR9

,

A1C3

,

FRN

,

5.394 %

,

(1-month

SOFR

+

1.074 %),

7/25/45

...

United

States

12,923

12,990

781,937

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $784,001)
..................

#### 781,937

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.1%

#### Financial

#### Services

#### 0.1%
h

FHLMC

,

3065,

DC,

FRN,

6.605%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

7,203

7,475

3408,

EK,

FRN,

8.014%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

2,894

3,368

h

FNMA

,

2024-89,

FA,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

22,111

22,168

2025-41,

FA,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

14,781

14,804

GNMA

,

i,j

2015-H26,

DI,

IO,

FRN,

2.346%,

10/20/65

...............

United

States

68,271

3,109

h

2024-78,

QF,

FRN,

5.402%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

22,059

22,139

73,063

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $76,289)
..........

#### 73,063

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $67,623,510)

#### ..............................

#### 95,850,136

#### a
Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments

#### 10.5%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.9%
m,n

U.S.

Treasury

Bills,

4.22%,

10/02/25

.....................

United

States

900,000

$

890,187

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $890,644)

#### ..................

#### 890,187

#### Shares

#### Money

#### Market

#### Funds

#### 9.6%
o,p

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

.......

United

States

9,658,180

9,658,180

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $9,658,180)

#### .................................

#### 9,658,180

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $10,548,824

####)
..............................

#### 10,548,367

#### a

#### Total

#### Investments

#### (Cost

#### $78,172,334)

#### 105.7%

#### .................................

#### $106,398,503

#### TBA

#### Sale

#### Commitments

#### (2.0)%

#### ..............................................

#### (2,032,560)

#### Other

#### Assets,

#### less

#### Liabilities

#### (3.7)%

#### .........................................

#### (3,660,358)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $100,705,585

#### a

#### Principal

#### Amount

#### \*
q

#### TBA

#### Sale

#### Commitments

#### (2.0)%

#### Mortgage-Backed

#### Securities

#### (2.0)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (2.0)%
Uniform

Mortgage-Backed

Securities

,

5.5%,

TBA,

7/25/55

................................

United

States

(1,000,000)

(999,927)

6.5%,

TBA,

7/25/55

................................

United

States

(1,000,000)

(1,032,633)

(2,032,560)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(2,013,906))

#### .........................

#### $(2,032,560)
Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

June

30,

2025,

the

Fund

had

the

following 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

June

30,

2025,

the

aggregate

value

of

these

securities

was

$5,059,353,

representing

5.0%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(d).

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

See

Note

(g)

regarding

senior

floating

rate

interests.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

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.

j

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.

k

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

l

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

m

The

rate

shown

represents

the

yield

at

period

end.

n

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$877,329,

representing

0.9%

net

assets.

o

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

q

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

1(d).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
Russell

2000

E-Mini

Index

......................

Long

$

2,520,455

9/19/25

$

84,536

S&P

500

E-Mini

Index

.........................

Short

12,820,188

9/19/25

(453,246)

S&P

MidCap

E-Mini

Index

..................

Long

312,550

9/19/25

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Short

336,375

9/19/25

(4,348)

U.S.

Treasury

Year

Notes

.....................

Long

5,616,633

9/30/25

19,554

U.S.

Treasury

Year

Notes

.....................

Long

3,924,000

9/30/25

40,211

U.S.

Treasury

Long

Bonds

.....................

Long

2,424,844

9/19/25

66,043

U.S.

Treasury

Ultra

Bonds

......................

Long

1,072,125

9/19/25

34,648

Total

Futures

Contracts

......................................................................

$(212,564)

\*

As

of

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

June

30,

2025,

the

Fund

had

the

following

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

....

BZWS

Buy

64,600

40,746

7/16/25

$

1,781

$

—

Australian

Dollar

....

CITI

Buy

38,500

24,283

7/16/25

1,062

—

Australian

Dollar

....

MSCO

Buy

150,400

95,458

7/16/25

3,553

—

Australian

Dollar

....

MSCO

Sell

60,300

39,413

7/16/25

—

(284) Australian

Dollar

....

SSBT

Buy

117,800

74,521

7/16/25

3,029

—

Australian

Dollar

....

SSBT

Sell

75,100

48,449

7/16/25

—

(991) Australian

Dollar

....

TDOM

Sell

268,800

171,219

7/16/25

—

(5,736)

Australian

Dollar

....

UBSW

Buy

37,000

23,338

7/16/25

1,019

—

Australian

Dollar

....

WPAC

Buy

98,700

62,289

7/16/25

2,686

—

Canadian

Dollar

....

BOFA

Buy

17,000

11,942

7/16/25

551

—

Canadian

Dollar

....

MSCO

Buy

7/16/25

—

Canadian

Dollar

....

WPAC

Buy

28,300

19,876

7/16/25

922

—

Israeli

New

Shekel

..

BOFA

Sell

36,300

9,849

7/16/25

—

(929) Israeli

New

Shekel

..

BZWS

Buy

24,100

6,555

7/16/25

600

—

Israeli

New

Shekel

..

BZWS

Sell

27,600

7,489

7/16/25

—

(706) Israeli

New

Shekel

..

GSCO

Buy

12,100

3,422

7/16/25

—

Israeli

New

Shekel

..

GSCO

Sell

656,200

178,077

7/16/25

—

(16,751)

Israeli

New

Shekel

..

HSBK

Buy

93,200

26,317

7/16/25

1,355

—

Israeli

New

Shekel

..

UBSW

Sell

38,600

10,471

7/16/25

—

(989) New

Zealand

Dollar

.

