Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

PVT-Q3PH

1

Schedules

of

Investments

(unaudited)

Putnam

VT

Core

Equity

Fund

2

Putnam

VT

Diversified

Income

Fund

8

Putnam

VT

Emerging

Markets

Equity

Fund

35

Putnam

VT

Focused

International

Equity

Fund

39

Putnam

VT

George

Putnam

Balanced

Fund

42

Putnam

VT

Global

Asset

Allocation

Fund

64

Putnam

VT

Global

Health

Care

Fund

110

Putnam

VT

High

Yield

Fund

113

Putnam

VT

Income

Fund

129

Putnam

VT

International

Equity

Fund

158

Putnam

VT

International

Value

Fund

164

Putnam

VT

Large

Cap

Growth

Fund

171

Putnam

VT

Large

Cap

Value

Fund

174

Putnam

VT

Mortgage

Securities

Fund

179

Putnam

VT

Research

Fund

191

Putnam

VT

Small

Cap

Growth

Fund

198

Putnam

VT

Small

Cap

Value

Fund

203

Putnam

VT

Sustainable

Future

Fund

208

Putnam

VT

Sustainable

Leaders

Fund

213

Notes

to

Schedules

of

Investments

217

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Core

Equity

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.6%

Aerospace

&

Defense

1.4%

a

Boeing

Co.

(The)

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

United

States

4,946

$

1,067,495

Northrop

Grumman

Corp.

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

United

States

1,147

698,890

RTX

Corp.

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

United

States

4,440

742,945

2,509,330

Air

Freight

&

Logistics

0.3%

FedEx

Corp.

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

United

States

2,485

585,988

Automobiles

2.5%

General

Motors

Co.

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

United

States

8,972

547,023

a,b

Tesla,

Inc.

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

United

States

8,526

3,791,683

4,338,706

Banks

5.4%

Bank

of

America

Corp.

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

United

States

48,106

2,481,789

Citigroup,

Inc.

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

United

States

22,199

2,253,199

Fifth

Third

Bancorp

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

United

States

10,085

449,287

Five

Star

Bancorp

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

United

States

8,498

273,636

JPMorgan

Chase

&

Co.

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

United

States

9,483

2,991,223

UMB

Financial

Corp.

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

United

States

6,959

823,598

9,272,732

Beverages

1.6%

Coca-Cola

Co.

(The)

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

United

States

29,415

1,950,803

Keurig

Dr

Pepper,

Inc.

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

United

States

14,808

377,752

c

Molson

Coors

Beverage

Co.

,

B

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

United

States

13,014

588,884

2,917,439

Biotechnology

1.8%

AbbVie,

Inc.

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

United

States

7,636

1,768,039

Amgen,

Inc.

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

United

States

1,675

472,685

Regeneron

Pharmaceuticals,

Inc.

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

United

States

1,175

660,667

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

356

139,424

3,040,815

Broadline

Retail

4.0%

a

Amazon.com,

Inc.

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

United

States

29,508

6,479,072

eBay,

Inc.

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

United

States

5,410

492,039

6,971,111

Building

Products

0.1%

Owens

Corning

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

United

States

1,658

234,541

Capital

Markets

6.2%

Ameriprise

Financial,

Inc.

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

United

States

3,032

1,489,470

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

16,132

1,757,743

BlackRock,

Inc.

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

United

States

988

1,151,880

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

3,681

2,931,364

Jefferies

Financial

Group,

Inc.

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

United

States

5,489

359,090

KKR

&

Co.,

Inc.

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

United

States

3,384

439,751

Morgan

Stanley

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

United

States

3,550

564,308

c

Raymond

James

Financial,

Inc.

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

United

States

11,115

1,918,449

TPG,

Inc.

,

A

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

United

States

6,790

390,085

11,002,140

Chemicals

0.5%

DuPont

de

Nemours,

Inc.

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

United

States

8,070

628,653

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Core

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Chemicals

(continued)

Eastman

Chemical

Co.

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

United

States

4,210

$

265,440

894,093

Commercial

Services

&

Supplies

0.2%

Cintas

Corp.

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

United

States

1,600

328,416

Communications

Equipment

1.1%

Cisco

Systems,

Inc.

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

United

States

27,940

1,911,655

Consumer

Staples

Distribution

&

Retail

2.6%

Casey's

General

Stores,

Inc.

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

United

States

819

462,997

a

Guardian

Pharmacy

Services,

Inc.

,

A

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

United

States

17,155

449,976

Kroger

Co.

(The)

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

United

States

9,859

664,595

Target

Corp.

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

United

States

5,777

518,197

Walmart,

Inc.

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

United

States

21,390

2,204,453

4,300,218

Containers

&

Packaging

0.2%

Amcor

plc

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

United

States

47,988

392,542

Distributors

0.0%

†

LKQ

Corp.

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

United

States

2,821

86,153

Diversified

Consumer

Services

0.4%

ADT,

Inc.

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

United

States

39,726

346,013

Graham

Holdings

Co.

,

B

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

United

States

226

266,072

a,c

Stubhub

Holdings,

Inc.

,

A

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

United

States

1,200

20,208

632,293

Diversified

REITs

0.2%

Armada

Hoffler

Properties,

Inc.

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

United

States

51,599

361,709

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

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

United

States

47,390

1,338,294

Electric

Utilities

2.4%

Constellation

Energy

Corp.

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

United

States

1,921

632,143

NextEra

Energy,

Inc.

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

United

States

9,982

753,541

NRG

Energy,

Inc.

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

United

States

10,091

1,634,237

PG&E

Corp.

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

United

States

84,741

1,277,894

4,297,815

Entertainment

1.7%

Electronic

Arts,

Inc.

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

United

States

2,807

566,172

a

Netflix,

Inc.

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

United

States

607

727,744

Universal

Music

Group

NV

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

Netherlands

25,317

731,597

Walt

Disney

Co.

(The)

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

United

States

9,230

1,056,835

3,082,348

Financial

Services

5.2%

Apollo

Global

Management,

Inc.

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

United

States

11,579

1,543,133

a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

6,827

3,432,206

Corebridge

Financial,

Inc.

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

United

States

19,728

632,282

Mastercard,

Inc.

,

A

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

United

States

5,828

3,315,025

8,922,646

Food

Products

0.1%

Hershey

Co.

(The)

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

United

States

1,374

257,007

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Core

Equity

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Ground

Transportation

1.0%

Union

Pacific

Corp.

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

United

States

7,325

$

1,731,410

Health

Care

Equipment

&

Supplies

0.4%

Becton

Dickinson

&

Co.

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

United

States

1,345

251,744

Medtronic

plc

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

United

States

6,209

591,345

a

Nyxoah

SA

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

Belgium

6,298

28,971

872,060

Health

Care

Providers

&

Services

2.8%

a

Ardent

Health,

Inc.

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

United

States

2,473

32,767

CVS

Health

Corp.

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

United

States

7,910

596,335

HCA

Healthcare,

Inc.

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

United

States

1,008

429,610

Humana,

Inc.

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

United

States

1,299

337,961

McKesson

Corp.

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

United

States

1,902

1,469,371

a

Tenet

Healthcare

Corp.

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

United

States

4,333

879,772

UnitedHealth

Group,

Inc.

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

United

States

3,828

1,321,808

5,067,624

Hotels,

Restaurants

&

Leisure

2.0%

a

First

Watch

Restaurant

Group,

Inc.

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

United

States

8,675

135,677

Hilton

Worldwide

Holdings,

Inc.

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

United

States

4,122

1,069,412

McDonald's

Corp.

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

United

States

3,303

1,003,749

Vail

Resorts,

Inc.

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

United

States

1,812

271,021

a,b

Viking

Holdings

Ltd.

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

United

States

15,122

939,984

3,419,843

Household

Durables

0.8%

PulteGroup,

Inc.

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

United

States

10,428

1,377,852

Household

Products

0.7%

Procter

&

Gamble

Co.

(The)

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

United

States

8,495

1,305,257

Industrial

Conglomerates

0.5%

Honeywell

International,

Inc.

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

United

States

4,064

855,472

Insurance

1.0%

American

International

Group,

Inc.

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

United

States

4,085

320,836

Arch

Capital

Group

Ltd.

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

United

States

9,862

894,779

Assured

Guaranty

Ltd.

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

United

States

5,685

481,235

1,696,850

Interactive

Media

&

Services

7.7%

Alphabet,

Inc.

,

C

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

United

States

31,374

7,641,138

Meta

Platforms,

Inc.

,

A

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

United

States

7,632

5,604,788

a

Pinterest,

Inc.

,

A

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

United

States

7,010

225,512

13,471,438

IT

Services

1.0%

a

Gartner,

Inc.

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

United

States

1,504

395,356

a

GoDaddy,

Inc.

,

A

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

United

States

2,727

373,135

International

Business

Machines

Corp.

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

United

States

3,723

1,050,482

1,818,973

Life

Sciences

Tools

&

Services

0.6%

a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

1,011

283,474

Thermo

Fisher

Scientific,

Inc.

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

United

States

1,399

678,543

962,017

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Core

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

1.3%

Deere

&

Co.

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

United

States

1,070

$

489,268

Otis

Worldwide

Corp.

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

United

States

17,113

1,564,642

Snap-on,

Inc.

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

United

States

718

248,809

2,302,719

Media

0.5%

a

Charter

Communications,

Inc.

,

A

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

United

States

2,083

573,044

New

York

Times

Co.

(The)

,

A

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

United

States

6,560

376,544

949,588

Metals

&

Mining

0.8%

Freeport-McMoRan,

Inc.

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

United

States

18,587

728,982

Nucor

Corp.

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

United

States

5,269

713,581

1,442,563

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

Starwood

Property

Trust,

Inc.

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

United

States

23,015

445,801

Office

REITs

0.2%

Highwoods

Properties,

Inc.

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

United

States

11,117

353,743

Oil,

Gas

&

Consumable

Fuels

2.2%

a

Antero

Resources

Corp.

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

United

States

14,772

495,748

ConocoPhillips

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

United

States

12,242

1,157,971

Exxon

Mobil

Corp.

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

United

States

15,707

1,770,964

Permian

Resources

Corp.

,

A

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

United

States

31,903

408,358

3,833,041

Passenger

Airlines

0.7%

Southwest

Airlines

Co.

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

United

States

37,348

1,191,775

Personal

Care

Products

0.0%

†

Kenvue,

Inc.

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

United

States

4,124

66,933

Pharmaceuticals

3.0%

AstraZeneca

plc

,

ADR

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

United

Kingdom

5,446

417,817

Eli

Lilly

&

Co.

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

United

States

2,740

2,090,620

Johnson

&

Johnson

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

United

States

7,522

1,394,729

Merck

&

Co.,

Inc.

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

United

States

11,773

988,108

Royalty

Pharma

plc

,

A

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

United

States

6,430

226,850

5,118,124

Real

Estate

Management

&

Development

1.2%

a

CBRE

Group,

Inc.

,

A

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

United

States

11,038

1,739,147

a

CoStar

Group,

Inc.

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

United

States

4,894

412,907

2,152,054

Semiconductors

&

Semiconductor

Equipment

12.2%

a

Advanced

Micro

Devices,

Inc.

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

United

States

2,070

334,905

Broadcom,

Inc.

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

United

States

13,630

4,496,673

a

Intel

Corp.

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

United

States

8,275

277,626

Lam

Research

Corp.

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

United

States

17,239

2,308,302

NVIDIA

Corp.

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

United

States

68,346

12,751,997

QUALCOMM,

Inc.

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

United

States

6,338

1,054,390

21,223,893

Software

9.1%

a

Adobe,

Inc.

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

United

States

1,466

517,131

a

Fair

Isaac

Corp.

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

United

States

128

191,556

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Core

Equity

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

Microsoft

Corp.

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

United

States

22,338

$

11,569,967

a

NCR

Voyix

Corp.

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

United

States

7,251

91,000

b

Oracle

Corp.

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

United

States

8,084

2,273,544

a

Palantir

Technologies,

Inc.

,

A

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

United

States

1,418

258,672

Salesforce,

Inc.

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

United

States

4,374

1,036,638

15,938,508

Specialized

REITs

0.6%

Gaming

and

Leisure

Properties,

Inc.

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

United

States

24,451

1,139,661

Specialty

Retail

1.6%

Best

Buy

Co.,

Inc.

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

United

States

7,210

545,220

a

Floor

&

Decor

Holdings,

Inc.

,

A

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

United

States

889

65,519

Home

Depot,

Inc.

(The)

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

United

States

1,717

695,711

Lowe's

Cos.,

Inc.

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

United

States

6,527

1,640,300

2,946,750

Technology

Hardware,

Storage

&

Peripherals

6.0%

Apple,

Inc.

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

United

States

41,437

10,551,103

Textiles,

Apparel

&

Luxury

Goods

0.1%

a

Lululemon

Athletica,

Inc.

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

United

States

822

146,258

Trading

Companies

&

Distributors

0.6%

United

Rentals,

Inc.

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

United

States

1,069

1,020,532

Total

Common

Stocks

(Cost

$

70,823,725

)

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

171,079,833

Management

Investment

Companies

1.6%

Capital

Markets

1.6%

c

Industrial

Select

Sector

SPDR

Fund

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

United

States

8,505

1,311,726

a,c

iShares

Expanded

Tech-Software

Sector

ETF

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

United

States

13,134

1,510,542

2,822,268

Total

Management

Investment

Companies

(Cost

$

1,880,230

)

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

2,822,268

Total

Long

Term

Investments

(Cost

$

72,703,955

)

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

173,902,101

a

Short

Term

Investments

3.4%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

d,e

U.S.

Treasury

Bills

,

3

.86

%

,

12/04/25

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

United

States

300,000

297,924

Total

U.S.

Government

and

Agency

Securities

(Cost

$

297,844

)

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

297,924

Shares

Management

Investment

Companies

0.8%

f,g

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

1,434,657

1,434,657

Total

Management

Investment

Companies

(Cost

$

1,434,657

)

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

1,434,657

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Core

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

See

Abbreviations

on

page

240.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

2.4%

Money

Market

Funds

2.4%

f,g

Putnam

Cash

Collateral

Pool,

LLC

,

4.402

%

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

United

States

4,229,940

$

4,229,940

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

4,229,940

)

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

4,229,940

Total

Short

Term

Investments

(Cost

$

5,962,441

)

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

5,962,521

a

Total

Investments

(Cost

$

78,666,396

)

102.6

%

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

$179,864,622

Options

Written

(

0.0

)

%

†

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

(59,611)

Other

Assets,

less

Liabilities

(

2.6

)

%

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

(4,440,211)

Net

Assets

100.0%

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

$175,364,800

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.0)%

†

Calls

-

Over-the-Counter

Equity

Options

(0.0)%

†

Oracle

Corp.

,

Counterparty

GSCO

,

December

Strike

Price

$

300.00

,

Expires

12/19/25

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

509,400

143,263,656

(

35,264

)

Tesla,

Inc.

,

Counterparty

BZWS

,

December

Strike

Price

$

510.00

,

Expires

12/19/25

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

317,220

141,074,078

(

17,564

)

Viking

Holdings

Ltd.

,

Counterparty

MSCO

,

October

Strike

Price

$

65.00

,

Expires

10/17/25

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

461,955

28,715,123

(

6,783

)

(

59,611

)

Total

Options

Written

(Premiums

received

$

69,196

)

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

$

(

59,611

)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

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

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

c

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025.

d

The

rate

shown

represents

the

yield

at

period

end.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$100,301,

representing

0.1%

net

assets.

f

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Diversified

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

3.1%

Aerospace

&

Defense

0.0%

†

AeroVironment,

Inc.

,

Senior

Note

,

Zero

Cpn.,

7/15/30

........

United

States

20,000

$

24,830

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/27

..........

United

States

9,000

28,249

53,079

Automobile

Components

0.0%

†

Patrick

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

12/01/28

........

United

States

25,000

40,650

Automobiles

0.0%

†

Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625

%

,

3/15/29

........

United

States

36,000

37,390

Biotechnology

0.3%

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

1

%

,

9/15/27

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

United

States

12,000

19,752

a,b

Senior

Note

,

144A,

0

.19

%

,

9/15/28

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

United

States

30,000

29,831

BioMarin

Pharmaceutical,

Inc.

,

Senior

Sub.

Note

,

1.25

%

,

5/15/27

United

States

33,000

31,367

a

Exact

Sciences

Corp.

,

Senior

Note

,

144A,

1.75

%

,

4/15/31

.....

United

States

67,000

62,676

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

1

%

,

8/15/28

.......

United

States

42,000

59,115

202,741

Broadline

Retail

0.1%

Etsy,

Inc.

,

Senior

Note

,

0.25

%

,

6/15/28

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

United

States

72,000

63,774

Capital

Markets

0.1%

b

Coinbase

Global,

Inc.

,

Senior

Note

,

0.25

%

,

4/01/30

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

United

States

26,000

32,740

a

Senior

Note

,

144A,

Zero

Cpn.,

10/01/32

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

United

States

30,000

33,210

a

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

9/01/28

.....

United

States

21,000

20,915

a

WisdomTree,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

8/15/30

.......