MSCO

Buy

14,300

8,465

7/16/25

—

Hong

Kong

Dollar

...

BZWS

Buy

47,900

6,185

8/20/25

—

(53) Hong

Kong

Dollar

...

CITI

Buy

18,800

2,429

8/20/25

—

(22) Hong

Kong

Dollar

...

GSCO

Buy

32,900

4,211

8/20/25

—

—

Hong

Kong

Dollar

...

HSBK

Sell

361,000

46,487

8/20/25

—

Hong

Kong

Dollar

...

MSCO

Buy

26,300

3,386

8/20/25

—

(20) Hong

Kong

Dollar

...

SSBT

Buy

24,400

3,151

8/20/25

—

(28) Japanese

Yen

......

BOFA

Buy

10,912,800

76,019

8/20/25

—

Japanese

Yen

......

BZWS

Buy

2,661,400

18,169

8/20/25

—

Japanese

Yen

......

BZWS

Sell

2,652,700

18,464

8/20/25

—

(63) Japanese

Yen

......

CITI

Buy

1,143,700

7,809

8/20/25

—

Japanese

Yen

......

HSBK

Buy

5,756,600

40,467

8/20/25

—

(261) Japanese

Yen

......

MSCO

Buy

4,437,000

30,926

8/20/25

—

Japanese

Yen

......

SSBT

Buy

2,588,000

17,668

8/20/25

—

Japanese

Yen

......

UBSW

Buy

2,132,300

14,557

8/20/25

—

Singapore

Dollar

....

BOFA

Buy

7,100

5,470

8/20/25

—

Singapore

Dollar

....

BZWS

Buy

1,400

1,096

8/20/25

—

Singapore

Dollar

....

HSBK

Buy

93,300

71,873

8/20/25

1,782

—

Singapore

Dollar

....

MSCO

Buy

6,800

5,238

8/20/25

—

Singapore

Dollar

....

SSBT

Buy

165,000

127,101

8/20/25

3,157

—

British

Pound

......

BZWS

Buy

30,800

41,592

9/17/25

707

—

British

Pound

......

GSCO

Sell

160,900

217,147

9/17/25

—

(3,823)

British

Pound

......

HSBK

Buy

1,000

1,373

9/17/25

—

British

Pound

......

SSBT

Buy

26,300

36,095

9/17/25

—

Danish

Krone

......

BOFA

Buy

425,700

65,859

9/17/25

1,749

—

Danish

Krone

......

CITI

Sell

71,200

10,949

9/17/25

—

(358) Danish

Krone

......

JPHQ

Sell

48,100

7,397

9/17/25

—

(242) Danish

Krone

......

MSCO

Sell

115,800

17,808

9/17/25

—

(583) Danish

Krone

......

SSBT

Sell

180,900

27,821

9/17/25

—

(909) Danish

Krone

......

UBSW

Buy

36,200

5,733

9/17/25

—

Euro

.............

CITI

Sell

62,100

71,223

9/17/25

—

(2,310)

Euro

.............

HSBK

Buy

1,500

1,777

9/17/25

—

(1) Euro

.............

MSCO

Buy

23,200

27,435

9/17/25

—

Euro

.............

MSCO

Sell

82,700

94,912

9/17/25

—

(3,012)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

Euro

.............

SSBT

Buy

42,700

50,484

9/17/25

$

$

—

Norwegian

Krone

...

HSBK

Buy

30,000

2,966

9/17/25

—

Norwegian

Krone

...

JPHQ

Sell

1,947,900

192,058

9/17/25

—

(1,291)

Norwegian

Krone

...

MSCO

Sell

139,900

13,798

9/17/25

—

(88) Norwegian

Krone

...

UBSW

Sell

70,300

6,931

9/17/25

—

(47) Swedish

Krona

.....

BZWS

Buy

735,900

77,180

9/17/25

1,005

—

Swedish

Krona

.....

HSBK

Buy

966,700

101,330

9/17/25

1,377

—

Swedish

Krona

.....

MSCO

Buy

156,000

16,355

9/17/25

—

Swedish

Krona

.....

SSBT

Buy

314,700

32,985

9/17/25

—

Swiss

Franc

.......

BZWS

Buy

16,100

19,840

9/17/25

652

—

Swiss

Franc

.......

GSCO

Sell

14,600

18,007

9/17/25

—

(576) Swiss

Franc

.......

JPHQ

Buy

5,300

6,530

9/17/25

—

Swiss

Franc

.......

MSCO

Buy

55,100

67,969

9/17/25

2,162

—

Swiss

Franc

.......

SSBT

Buy

94,600

117,060

9/17/25

3,346

—

Total

Forward

Exchange

Contracts

...................................................

$36,129

$(40,073)

Net

unrealized

appreciation

(depreciation)

............................................

$(3,944)

\*

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

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

June

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(e).

At

June

30,

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.44

.

5.00%

Quarterly

6/20/30

1,248,000

$

95,783

$

60,186

$

35,597

Non-

Investment

Grade

CDX.NA.IG.44

..

1.00%

Quarterly

6/20/30

4,186,000

93,989

68,740

25,249

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$189,772

$128,926

$60,846

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection
(c) #### Traded

#### Index
CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

21,000

690

3,801

(3,111)

CMBX.NA.BBB-.6

(3.00)%

Monthly

JPHQ

5/11/63

22,000

723

4,906

(4,183)

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

43,000

(1,413)

(2,593)

1,180

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$—

$6,114

$(6,114)

Total

Credit

Default

Swap

Contracts

....................................

$189,772

$

135,040

$54,732

(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

$

(4,142)

$

1,438

$

(5,580)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

3,346,000

14,636

4,364

10,272

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

June

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(e)

.

#### 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

3.63%

....

Annual

9/17/30

419,000

$

(4,606)

$

(1,431)

$

(3,175)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

1,858,000

(22,113)

6,363

(28,476)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.9%

.....

Annual

9/17/35

99,000

(1,783)

(260) (1,523)

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

1,548,000

25,310

4,703

20,607

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

37,000

(917) (909) (8) Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

653,000

13,909

815

13,094

Total

Interest

Rate

Swap

Contracts

.................................

$20,294

$

15,083

$5,211

\*

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) GSGLPWDL

Index

#

....................

1-day

SOFR

+

0.4%

Monthly

GSCO

12/17/25

3,991,466

$

34,792

BCFTDEAL

Index

#

....................

1-day

SOFR

+

0.45%

At

Maturity

BZWS

6/11/26

3,046,276

—

#### Short
(b) GSGLPWDS

Index

#

...................

1-day

SOFR

-

0.25%

Monthly

GSCO

12/17/25

3,819,710

(18,678)

BCFTDEAS

Index

#

....................

1-day

SOFR

+

0.25%

At

Maturity

BZWS

6/11/26

3,038,604

—

Total

Return

Swap

Contracts

....................................................................

$16,114

\*

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.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET

#### (#### GSGLPWDL

####)

#### OF

#### COMMON

#### STOCKS
Eni

SpA

Energy

1,508

$

24,353

0.60%

Engie

SA

Utilities

1,031

24,112

0.60%

Empire

Co

Ltd

Consumer

Staples

580

24,006

0.60%

Novartis

AG

Health

Care

23,768

0.59%

ConocoPhillips

Energy

23,449

0.58%

AT&T

Inc

Communication

Services

808

23,385

0.58%

Exxon

Mobil

Corp

Energy

23,385

0.58%

Netflix

Inc

Communication

Services

23,340

0.58%

Iberdrola

SA

Utilities

1,219

23,313

0.58%

PayPal

Holdings

Inc

Financials

23,216

0.58%

TotalEnergies

SE

Energy

23,193

0.58%

D'ieteren

Group

Consumer

Discretionary

22,953

0.57%

Inpex

Corp

Energy

1,635

22,921

0.57%

Endesa

SA

Utilities

726

22,902

0.57%

SS&C

Technologies

Holdings

Inc

Industrials

22,784

0.57%

MSCI

Inc

Financials

22,709

0.56%

Graco

Inc

Industrials

22,627

0.56%

Dai

Nippon

Printing

Co

Ltd

Industrials

1,484

22,492

0.56%

Amadeus

IT

Group

SA

Consumer

Discretionary

22,434

0.56%

Telenor

ASA

Communication

Services

1,447

22,413

0.56%

Osaka

Gas

Co

Ltd

Utilities

876

22,384

0.56%

PepsiCo

Inc

Consumer

Staples

22,250

0.55%

Veralto

Corp

Industrials

22,207

0.55%

Weyerhaeuser

Co

Real

Estate

852

21,890

0.54%

Avery

Dennison

Corp

Materials

21,742

0.54%

FactSet

Research

Systems

Inc

Financials

21,392

0.53%

Verisk

Analytics

Inc

Industrials

21,345

0.53%

Smiths

Group

PLC

Industrials

693

21,314

0.53%

Kirin

Holdings

Co

Ltd

Consumer

Staples

1,520

21,253

0.53%

Elisa

Oyj

Communication

Services

21,214

0.53%

Automatic

Data

Processing

Inc

Industrials

21,106

0.52%

Danone

SA

Consumer

Staples

21,055

0.52%

George

Weston

Ltd

Consumer

Staples

20,994

0.52%

Garmin

Ltd

Consumer

Discretionary

20,943

0.52%

Chevron

Corp

Energy

20,670

0.51%

Rio

Tinto

PLC

Materials

20,610

0.51%

Telia

Co

AB

Communication

Services

5,750

20,496

0.51%

Philip

Morris

International

Inc

Consumer

Staples

20,388

0.51%

Fairfax

Financial

Holdings

Ltd

Financials

20,342

0.51%

Tokyo

Gas

Co

Ltd

Utilities

604

20,026

0.50%

BOC

Hong

Kong

Holdings

Ltd

Financials

4,609

20,022

0.50%

Allegion

plc

Industrials

19,993

0.50%

VeriSign

Inc

Information

Technology

19,937

0.50%

Keysight

Technologies

Inc

Information

Technology

19,908

0.49%

Hartford

Insurance

Group

Inc/The

Financials

19,872

0.49%

Airbnb

Inc

Consumer

Discretionary

19,600

0.49%

Royal

Bank

of

Canada

Financials

19,581

0.49%

United

Utilities

Group

PLC

Utilities

1,195

18,696

0.46%

Crown

Holdings

Inc

Materials

18,632

0.46%

Meta

Platforms

Inc

Communication

Services

18,348

0.46%

#### A

#### BASKET

#### (#### BCFTDEAL

####)

#### OF

#### COMMON

#### STOCKS
Booking

Holdings

Inc

Consumer

Discretionary

38,773

1.27%

Pegasystems

Inc

Information

Technology

716

38,759

1.27%

Netflix

Inc

Communication

Services

38,654

1.27%

Virtu

Financial

Inc

Financials

860

38,497

1.26%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTDEAL)