United

States

20,000

21,283

108,148

Communications

Equipment

0.1%

a

Lumentum

Holdings,

Inc.

,

Senior

Note

,

144A,

0.375

%

,

3/15/32

.

United

States

61,000

70,180

Construction

&

Engineering

0.1%

Fluor

Corp.

,

Senior

Note

,

1.125

%

,

8/15/29

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

United

States

41,000

48,749

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

26,000

37,648

Diversified

REITs

0.1%

a

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875

%

,

11/15/29

...

United

States

75,000

78,938

Electric

Utilities

0.4%

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

3

%

,

3/01/27

United

States

43,000

50,890

PG&E

Corp.

,

Senior

Secured

Note

,

4.25

%

,

12/01/27

.........

United

States

46,000

46,635

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875

%

,

3/15/28

......

United

States

58,000

66,279

Southern

Co.

(The)

,

Senior

Note

,

3.875

%

,

12/15/25

.........

United

States

60,000

67,605

231,409

Electronic

Equipment,

Instruments

&

Components

0.2%

a

Avnet,

Inc.

,

Senior

Note

,

144A,

1.75

%

,

9/01/30

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

United

States

20,000

20,240

Itron,

Inc.

,

Senior

Note

,

1.375

%

,

7/15/30

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

United

States

59,000

67,761

OSI

Systems,

Inc.

,

Senior

Note

,

2.25

%

,

8/01/29

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

United

States

32,000

46,504

134,505

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Entertainment

0.2%

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25

%

,

8/15/27

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

United

States

59,000

$

78,382

Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

3.125

%

,

1/15/29

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

United

States

21,000

33,928

a

Senior

Note

,

144A,

2.875

%

,

1/15/30

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

United

States

47,000

52,217

164,527

Financial

Services

0.2%

Block,

Inc.

,

Senior

Note

,

0.25

%

,

11/01/27

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

United

States

30,000

27,398

Global

Payments,

Inc.

,

Senior

Note

,

1.5

%

,

3/01/31

..........

United

States

53,000

48,641

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5

%

,

8/01/27

...........

United

States

48,000

47,356

123,395

Food

Products

0.1%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

45,000

50,603

Ground

Transportation

0.1%

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875

%

,

12/01/28

..

United

States

58,000

85,405

Health

Care

Equipment

&

Supplies

0.1%

Dexcom,

Inc.

,

Senior

Note

,

0.375

%

,

5/15/28

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

United

States

74,000

67,544

Haemonetics

Corp.

,

Senior

Note

,

2.5

%

,

6/01/29

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

United

States

32,000

29,685

a

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875

%

,

3/15/30

...

United

States

42,000

40,908

a

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

3

%

,

2/01/29

...

United

States

24,000

27,948

166,085

Health

Care

REITs

0.1%

a

Welltower

OP

LLC

,

Senior

Note

,

144A,

2.75

%

,

5/15/28

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

United

States

33,000

61,826

Senior

Note

,

144A,

3.125

%

,

7/15/29

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

United

States

32,000

47,072

108,898

Hotels,

Restaurants

&

Leisure

0.1%

a

DoorDash,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

.......

United

States

61,000

69,479

a

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

0.875

%

,

4/15/30

.........

United

States

25,000

29,547

99,026

Household

Durables

0.0%

†

Meritage

Homes

Corp.

,

Senior

Note

,

1.75

%

,

5/15/28

.........

United

States

42,000

43,195

Household

Products

0.0%

†

Spectrum

Brands,

Inc.

,

Senior

Note

,

3.375

%

,

6/01/29

........

United

States

21,000

19,567

IT

Services

0.2%

Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375

%

,

9/01/27

.....

United

States

54,000

51,786

a

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.......

United

States

40,000

45,520

Snowflake,

Inc.

,

Senior

Note

,

Zero

Cpn.,

10/01/27

...........

United

States

64,000

97,248

194,554

Life

Sciences

Tools

&

Services

0.0%

†

Repligen

Corp.

,

Senior

Note

,

1

%

,

12/15/28

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

United

States

32,000

32,256

Machinery

0.0%

†

a

JBT

Marel

Corp.

,

Senior

Note

,

144A,

0.375

%

,

9/15/30

........

United

States

21,000

20,454

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Multi-Utilities

0.0%

†

CMS

Energy

Corp.

,

Senior

Note

,

3.375

%

,

5/01/28

...........

United

States

33,000

$

36,218

Office

REITs

0.0%

†

a

Boston

Properties

LP

,

Senior

Note

,

144A,

2

%

,

10/01/30

.......

United

States

30,000

30,030

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Northern

Oil

&

Gas,

Inc.

,

Senior

Note

,

3.625

%

,

4/15/29

.......

United

States

39,000

39,205

Professional

Services

0.0%

†

Parsons

Corp.

,

Senior

Note

,

2.625

%

,

3/01/29

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

United

States

27,000

30,847

Semiconductors

&

Semiconductor

Equipment

0.1%

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/30

......

United

States

31,000

30,132

MKS,

Inc.

,

Senior

Note

,

1.25

%

,

6/01/30

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

United

States

42,000

46,095

a

Nova

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

...........

Israel

21,000

25,298

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5

%

,

3/01/29

........

United

States

33,000

30,531

132,056

Software

0.3%

Bentley

Systems,

Inc.

,

Senior

Note

,

0.375

%

,

7/01/27

.........

United

States

47,000

44,368

Box,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/29

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

United

States

39,000

39,292

a

Commvault

Systems,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

United

States

21,000

21,724

a

,b

Datadog,

Inc.

,

Senior

Note

,

144A,

0

.18

%

,

12/01/29

..........

United

States

53,000

52,603

a

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

56,000

65,269

a

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

12/15/29

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

United

States

42,000

47,384

Progress

Software

Corp.

,

Senior

Note

,

3.5

%

,

3/01/30

........

United

States

36,000

36,297

a

Rubrik,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

..........

United

States

37,000

37,518

a

,b

Strategy,

Inc.

,

Senior

Note

,

144A,

0

.403

%

,

3/01/30

..........

United

States

39,000

41,145

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

........

United

States

36,000

39,600

Vertex,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/29

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

United

States

25,000

25,500

Workiva,

Inc.

,

Senior

Note

,

1.25

%

,

8/15/28

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

United

States

25,000

24,719

475,419

Specialty

Retail

0.1%

Burlington

Stores,

Inc.

,

1.25

%

,

12/15/27

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

United

States

22,000

29,733

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

53,000

80,893

110,626

Technology

Hardware,

Storage

&

Peripherals

0.1%

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

30,000

86,456

Total

Convertible

Bonds

(Cost

$

2,887,363

)

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

3,156,033

Corporate

Bonds

29.0%

Aerospace

&

Defense

1.3%

ATI,

Inc.

,

Senior

Note

,

4.875

%

,

10/01/29

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

United

States

265,000

260,762

Senior

Note

,

7.25

%

,

8/15/30

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

United

States

15,000

15,757

Boeing

Co.

(The)

,

Senior

Bond

,

2.95

%

,

2/01/30

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

United

States

8,000

7,535

Senior

Note

,

2.7

%

,

2/01/27

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

United

States

92,000

90,159

Senior

Note

,

6.298

%

,

5/01/29

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

United

States

267,000

283,429

a

Bombardier,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/01/32

...........

Canada

240,000

251,144

a

Spirit

AeroSystems,

Inc.

,

Secured

Note

,

144A,

9.75

%

,

11/15/30

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

United

States

73,000

80,376

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

a

Spirit

AeroSystems,

Inc.,

(continued)

Senior

Secured

Note

,

144A,

9.375

%

,

11/30/29

...........

United

States

54,000

$

56,942

a

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

12/15/30

...........

United

States

90,000

93,333

Senior

Secured

Note

,

144A,

6.625

%

,

3/01/32

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

United

States

35,000

36,078

Senior

Secured

Note

,

144A,

6.25

%

,

1/31/34

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

United

States

15,000

15,437

Senior

Sub.

Note

,

144A,

6.75

%

,

1/31/34

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

United

States

40,000

41,387

1,232,339

Automobile

Components

0.0%

†

a

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5

%

,

2/15/33

.

United

States

20,000

20,725

Automobiles

0.2%

a

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625

%

,

11/24/27

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

Germany

200,000

189,083

Banks

1.8%

Bank

of

America

Corp.

,

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

..

United

States

285,000

297,067

L

,

Sub.

Bond

,

4.183

%

,

11/25/27

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

United

States

135,000

135,082

Citigroup,

Inc.

,

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

275,000

275,212

a

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565

%

,

8/26/30

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

Canada

200,000

201,183

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

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

United

States

540,000

550,834

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264

%

,

12/11/26

..

Canada

95,000

96,343

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

265,000

274,692

1,830,413

Building

Products

0.8%

a

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.75

%

,

5/15/35

..

United

States

35,000

36,588

a

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

1/31/31

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

United

States

10,000

10,162

Senior

Secured

Note

,

144A,

6.125

%

,

7/31/32

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

United

States

35,000

35,880

a

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

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

United

States

120,000

123,345

a

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

3/01/33

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

United

States

100,000

104,045

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

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

United

States

45,000

46,648

a

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

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

United

States

255,000

269,518

a

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

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

United

States

80,000

82,164

Senior

Note

,

144A,

6.25

%

,

8/01/33

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

United

States

70,000

71,001

779,351

Capital

Markets

1.4%

Ares

Capital

Corp.

,

Senior

Note

,

7

%

,

1/15/27

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

United

States

270,000

278,006

a

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

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

United

States

265,000

275,445

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

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

United

States

405,000

413,772

a

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

65,000

66,958

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

UBS

AG

,

Senior

Note

,

7.5

%

,

2/15/28

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

Switzerland

250,000

$

269,213

1,303,394

Chemicals

0.7%

a

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

25,000

25,407

a

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45

%

,

11/15/29

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

Mexico

200,000

122,360

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.879

%

,

7/15/32

....

United

States

4,000

4,090

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

65,000

68,690

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.....

United

States

140,000

134,038

a

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

8/15/33

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

United

States

20,000

20,449

Senior

Secured

Note

,

144A,

5.75

%

,

8/15/32

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

United

States

35,000

35,310

a

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

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

United

States

265,000

266,041

676,385

Commercial

Services

&

Supplies

1.0%

a

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

120,000

125,924

a

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875

%

,

2/05/33

.....

Brazil

200,000

33,622

a

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

118,000

117,584

a

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

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

United

States

120,000

120,067

a

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

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

United

States

175,000

179,513

a

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25

%

,

2/15/29

...

Sweden

285,000

EUR

337,529

a

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

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

United

States

25,000

26,862

a

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

240,000

249,191

1,190,292

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Note

,

5

%

,

4/15/29

...........

United

States

135,000

138,278

Construction

&

Engineering

0.0%

†

a

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

30,000

31,360

Consumer

Finance

1.0%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625

%

,

9/10/29

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

Ireland

200,000

201,879

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

85,000

84,341

a

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

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

United

States

250,000

264,102

a

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

213,000

220,425

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8

%

,

3/05/27

.......

United

States

200,000

202,083

972,830

Containers

&

Packaging

0.1%

a

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

115,000

118,058

Distributors

0.2%

a

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

158,000

165,450

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Note

,

4.95

%

,

2/15/30

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

United

States

275,000

$

278,264

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

,

Senior

Note

,

4.1

%

,

2/15/28

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

United

States

275,000

274,833

a

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

2/01/32

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

United

States

250,000

231,404

506,237

Electric

Utilities

1.9%

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

6

%

,

12/01/28

....

United

States

130,000

137,009

a

Energo

-

Pro

A/S

,

Senior

Note

,

144A,

11

%

,

11/02/28

.........

Czech

Republic

200,000

211,291

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

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

United

States

130,000

133,564

a

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25

%

,

11/01/34

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

United

States

230,000

235,914

c

Senior

Bond

,

144A,

6

%

,

1/15/36

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

United

States

105,000

105,081

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1

%

,

1/15/29

......

United

States

130,000

136,039

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25

%

,

7/01/30

.........

United

States

275,000

271,362

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

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

United

States

170,000

176,841

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875

%

,

7/15/29

United

States

295,000

281,708

a

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375

%

,

5/01/29

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

United

States

155,000

151,868

Senior

Note

,

144A,

6.875

%

,

4/15/32

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

United

States

120,000

125,593

1,966,270

Energy

Equipment

&

Services

0.2%

a

Kodiak

Gas

Services

LLC

,

Senior

Bond

,

144A,

6.75

%

,

10/01/35

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

United

States

35,000

35,958

Senior

Note

,

144A,

6.5

%

,

10/01/33

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

United

States

50,000

50,940

a

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

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

United

States

54,000

54,108

a

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

40,476

41,581

182,587

Entertainment

0.2%

a

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

210,000

218,284

Financial

Services

1.1%

a

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5

%

,

10/01/30

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

United

States

35,000

35,173

a

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

225,000

251,187

a

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

260,000

274,776

a

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

11/15/31

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

United

States

170,000

172,342

a

Osaic

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/01/32

United

States

35,000

36,178

a

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

230,000

237,535

a

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

120,000

124,004

1,131,195

Food

Products

0.2%

a

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

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

United

States

115,000

120,060

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

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

United

States

73,000

$

70,021

190,081

Ground

Transportation

0.4%

a

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/28

........

United

Kingdom

200,000

198,452

a

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

2/06/28

......

South

Africa

200,000

211,325

409,777

Health

Care

Equipment

&

Supplies

0.1%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8

%

,

8/14/29

.

United

States

135,000

137,748

Health

Care

Providers

&

Services

0.8%

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

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

United

States

110,000

115,659

a

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

9/01/32

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

United

States

110,000

113,721

Senior

Note

,

144A,

6.75

%

,

7/15/33

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

United

States

15,000

15,480

a

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

295,000

291,516

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75

%

,

5/15/31

..

United

States

260,000

269,379

805,755

Health

Care

REITs

0.2%

a

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

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

United

States

155,000

164,816

Hotel

&

Resort

REITs

0.3%

a

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/32

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

United

States

120,000

123,460

Senior

Note

,

144A,

6.5

%

,

6/15/33

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

United

States

40,000

41,223

a

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

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

United

States

110,000

113,160

277,843

Hotels,

Restaurants

&

Leisure

1.6%

a

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

130,000

125,429

a

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

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

United

States

131,000

134,831

a

Carnival

Corp.

,

Senior

Note

,

144A,

5.125

%

,

5/01/29

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

United

States

120,000

120,000

Senior

Note

,

144A,

5.75

%

,

3/15/30

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

United

States

45,000

45,974

a

Carnival

plc

,

Senior

Note

,

144A,

4.125

%

,

7/15/31

...........

United

States

100,000

EUR

119,027

a

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

9/15/33

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

United

States

115,000

116,619

a

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.25

%

,

9/15/33

..........

United

States

120,000

120,696

a

,c

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

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

United

States

40,000

40,382

a

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

9/30/31

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

United

States

50,000

51,020

Senior

Note

,

144A,

6.25

%

,

3/15/32

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

United

States

72,000

74,354

Senior

Note

,

144A,

6

%

,

2/01/33

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

United

States

143,000

146,701

a

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625

%

,

12/01/31

...

United

States

165,000

155,792

Viking

Cruises

Ltd.

,

a

Senior

Note

,

144A,

9.125

%

,

7/15/31

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

United

States

230,000

247,033

a

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

230,000

247,749

1,745,607

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Household

Durables

0.5%

Newell

Brands,

Inc.

,

Senior

Note

,

6.375

%

,

5/15/30

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

United

States

28,000

$

27,812

Senior

Note

,

6.625

%

,

5/15/32

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

United

States

8,000

7,915

a

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

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

United

States

276,000

275,364

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8

%

,

11/01/29

.....

United

States

145,000

142,012

a

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

120,000

117,604

570,707

Independent

Power

and

Renewable

Electricity

Producers

0.3%

a

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

200,000

209,635

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

130,000

134,396

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25

%

,

10/01/30

........

United

States

45,000

44,751

388,782

Insurance

0.9%

a

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

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

United

States

120,000

125,104

a

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583

%

,

1/09/29

.

United

States

130,000

134,419

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4

%

,

1/13/28

.......

United

States

130,000

136,513

a

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4

%

,

9/23/27

..

United

States

150,000

150,365

a

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

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

Canada

115,000

120,914

a

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9

%

,

6/13/28

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

United

States

135,000

138,167

a

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

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

United

States

175,000

181,684

987,166

IT

Services

0.4%

a

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

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

United

States

145,000

141,047

a

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625

%

,

6/15/29

...........