#### OF

#### COMMON

#### STOCKS
(continued)

Axis

Capital

Holdings

Ltd

Financials

$

38,404

1.26%

Johnson

Controls

International

plc

Industrials

38,379

1.26%

Uber

Technologies

Inc

Industrials

38,299

1.26%

NRG

Energy

Inc

Utilities

37,688

1.24%

Exelixis

Inc

Health

Care

853

37,615

1.24%

Valero

Energy

Corp

Energy

36,892

1.21%

Freeport-McMoRan

Inc

Materials

843

36,528

1.20%

Unum

Group

Financials

35,279

1.16%

Equitable

Holdings

Inc

Financials

628

35,236

1.16%

MGIC

Investment

Corp

Financials

1,248

34,755

1.14%

Cheniere

Energy

Inc

Energy

34,125

1.12%

Natera

Inc

Health

Care

33,830

1.11%

QUALCOMM

Inc

Information

Technology

33,786

1.11%

DoorDash

Inc

Consumer

Discretionary

33,600

1.10%

Howmet

Aerospace

Inc

Industrials

33,245

1.09%

Spotify

Technology

SA

Communication

Services

32,805

1.08%

Wintrust

Financial

Corp

Financials

31,985

1.05%

American

International

Group

Inc

Financials

31,578

1.04%

General

Motors

Co

Consumer

Discretionary

640

31,515

1.04%

Ventas

Inc

Real

Estate

31,039

1.02%

Allison

Transmission

Holdings

Inc

Industrials

31,013

1.02%

AutoNation

Inc

Consumer

Discretionary

30,861

1.01%

State

Street

Corp

Financials

30,701

1.01%

Vornado

Realty

Trust

Real

Estate

783

29,958

0.98%

Synchrony

Financial

Financials

29,636

0.97%

Cadence

Design

Systems

Inc

Information

Technology

29,061

0.95%

eBay

Inc

Consumer

Discretionary

28,753

0.94%

Docusign

Inc

Information

Technology

28,703

0.94%

Tapestry

Inc

Consumer

Discretionary

28,100

0.92%

Regeneron

Pharmaceuticals

Inc

Health

Care

27,781

0.91%

Pure

Storage

Inc

Information

Technology

27,084

0.89%

Curtiss-Wright

Corp

Industrials

26,406

0.87%

Duolingo

Inc

Consumer

Discretionary

26,281

0.86%

Arista

Networks

Inc

Information

Technology

25,264

0.83%

Cirrus

Logic

Inc

Information

Technology

24,739

0.81%

GoDaddy

Inc

Information

Technology

24,238

0.80%

Textron

Inc

Industrials

24,225

0.80%

Meta

Platforms

Inc

Communication

Services

24,085

0.79%

Jacobs

Solutions

Inc

Industrials

23,890

0.78%

Southwest

Airlines

Co

Industrials

735

23,840

0.78%

Toll

Brothers

Inc

Consumer

Discretionary

23,599

0.78%

Boyd

Gaming

Corp

Consumer

Discretionary

23,398

0.77%

Applied

Materials

Inc

Information

Technology

23,313

0.77%

American

Tower

Corp

Real

Estate

22,755

0.75%

Affiliated

Managers

Group

Inc

Financials

22,620

0.74%

Louisiana-Pacific

Corp

Materials

22,576

0.74%

#### A

#### BASKET

#### (#### GSGLPWDS

####)

#### OF

#### COMMON

#### STOCKS
Keppel

Ltd

Industrials

3,996

23,279

0.61%

Westlake

Corp

Materials

22,674

0.59%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

1,829

22,286

0.58%

Imperial

Brands

PLC

Consumer

Staples

565

22,271

0.58%

Ferrovial

SE

Industrials

21,986

0.57%

Air

Products

and

Chemicals

Inc

Materials

21,928

0.57%

Swisscom

AG

Communication

Services

21,910

0.57%

Allianz

SE

Financials

21,741

0.57%

Thomson

Reuters

Corp

Industrials

21,666

0.56%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(GSGLPWDS)

#### OF

#### COMMON

#### STOCKS
(continued)

Orange

SA

Communication

Services

1,424

$

21,585

0.56%

RELX

PLC

Industrials

21,352

0.56%

Masco

Corp

Industrials

21,308

0.55%

Straumann

Holding

AG

Health

Care

21,287

0.55%

Coca-Cola

Co/The

Consumer

Staples

21,225

0.55%

Realty

Income

Corp

Real

Estate

21,202

0.55%

Hermes

International

SCA

Consumer

Discretionary

21,199

0.55%

Investor

AB

Financials

722

21,182

0.55%

Equifax

Inc

Industrials

21,124

0.55%

Singapore

Telecommunications

Ltd

Communication

Services

7,024

21,068

0.55%

Visa

Inc

Financials

20,944

0.55%

International

Paper

Co

Materials

20,746

0.54%

Aeon

Co

Ltd

Consumer

Staples

668

20,431

0.53%

Waste

Connections

Inc

Industrials

20,409

0.53%

Wilmar

International

Ltd

Consumer

Staples

8,974

20,222

0.53%

Paychex

Inc

Industrials

19,686

0.51%

Pernod

Ricard

SA

Consumer

Staples

19,650

0.51%

Haleon

PLC

Health

Care

3,789

19,442

0.51%

Martin

Marietta

Materials

Inc

Materials

19,253

0.50%

Atmos

Energy

Corp

Utilities

19,188

0.50%

Nutrien

Ltd

Materials

18,899

0.49%

EssilorLuxottica

SA

Health

Care

18,441

0.48%

Swire

Pacific

Ltd

Industrials

2,106

18,044

0.47%

REA

Group

Ltd

Communication

Services

17,390

0.45%

SAP

SE

Information

Technology

17,268

0.45%

Antofagasta

PLC

Materials

678

16,809

0.44%

Walmart

Inc

Consumer

Staples

16,770

0.44%

Bureau

Veritas

SA

Industrials

16,537

0.43%

Royalty

Pharma

PLC

Health

Care

16,527

0.43%

Saputo

Inc

Consumer

Staples

805

16,444

0.43%

Hess

Corp

Energy

16,397

0.43%

Marriott

International

Inc/MD

Consumer

Discretionary

16,326

0.43%

Diamondback

Energy

Inc

Energy

16,169

0.42%

Redeia

Corp

SA

Utilities

757

16,135

0.42%

Ingersoll

Rand

Inc

Industrials

16,083

0.42%

Acciona

SA

Utilities

15,948

0.42%

Metso

Oyj

Industrials

1,219

15,707

0.41%

CAR

Group

Ltd

Communication

Services

634

15,536

0.40%

Southern

Co/The

Utilities

15,533

0.40%

Dominion

Energy

Inc

Utilities

15,529

0.40%

Salmar

ASA

Consumer

Staples

15,475

0.40%

#### A

#### BASKET

#### (#### BCFTDEAS

####)

#### OF

#### COMMON

#### STOCKS
SoFi

Technologies

Inc

Financials

2,205

40,145

1.32%

Royal

Caribbean

Cruises

Ltd

Consumer

Discretionary

38,322

1.26%

Take-Two

Interactive

Software

Inc

Communication

Services

38,314

1.26%

DT

Midstream

Inc

Energy

38,236

1.26%

BWX

Technologies

Inc

Industrials

38,106

1.25%

Blue

Owl

Capital

Inc

Financials

1,947

37,407

1.23%

Diamondback

Energy

Inc

Energy

37,232

1.23%

Micron

Technology

Inc

Information

Technology

35,921

1.18%

Lithia

Motors

Inc

Consumer

Discretionary

35,375

1.16%

Ares

Management

Corp

Financials

33,635

1.11%

Dell

Technologies

Inc

Information

Technology

33,555

1.10%

Gen

Digital

Inc

Information

Technology

1,138

33,466

1.10%

Kinsale

Capital

Group

Inc

Financials

33,453

1.10%

MKS

Inc

Information

Technology

32,447

1.07%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTDEAS)

#### OF

#### COMMON

#### STOCKS
(continued)

Air

Products

and

Chemicals

Inc

Materials

$

32,385

1.07%

Tyler

Technologies

Inc

Information

Technology

31,839

1.05%

Domino's

Pizza

Inc

Consumer

Discretionary

31,807

1.05%

Roivant

Sciences

Ltd

Health

Care

2,820

31,779

1.05%

Carnival

Corp

Consumer

Discretionary

1,123

31,568

1.04%

Jack

Henry

&

Associates

Inc

Financials

31,226

1.03%

Digital

Realty

Trust

Inc

Real

Estate

30,824

1.01%

Aon

PLC

Financials

30,645

1.01%

Texas

Instruments

Inc

Information

Technology

27,947

0.92%

Equifax

Inc

Industrials

27,304

0.90%

Norwegian

Cruise

Line

Holdings

Ltd

Consumer

Discretionary

1,336

27,100

0.89%

RPM

International

Inc

Materials

26,489

0.87%

Watsco

Inc

Industrials

25,749

0.85%

Monolithic

Power

Systems

Inc

Information

Technology

25,289

0.83%

LPL

Financial

Holdings

Inc

Financials

25,213

0.83%

Affirm

Holdings

Inc

Financials

24,932

0.82%

Entegris

Inc

Information

Technology

24,325

0.80%

Atmos

Energy

Corp

Utilities

23,883

0.79%

Ross

Stores

Inc

Consumer

Discretionary

23,876

0.79%

Amdocs

Ltd

Information

Technology

23,693

0.78%

Expand

Energy

Corp

Energy

23,531

0.77%

Royal

Gold

Inc

Materials

23,339

0.77%

NIKE

Inc

Consumer

Discretionary

23,306

0.77%

NU

Holdings

Ltd/Cayman

Islands

Financials

1,692

23,217

0.76%

Avis

Budget

Group

Inc

Industrials

22,639

0.75%

PTC

Inc

Information

Technology

22,516

0.74%

Fox

Corp

Communication

Services

22,114

0.73%

Marriott

International

Inc/MD

Consumer

Discretionary

22,097

0.73%

MicroStrategy

Inc

Information

Technology

21,692

0.71%

DR

Horton

Inc

Consumer

Discretionary

21,247

0.70%

elf

Beauty

Inc

Consumer

Staples

21,192

0.70%

Somnigroup

International

Inc

Consumer

Discretionary

19,852

0.65%

Arthur

J

Gallagher

&

Co

Financials

19,840

0.65%

Liberty

Broadband

Corp

Communication

Services

19,839

0.65%

Healthcare

Realty

Trust

Inc

Real

Estate

1,230

19,515

0.64%

Bunge

Global

SA

Consumer

Staples

19,353

0.64%

See

Note 8 regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$68,514,154

Cost

-

Non-controlled

affiliates

(Note

f)

........................................................

9,658,180

Value

-

Unaffiliated

issuers

..................................................................

$96,740,323

Value

-

Non-controlled

affiliates

(Note

f)

........................................................

9,658,180

Cash

....................................................................................

41,136

Foreign

currency,

at

value

(cost

$5,944)

..........................................................

5,950

Receivables:

Investment

securities

sold

...................................................................

1,148,515

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

2,013,906

Capital

shares

sold

........................................................................