United

States

295,000

282,720

423,767

Leisure

Products

0.2%

a

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

4/01/29

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

United

States

155,000

150,507

Life

Sciences

Tools

&

Services

0.1%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

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

United

States

75,000

75,369

Machinery

0.1%

a

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

115,000

117,244

Media

0.7%

a

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

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

United

States

170,000

178,628

a

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

5.75

%

,

8/01/28

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

United

States

68,000

68,018

Senior

Secured

Note

,

144A,

7.375

%

,

9/01/31

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

United

States

92,000

95,663

a

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note

,

144A,

5

%

,

8/15/27

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

United

States

85,000

84,641

Senior

Secured

Note

,

144A,

7.375

%

,

2/15/31

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

United

States

44,000

46,451

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

a

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

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

United

States

160,000

$

164,332

637,733

Metals

&

Mining

0.8%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

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

Luxembourg

135,000

151,737

a

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

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

United

States

55,000

55,617

Senior

Note

,

144A,

7.625

%

,

1/15/34

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

United

States

30,000

30,932

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

158,000

149,238

a

Constellium

SE

,

Senior

Note

,

144A,

6.375

%

,

8/15/32

........

United

States

250,000

255,748

a

Novelis

Corp.

,

Senior

Note

,

144A,

6.875

%

,

1/30/30

..........

United

States

113,000

117,272

760,544

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

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

United

States

110,000

112,512

Oil,

Gas

&

Consumable

Fuels

3.2%

a

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6

%

,

6/13/28

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

Norway

150,000

154,766

a

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375

%

,

3/01/30

..

United

States

145,000

145,950

a

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

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

United

States

105,000

106,477

Energy

Transfer

LP

,

Senior

Bond

,

5.25

%

,

4/15/29

...........

United

States

270,000

277,863

a

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.875

%

,

3/01/28

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

United

States

35,000

35,700

Senior

Note

,

144A,

4.25

%

,

2/15/30

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

United

States

155,000

150,361

Senior

Note

,

144A,

5.5

%

,

10/15/30

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

United

States

51,000

51,407

a

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

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

Kazakhstan

280,000

288,341

Kinder

Morgan,

Inc.

,

Senior

Note

,

5

%

,

2/01/29

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

United

States

165,000

168,771

a

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

265,000

266,740

a

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875

%

,

4/15/28

..

United

States

265,000

270,631

a

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

200,000

204,484

a

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

200,000

195,450

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

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

Canada

135,000

136,589

a

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

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

United

States

116,000

118,154

Targa

Resources

Corp.

,

Senior

Note

,

6.15

%

,

3/01/29

........

United

States

130,000

137,027

a

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

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

United

States

125,000

122,415

a

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

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

United

States

260,000

273,176

a

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75

%

,

5/01/35

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

United

States

15,000

16,940

Senior

Secured

Bond

,

144A,

6.75

%

,

1/15/36

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

United

States

40,000

42,512

Senior

Secured

Note

,

144A,

7.5

%

,

5/01/33

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

United

States

15,000

16,585

Senior

Secured

Note

,

144A,

6.5

%

,

1/15/34

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

United

States

25,000

26,332

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

......

United

States

16,000

16,277

3,222,948

Paper

&

Forest

Products

0.1%

a

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

.........

United

States

130,000

115,205

Passenger

Airlines

0.3%

a

Air

France-KLM

,

Senior

Note

,

Reg

S,

8.125

%

,

5/31/28

.......

France

100,000

EUR

131,389

a

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

110,000

115,776

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Passenger

Airlines

(continued)

a

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

87,000

$

85,734

332,899

Personal

Care

Products

0.2%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

250,000

243,455

Pharmaceuticals

0.8%

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

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

United

States

285,000

306,218

Royalty

Pharma

plc

,

Senior

Note

,

4.45

%

,

3/25/31

...........

United

States

160,000

158,713

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

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

Israel

249,000

285,010

749,941

Professional

Services

0.1%

a

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

100,000

103,280

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875

%

,

1/15/27

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

United

States

135,000

134,954

Software

0.1%

Oracle

Corp.

,

Senior

Note

,

4.45

%

,

9/26/30

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

United

States

60,000

59,984

Specialized

REITs

0.3%

American

Tower

Corp.

,

Senior

Note

,

2.75

%

,

1/15/27

.........

United

States

275,000

270,240

Specialty

Retail

0.3%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

260,000

270,842

Technology

Hardware,

Storage

&

Peripherals

0.2%

a

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

7/15/30

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

United

States

95,000

96,892

Senior

Note

,

144A,

9.625

%

,

12/01/32

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

United

States

92,000

104,287

201,179

Textiles,

Apparel

&

Luxury

Goods

0.6%

a

Beach

Acquisition

Bidco

LLC

,

d

Senior

Note

,

144A,

PIK,

10

%

,

7/15/33

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

United

States

200,000

216,233

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/32

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

United

States

100,000

EUR

120,636

a

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/31

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

United

States

170,000

155,984

a

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

55,000

55,069

547,922

Tobacco

0.3%

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

..

United

States

270,000

279,146

Trading

Companies

&

Distributors

0.8%

Air

Lease

Corp.

,

Senior

Note

,

5.85

%

,

12/15/27

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

United

States

300,000

309,081

a

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

United

States

135,000

138,343

a

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

125,000

122,540

a

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

..

United

States

115,000

121,839

a

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

35,000

35,989

a

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

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

United

States

130,000

134,926

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4

%

,

7/15/30

..

United

States

51,000

48,830

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Trading

Companies

&

Distributors

(continued)

a

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/33

.

United

States

30,000

$

31,120

942,668

Wireless

Telecommunication

Services

1.1%

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.05

%

,

2/15/28

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

United

States

145,000

138,265

Senior

Note

,

3.375

%

,

4/15/29

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

United

States

545,000

529,269

a

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25

%

,

1/31/31

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

United

Kingdom

135,000

EUR

152,588

a

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

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

United

Kingdom

200,000

213,266

1,033,388

Total

Corporate

Bonds

(Cost

$

28,725,573

)

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

29,394,804

Senior

Floating

Rate

Interests

5.8%

Aerospace

&

Defense

0.1%

e

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.502

%

,

(

3-month

SOFR

+

2.5

%

),

2/28/31

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

United

States

83,728

83,781

Air

Freight

&

Logistics

0.1%

e

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

3/18/30

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

United

States

116,653

116,319

Automobile

Components

0.0%

†

e

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan

,

6.913

%

,

(

1-month

SOFR

+

2.75

%

),

1/28/32

.........

United

States

35,475

35,542

Broadline

Retail

0.1%

c,e

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B

,

6.017

%

,

(

12-month

SOFR

+

2.25

%

),

9/27/32

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

Netherlands

59,438

59,568

e

Building

Products

0.2%

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.122

%

,

(

6-month

SOFR

+

2.25

%

),

8/04/31

.

United

States

114,113

113,742

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.413

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

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

United

States

117,899

118,105

c

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan

,

7.166

%

,

(

1-month

SOFR

+

3

%

),

3/30/29

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

United

States

14,577

14,613

246,460

a

a

a

a

a

a

e

Chemicals

0.2%

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.913

%

,

(

1-month

SOFR

+

3.75

%

),

4/06/29

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

United

States

129,664

129,921

Nouryon

Finance

BV,

First

Lien,

Term

Loan,

B

,

5.43

%

,

(

1-month

EURIBOR

+

3.5

%

),

4/03/28

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

Netherlands

115,000

EUR

135,561

265,482

a

a

a

a

a

a

e

Commercial

Services

&

Supplies

0.2%

c

Clean

Harbors,

Inc.,

First

Lien,

CME

Term

Loan

,

5.259

%

,

(

12-month

SOFR

+

1.5

%

),

9/24/32

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

United

States

129,817

130,466

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.702

%

,

(

6-month

SOFR

+

2.5

%

),

6/21/28

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

United

States

118,154

118,389

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.046

%

,

(

3-month

SOFR

+

2.75

%

),

3/26/31

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

Luxembourg

49,501

49,730

298,585

a

a

a

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Communications

Equipment

0.1%

c,e

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.913

%

,

(

1-month

SOFR

+

4.75

%

),

12/18/29

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

United

States

115,000

$

116,555

Containers

&

Packaging

0.1%

e

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.509

%

,

(

12-month

SOFR

+

2.75

%

),

9/27/32

......

United

States

64,293

64,253

Distributors

0.0%

†

e

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.002

%

,

(

3-month

SOFR

+

4

%

),

11/30/30

...........

United

States

19,605

19,435

Electrical

Equipment

0.2%

c,e

Pinnacle

Buyer

LLC,

First

Lien,

CME

Term

Loan

,

6.483

%

,

(

12-month

SOFR

+

2.5

%

),

9/13/32

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

United

States

37,990

38,085

c

Pinnacle

Buyer

LLC,

First

Lien,

Delayed

Draw

Term

Loan

,

9/13/32

United

States

7,306

7,324

e

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.53

%

,

(

1-month

SOFR

+

2.25

%

),

1/27/31

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

United

States

118,800

118,973

164,382

a

a

a

a

a

a

e

Entertainment

0.1%

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

7.023

%

,

(

1-month

SOFR

+

2.75

%

),

3/01/28

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

France

44,643

44,880

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.028

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

99,479

98,092

142,972

a

a

a

a

a

a

Food

Products

0.2%

e

Chobani

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.763

%

,

(

1-month

SOFR

+

2.5

%

),

10/25/27

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

United

States

139,298

139,835

Ground

Transportation

0.1%

e

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.752

%

,

(

3-month

SOFR

+

1.75

%

),

4/10/31

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

United

States

79,200

78,980

e

Health

Care

Equipment

&

Supplies

0.4%

Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan

,

8.163

%

,

(

1-month

SOFR

+

4

%

),

9/29/28

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

United

States

70,737

70,825

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

8.413

%

,

(

1-month

SOFR

+

4.25

%

),

1/15/31

.........

United

States

183,999

184,344

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

6.163

%

,

(

1-month

SOFR

+

2

%

),

10/23/28

...........

United

States

104,649

104,753

359,922

a

a

a

a

a

a

e

Health

Care

Providers

&

Services

0.3%

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.663

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

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

United

States

118,206

118,412

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

CME

Term

Loan

,

6.663

%

,

(

1-month

SOFR

+

2.5

%

),

11/15/28

.........

United

States

131,543

131,803

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.316

%

,

(

1-month

SOFR

+

2

%

),

10/22/29

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

United

States

55,115

55,219

305,434

a

a

a

a

a

a

e

Hotels,

Restaurants

&

Leisure

0.7%

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.413

%

,

(

1-month

SOFR

+

2.25

%

),

2/06/31

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

United

States

132,975

132,837

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.413

%

,

(

1-month

SOFR

+

3.25

%

),

1/29/29

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

United

States

119,087

119,050

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Hotels,

Restaurants

&

Leisure

(continued)

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.752

%

,

(

3-month

SOFR

+

1.75

%

),

12/02/30

......

Ireland

63,863

$

63,767

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.753

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

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

Canada

100,000

96,688

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

6.663

%

,

(

1-month

SOFR

+

2.5

%

),

12/15/27

...

United

States

153,909

154,113

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.036

%

,

(

3-month

SOFR

+

2.75

%

),

4/04/29

.

United

States

118,798

117,956

684,411

a

a

a

a

a

a

Household

Durables

0.1%

e

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.252

%

,

(

3-month

SOFR

+

3.25

%

),

1/16/32

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

Netherlands

107,440

107,719

Insurance

0.1%

e

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.666

%

,

(

1-month

SOFR

+

2.5

%

),

9/19/31

..........

United

States

118,207

118,009

IT

Services

0.1%

e

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3

,

6.752

%

,

(

3-month

SOFR

+

2.75

%

),

2/03/31

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

United

States

49,034

49,154

e

Machinery

0.5%

Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

7

CME

Term

Loan

,

6.792

%

,

(

3-month

SOFR

+

2.5

%

),

3/15/30

..........

United

States

226,327

227,883

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.78

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

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

United

States

100,281

100,172

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.913

%

,

(

1-month

SOFR

+

2.75

%

),

10/23/28

..

United

States

109,716

110,344

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1

,

7.197

%

,

(

6-month

SOFR

+

3

%

),

4/30/30

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

Germany

76,373

76,649

515,048

a

a

a

a

a

a

e

Media

0.4%

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.278

%

,

(

1-month

SOFR

+

4

%

),

8/23/28

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

United

States

105,000

105,315

CSC

Holdings

LLC,

First

Lien,

Term

Loan,

B5

,

8.75

%

,

(

PRIME

+

1.5

%

),

4/15/27

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

United

States

93,516

90,710

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.82

%

,

(

3-month

SOFR

+

5.25

%

),

8/02/29

........

United

States

229,458

230,139

426,164

a

a

a

a

a

a

Oil,

Gas

&

Consumable

Fuels

0.3%

e

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan

,

6.296

%

,

(

3-month

SOFR

+

2

%

),

12/31/30

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

United

States

303,730

304,081

e

Passenger

Airlines

0.3%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.575

%

,

(

3-month

SOFR

+

3.25

%

),

5/28/32

.....

United

States

9,975

10,031

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.575

%

,

(

3-month

SOFR

+

2.25

%

),

4/20/28

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

United

States

204,895

204,824

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.252

%

,

(

3-month

SOFR

+

3.25

%

),

2/14/31

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

Canada

98,500

98,738

313,593

a

a

a

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Pharmaceuticals

0.1%

e

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.163

%

,

(

1-month

SOFR

+

4

%

),

4/23/31

.......

United

States

109,447

$

109,801

e

Software

0.4%

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.223

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

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

United

States

128,702

123,313

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan

,

7.163

%

,

(

1-month

SOFR

+

3

%

),

8/31/28

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

United

States

136,850

137,557

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.81

%

,

(

3-month

SOFR

+

2.5

%

),

2/10/31

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

United

States

118,800

118,816

379,686

a

a

a

a

a

a

Specialty

Retail

0.3%

e

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.416

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

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

United

States

272,241

272,605

Textiles,

Apparel

&

Luxury

Goods

0.1%

e

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.796

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

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

United

States

118,496

104,277

Water

Utilities

0.0%

†

c,e

Deep

Blue

Operating

I

LLC,

First

Lien,

CME

Term

Loan

,

7.009

%

,

(

12-month

SOFR

+

3.25

%

),

9/17/32

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

United

States

25,855

25,920

Total

Senior

Floating

Rate

Interests

(Cost

$

5,897,162

)

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

5,907,973

Foreign

Government

and

Agency

Securities

10.3%

a

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6

%

,

2/02/31

Armenia

200,000

180,668

a

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95

%

,

1/22/35

.

Benin

210,000

EUR

227,327

Brazil

Government

Bond

,

Senior

Bond

,

3.875

%

,

6/12/30

......

Brazil

590,000

566,842

a

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

5

%

,

3/05/37

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

Bulgaria

60,000

60,135

Senior

Note

,

Reg

S,

3.625

%

,

9/05/32

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

Bulgaria

100,000

EUR

121,097

a

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95

%

,

7/07/32

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

Cameroon

190,000

EUR

183,970

Chile

Government

Bond

,

Senior

Bond

,

5.65

%

,

1/13/37

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

Chile

230,000

242,224

Senior

Note

,

4.85

%

,

1/22/29

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

Chile

200,000

204,880

Colombia

Government

Bond

,

Senior

Bond

,

8

%

,

11/14/35

......

Colombia

350,000

376,425

a

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

2/19/31

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

Costa

Rica

400,000

417,900

a

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

6

%

,

7/19/28

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

Dominican

Republic

420,000

434,322

a

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5

%

,

8/17/30

.

Mexico

280,000

284,427

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

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

Colombia

140,000

125,657

a

Egypt

Government

Bond

,

Senior

Bond

,

Reg

S,

7.6

%

,

3/01/29

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

Egypt

260,000

270,064

Senior

Note

,

144A,

8.625

%

,

2/04/30

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

Egypt

200,000

212,668

a

,f

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

200,000

232,045

a

Gabonese

Republic

,

Senior

Bond

,

Reg

S,

6.625

%

,

2/06/31

....

Gabon

230,000

185,828

a

Ghana

Government

Bond

,

Senior

Bond

,

144A,

5

%

,

7/03/35

....

Ghana

150,000

126,800

a

Guatemala

Government

Bond

,

Senior

Bond

,

Reg

S,

6.6

%

,

6/13/36

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

Guatemala

420,000

445,073

a

Hashemite

Kingdom

of

Jordan

,

Senior

Note

,

Reg

S,

7.5

%

,

1/13/29

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

Jordan

200,000

209,057

a

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

400,000

410,028

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

a

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35

%

,

1/08/27

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

Indonesia

200,000

$

201,088

a

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

....

Iraq

206,250

205,353

a

Istanbul

Metropolitan

Municipality

,

Senior

Note

,

Reg

S,

10.5

%

,

12/06/28

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

Turkiye

200,000

219,575

a

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

4.875

%

,

1/30/32

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

Ivory

Coast

300,000

EUR

336,842

a

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875

%

,

4/01/32

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

Montenegro

130,000

EUR

153,532

Panama

Government

Bond

,

Senior

Bond

,

8

%

,

3/01/38

.......

Panama

200,000

228,120

a

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849

%

,

6/28/33

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

Paraguay

470,000

440,672

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

260,000

240,253

a

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

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

Indonesia

200,000

205,735

Petroleos

Mexicanos

,

Senior

Note

,

6.49

%

,

1/23/27

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

Mexico

155,000

156,685

Senior

Note

,

6.7

%

,

2/16/32

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

Mexico

103,000

102,138

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

220,000

234,365

a

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

250,000

243,890

a

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625

%

,

2/22/36

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

Romania

220,000

EUR

251,964

Senior

Note

,

144A,

3

%

,

2/27/27

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

Romania

400,000

390,769

a

Serbia

Government

Bond

,

Senior

Bond

,

Reg

S,

6.5

%

,

9/26/33

..

Serbia

230,000

250,183

South

Africa

Government

Bond

,

Senior

Bond

,

5.875

%

,

4/20/32

.

South

Africa

200,000

202,616

a

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

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

Azerbaijan

220,000

222,749

Turkiye

Government

Bond

,

Senior

Note

,

9.125

%

,

7/13/30

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

Turkiye

400,000

453,353

a

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9

%

,

2/28/32

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

Uzbekistan

200,000

215,487

Total

Foreign

Government

and

Agency

Securities

(Cost

$

9,886,421

)

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

10,472,806

U.S.

Government

and

Agency

Securities

0.1%

g

U.S.

Treasury

Notes

,

0.625

%,

11/30/27

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

United

States

133,000

124,830

Total

U.S.

Government

and

Agency

Securities

(Cost

$

124,830

)

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

124,830

Asset-Backed

Securities

1.8%

Financial

Services

1.8%

a

,e

BDS

Ltd.

,

2021-FL9

,

A

,

144A,

FRN

,

5.32

%

,

(

1-month

SOFR

+

1.184

%

),

11/16/38

.

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

United

States

21,063

21,143

a

,e

Black

Diamond

CLO

Ltd.

,

2024-1A

,

D1

,

144A,

FRN

,

8.768

%

,

(

3-month

SOFR

+

4.45

%

),

10/25/37

.

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

Jersey

260,000

263,841

a

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18

%

,

9/27/55

.

...

United

States

287,000

287,820

a

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265

%

,

7/25/55

.

.........

United

States

141,248

141,791

e

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.632

%

,

(

1-month

SOFR

+

0.474

%

),

5/25/36

.

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

United

States

504,940

105,375

a

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

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

United

States

153,000

128,130

a

,e

Northwoods

Capital

22

Ltd.

,

2020-22A

,

DRR

,

144A,

FRN

,

8.971

%

,

(

3-month

SOFR

+

4.95

%

),

9/16/31

.

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

United

States

250,000

254,094

a

,c

PK

Alift

Loan

Funding

7

LP

,

2025-2

,

A

,

144A,

4.75

%

,

3/15/43

.

..

United

States

250,000

250,659

e

WaMu

Asset-Backed

Certificates

Trust

,

2006-HE2

,

A3

,

FRN

,

4.572

%

,

(

1-month

SOFR

+

0.414

%

),

5/25/36

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

United

States

333,247

261,854

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

e

WaMu

Asset-Backed

Certificates

Trust,

(continued)

2007-HE4

,

1A

,

FRN

,

4.442

%

,

(

1-month

SOFR

+

0.284

%

),

7/25/47

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

United

States

100,780

$

76,144

1,790,851

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

1,963,348

)

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

1,790,851

Commercial

Mortgage-Backed

Securities

8.5%

Financial

Services

8.5%

h

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.384

%

,

9/15/48

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

United

States

262,000

253,585

h

,i

BANK

,

2024-BNK48

,

XA

,

IO,

FRN

,

1.35

%

,

10/15/57

.........

United

States

2,708,029

220,544

h

,i

BANK5

Trust

,

2024-5YR10

,

XA

,

IO,

FRN

,

1.401

%

,

10/15/57

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

United

States

4,137,369

171,404

2024-5YR12

,

XA

,

IO,

FRN

,

0.695

%

,

12/15/57

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

United

States

4,356,443

83,161

a

,h

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

F

,

144A,

FRN

,

2.702

%

,

11/15/52

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

United

States

336,000

201,155

h

,i

BBCMS

Mortgage

Trust

,

2022-C14

,

XA

,

IO,

FRN

,

0.808

%

,

2/15/55

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

United

States

2,903,290

94,789

2024-5C29

,

XA

,

IO,

FRN

,

1.822

%

,

9/15/57

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

United

States

4,849,842

265,537

2024-C26

,

XA

,

IO,

FRN

,

1.241

%

,

5/15/57

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

United

States

1,590,789

114,122

h

,i

Benchmark

Mortgage

Trust

,

2024-V10

,

XA

,

IO,

FRN

,

1.522

%

,

9/15/57

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

United

States

3,820,749

171,653

2024-V11

,

XA

,

IO,

FRN

,

0.773

%

,

11/15/57

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

United

States

6,574,000

139,966

h

,i

BMO

Mortgage

Trust

,

2024-5C6

,

XA

,

IO,

FRN

,

1.574

%

,

9/15/57

United

States

3,410,269

153,251

h

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

243,000

230,454

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839

%

,

12/10/54

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

United

States

234,000

231,543

Citigroup

Commercial

Mortgage

Trust

,

a,h

2015-GC27

,

D

,

144A,

FRN

,

4.543

%

,

2/10/48

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

United

States

303,955

293,934

h

2015-GC33

,

C

,

FRN

,

4.545

%

,

9/10/58

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

United

States

45,000

38,587

2015-GC33

,

D

,

3.172

%

,

9/10/58

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

United

States

63,000

39,060

COMM

Mortgage

Trust

,

a,h,j

2012-CR3

,

F

,

144A,

FRN

,

4.75

%

,

10/15/45

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

United

States

169,087

10,352

2012-CR4

,

AM

,

3.251

%

,

10/15/45

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

United

States

184,000

169,746

2013-CR12

,

AM

,

4.3

%

,

10/10/46

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

United

States

85,572

81,301

h

2014-CR16

,

C

,

FRN

,

4.885

%

,

4/10/47

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

United

States

283,000

269,221

a,h

2014-CR17

,

D

,

144A,

FRN

,

5.006

%

,

5/10/47

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

United

States

182,000

153,472

a,h

2014-CR19

,

D

,

144A,

FRN

,

4.572

%

,

8/10/47

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

United

States

21,788

21,312

h

2014-CR20

,

C

,

FRN

,

4.826

%

,

11/10/47

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

United

States

213,420

205,942

2014-UBS3

,

AM

,

4.012

%

,

6/10/47

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

United

States

23,601

23,200

h

2014-UBS5

,

AM

,

FRN

,

4.193

%

,

9/10/47

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

United

States

105,897

104,613

h

2015-CR22

,

B

,

FRN

,

3.926

%

,

3/10/48

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

United

States

116,505

112,196

h

2015-CR27

,

C

,

FRN

,

4.448

%

,

10/10/48

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

United

States

140,000

131,331

h

2015-DC1

,

B

,

FRN

,

4.035

%

,

2/10/48

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

United

States

264,000

251,841

h

2015-LC19

,

B

,

FRN

,

3.829

%

,

2/10/48

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

United

States

110,553

108,673

CSAIL

Commercial

Mortgage

Trust

,

h

2015-C2

,

B

,

FRN

,

4.208

%

,

6/15/57

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

United

States

106,924

103,412

2015-C3

,

A4

,

3.718

%

,

8/15/48

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

United

States

1,483

1,479

2016-C5

,

A5

,

3.757

%

,

11/15/48

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

United

States

37,156

37,030

a

,e

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN3

,

M2

,

144A,

FRN

,

8.356

%

,

(

30-day

SOFR

Average

+

4

%

),

11/25/51

.

United

States

460,000

478,263

a

,e

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01

,

M10

,

144A,

FRN

,

7.721

%

,

(

30-day

SOFR

Average

+

3.364

%

),

10/25/49

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

United

States

267,182

271,738

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

a,e

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust,

(continued)

2020-01

,

M10

,

144A,

FRN

,

8.221

%

,

(

30-day

SOFR

Average

+

3.864

%

),

3/25/50

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

United

States

499,979

$

509,805

h

GS

Mortgage

Securities

Trust

,

a

2013-GC13

,

AS

,

144A,

FRN

,

4.004

%

,

7/10/46

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

United

States

128,702

127,145

2014-GC24

,

B

,

FRN

,

4.527

%

,

9/10/47

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

United

States

244,000

235,689

h

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

a

2007-CB20

,

E

,

144A,

FRN

,

8.454

%

,

2/12/51

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

United

States

8,985

12,231

2013-LC11

,

D

,

FRN

,

4.339

%

,

4/15/46

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

United

States

127,000

9,687

JPMBB

Commercial

Mortgage

Securities

Trust

,

h

2013-C12

,

D

,

FRN

,

4.071

%

,

7/15/45

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

United

States

140,000

129,501

a,h

2014-C18

,

D

,

144A,

FRN

,

4.654

%

,

2/15/47

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

United

States

152,000

137,560

h

2014-C23

,

B

,

FRN

,

4.688

%

,

9/15/47

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

United

States

110,000

106,832

2016-C1

,

A5

,

3.576

%

,

3/17/49

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

United

States

74,000

73,722

h

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.914

%

,

6/15/51

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

United

States

123,000

110,971

a

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

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

United

States

240,000

235,844

h

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10

,

B

,

FRN

,

4.085

%

,

7/15/46

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

United

States

177,639

168,492

a

2013-C10

,

D

,

144A,

FRN

,

4.085

%

,

7/15/46

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

United

States

230,000

190,129

a

2013-C12

,

D

,

144A,

FRN

,

4.859

%

,

10/15/46

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

United

States

123,000

115,012

2015-C22

,

C

,

FRN

,

4.113

%

,

4/15/48

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

United

States

163,000

144,420

h

Morgan

Stanley

Capital

I

Trust

,

2016-UB11

,

C

,

FRN

,

3.691

%

,

8/15/49

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

United

States

192,000

187,463

2018-H3

,

C

,

FRN

,

4.995

%

,

7/15/51

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

United

States

125,000

116,453

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055

%

,

10/10/48

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

United

States

261,000

257,092

a

,j

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

472,775

44

Wells

Fargo

Commercial

Mortgage

Trust

,

a,h

2013-LC12

,

D

,

144A,

FRN

,

3.913

%

,

7/15/46

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

United

States

293,000

168,475

a

2014-LC16

,

D

,

144A,

3.938

%

,

8/15/50

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

United

States

247,235

29,906

2015-C31

,

A4

,

3.695

%

,

11/15/48

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

United

States

73,343

73,196

2015-C31

,

D

,

3.852

%

,

11/15/48

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

United

States

74,000

63,955

h,i

2019-C52

,

XA

,

IO,

FRN

,

1.71

%

,

8/15/52

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

United

States

1,798,884

84,645

a

,h

WFRBS

Commercial

Mortgage

Trust

,

2013-C15

,

D

,

144A,

FRN

,

4.284

%

,

8/15/46

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

United

States

149,260

85,824

8,611,960

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

8,602,643

)

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

8,611,960

Mortgage-Backed

Securities

21.7%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

14.7%

FNMA,

30

Year

,

5

%,

1/01/49

-

5/01/49

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

United

States

28,291

28,573

k

Uniform

Mortgage-Backed

Securities

,

2.5

%

,

TBA,

10/25/55

....

United

States

2,000,000

1,685,304

k

Uniform

Mortgage-Backed

Securities

,

5

%

,

TBA,

10/25/55

.....

United

States

1,000,000

991,891

k

Uniform

Mortgage-Backed

Securities

,

5.5

%

,

TBA,

10/25/55

....

United

States

8,000,000

8,067,154

k

Uniform

Mortgage-Backed

Securities

,

6

%

,

TBA,

10/25/55

.....

United

States

3,000,000

3,069,869

k

Uniform

Mortgage-Backed

Securities

,

6.5

%

,

TBA,

10/25/55

....

United

States

1,000,000

1,033,540

14,876,331

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

7.0%

GNMA

II,

Single-family,

30

Year

,

3.5

%,

10/20/49

-

11/20/49

....

United

States

41,054

37,015

k

GNMA

II,

Single-family,

30

Year

,

4.5

%,

10/15/55

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

United

States

1,000,000

969,914

GNMA

II,

Single-family,

30

Year

,

5

%,

5/20/49

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

United

States

32,624

32,756

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

k

GNMA

II,

Single-family,

30

Year

,

5

%,

10/15/55

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

United

States

3,000,000

$

2,984,561

GNMA

II,

Single-family,

30

Year

,

5.5

%,

5/20/49

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

United

States

14,018

14,337

k

GNMA

II,

Single-family,

30

Year

,

5.5

%,

10/15/55

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

United

States

3,000,000

3,022,795

7,061,378

Total

Mortgage-Backed

Securities

(Cost

$

22,023,007

)

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

21,937,709

Residential

Mortgage-Backed

Securities

8.4%

Financial

Services

8.4%

a

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

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

United

States

252,139

257,025

2024-NQM1

,

A1

,

144A,

6.195

%

,

2/25/69

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

United

States

109,141

110,276

Alternative

Loan

Trust

,

e

2005-38

,

A1

,

FRN

,

5.653

%

,

(

12-month

average

of

1-year

CMT

+

1.5

%

),

9/25/35

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

United

States

198,551

179,842

e

2005-65CB

,

2A1

,

FRN

,

4.697

%

,

(

1-month

SOFR

+

0.539

%

),

12/25/35

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

United

States

255,284

157,547

e

2006-OA10

,

4A1

,

FRN

,

4.652

%

,

(

1-month

SOFR

+

0.494

%

),

8/25/46

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

United

States

768,011

666,657

h

2006-OA7

,

1A1

,

FRN

,

3.161

%

,

6/25/46

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

United

States

479,170

445,407

e

2006-OA7

,

1A2

,

FRN

,

5.093

%

,

(

12-month

average

of

1-year

CMT

+

0.94

%

),

6/25/46

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

United

States

121,132

119,524

e

2007-OH1

,

A1D

,

FRN

,

4.482

%

,

(

1-month

SOFR

+

0.324

%

),

4/25/47

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

United

States

59,749

52,763

h

Bear

Stearns

ALT-A

Trust

,

2005-8

,

21A1

,

FRN

,

5.232

%

,

10/25/35

United

States

101,619

84,110

a

,e

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.452

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

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

United

States

85,762

76,956

e

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

B

,

FRN

,

13.821

%

,

(

30-day

SOFR

Average

+

9.464

%

),

4/25/28

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

United

States

515,021

517,573

2016-DNA1

,

B

,

FRN

,

14.471

%

,

(

30-day

SOFR

Average

+

10.114

%

),

7/25/28

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

United

States

1,016,533

1,042,209

a

,e

FHLMC

STACR

REMIC

Trust

,

2020-DNA3

,

B2

,

144A,

FRN

,

13.821

%

,

(

30-day

SOFR

Average

+

9.464

%

),

6/25/50

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

United

States

237,000

309,347

2020-DNA4

,

B2

,

144A,

FRN

,

14.471

%

,

(

30-day

SOFR

Average

+

10.114

%

),

8/25/50

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

United

States

135,000

181,100

a

,e

FHLMC

STACR

Trust

,

2018-DNA3

,

B2

,

144A,

FRN

,

12.221

%

,

(

30-day

SOFR

Average

+

7.864

%

),

9/25/48

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

United

States

389,000

450,174

2018-HQA2

,

B2

,

144A,

FRN

,

15.471

%

,

(

30-day

SOFR

Average

+

11.114

%

),

10/25/48

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

United

States

333,000

413,911

2019-DNA2

,

B2

,

144A,

FRN

,

14.971

%

,

(

30-day

SOFR

Average

+

10.614

%

),

3/25/49

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

United

States

152,000

177,029

h

First

Horizon

Alternative

Mortgage

Securities

Trust

,

2006-AA6

,

2A1

,

FRN

,

5.147

%

,

11/25/36

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

United

States

197,910

135,583

e

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C02

,

1B

,

FRN

,

16.721

%

,

(

30-day

SOFR

Average

+

12.364

%

),

9/25/28

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

United

States

962,721

1,008,582

2016-C03

,

1B

,

FRN

,

16.221

%

,

(

30-day

SOFR

Average

+

11.864

%

),

10/25/28

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

United

States

494,375

520,702

2016-C05

,

2B

,

FRN

,

15.221

%

,

(

30-day

SOFR

Average

+

10.864

%

),

1/25/29

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

United

States

88,622

94,583

a

2020-R01

,

1B1

,

144A,

FRN

,

7.721

%

,

(

30-day

SOFR

Average

+

3.364

%

),

1/25/40

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

United

States

155,000

159,123

a

2020-SBT1

,

1M2

,

144A,

FRN

,

8.121

%

,

(

30-day

SOFR

Average

+

3.764

%

),

2/25/40

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

United

States

276,000

286,237

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

e

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

a

2022-R02

,

2B1

,

144A,

FRN

,

8.856

%

,

(

30-day

SOFR

Average

+

4.5

%

),

1/25/42

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

United

States

148,000

$

153,575

e

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.582

%

,

(

1-month

SOFR

+

0.424

%

),

5/25/37

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

United

States

109,181

60,371

e

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.768

%

,

(

1-month

SOFR

+

0.634

%

),

5/19/35

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

United

States

168,343

46,496

a

MFA

Trust

,

2025-NQM3

,

A1

,

144A,

5.261

%

,

8/25/70

.........