83,127

Dividends

and

interest

.....................................................................

411,702

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

154,695

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

7,307

OTC

swap

contracts

(upfront

payments)

..........................................................

8,707

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

36,129

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

35,972

Prepaid

expenses

..........................................................................

47,964

Total

assets

..........................................................................

110,393,613

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

854,815

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

6,235,039

Capital

shares

redeemed

...................................................................

215,705

Management

fees

.........................................................................

47,686

Administrative

fees

........................................................................

Distribution

fees

..........................................................................

6,521

Transfer

agent

fees

........................................................................

16,914

Trustees'

fees

and

expenses

.................................................................

68,103

Variation

margin

on

futures

contracts

...........................................................

19,713

OTC

swap

contracts

(upfront

receipts)

...........................................................

2,593

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

25,972

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

40,073

TBA

sale

commitments,

at

value

(proceeds

$2,013,906)

(Note

1d)

......................................

2,032,560

Accrued

expenses

and

other

liabilities

...........................................................

121,944

Total

liabilities

.........................................................................

9,688,028

Net

assets,

at

value

.................................................................

$100,705,585

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$70,639,985

Total

distributable

earnings

(losses)

.............................................................

30,065,600

Net

assets,

at

value

.................................................................

$100,705,585

Putnam

Variable

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Class

#### IA:
Net

assets,

at

value

.......................................................................

$68,408,289

Shares

outstanding

........................................................................

3,777,586

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$18.11

#### Class

#### IB:
Net

assets,

at

value

.......................................................................

$32,297,296

Shares

outstanding

........................................................................

1,744,282

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$18.52

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Variable

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$24,785)

Unaffiliated

issuers

........................................................................

$606,964

Non-controlled

affiliates

(Note

f)

.............................................................

262,139

Interest:

Unaffiliated

issuers

........................................................................

495,980

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

(6) Non-controlled

affiliates

(Note

f)

.............................................................

Total

investment

income

...................................................................

1,365,084

Expenses:

Management

fees

(Note

a)

...................................................................

284,962

Administrative

fees

(Note

b)

..................................................................

584

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

IB

................................................................................

40,940

Transfer

agent

fees:

(Note

3d)

&nbsp;&nbsp;&nbsp;&nbsp;Class

IA

................................................................................

23,510

&nbsp;&nbsp;&nbsp;&nbsp;Class

IB

................................................................................

11,464

Custodian

fees

(Note

4)

......................................................................

32,767

Reports

to

shareholders

fees

..................................................................

8,459

Professional

fees

...........................................................................

67,142

Trustees'

fees

and

expenses

(Note

3e)

...........................................................

1,735

Other

....................................................................................

822

Total

expenses

.........................................................................

472,385

Expense

reductions

(Note

4)

...............................................................

(77) Expenses

waived/paid

by

affiliates

(Note

f

and

g)

..............................................

(12,867)

Net

expenses

.........................................................................

459,441

Net

investment

income

................................................................

905,643

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

3,098,300

Foreign

currency

transactions

................................................................

(1,939)

Forward

exchange

contracts

.................................................................

10,840

Futures

contracts

.........................................................................

(518,518)

TBA

sale

commitments

.....................................................................

75,683

Swap

contracts

...........................................................................

278,960

Net

realized

gain

(loss)

..................................................................

2,943,326

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

and

TBA

sale

commitments

.................................................

2,541,736

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

4,150

Forward

exchange

contracts

.................................................................

41,923

Futures

contracts

.........................................................................

(139,734)

Swap

contracts

...........................................................................

101,617

Net

change

in

unrealized

appreciation

(depreciation)

............................................

2,549,692

Net

realized

and

unrealized

gain

(loss)

............................................................

5,493,018

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$6,398,661

Putnam

Variable

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$905,643

$1,863,184

Net

realized

gain

(loss)

.................................................

2,943,326

12,622,959

Net

change

in

unrealized

appreciation

(depreciation)

...........................

2,549,692

1,354,252

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

6,398,661

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

............................................................

5,546,762

(9,053,859)

Class

IB

............................................................

369,064

(1,814,348)

Total

capital

share

transactions

............................................

5,915,826

(10,868,207)

Net

increase

(decrease)

in

net

assets

...................................

(2,093,751)

2,564,218

Net

assets:

Beginning

of

period

.....................................................

102,799,336

100,235,118

End

of

period

..........................................................

$100,705,585

$102,799,336

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Variable

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty separate

funds.

The Trust

follows the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

VT

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. 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.

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

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

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

June

30,

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

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

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 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

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

June

30,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$11,954.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

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.

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

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

equity 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

8 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,

managed

by

Franklin

Advisers,

Inc. 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.

At

June

30,

2025,

the

Fund

had

no

securities

on

loan.

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

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2025, the Fund

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

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.

Dividend

income

is recorded

on

the

ex-

dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

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

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

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

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### IA

#### Shares:
Shares

sold

...................................

14,215

$270,911

28,082

$524,743

Shares

issued

in

reinvestment

of

distributions

..........

588,372

9,866,995

92,342

1,703,708

Shares

redeemed

...............................

(247,155)

(4,591,144)

(593,757)

(11,282,310)

Net

increase

(decrease)

..........................

355,432

$5,546,762

(473,333)

$(9,053,859)

#### Class

#### IB

#### Shares:
Shares

sold

...................................

362,959

$7,442,205

330,182

$6,433,962

Shares

issued

in

reinvestment

of

distributions

..........

264,640

4,541,222

37,441

704,262

Shares

redeemed

...............................

(574,027)

(11,614,363)

(458,996)

(8,952,572)

Net

increase

(decrease)

..........................