United

States

97,576

97,972

a

,e

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.008

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

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

United

States

116,928

111,344

e

MortgageIT

Trust

,

2005-3

,

M2

,

FRN

,

5.067

%

,

(

1-month

SOFR

+

0.909

%

),

8/25/35

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

United

States

21,512

20,940

a

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL5

,

A1

,

144A,

7.762

%

,

4/25/30

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

United

States

250,000

253,179

e

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1

,

2A1

,

FRN

,

4.632

%

,

(

1-month

SOFR

+

0.474

%

),

1/25/37

.........

United

States

162,725

145,607

a

,h

Towd

Point

Mortgage

Trust

,

2019-2

,

A2

,

144A,

FRN

,

3.75

%

,

12/25/58

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

United

States

202,000

183,835

8,519,579

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

7,902,511

)

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

8,519,579

Agency

Commercial

Mortgage-Backed

Securities

10.0%

Financial

Services

10.0%

i

FHLMC

,

304

,

C37

,

IO,

3.5

%

,

12/15/27

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

United

States

16,314

323

4000

,

PI

,

IO,

4.5

%

,

1/15/42

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

United

States

105,147

13,973

4077

,

IK

,

IO,

5

%

,

7/15/42

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

United

States

214,717

45,468

4105

,

HI

,

IO,

3.5

%

,

7/15/41

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

United

States

118,794

6,024

e

4839

,

WS

,

IO,

FRN

,

1.613

%

,

(

30-day

SOFR

Average

+

5.986

%

),

8/15/56

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

United

States

1,549,652

229,645

e

4945

,

SL

,

IO,

FRN

,

1.579

%

,

(

30-day

SOFR

Average

+

5.936

%

),

1/25/50

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

United

States

1,362,473

171,748

e

5002

,

SJ

,

IO,

FRN

,

1.629

%

,

(

30-day

SOFR

Average

+

5.986

%

),

7/25/50

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

United

States

1,786,670

224,733

e

5011

,

SA

,

IO,

FRN

,

1.779

%

,

(

30-day

SOFR

Average

+

6.136

%

),

9/25/50

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

United

States

1,864,769

261,938

5024

,

HI

,

IO,

4.5

%

,

10/25/50

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

United

States

1,926,029

459,800

5093

,

YI

,

IO,

4.5

%

,

12/25/50

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

United

States

1,378,247

329,162

5134

,

IC

,

IO,

4

%

,

8/25/51

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

United

States

2,497,583

500,197

5349

,

IB

,

IO,

4

%

,

12/15/46

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

United

States

1,350,392

295,220

i

FNMA

,

e

2010-35

,

SG

,

IO,

FRN

,

1.929

%

,

(

30-day

SOFR

Average

+

6.286

%

),

4/25/40

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

United

States

187,747

21,560

2012-127

,

BI

,

IO,

4.5

%

,

11/25/42

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

United

States

86,572

17,893

2015-30

,

IO,

5.5

%

,

5/25/45

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

United

States

605,257

82,542

e

2015-42

,

LS

,

IO,

FRN

,

1.729

%

,

(

30-day

SOFR

Average

+

6.086

%

),

6/25/45

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

United

States

863,090

67,792

2016-3

,

NI

,

IO,

6

%

,

2/25/46

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

United

States

385,825

56,279

e

2017-32

,

SA

,

IO,

FRN

,

1.679

%

,

(

30-day

SOFR

Average

+

6.036

%

),

5/25/47

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

United

States

2,106,257

245,182

e

2018-20

,

SB

,

IO,

FRN

,

1.779

%

,

(

30-day

SOFR

Average

+

6.136

%

),

3/25/48

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

United

States

1,029,743

103,204

e

2018-38

,

SA

,

IO,

FRN

,

1.729

%

,

(

30-day

SOFR

Average

+

6.086

%

),

6/25/48

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

United

States

1,398,833

173,380

e

2019-43

,

JS

,

IO,

FRN

,

1.579

%

,

(

30-day

SOFR

Average

+

5.936

%

),

8/25/49

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

United

States

916,192

103,031

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

FNMA,

(continued)

2020-76

,

BI

,

IO,

4.5

%

,

11/25/50

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

United

States

1,766,810

$

405,954

374

,

6

,

IO,

5.5

%

,

8/25/36

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

United

States

34,987

5,719

378

,

19

,

IO,

5

%

,

Strip

,

6/25/35

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

United

States

93,279

12,912

i

GNMA

,

2012-128

,

IA

,

IO,

3.5

%

,

10/20/42

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

United

States

636,697

103,731

2012-140

,

IC

,

IO,

3.5

%

,

11/20/42

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

United

States

548,255

89,773

2012-146

,

IO,

5

%

,

12/20/42

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

United

States

353,258

74,381

2013-34

,

IH

,

IO,

4.5

%

,

3/20/43

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

United

States

510,273

97,269

h

2013-H08

,

CI

,

IO,

FRN

,

1.491

%

,

2/20/63

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

United

States

480,313

17,530

e

2014-119

,

SA

,

IO,

FRN

,

1.35

%

,

(

1-month

SOFR

+

5.486

%

),

8/20/44

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

United

States

468,255

46,760

e

2014-60

,

SD

,

IO,

FRN

,

1.93

%

,

(

1-month

SOFR

+

6.066

%

),

4/20/44

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

United

States

1,106,905

139,205

2014-76

,

IO,

5

%

,

5/20/44

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

United

States

210,437

43,817

h

2014-H21

,

BI

,

IO,

FRN

,

1.562

%

,

10/20/64

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

United

States

776,257

16,206

2015-64

,

YI

,

IO,

4

%

,

11/20/44

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

United

States

282,079

41,499

2015-79

,

GI

,

IO,

5

%

,

10/20/39

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

United

States

140,711

29,019

h

2015-H10

,

BI

,

IO,

FRN

,

2.078

%

,

4/20/65

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

United

States

597,218

27,071

h

2015-H23

,

BI

,

IO,

FRN

,

1.766

%

,

9/20/65

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

United

States

788,625

17,685

h

2015-H25

,

AI

,

IO,

FRN

,

1.625

%

,

9/20/65

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

United

States

1,260,112

17,665

h

2015-H25

,

EI

,

IO,

FRN

,

1.841

%

,

10/20/65

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

United

States

499,747

14,901

2016-42

,

IO,

5

%

,

2/20/46

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

United

States

373,834

73,531

h

2016-H03

,

AI

,

IO,

FRN

,

1.97

%

,

1/20/66

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

United

States

643,020

26,184

h

2016-H03

,

DI

,

IO,

FRN

,

2.024

%

,

12/20/65

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

United

States

613,997

20,165

h

2016-H06

,

DI

,

IO,

FRN

,

1.582

%

,

7/20/65

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

United

States

745,525

29,714

h

2016-H09

,

BI

,

IO,

FRN

,

2.046

%

,

4/20/66

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

United

States

987,878

40,636

h

2016-H10

,

AI

,

IO,

FRN

,

1.663

%

,

4/20/66

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

United

States

1,071,551

30,089

h

2016-H22

,

AI

,

IO,

FRN

,

2.78

%

,

10/20/66

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

United

States

643,822

30,032

h

2016-H23

,

NI

,

IO,

FRN

,

2.526

%

,

10/20/66

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

United

States

2,025,068

92,975

h

2016-H24

,

CI

,

IO,

FRN

,

1.659

%

,

10/20/66

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

United

States

524,101

11,667

h

2016-H24

,

JI

,

IO,

FRN

,

2.423

%

,

11/20/66

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

United

States

730,913

43,219

2017-26

,

MI

,

IO,

5

%

,

11/20/39

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

United

States

673,448

123,741

2017-42

,

IC

,

IO,

4.5

%

,

8/20/41

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

United

States

284,629

51,549

h

2017-H02

,

BI

,

IO,

FRN

,

2.292

%

,

1/20/67

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

United

States

653,778

24,965

h

2017-H06

,

BI

,

IO,

FRN

,

2.36

%

,

2/20/67

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

United

States

723,240

23,231

h

2017-H08

,

NI

,

IO,

FRN

,

2.213

%

,

3/20/67

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

United

States

1,022,984

31,861

h

2017-H09

,

IO,

FRN

,

1.887

%

,

4/20/67

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

United

States

1,209,551

34,793

h

2017-H10

,

MI

,

IO,

FRN

,

1.864

%

,

4/20/67

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

United

States

1,411,949

42,022

h

2017-H11

,

DI

,

IO,

FRN

,

2.086

%

,

5/20/67

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

United

States

801,315

39,220

h

2017-H12

,

QI

,

IO,

FRN

,

2.387

%

,

5/20/67

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

United

States

765,088

29,600

h

2017-H16

,

IG

,

IO,

FRN

,

1.888

%

,

7/20/67

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

United

States

1,021,041

27,416

h

2017-H16

,

JI

,

IO,

FRN

,

2.448

%

,

8/20/67

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

United

States

1,359,384

60,116

2018-127

,

IC

,

IO,

5

%

,

10/20/44

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

United

States

691,753

137,400

e

2018-139

,

SA

,

IO,

FRN

,

1.9

%

,

(

1-month

SOFR

+

6.036

%

),

10/20/48

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

United

States

888,859

124,486

2018-94

,

AI

,

IO,

4.5

%

,

7/20/48

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

United

States

893,450

184,161

h

2018-H05

,

BI

,

IO,

FRN

,

2.314

%

,

2/20/68

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

United

States

1,327,514

57,068

e

2019-152

,

ES

,

IO,

FRN

,

1.8

%

,

(

1-month

SOFR

+

5.936

%

),

12/20/49

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

United

States

771,671

93,239

e

2019-83

,

SY

,

IO,

FRN

,

1.85

%

,

(

1-month

SOFR

+

5.986

%

),

7/20/49

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

United

States

1,294,721

161,722

e

2019-89

,

PS

,

IO,

FRN

,

1.85

%

,

(

1-month

SOFR

+

5.986

%

),

7/20/49

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

United

States

1,832,528

241,804

e

2019-96

,

SY

,

IO,

FRN

,

1.85

%

,

(

1-month

SOFR

+

5.986

%

),

8/20/49

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

United

States

3,067,437

392,503

2020-167

,

PI

,

IO,

3.5

%

,

11/20/50

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

United

States

2,257,151

421,853

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

GNMA,

(continued)

e

2020-63

,

AS

,

IO,

FRN

,

1.75

%

,

(

1-month

SOFR

+

5.886

%

),

8/20/43

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

United

States

1,520,684

$

186,892

e

2020-63

,

PS

,

IO,

FRN

,

1.85

%

,

(

1-month

SOFR

+

5.986

%

),

4/20/50

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

United

States

1,887,407

252,045

e

2020-97

,

QS

,

IO,

FRN

,

1.9

%

,

(

1-month

SOFR

+

6.036

%

),

7/20/50

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

United

States

1,839,479

264,636

e

2021-116

,

ES

,

IO,

FRN

,

1.939

%

,

(

1-month

SOFR

+

6.086

%

),

11/20/47

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

United

States

2,269,414

269,111

2021-156

,

IO,

3.5

%

,

7/20/51

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

United

States

2,732,580

518,934

2021-59

,

IP

,

IO,

3

%

,

4/20/51

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

United

States

2,413,453

411,971

e

2021-59

,

SQ

,

IO,

FRN

,

2.05

%

,

(

1-month

SOFR

+

6.186

%

),

4/20/51

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

United

States

1,573,883

217,382

e

2021-77

,

SM

,

IO,

FRN

,

2.05

%

,

(

1-month

SOFR

+

6.186

%

),

5/20/51

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

United

States

2,066,208

291,364

e

2021-98

,

SK

,

IO,

FRN

,

2.05

%

,

(

1-month

SOFR

+

6.186

%

),

6/20/51

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

United

States

1,436,884

202,348

h

2024-32

,

IO,

FRN

,

0.7

%

,

6/16/63

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

United

States

3,134,964

156,875

10,082,711

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

10,337,484

)

.......

10,082,711

Total

Long

Term

Investments

(Cost

$

98,350,342

)

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

99,999,256

a

Short

Term

Investments

21.6%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.0%

b

U.S.

Treasury

Bills

,

l

2.01

%,

10/02/25

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

United

States

600,000

599,933

3.92

%,

11/06/25

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

United

States

100,000

99,598

3.83

%,

1/20/26

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

United

States

300,000

296,471

996,002

Total

U.S.

Government

and

Agency

Securities

(Cost

$

995,988

)

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

996,002

Shares

Management

Investment

Companies

20.6%

m,n

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

20,915,838

20,915,838

Total

Management

Investment

Companies

(Cost

$

20,915,838

)

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

20,915,838

Total

Short

Term

Investments

(Cost

$

21,911,826

)

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

21,911,840

a

Total

Investments

(Cost

$

120,262,168

)

120.3

%

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

$121,911,096

TBA

Sale

Commitments

(

4.9

)

%

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

(

4,958,402

)

Other

Assets,

less

Liabilities

(

15.4

)

%

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

(15,611,185)

Net

Assets

100.0%

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

$101,341,509

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

At

September

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

a

a

a

Country

Principal

Amount

*

a

Value

o

TBA

Sale

Commitments

(4.9)%

Mortgage-Backed

Securities

(4.9)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(4.9)%

Uniform

Mortgage-Backed

Securities

,

4.5

%

,

TBA,

10/25/55

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

United

States

(3,000,000)

$

(

2,910,277

)

6

%

,

TBA,

10/25/55

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

United

States

(2,000,000)

(

2,048,125

)

(4,958,402)

Total

TBA

Sale

Commitments

(Proceeds

$

(

4,975,352

)

)

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

$(4,958,402)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$34,281,551,

representing

33.8%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

Perpetual

security

with

no

stated

maturity

date.

g

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

h

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.

i

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.

j

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

k

Security

purchased

on

a

to-be-announced

(TBA)

basis.

l

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$322,964,

representing

0.3%

net

assets.

m

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

n

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

o

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.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

Euro-Bobl

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

Short

13

$

1,798,093

12/08/25

$

1,669

U.S.

Treasury

10

Year

Ultra

Notes

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

Short

11

1,265,859

12/19/25

(

11,530

)

U.S.

Treasury

2

Year

Notes

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

Short

52

10,836,719

12/31/25

4,789

Total

Futures

Contracts

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

$(5,072)

*

As

of

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

At

September

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BZWS

Buy

146,800

96,716

10/15/25

$

441

$

—

Australian

Dollar

....

BZWS

Sell

208,300

137,458

10/15/25

—

(

401

)

Australian

Dollar

....

HSBK

Sell

147,700

97,203

10/15/25

—

(

550

)

Australian

Dollar

....

JPHQ

Sell

482,800

318,013

10/15/25

—

(

1,520

)

Australian

Dollar

....

MSCO

Sell

775,200

510,189

10/15/25

—

(

2,863

)

Australian

Dollar

....

UBSW

Sell

17,200

11,316

10/15/25

—

(

67

)

Australian

Dollar

....

WPAC

Sell

8,000

5,265

10/15/25

—

(

29

)

Canadian

Dollar

....

BZWS

Sell

67,700

49,928

10/15/25

1,251

—

Canadian

Dollar

....

GSCO

Sell

5,900

4,349

10/15/25

107

—

Canadian

Dollar

....

JPHQ

Sell

157,000

115,737

10/15/25

2,850

—

Canadian

Dollar

....

TDOM

Sell

708,000

521,864

10/15/25

12,797

—

Canadian

Dollar

....

UBSW

Sell

13,900

10,250

10/15/25

255

—

New

Zealand

Dollar

.

BOFA

Sell

14,000

8,570

10/15/25

450

—

New

Zealand

Dollar

.

MSCO

Sell

745,600

456,218

10/15/25

23,739

—

New

Zealand

Dollar

.

UBSW

Sell

53,000

32,439

10/15/25

1,696

—

Japanese

Yen

......

BOFA

Buy

44,868,200

307,234

11/19/25

—

(

2,291

)

Japanese

Yen

......

GSCO

Buy

26,619,300

182,262

11/19/25

—

(

1,346

)

Japanese

Yen

......

HSBK

Buy

24,283,700

166,338

11/19/25

—

(

1,296

)

Japanese

Yen

......

JPHQ

Buy

38,176,700

261,394

11/19/25

—

(

1,930

)

Japanese

Yen

......

SSBT

Buy

51,952,400

355,750

11/19/25

—

(

2,660

)

Japanese

Yen

......

TDOM

Buy

415,300

2,844

11/19/25

—

(

21

)

British

Pound

......

HSBK

Sell

299,200

406,641

12/17/25

4,209

—

Euro

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

HSBK

Sell

2,321,100

2,743,512

12/17/25

6,239

—

Norwegian

Krone

...

MSCO

Sell

3,272,000

332,366

12/17/25

4,423

—

Swedish

Krona

.....

MSCO

Sell

3,895,300

421,838

12/17/25

6,070

—

Swiss

Franc

.......

UBSW

Buy

508,100

646,118

12/17/25

—

(

1,919

)

Total

Forward

Exchange

Contracts

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

$64,527

$(16,893)

Net

unrealized

appreciation

(depreciation)

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

$47,634

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Forward

Premium

Swap

Option

Contracts

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

par

t

y

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

40,500,000

$

(

89,100

)

$

28,651

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

27,000,000

112,050

22,780

(4.125%)/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

4.125%

288,900

13,376

(

4,004

)

3.625%/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

3.625%

288,900

13,376

(

4,212

)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

1,218,400

59,580

(

22,909

)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

1,218,400

62,382

(

42,320

)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

137,100

17,096

1,690

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

137,100

17,096

(

1,685

)

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

4,794,400

54,177

(

52,512

)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

608,700

22,096

(

14,811

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

At

September

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Forward

Premium

Swap

Option

Contracts

(continued)

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

party

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

56,400

$

7,064

$

(

929

)

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

56,400

7,064

(

319

)

2.35%/1-day

SOFR/Mar-59/(Purchased)

GSCO

3/12/29

/

2.35%

1,735,300

101,168

(

65,898

)

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

2,121,400

131,589

(

126,613

)

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

2,121,400

131,589

267,793

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

3,171,600

62,952

(

44,885

)

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

3,171,600

79,286

(

22,603

)

(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

1,311,400

50,150

161,134

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

1,311,400

50,150

(

41,383

)

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCM

10/09/25

/

2.85%

4,794,400

32,279

(

32,225

)

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCM

10/09/25

/

4.5%

4,794,400

(

15,610

)

15,585

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

971,300

44,728

(

17,213

)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

971,300

42,931

(

1,933

)

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

81,200

9,736

164

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

81,200

9,736

(

1,711

)

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

867,000

69,115

18,061

(2.98%)/6-month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

303,600

31,695

10,810

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

714,100

25,850

(

7,251

)

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

1,703,900

90,377

118,069

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

1,703,900

90,377

(

55,074

)

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

800,600

48,572

(

27,386

)

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

800,600

48,572

33,130

Unrealized

appreciation

677,867

Unrealized

(depreciation)

(587,876)

Total

$89,991

*

In

U.S.

dollars

unless

otherwise

indicated.

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

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

4,519,000

$

366,582

$

216,879

$

149,703

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$366,582

$216,879

$149,703

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

556,000

$

273,947

$

225,598

$

48,349

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

202,000

99,527

11,494

88,033

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

81,000

30,001

30,476

(

475

)

CMBX.NA.BB.6

.

(5.00)%

Monthly

CITI

5/11/63

544,000

33,854

71,848

(

37,994

)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

296,000

18,421

34,290

(

15,869

)

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

91,000

39,049

39,403

(

354

)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

182,000

36,124

54,703

(

18,579

)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

329,000

65,301

106,386

(

41,085

)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

372,000

44,640

46,459

(

1,819

)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

124,000

21,183

22,506

(

1,323

)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

248,000

49,445

51,997

(

2,552

)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

95,000

3,051

17,795

(

14,744

)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

124,000

20,897

22,273

(

1,376

)

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

264,000

(

17,406

)

(

34,776

)

17,370

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

111,000

(

54,690

)

(

8,906

)

(

45,784

)

Below

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

81,000

(

30,001

)

(

34,632

)

4,631

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

719,000

(

44,744

)

(

125,015

)

80,271

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

JPHQ

5/11/63

430,000

(

26,760

)

(

221,364

)

194,604

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

51,000

(

3,174

)

(

5,703

)

2,529

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

283,000

(

17,612

)

(

50,378

)

32,766

Below

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

27,000

(

4,336

)

(

6,138

)

1,802

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

3,000

(

482

)

(

616

)

134

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

16,000

(

2,569

)

(

3,637

)

1,068

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

95,000

(

3,051

)

(

6,372

)

3,321

Investment

Grade

Total

OTC

Swap

Contracts

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

$530,615

$237,691

$292,924

Total

Credit

Default

Swap

Contracts

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

$897,197

$

454,570

$442,627

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

At

September

30,

2025

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

(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

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

50,420,000

$

(

158,050

)

$

(

58,331

)

$

(

99,719

)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

3.23%

....

Quarterly

9/17/27

2,311,000

AUD

7,302

1,936

5,366

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.13%

....

Annual

12/17/27

1,909,000

6,834

6,834

—

Receive

Fixed

2.08%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

12/17/27

1,272,000

EUR

(

1,866

)

(

559

)

(

1,307

)

Receive

Fixed

2.38%

..

Semi-Annual

Pay

Floating

1-day

REPO_CORRA

.....

Semi-Annual

12/17/27

2,103,000

CAD

1,453

846

607

Receive

Fixed

3.28%

..

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

12/17/27

1,108,000

AUD

(

2,971

)

148

(

3,119

)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

12/17/27

948,000

GBP

(

2,425

)

(

1,001

)

(

1,424

)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/30

63,519,000

686,023

252,302

433,721

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

3.73%

....

Semi-Annual

9/17/30

4,027,000

AUD

19,402

(

14,423

)

33,825

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.18%

....

Annual

9/17/30

623,000

EUR

6,826

1,820

5,006

Receive

Fixed

4.166%

.

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

7/15/35

4,797,000

AUD

(

24,908

)

—

(

24,908

)

Receive

Fixed

3.833%

.

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/10/35

2,234,100

32,494

—

32,494

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

14,206,000

(

264,451

)

(

81,172

)

(

183,279

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

See

Abbreviations

on

page

240

.

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

4.23%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/35

2,972,000

AUD

$

(

7,345

)

$

8,098

$

(

15,443

)

Receive

Fixed

0.45%

..

Annual

Pay

Floating

1-day

SARON

..........

Annual

12/17/35

1,141,000

CHF

(

3,859

)

(

2,561

)

(

1,298

)

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

2.93%

....

Semi-Annual

12/17/35

1,711,000

CAD

(

3,563

)

(

4,476

)

913

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.53%

....

Annual

12/17/35

1,034,000

11,165

7,841

3,324

Receive

Fixed

2.63%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

12/17/35

411,000

EUR

(

1,391

)

222

(

1,613

)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

3.9%

.....

Semi-Annual

12/17/35

1,655,000

NZD

(

13,457

)

(

2,548

)

(

10,909

)

Receive

Floating

3-month

STIBOR

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

Quarterly

Pay

Fixed

2.6%

.....

Annual

12/17/35

9,690,000

SEK

13,483

3,343

10,140

Receive

Fixed

4.08%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

12/17/35

1,371,000

GBP

(

13,633

)

(

3,624

)

(

10,009

)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.18%

....

Semi-Annual

12/17/35

201,000

AUD

1,410

(

92

)

1,502

Receive

Floating

6-month

NIBOR

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

Semi-Annual

Pay

Fixed

3.85%

....

Annual

12/17/35

13,919,000

NOK

26,748

9,992

16,756

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.377%

...

Semi-Annual

7/02/45

465,000

AUD

8,390

—

8,390

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.03%

....

Annual

9/17/55

3,053,000

(

53,208

)

1,561

(

54,769

)

Receive

Fixed

2.58%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/55

575,000

EUR

(

43,576

)

(

7,608

)

(

35,968

)

Receive

Fixed

4.48%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/55

170,000

AUD

(

1,251

)

825

(

2,076

)

Total

Interest

Rate

Swap

Contracts

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

$225,576

$

119,373

$106,203

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Emerging

Markets

Equity

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

90.5%

Automobiles

1.8%

Mahindra

&

Mahindra

Ltd.

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

India

12,801

$

494,050

Banks

16.1%

Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

101,514

602,611

Al

Rajhi

Bank

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

Saudi

Arabia

23,790

679,804

Bank

Central

Asia

Tbk.

PT

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

Indonesia

376,700

172,514

Bank

of

China

Ltd.

,

H

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

China

1,254,000

685,445

CTBC

Financial

Holding

Co.

Ltd.

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

Taiwan

217,000

306,040

Grupo

Financiero

Banorte

SAB

de

CV

,

O

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

Mexico

31,442

316,729

ICICI

Bank

Ltd.

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

India

53,525

811,185

KB

Financial

Group,

Inc.

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

South

Korea

4,365

360,269

National

Bank

of

Greece

SA

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

Greece

21,629

314,949

OTP

Bank

Nyrt.

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

Hungary

1,337

115,655

4,365,201

Broadline

Retail

6.6%

Alibaba

Group

Holding

Ltd.

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

China

59,700

1,335,138

a

MercadoLibre,

Inc.

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

Brazil

65

151,901

a

Sea

Ltd.

,

ADR

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

Singapore

1,737

310,454

1,797,493

Capital

Markets

1.2%

b

HDFC

Asset

Management

Co.

Ltd.

,

144A

,

Reg

S

...........

India

5,249

327,012

Communications

Equipment

0.8%

Accton

Technology

Corp.

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

Taiwan

6,000

207,487

Construction

&

Engineering

0.8%

Gamuda

Bhd.

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

Malaysia

173,036

227,908

Construction

Materials

1.0%

UltraTech

Cement

Ltd.

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

India

2,025

278,830

Electric

Utilities

1.0%

Korea

Electric

Power

Corp.

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

South

Korea

10,531

271,708

Electrical

Equipment

0.1%

Harbin

Electric

Co.

Ltd.

,

H

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

China

10,000

15,094

Electronic

Equipment,

Instruments

&

Components

0.6%

Elite

Material

Co.

Ltd.

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

Taiwan

4,000

161,885

Financial

Services

0.6%

Meritz

Financial

Group,

Inc.

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

South

Korea

1,899

154,041

Health

Care

Providers

&

Services

1.2%

Apollo

Hospitals

Enterprise

Ltd.

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

India

3,846

321,163

Hotels,

Restaurants

&

Leisure

2.1%

a

Eternal

Ltd.

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

India

51,027

187,327

Indian

Hotels

Co.

Ltd.

(The)

,

A

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

India

35,990

292,151

a

MakeMyTrip

Ltd.

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

India

888

83,117

562,595

Household

Durables

0.9%

a

Amber

Enterprises

India

Ltd.

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

India

2,582

235,557

Household

Products

0.2%

Unilever

Indonesia

Tbk.

PT

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

Indonesia

592,100

63,242

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Emerging

Markets

Equity

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Independent

Power

and

Renewable

Electricity

Producers

1.5%

NTPC

Ltd.

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

India

109,639

$

420,431

Industrial

Conglomerates

0.8%

Samsung

C&T

Corp.

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

South

Korea

1,676

220,708

Insurance

1.9%

PICC

Property

&

Casualty

Co.

Ltd.

,

H

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

China

226,000

509,823

Interactive

Media

&

Services

11.4%

Kakao

Corp.

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

South

Korea

4,359

185,601

b

Kuaishou

Technology

,

144A

,

Reg

S

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

China

18,800

203,338

Tencent

Holdings

Ltd.

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

China

31,400

2,675,581

3,064,520

IT

Services

0.3%

Coforge

Ltd.

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

India

4,315

77,399

Life

Sciences

Tools

&

Services

0.8%

b

WuXi

AppTec

Co.

Ltd.

,

H

,

144A

,

Reg

S

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

China

13,680

209,306

Machinery

0.6%

a

Samsung

Heavy

Industries

Co.

Ltd.

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

South

Korea

10,611

165,718

Metals

&

Mining

2.8%

Anglogold

Ashanti

plc

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

United

Kingdom

3,732

260,583

Zijin

Mining

Group

Co.

Ltd.

,

H

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

China

116,000

484,999

745,582

Oil,

Gas

&

Consumable

Fuels

1.9%

PetroChina

Co.

Ltd.

,

H

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

China

568,000

514,929

Personal

Care

Products

0.6%

a

APR

Corp.

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

South

Korea

819

146,318

Real

Estate

Management

&

Development

1.1%

Emaar

Properties

PJSC

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

United

Arab

Emirates

83,991

298,412

Semiconductors

&

Semiconductor

Equipment

15.9%

MediaTek,

Inc.

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

Taiwan

7,000

303,588

NAURA

Technology

Group

Co.

Ltd.

,

A

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

China

2,675

170,439

SK

Hynix,

Inc.

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

South

Korea

1,333

330,448

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

81,000

3,518,464

4,322,939

Specialty

Retail

0.4%

JUMBO

SA

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

Greece

3,480

119,384

Technology

Hardware,

Storage

&

Peripherals

6.2%

Asia

Vital

Components

Co.

Ltd.

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

Taiwan

6,000

195,160

Samsung

Electronics

Co.

Ltd.

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

South

Korea

15,505

929,530

a,b

Xiaomi

Corp.

,

B

,

144A

,

Reg

S

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

China

83,600

581,016

1,705,706

Transportation

Infrastructure

1.3%

International

Container

Terminal

Services,

Inc.

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

Philippines

44,110

357,728

Water

Utilities

1.3%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

..

Brazil

14,700

365,052

Wireless

Telecommunication

Services

6.7%

Bharti

Airtel

Ltd.

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

India

25,758

544,769

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Emerging

Markets

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

37

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Wireless

Telecommunication

Services

(continued)

Etihad

Etisalat

Co.

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

Saudi

Arabia

19,591

$

352,881

Far

EasTone

Telecommunications

Co.

Ltd.

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

Taiwan

61,000

177,167

MTN

Group

Ltd.

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

South

Africa

21,024

176,918

TIM

SA

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

Brazil

123,800

546,630

1,798,365

Total

Common

Stocks

(Cost

$

15,202,773

)

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

24,525,586

Management

Investment

Companies

3.7%

Capital

Markets

3.7%

iShares

Core

MSCI

Emerging

Markets

ETF

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

United

States

10,940

721,165

c

Xtrackers

Harvest

CSI

300

China

A-Shares

ETF

,

Class

A

......

United

States

8,153

268,886

990,051

Total

Management

Investment

Companies

(Cost

$

792,457

)

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

990,051

Preferred

Stocks

1.8%

Banks

1.8%

d

Itau

Unibanco

Holding

SA

,

7

.34

%

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

Brazil

67,100

492,573

Total

Preferred

Stocks

(Cost

$

448,752

)

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

492,573

Total

Long

Term

Investments

(Cost

$

16,443,982

)

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

26,008,210

a

Short

Term

Investments

5.0%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

4.1%

e,f

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

1,111,597

1,111,597

Total

Management

Investment

Companies

(Cost

$

1,111,597

)

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

1,111,597

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.9%

Money

Market

Funds

0.9%

e,f

Putnam

Cash

Collateral

Pool,

LLC

,

4.402

%

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

United

States

244,550

244,550

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

244,550

)

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

244,550

Total

Short

Term

Investments

(Cost

$

1,356,147

)

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

1,356,147

a

Total

Investments

(Cost

$

17,800,129

)

101.0

%

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

$27,364,357

Other

Assets,

less

Liabilities

(

1.0

)

%

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

(279,458)

Net

Assets

100.0%

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

$27,084,899

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Emerging

Markets

Equity

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

38

See

Abbreviations

on

page

240

.

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

September

30,

2025,

the

aggregate

value

of

these

securities

was

$1,320,672,

representing

4.9%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Focused

International

Equity

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.9%

Banks

9.6%

AIB

Group

plc

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

Ireland

932,619

$

8,502,448

HDFC

Bank

Ltd.

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

India

381,702

4,090,588

National

Bank

of

Greece

SA

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

Greece

310,241

4,517,556

17,110,592

Broadline

Retail

6.6%

Alibaba

Group

Holding

Ltd.

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

China

375,800

8,404,435

Prosus

NV

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

China

47,677

3,371,481

11,775,916

Capital

Markets

4.5%

Bolsa

Mexicana

de

Valores

SAB

de

CV

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

Mexico

1,909,744

3,990,821

London

Stock

Exchange

Group

plc

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

United

Kingdom

35,810

4,106,802

8,097,623

Diversified

Telecommunication

Services

5.5%

Cogeco

Communications,

Inc.

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

Canada

119,246

5,480,329

a

Liberty

Global

Ltd.

,

A

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

Belgium

374,536

4,292,183

9,772,512

Entertainment

5.6%

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

36,504

3,583,761

Universal

Music

Group

NV

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

Netherlands

224,474

6,486,729

10,070,490

Financial

Services

2.5%

Edenred

SE

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

France

189,080

4,502,886

Food

Products

1.7%

Otoki

Corp.

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

South

Korea

10,634

3,111,262

Health

Care

Equipment

&

Supplies

1.8%

Sonova

Holding

AG

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

Switzerland

11,786

3,232,975

Health

Care

Technology

1.8%

M3,

Inc.

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

Japan

204,200

3,305,653

Household

Durables

6.4%

Berkeley

Group

Holdings

plc

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

United

Kingdom

55,481

2,867,536

Persimmon

plc

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

United

Kingdom

190,559

2,977,020

Sony

Group

Corp.

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

Japan

199,000

5,720,594

11,565,150

Industrial

Conglomerates

2.3%

a

SK

Square

Co.

Ltd.

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

South

Korea

28,602

4,119,825

Insurance

2.3%

Admiral

Group

plc

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

United

Kingdom

87,275

3,939,001

a

Sony

Financial

Group,

Inc.

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

Japan

199,000

220,685

4,159,686

Interactive

Media

&

Services

6.3%

Alphabet,

Inc.