53,572

$369,064

(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

(unaudited)

franklintempleton.com

Semiannual

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

period

ended

June

30,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.575%

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

(unaudited)

franklintempleton.com

Semiannual

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

period

ended

June

30,

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

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

$12,768,794

$13,359,251

$(16,469,865)

$—

$—

$9,658,180

9,658,180

$262,139

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.608%

.............

$—

$58,300

$(58,300)

$—

$—

$—

—

$7

#### Total

#### Affiliated

#### Securities

#### ...
$12,768,794

$13,417,551

$(16,528,165)

$—

$—

$9,658,180

$262,146

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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

period

ended

June

30,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

April

14,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

5. #### Income

#### Taxes
At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

June

30,

2025,

aggregated

$97,558,760 and

$96,868,022,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

June

30,

2025,

the

aggregate

value

of

these

securities represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

Cost

of

investments

..........................................................................

$78,087,654

Unrealized

appreciation

........................................................................

$30,226,030

Unrealized

depreciation

........................................................................

(1,915,181)

Net

unrealized

appreciation

(depreciation)

..........................................................

$28,310,849

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

8. #### Other

#### Derivative

#### Information
At

June

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

June

30,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

#### 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

$

160,456

a

Variation

margin

on

futures

contracts

$

4,348

a

Variation

margin

on

centrally

cleared

swap

contracts

43,973

b

Variation

margin

on

centrally

cleared

swap

contracts

38,762

b

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

36,129

Unrealized

depreciation

on

OTC

forward

exchange

contracts

40,073

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

60,846

b

Variation

margin

on

centrally

cleared

swap

contracts

—

OTC

swap

contracts

(upfront

payments)

8,707

OTC

swap

contracts

(upfront

receipts)

2,593

Unrealized

appreciation

on

OTC

swap

contracts

1,180

Unrealized

depreciation

on

OTC

swap

contracts

7,294

Equity

contracts

...........

Variation

margin

on

futures

contracts

84,574

a

Variation

margin

on

futures

contracts

453,246

a

Unrealized

appreciation

on

OTC

swap

contracts

34,792

Unrealized

depreciation

on

OTC

swap

contracts

18,678

Total

....................

$430,657

$564,994

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### VT

#### 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

$(221,669)

Futures

contracts

$395,468

Swap

contracts

(7,876)

Swap

contracts

43,452

Foreign

exchange

contracts

.....

Forward

exchange

contracts

10,840

Forward

exchange

contracts

41,923

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

For

the

period

ended

June

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

swap

contracts

$27,104,593

and

$28,519,439,

respectively.The

average

month

end

contract

value

of

forward

exchange

contracts

was

$3,017,100.

See

Note

1(e) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

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

Statements

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.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period
Credit

contracts

...............

Swap

contracts

4,888

Swap

contracts

51,406

Equity

contracts

..............

Futures

contracts

(296,849)

Futures

contracts

(535,202)

Swap

contracts

281,948

Swap

contracts

6,759

Total

.......................

$(228,718)

$3,806

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

1,735,005

$

272,595

$

—

$

2,007,600

Air

Freight

&

Logistics

...................

178,284

—

—

178,284

Automobile

Components

.................

—

57,566

—

57,566

Automobiles

..........................

884,683

76,133

—

960,816

Banks

...............................

1,642,341

1,536,824

—

3,179,165

Beverages

...........................

342,707

82,425

—

425,132

Biotechnology

.........................

1,514,582

42,511

—

1,557,093

Broadline

Retail

.......................

2,738,875

172,957

—

2,911,832

Building

Products

......................

257,167

129,105

—

386,272

Capital

Markets

........................

2,151,682

357,689

—

2,509,371

Chemicals

...........................

590,559

168,367

—

758,926

Commercial

Services

&

Supplies

...........

170,704

59,767

—

230,471

Communications

Equipment

..............

774,258

56,339

—

830,597

Construction

&

Engineering

...............

—

125,027

—

125,027

Construction

Materials

..................

54,273

124,698

—

178,971

Consumer

Finance

.....................

316,928

—

—

316,928

Consumer

Staples

Distribution

&

Retail

......

1,252,800

167,640

—

1,420,440

Containers

&

Packaging

.................

174,685

—

—

174,685

Diversified

Consumer

Services

............

116,327

—

—

116,327

Diversified

REITs

......................

59,635

6,150

—

65,785

Diversified

Telecommunication

Services

.....

397,755

152,763

—

550,518

Electric

Utilities

........................

1,208,356

157,502

—

1,365,858

Electrical

Equipment

....................

638,489

258,380

—

896,869

Electronic

Equipment,

Instruments

&

Components

........................

119,881

—

—

119,881

Energy

Equipment

&

Services

.............

407,375

—

—

407,375

Entertainment

.........................

1,542,789

36,255

—

1,579,044

Financial

Services

......................

2,794,906

169,408

—

2,964,314

Food

Products

........................

232,438

293,381

—

525,819

Gas

Utilities

..........................

60,822

—

—

60,822

Ground

Transportation

..................

704,010

—

—

704,010

Health

Care

Equipment

&

Supplies

.........

811,286

151,701

—

962,987

Health

Care

Providers

&

Services

..........

922,454

56,484

—

978,938

Health

Care

REITs

.....................

57,027

—

—

57,027

Health

Care

Technology

.................

521,741

—

—

521,741

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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:

(continued)

Common

Stocks:

(continued)

Hotels,

Restaurants

&

Leisure

.............

$

984,353

$

248,119

$

—

$

1,232,472

Household

Durables

....................