,

C

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

United

States

28,649

6,977,464

Rightmove

plc

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

United

Kingdom

448,181

4,280,061

11,257,525

IT

Services

1.4%

Tata

Consultancy

Services

Ltd.

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

India

75,585

2,460,241

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Focused

International

Equity

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

40

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

5.5%

Canadian

Natural

Resources

Ltd.

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

Canada

215,960

$

6,905,382

a

International

Petroleum

Corp.

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

Canada

184,700

3,087,862

9,993,244

Passenger

Airlines

5.2%

Ryanair

Holdings

plc

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

Italy

319,824

9,346,030

Personal

Care

Products

1.6%

Unilever

plc

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

United

Kingdom

47,523

2,809,020

Pharmaceuticals

4.0%

AstraZeneca

plc

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

United

Kingdom

21,199

3,247,711

Bayer

AG

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

Germany

116,474

3,877,554

7,125,265

Semiconductors

&

Semiconductor

Equipment

15.0%

ASML

Holding

NV

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

Netherlands

6,682

6,516,200

Japan

Material

Co.

Ltd.

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

Japan

361,800

4,460,421

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

244,000

10,598,830

Tokyo

Electron

Ltd.

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

Japan

29,100

5,158,469

26,733,920

Software

2.6%

Constellation

Software,

Inc.

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

Canada

1,686

4,576,902

Trading

Companies

&

Distributors

4.7%

ITOCHU

Corp.

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

Japan

148,000

8,420,962

Total

Common

Stocks

(Cost

$

125,384,997

)

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

173,547,679

Preferred

Stocks

1.7%

Technology

Hardware,

Storage

&

Peripherals

1.7%

b

Samsung

Electronics

Co.

Ltd.

,

1

.65

%

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

South

Korea

64,989

3,084,444

Total

Preferred

Stocks

(Cost

$

2,637,957

)

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

3,084,444

Total

Long

Term

Investments

(Cost

$

128,022,954

)

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

176,632,123

a

Short

Term

Investments

2.5%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

2.5%

c,d

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

4,438,034

4,438,034

Total

Management

Investment

Companies

(Cost

$

4,438,034

)

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

4,438,034

Total

Short

Term

Investments

(Cost

$

4,438,034

)

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

4,438,034

a

Total

Investments

(Cost

$

132,460,988

)

101.1

%

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

$181,070,157

Other

Assets,

less

Liabilities

(

1.1

)

%

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

(1,934,915)

Net

Assets

100.0%

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

$179,135,242

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Focused

International

Equity

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

41

At

September

30,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Abbreviations

on

page

240

.

a

Non-income

producing.

b

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

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

Contracts

to

Buy

Protection

(c)

Traded

Index

iTraxx

Asia

ex-

Japan

IG

43

.

(1.00)%

Quarterly

6/20/30

26,000,000

$

(

451,451

)

$

(

289,081

)

$

(

162,370

)

Total

Centrally

Cleared

Swap

Contracts

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

$(451,451)

$(289,081)

$(162,370)

Total

Credit

Default

Swap

Contracts

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

$(451,451)

$

(

289,081

)

$(162,370)

(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.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

George

Putnam

Balanced

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

42

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

61.6%

Aerospace

&

Defense

1.0%

Airbus

SE

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

France

3,974

$

928,032

Northrop

Grumman

Corp.

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

United

States

1,651

1,005,987

RTX

Corp.

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

United

States

7,128

1,192,728

3,126,747

Air

Freight

&

Logistics

0.5%

FedEx

Corp.

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

United

States

6,675

1,574,032

Automobiles

1.7%

General

Motors

Co.

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

United

States

7,167

436,972

a

Tesla,

Inc.

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

United

States

11,435

5,085,373

5,522,345

Banks

1.6%

Citigroup,

Inc.

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

United

States

23,930

2,428,895

JPMorgan

Chase

&

Co.

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

United

States

6,455

2,036,101

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

1,787

359,062

4,824,058

Beverages

0.8%

Coca-Cola

Co.

(The)

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

United

States

28,498

1,889,987

Keurig

Dr

Pepper,

Inc.

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

United

States

13,014

331,987

PepsiCo,

Inc.

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

United

States

1,849

259,674

2,481,648

Biotechnology

1.1%

AbbVie,

Inc.

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

United

States

7,264

1,681,907

Gilead

Sciences,

Inc.

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

United

States

5,116

567,876

Regeneron

Pharmaceuticals,

Inc.

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

United

States

1,746

981,723

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

664

260,049

3,491,555

Broadline

Retail

2.8%

a

Amazon.com,

Inc.

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

United

States

38,892

8,539,516

Building

Products

0.3%

Trane

Technologies

plc

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

United

States

1,894

799,192

Capital

Markets

1.3%

BlackRock,

Inc.

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

United

States

980

1,142,553

Charles

Schwab

Corp.

(The)

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

United

States

10,403

993,174

CME

Group,

Inc.

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

United

States

1,989

537,408

Nasdaq,

Inc.

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

United

States

3,750

331,688

TPG,

Inc.

,

A

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

United

States

16,142

927,358

3,932,181

Chemicals

0.7%

Corteva,

Inc.

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

United

States

9,809

663,383

DuPont

de

Nemours,

Inc.

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

United

States

10,427

812,263

Linde

plc

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

United

States

314

149,150

PPG

Industries,

Inc.

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

United

States

4,617

485,293

2,110,089

Commercial

Services

&

Supplies

0.3%

Cintas

Corp.

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

United

States

1,705

349,968

a

Copart,

Inc.

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

United

States

8,128

365,516

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Commercial

Services

&

Supplies

(continued)

Waste

Connections,

Inc.

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

United

States

2,598

$

456,728

1,172,212

Communications

Equipment

1.2%

Cisco

Systems,

Inc.

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

United

States

55,183

3,775,621

Construction

Materials

0.5%

CRH

plc

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

United

States

12,467

1,494,793

Consumer

Finance

0.6%

Capital

One

Financial

Corp.

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

United

States

9,127

1,940,218

Consumer

Staples

Distribution

&

Retail

1.3%

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

3,020

281,615

Costco

Wholesale

Corp.

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

United

States

916

847,877

Target

Corp.

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

United

States

4,038

362,209

a

US

Foods

Holding

Corp.

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

United

States

2,090

160,136

Walmart,

Inc.

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

United

States

22,762

2,345,852

3,997,689

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

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

United

States

40,981

1,157,303

Electric

Utilities

1.2%

Constellation

Energy

Corp.

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

United

States

682

224,426

NextEra

Energy,

Inc.

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

United

States

12,310

929,282

NRG

Energy,

Inc.

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

United

States

5,849

947,246

PPL

Corp.

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

United

States

15,561

578,247

Southern

Co.

(The)

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

United

States

5,312

503,418

Xcel

Energy,

Inc.

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

United

States

2,942

237,272

3,419,891

Electrical

Equipment

0.3%

GE

Vernova,

Inc.

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

United

States

1,368

841,183

Entertainment

1.9%

a

Live

Nation

Entertainment,

Inc.

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

United

States

7,797

1,274,030

a

Netflix,

Inc.

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

United

States

972

1,165,350

a

ROBLOX

Corp.

,

A

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

United

States

6,997

969,224

a

Spotify

Technology

SA

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

United

States

822

573,756

Walt

Disney

Co.

(The)

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

United

States

15,359

1,758,606

5,740,966

Financial

Services

2.6%

Apollo

Global

Management,

Inc.

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

United

States

7,103

946,617

a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

4,433

2,228,646

Corebridge

Financial,

Inc.

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

United

States

8,989

288,097

Mastercard,

Inc.

,

A

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

United

States

5,294

3,011,280

a

Toast,

Inc.

,

A

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

United

States

8,374

305,735

Visa,

Inc.

,

A

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

United

States

3,833

1,308,510

8,088,885

Food

Products

0.1%

Mondelez

International,

Inc.

,

A

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

United

States

6,196

387,064

Ground

Transportation

0.3%

Union

Pacific

Corp.

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

United

States

4,148

980,463

Health

Care

Equipment

&

Supplies

1.2%

Abbott

Laboratories

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

United

States

4,383

587,059

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

44

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Becton

Dickinson

&

Co.

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

United

States

5,005

$

936,786

a

Boston

Scientific

Corp.

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

United

States

8,330

813,258

a

Dexcom,

Inc.

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

United

States

3,707

249,444

a

Intuitive

Surgical,

Inc.

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

United

States

1,435

641,775

Medtronic

plc

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

United

States

3,876

369,150

3,597,472

Health

Care

Providers

&

Services

1.3%

Cencora,

Inc.

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

United

States

853

266,588

Cigna

Group

(The)

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

United

States

1,122

323,416

CVS

Health

Corp.

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

United

States

5,240

395,044

HCA

Healthcare,

Inc.

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

United

States

544

231,853

Humana,

Inc.

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

United

States

370

96,263

McKesson

Corp.

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

United

States

1,791

1,383,619

UnitedHealth

Group,

Inc.

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

United

States

4,796

1,656,059

4,352,842

Health

Care

REITs

0.3%

Welltower,

Inc.

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

United

States

5,500

979,770

Hotels,

Restaurants

&

Leisure

0.4%

a

Chipotle

Mexican

Grill,

Inc.

,

A

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

United

States

10,155

397,974

McDonald's

Corp.

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

United

States

2,178

661,872

Starbucks

Corp.

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

United

States

3,461

292,801

1,352,647

Household

Products

0.4%

Procter

&

Gamble

Co.

(The)

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

United

States

8,679

1,333,528

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Vistra

Corp.

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

United

States

594

116,376

Industrial

Conglomerates

0.5%

Honeywell

International,

Inc.

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

United

States

7,308

1,538,334

Industrial

REITs

0.3%

Prologis,

Inc.

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

United

States

7,220

826,834

Insurance

2.0%

Allstate

Corp.

(The)

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

United

States

8,393

1,801,557

American

International

Group,

Inc.

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

United

States

14,059

1,104,194

Aon

plc

,

A

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

United

States

1,515

540,219

Arch

Capital

Group

Ltd.

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

United

States

6,492

589,019

Assured

Guaranty

Ltd.

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

United

States

2,046

173,194

Progressive

Corp.

(The)

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

United

States

2,468

609,473

Prudential

plc

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

Hong

Kong

45,056

630,772

Unum

Group

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

United

States

2,708

210,628

5,659,056

Interactive

Media

&

Services

4.4%

Alphabet,

Inc.

,

A

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

United

States

31,891

7,752,702

Meta

Platforms,

Inc.

,

A

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

United

States

8,215

6,032,932

13,785,634

Life

Sciences

Tools

&

Services

1.1%

a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

3,160

886,032

Danaher

Corp.

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

United

States

1,634

323,957

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

45

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

Thermo

Fisher

Scientific,

Inc.

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

United

States

4,340

$

2,104,987

3,314,976

Machinery

0.9%

Fortive

Corp.

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

United

States

16,791

822,591

Ingersoll

Rand,

Inc.

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

United

States

6,148

507,948

Otis

Worldwide

Corp.

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

United

States

12,397

1,133,458

2,463,997

Media

0.1%

a

Charter

Communications,

Inc.

,

A

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

United

States

1,149

316,096

Metals

&

Mining

0.3%

Barrick

Mining

Corp.

.................................

Canada

7,023

230,144

Glencore

plc

.......................................

Australia

158,677

730,807

960,951

Multi-Utilities

0.4%

Ameren

Corp.

......................................

United

States

9,155

955,599

CenterPoint

Energy,

Inc.

..............................

United

States

5,549

215,301

1,170,900

Oil,

Gas

&

Consumable

Fuels

2.0%

a

Antero

Resources

Corp.

..............................

United

States

7,024

235,725

BP

plc

............................................

United

States

67,637

388,348

Cenovus

Energy,

Inc.

................................

Canada

58,201

988,208

ConocoPhillips

.....................................

United

States

10,872

1,028,382

Exxon

Mobil

Corp.

...................................

United

States

25,221

2,843,668

Shell

plc

..........................................

United

States

25,741

917,436

6,401,767

Passenger

Airlines

0.1%

Southwest

Airlines

Co.

...............................

United

States

13,735

438,284

Pharmaceuticals

1.4%

Eli

Lilly

&

Co.

......................................

United

States

3,432

2,618,616

Johnson

&

Johnson

.................................

United

States

7,451

1,381,564

Merck

&

Co.,

Inc.

...................................

United

States

7,149

600,016

4,600,196

Semiconductors

&

Semiconductor

Equipment

9.2%

Analog

Devices,

Inc.

.................................

United

States

12,118

2,977,393

Broadcom,

Inc.

.....................................

United

States

21,573

7,117,148

a

Intel

Corp.

.........................................

United

States

50,076

1,680,050

Marvell

Technology,

Inc.

..............................

United

States

29,399

2,471,574

NVIDIA

Corp.

......................................

United

States

74,365

13,875,022

QUALCOMM,

Inc.

...................................

United

States

1,441

239,725

28,360,912

Software

6.3%

a

AppLovin

Corp.

,

A

...................................

United

States

838

602,137

Microsoft

Corp.

.....................................

United

States

29,487

15,272,792

Oracle

Corp.

.......................................

United

States

4,021

1,130,866

a

Palantir

Technologies,

Inc.

,

A

...........................

United

States

13,789

2,515,389

19,521,184

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

46

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialized

REITs

0.6%

American

Tower

Corp.

................................

United

States

9,249

$

1,778,768

Specialty

Retail

0.7%

Home

Depot,

Inc.

(The)

...............................

United

States

3,354

1,359,007

TJX

Cos.,

Inc.

(The)

.................................

United

States

6,167

891,378

2,250,385

Technology

Hardware,

Storage

&

Peripherals

4.2%

Apple,

Inc.

........................................

United

States

40,109

10,212,955

a

Pure

Storage,

Inc.

,

A

.................................

United

States

18,180

1,523,666

Seagate

Technology

Holdings

plc

.......................

United

States

4,856

1,146,307

12,882,928

Textiles,

Apparel

&

Luxury

Goods

0.2%

Levi

Strauss

&

Co.

,

A

................................

United

States

11,350

264,455

NIKE,

Inc.

,

B

.......................................

United

States

852

59,410

a

On

Holding

AG

,

A

...................................

Switzerland

8,161

345,618

669,483

Tobacco

0.4%

Philip

Morris

International,

Inc.

.........................

United

States

7,538

1,222,664

Trading

Companies

&

Distributors

0.4%

United

Rentals,

Inc.

..................................

United

States

1,218

1,162,776

Total

Common

Stocks

(Cost

$

106,047,978

)

...................................

190,456,411

Principal

Amount

*

Corporate

Bonds

13.5%

Aerospace

&

Defense

0.5%

b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3

%

,

3/26/34

.....................

United

Kingdom

200,000

207,328

Senior

Bond

,

144A,

5.5

%

,

3/26/54

.....................

United

Kingdom

200,000

203,195

Boeing

Co.

(The)

,

Senior

Bond

,

2.95

%

,

2/01/30

.........................

United

States

18,000

16,954

Senior

Bond

,

6.125

%

,

2/15/33

........................

United

States

132,000

142,357

Senior

Bond

,

3.6

%

,

5/01/34

..........................

United

States

47,000

42,535

Senior

Bond

,

3.25

%

,

2/01/35

.........................

United

States

26,000

22,575

Senior

Bond

,

3.5

%

,

3/01/39

..........................

United

States

70,000

56,712

Senior

Bond

,

6.875

%

,

3/15/39

........................

United

States

80,000

90,657

Senior

Bond

,

3.375

%

,

6/15/46

........................

United

States

38,000

27,099

Senior

Bond

,

3.9

%

,

5/01/49

..........................

United

States

80,000

60,515

Senior

Bond

,

6.858

%

,

5/01/54

........................

United

States

66,000

75,337

Senior

Bond

,

3.95

%

,

8/01/59

.........................

United

States

55,000

39,560

Senior

Note

,

2.196

%

,

2/04/26

........................

United

States

180,000

178,659

Senior

Note

,

6.259

%

,

5/01/27

........................

United

States

12,000

12,352

Senior

Note

,

6.298

%

,

5/01/29

........................

United

States

17,000

18,046

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

6.75

%

,

1/15/28

.........................

United

States

87,000

92,071

Senior

Bond

,

5.95

%

,

2/01/37

.........................

United

States

68,000

73,681

Senior

Note

,

3

%

,

1/15/29

...........................

United

States

117,000

112,923

1,472,556

Automobiles

0.1%

b

Hyundai

Capital

America

,

Senior

Bond

,

144A,

6.375

%

,

4/08/30

...................

United

States

14,000

14,967

Senior

Note

,

144A,

6.5

%

,

1/16/29

.....................

United

States

120,000

127,244

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

47

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Automobiles

(continued)

b

Hyundai

Capital

America,

(continued)

Senior

Note

,

144A,

5.35

%

,

3/19/29

....................

United

States

67,000

$

68,842

Senior

Note

,

144A,

4.55

%

,

9/26/29

....................

United

States

35,000

35,085

Senior

Note

,

144A,

5.4

%

,

1/08/31

.....................