245,604

—

—

245,604

Household

Products

....................

748,878

54,842

—

803,720

Independent

Power

and

Renewable

Electricity

Producers

..........................

72,291

20,058

—

92,349

Industrial

Conglomerates

................

120,173

85,244

—

205,417

Industrial

REITs

.......................

53,184

—

—

53,184

Insurance

............................

1,637,769

544,190

—

2,181,959

Interactive

Media

&

Services

..............

4,510,002

142,806

—

4,652,808

IT

Services

...........................

308,128

34,979

—

343,107

Leisure

Products

.......................

63,116

53,759

—

116,875

Life

Sciences

Tools

&

Services

............

58,274

—

—

58,274

Machinery

............................

647,777

184,859

—

832,636

Marine

Transportation

...................

98,667

—

—

98,667

Media

...............................

176,576

28,663

—

205,239

Metals

&

Mining

.......................

221,481

402,855

—

624,336

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

56,845

—

—

56,845

Multi-Utilities

..........................

174,621

226,793

—

401,414

Oil,

Gas

&

Consumable

Fuels

.............

1,173,537

527,395

—

1,700,932

Paper

&

Forest

Products

.................

54,604

—

—

54,604

Passenger

Airlines

.....................

115,621

122,868

—

238,489

Personal

Care

Products

.................

—

66,336

—

66,336

Pharmaceuticals

.......................

2,214,056

781,549

—

2,995,605

Professional

Services

...................

1,028,880

141,136

—

1,170,016

Real

Estate

Management

&

Development

....

128,979

—

—

128,979

Residential

REITs

......................

388,007

—

—

388,007

Retail

REITs

..........................

571,791

—

—

571,791

Semiconductors

&

Semiconductor

Equipment

.

6,872,535

320,558

—

7,193,093

Software

.............................

6,131,398

190,080

—

6,321,478

Specialized

REITs

......................

302,342

—

—

302,342

Specialty

Retail

........................

1,235,973

131,545

—

1,367,518

Technology

Hardware,

Storage

&

Peripherals

.

3,925,616

—

—

3,925,616

Textiles,

Apparel

&

Luxury

Goods

..........

24,015

278,737

—

302,752

Tobacco

.............................

975,124

108,060

—

1,083,184

Trading

Companies

&

Distributors

..........

35,100

194,032

—

229,132

Transportation

Infrastructure

..............

—

56,377

—

56,377

Wireless

Telecommunication

Services

.......

—

101,306

—

101,306

Convertible

Preferred

Stocks

................

31,522

—

—

31,522

Convertible

Bonds

.......................

—

32,878

—

32,878

Corporate

Bonds

........................

—

13,111,913

—

13,111,913

Senior

Floating

Rate

Interests

...............

—

293,057

—

293,057

Foreign

Government

and

Agency

Securities

....

—

319,851

—

319,851

Asset-Backed

Securities

...................

—

74,423

—

74,423

Commercial

Mortgage-Backed

Securities

......

—

658,229

—

658,229

Mortgage-Backed

Securities

................

—

9,984,309

—

9,984,309

Residential

Mortgage-Backed

Securities

.......

—

781,937

—

781,937

Agency

Commercial

Mortgage-Backed

Securities

—

73,063

—

73,063

Short

Term

Investments

...................

9,658,180

890,187

—

10,548,367

Total

Investments

in

Securities

...........

$70,419,843

$35,978,660

a

$—

$106,398,503

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund
(continued)

#### Assets:
(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$36,129

$—

$36,129

Futures

Contracts

.......................

245,030

—

—

245,030

Swap

Contracts

.........................

—

140,791

—

140,791

Total

Other

Financial

Instruments

.........

$245,030

$176,920

$—

$421,950

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

2,032,560

$

—

$

2,032,560

Forward

Exchange

Contracts

...............

—

40,073

—

40,073

Futures

Contracts

........................

457,594

—

—

457,594

Swap

Contracts

.........................

—

64,734

—

64,734

Total

Other

Financial

Instruments

.........

$457,594

$2,137,367

$—

$2,594,961

a

Includes

foreign

securities

valued

at

$9,758,813,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Variable

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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.

#### Currency

#### 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

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### CME
Chicago

Mercantile

Exchange

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### 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

........................

4.45%

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

#### Putnam

#### VT

#### Global

#### Asset

#### Allocation

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

its

affiliate,

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

a

subadvisory

agreement

between

the

Advisor

and

The

Putnam

Advisory

Company

("PAC")

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML

and

PAC,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

PAC

and

Putnam

Management

are

each

direct

or

indirect

wholly-owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. However,

in

the

case

of

your

fund,

the

second

expense

limitation

applied

during

its

fiscal

year

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

April

30,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

second

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

fourth

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Adviser

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

management

contract.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

IA

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Variable

Insurance

Products

(Underlying

Funds)

–

Mixed-Asset

Target

Allocation

Funds)

for

the

one-

year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-performing

funds):

For

the

one-,

three-,

and

five-year

periods

ended

December

31,

2024,

your

fund's

performance

was

in

the

top

decile

of

its

Lipper

peer

group.

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

273,

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

annual

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

One-year

period

Three-year

period

Five-year

period

1st

1st

1st

Putnam

Variable

Trust

franklintempleton.com

Semiannual

Report

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38923-SFSOI

08/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party
 service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's
 oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvgaaf-efp17140_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pvgaaf-efp17140_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Variable Trust** | **Putnam Variable Trust** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | August 26, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Variable Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: August 26, 2025 <br>

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Variable Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Variable Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Variable Trust | Putnam Variable Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.