United

States

32,000

33,010

Senior

Note

,

144A,

5.4

%

,

6/23/32

.....................

United

States

75,000

77,283

356,431

Banks

2.0%

b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

..............

Australia

200,000

178,471

Banco

Santander

SA

,

Senior

Non-Preferred

Note

,

1.722%

to

9/13/26,

FRN

thereafter

,

9/14/27

......................

Spain

600,000

585,583

Bank

of

America

Corp.

,

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

38,000

39,703

Senior

Bond

,

5.511%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

5,000

5,229

Senior

Note

,

2.551%

to

2/03/27,

FRN

thereafter

,

2/04/28

....

United

States

70,000

68,568

Senior

Note

,

5.162%

to

1/23/30,

FRN

thereafter

,

1/24/31

....

United

States

5,000

5,162

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

185,000

188,787

Sub.

Bond

,

6.11

%

,

1/29/37

..........................

United

States

150,000

161,867

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

502,000

469,178

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

208,953

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

200,000

206,280

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.634%

to

7/02/28,

FRN

thereafter

,

7/03/29

......................

Spain

205,000

206,484

Citigroup,

Inc.

,

c

CC

,

Junior

Sub.

Bond

,

7.125%

to

8/14/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

113,000

116,908

c

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

206,000

212,519

Senior

Bond

,

3.668%

to

7/23/27,

FRN

thereafter

,

7/24/28

...

United

States

10,000

9,914

Sub.

Bond

,

4.45

%

,

9/29/27

..........................

United

States

264,000

265,144

Sub.

Bond

,

6.174%

to

5/24/33,

FRN

thereafter

,

5/25/34

.....

United

States

35,000

37,253

Sub.

Bond

,

4.75

%

,

5/18/46

..........................

United

States

255,000

226,737

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837

%

,

3/13/34

.........................................

Australia

215,000

226,095

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

....

United

States

100,000

105,386

Senior

Note

,

4.895%

to

9/05/29,

FRN

thereafter

,

9/06/30

....

United

States

10,000

10,165

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125

%

,

3/09/28

...

United

States

157,000

163,050

b

Intesa

Sanpaolo

SpA

,

Sub.

Bond

,

144A,

4.198%

to

5/31/31,

FRN

thereafter

,

6/01/32

.................................

Italy

220,000

208,096

JPMorgan

Chase

&

Co.

,

c

KK

,

Junior

Sub.

Bond

,

3.65%

to

5/31/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

26,000

25,747

d

W

,

Junior

Sub.

Bond

,

FRN

,

5.473

%

,

(

3-month

SOFR

+

1.262

%

),

5/15/47

.................................

United

States

82,000

71,986

Senior

Bond

,

3.782%

to

1/31/27,

FRN

thereafter

,

2/01/28

...

United

States

324,000

322,631

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

63,000

65,944

Senior

Note

,

5.14%

to

1/23/30,

FRN

thereafter

,

1/24/31

.....

United

States

162,000

167,349

Sub.

Bond

,

5.717%

to

9/13/32,

FRN

thereafter

,

9/14/33

.....

United

States

175,000

185,147

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

45,000

46,683

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

.................................

United

Kingdom

200,000

201,222

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

48

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

...

United

States

30,000

$

30,884

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

.....

United

States

345,000

342,538

Royal

Bank

of

Canada

,

Sub.

Bond

,

4.65

%

,

1/27/26

..........

Canada

35,000

35,024

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

.................................

United

States

122,000

128,066

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

213,000

183,677

c

Wells

Fargo

&

Co.

,

BB

,

Junior

Sub.

Bond

,

3.9%

to

3/14/26,

FRN

thereafter

,

Perpetual

...............................

United

States

80,000

79,318

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421

%

,

7/24/39

.........................

Australia

81,000

75,069

Sub.

Bond

,

2.963

%

,

11/16/40

........................

Australia

75,000

57,453

5,924,270

Biotechnology

0.1%

AbbVie,

Inc.

,

Senior

Bond

,

5.05

%

,

3/15/34

................

United

States

39,000

40,145

Amgen,

Inc.

,

Senior

Bond

,

4.663

%

,

6/15/51

........................

United

States

79,000

69,059

Senior

Bond

,

5.65

%

,

3/02/53

.........................

United

States

46,000

45,914

Senior

Bond

,

5.75

%

,

3/02/63

.........................

United

States

84,000

83,865

Senior

Note

,

5.25

%

,

3/02/30

.........................

United

States

92,000

95,387

334,370

Broadline

Retail

0.0%

†

Amazon.com,

Inc.

,

Senior

Bond

,

2.7

%

,

6/03/60

.............

United

States

164,000

97,105

Building

Products

0.0%

†

Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25

%

,

9/15/35

............

United

States

55,000

55,690

Capital

Markets

0.9%

Ares

Capital

Corp.

,

Senior

Note

,

3.875

%

,

1/15/26

........................

United

States

205,000

204,657

Senior

Note

,

7

%

,

1/15/27

...........................

United

States

40,000

41,186

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

73,000

71,636

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note

,

2.311%

to

11/15/26,

FRN

thereafter

,

11/16/27

........................................

Germany

245,000

239,667

Goldman

Sachs

Group,

Inc.

(The)

,

c

U

,

Junior

Sub.

Bond

,

3.65%

to

8/09/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

25,000

24,521

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

...

United

States

97,000

97,135

Intercontinental

Exchange,

Inc.

,

Senior

Bond

,

1.85

%

,

9/15/32

.........................

United

States

59,000

49,927

Senior

Note

,

4.35

%

,

6/15/29

.........................

United

States

63,000

63,584

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

...............................

United

States

140,000

145,518

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5

%

,

9/15/26

..........................

United

States

160,000

160,343

Senior

Note

,

6.2

%

,

4/14/34

..........................

United

States

76,000

80,833

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75

%

,

7/01/29

.........................................

United

States

25,000

24,567

LPL

Holdings,

Inc.

,

Senior

Note

,

6.75

%

,

11/17/28

........................

United

States

67,000

71,537

Senior

Note

,

5.2

%

,

3/15/30

..........................

United

States

106,000

108,385

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

49

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

....

United

States

105,000

$

107,274

Senior

Note

,

4.994%

to

4/11/28,

FRN

thereafter

,

4/12/29

....

United

States

142,000

144,853

Senior

Note

,

5.23%

to

1/14/30,

FRN

thereafter

,

1/15/31

.....

United

States

65,000

67,103

Sub.

Bond

,

4.35

%

,

9/08/26

..........................

United

States

450,000

451,058

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

20,000

20,976

Sub.

Bond

,

5.942%

to

2/06/34,

FRN

thereafter

,

2/07/39

.....

United

States

99,000

103,687

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625

%

,

9/01/30

............

United

States

235,000

224,393

Nasdaq,

Inc.

,

Senior

Bond

,

5.55

%

,

2/15/34

................

United

States

20,000

21,010

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875

%

,

4/15/45

..............

United

States

38,000

33,369

S&P

Global,

Inc.

,

Senior

Bond

,

2.5

%

,

12/01/29

.............

United

States

175,000

164,291

2,721,510

Chemicals

0.2%

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4

%

,

8/05/26

..........................

United

States

95,000

92,109

Senior

Note

,

6.665

%

,

7/15/27

........................

United

States

54,000

55,430

b

CF

Industries,

Inc.

,

Senior

Bond

,

144A,

4.5

%

,

12/01/26

.......

United

States

13,000

13,026

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

160,000

169,083

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.....

United

States

210,000

201,057

Nutrien

Ltd.

,

Senior

Note

,

4

%

,

12/15/26

...................

Canada

152,000

151,732

682,437

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

Senior

Note

,

5

%

,

11/15/29

..........

United

States

210,000

216,928

Waste

Connections,

Inc.

,

Senior

Bond

,

4.25

%

,

12/01/28

........................

United

States

166,000

167,108

Senior

Bond

,

5

%

,

3/01/34

...........................

United

States

66,000

67,425

Waste

Management,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/29

......

United

States

110,000

112,998

564,459

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.3

%

,

11/15/30

.........................

United

States

27,000

24,415

Senior

Note

,

4.85

%

,

8/15/30

.........................

United

States

31,000

31,604

Senior

Note

,

5.2

%

,

8/15/32

..........................

United

States

105,000

108,263

164,282

Construction

&

Engineering

0.1%

MasTec,

Inc.

,

Senior

Note

,

5.9

%

,

6/15/29

.................

United

States

150,000

157,122

Consumer

Finance

0.6%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

..........................

Ireland

270,000

248,792

b

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25

%

,

3/15/30

.........................................

United

States

150,000

153,090

Ally

Financial,

Inc.

,

Senior

Bond

,

8

%

,

11/01/31

.............

United

States

84,000

95,798

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

5.75

%

,

11/15/29

...................

Ireland

130,000

135,125

Senior

Note

,

144A,

4.9

%

,

10/10/30

....................

Ireland

135,000

135,807

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.75

%

,

3/09/27

.........................

United

States

142,000

141,250

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

50

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

Capital

One

Financial

Corp.,

(continued)

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

40,000

$

39,690

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

35,000

39,595

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8

%

,

3/05/27

.......

United

States

200,000

202,083

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

5.8

%

,

1/07/29

..........................

United

States

90,000

93,558

Senior

Note

,

4.9

%

,

10/06/29

.........................

United

States

61,000

61,724

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15

%

,

3/17/30

....................

United

Kingdom

68,000

68,978

Senior

Note

,

144A,

6.5

%

,

3/26/31

.....................

United

Kingdom

90,000

96,547

1,512,037

Consumer

Staples

Distribution

&

Retail

0.2%

b

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8

%

,

2/10/31

.....................

United

States

28,000

24,345

Senior

Note

,

144A,

1.3

%

,

2/10/28

.....................

United

States

232,000

216,973

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55

%

,

7/26/27

....................

Canada

120,000

118,902

Senior

Bond

,

144A,

2.95

%

,

1/25/30

....................

Canada

131,000

123,788

484,008

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

Senior

Secured

Note

,

1.57

%

,

1/15/26

..................

United

States

152,000

150,705

Senior

Secured

Note

,

1.65

%

,

1/15/27

..................

United

States

125,000

121,133

Senior

Secured

Note

,

5.5

%

,

4/15/28

...................

United

States

10,000

10,286

b

Senior

Secured

Note

,

144A,

4.875

%

,

7/15/26

............

United

States

4,000

4,001

WestRock

MWV

LLC

,

Senior

Bond

,

8.2

%

,

1/15/30

..........................

United

States

140,000

160,590

Senior

Bond

,

7.95

%

,

2/15/31

.........................

United

States

9,000

10,410

457,125

Diversified

Consumer

Services

0.1%

Service

Corp.

International

,

Senior

Bond

,

3.375

%

,

8/15/30

........................

United

States

20,000

18,550

Senior

Note

,

4

%

,

5/15/31

...........................

United

States

165,000

155,684

174,234

Diversified

REITs

0.3%

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25

%

,

1/15/32

.........................

United

States

61,000

54,930

Senior

Bond

,

6.75

%

,

12/01/33

........................

United

States

89,000

96,498

VICI

Properties

LP

,

Senior

Bond

,

5.75

%

,

4/01/34

.........................

United

States

99,000

102,928

Senior

Note

,

4.75

%

,

2/15/28

.........................

United

States

95,000

95,818

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

....................

United

States

35,000

34,628

Senior

Note

,

144A,

4.5

%

,

1/15/28

.....................

United

States

120,000

119,882

Senior

Note

,

144A,

3.875

%

,

2/15/29

...................

United

States

100,000

97,696

602,380

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

,

Senior

Bond

,

2.25

%

,

2/01/32

.........................

United

States

139,000

121,729

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

51

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

Telecommunication

Services

(continued)

AT&T,

Inc.,

(continued)

Senior

Bond

,

2.55

%

,

12/01/33

........................

United

States

162,000

$

138,011

Senior

Bond

,

4.75

%

,

5/15/46

.........................

United

States

12,000

10,723

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

198,000

213,017

TELUS

Corp.

,

Junior

Sub.

Bond

,

6.625%

to

10/14/30,

FRN

thereafter

,

10/15/55

................................

Canada

194,000

199,779

Verizon

Communications,

Inc.

,

Senior

Bond

,

3.7

%

,

3/22/61

..........................

United

States

117,000

82,486

b

Senior

Bond

,

144A,

5.401

%

,

7/02/37

...................

United

States

201,000

204,296

Senior

Note

,

2.355

%

,

3/15/32

........................

United

States

132,000

115,794

1,085,835

Electric

Utilities

1.2%

American

Electric

Power

Co.,

Inc.

,

C

,

Junior

Sub.

Bond

,

5.8%

to

3/14/31,

FRN

thereafter

,

3/15/56

United

States

155,000

154,845

D

,

Junior

Sub.

Bond

,

6.05%

to

3/14/36,

FRN

thereafter

,

3/15/56

.........................................

United

States

50,000

50,195

Senior

Bond

,

5.625

%

,

3/01/33

........................

United

States

51,000

53,638

J

,

Senior

Bond

,

4.3

%

,

12/01/28

.......................

United

States

66,000

66,318

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

48,000

43,089

Appalachian

Power

Co.

,

L

,

Senior

Bond

,

5.8

%

,

10/01/35

......

United

States

57,000

58,971

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.875

%

,

2/01/33

....

United

States

14,000

15,016

DTE

Electric

Co.

,

Senior

Bond

,

5.25

%

,

5/15/35

.............

United

States

85,000

87,530

Duke

Energy

Corp.

,

Senior

Bond

,

5.45

%

,

6/15/34

.........................

United

States

150,000

156,127

Senior

Bond

,

5.8

%

,

6/15/54

..........................

United

States

106,000

107,218

Senior

Note

,

4.85

%

,

1/05/29

.........................

United

States

15,000

15,292

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65

%

,

2/01/29

........

United

States

65,000

64,270

b

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

7.5

%

,

10/14/32

........................................

Italy

200,000

230,691

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

60,000

61,645

Exelon

Corp.

,

Senior

Bond

,

5.625

%

,

6/15/35

........................

United

States

89,000

92,937

Senior

Note

,

5.15

%

,

3/15/29

.........................

United

States

210,000

216,110

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55

%

,

1/15/30

...

United

States

25,000

25,177

Georgia

Power

Co.

,

Senior

Bond

,

4.95

%

,

5/17/33

.........................

United

States

114,000

116,336

Senior

Bond

,

5.25

%

,

3/15/34

.........................

United

States

89,000

91,850

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

110,000

107,796

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.9

%

,

3/15/55

..........................

United

States

55,000

56,745

Senior

Note

,

5.3

%

,

3/15/32

..........................

United

States

175,000

181,851

Northern

States

Power

Co.

,

Senior

Bond

,

5.05

%

,

5/15/35

.....

United

States

55,000

56,135

b

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

2

%

,

12/02/25

...............

United

States

80,000

79,583

Senior

Secured

Note

,

144A,

2.45

%

,

12/02/27

............

United

States

114,000

109,310

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

5.75

%

,

3/15/29

..................

United

States

55,000

57,614

Senior

Secured

Bond

,

4.95

%

,

9/15/52

..................

United

States

109,000

99,444

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

5.9

%

,

6/15/32

..........................

United

States

64,000

66,958

Senior

Bond

,

4.95

%

,

7/01/50

.........................

United

States

66,000

56,697

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

52

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

Pacific

Gas

and

Electric

Co.,

(continued)

Senior

Bond

,

6.75

%

,

1/15/53

.........................

United

States

60,000

$

64,691

Senior

Note

,

2.1

%

,

8/01/27

..........................

United

States

30,000

28,845

Senior

Note

,

3.3

%

,

12/01/27

.........................

United

States

130,000

127,260

Senior

Note

,

5.55

%

,

5/15/29

.........................

United

States

35,000

36,041

PacifiCorp

,

Senior

Bond

,

2.7

%

,

9/15/30

...................

United

States

82,000

75,715

Southern

Co.

(The)

,

Senior

Bond

,

5.7

%

,

3/15/34

..........................

United

States

99,000

104,613

Senior

Note

,

5.5

%

,

3/15/29

..........................

United

States

15,000

15,604

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05

%

,

8/15/34

.........................

United

States

104,000

105,487

C

,

Senior

Bond

,

4.9

%

,

9/15/35

.......................

United

States

145,000

144,302

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

..............

United

States

58,000

57,578

Senior

Secured

Bond

,

144A,

6.95

%

,

10/15/33

............

United

States

95,000

106,029

Senior

Secured

Bond

,

144A,

6

%

,

4/15/34

...............

United

States

119,000

125,556

Senior

Secured

Note

,

144A,

3.7

%

,

1/30/27

..............

United

States

120,000

118,927

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.6

%

,

4/15/35

..............

United

States

170,000

176,367

3,866,403

Electrical

Equipment

0.1%

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

........................................

United

States

253,000

247,359

Entertainment

0.1%

b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375

%

,

11/15/29

..........

United

States

227,000

237,603

Financial

Services

0.0%

†

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

95,000

93,594

Food

Products

0.3%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

...........................

United

States

135,000

129,490

Senior

Note

,

6.75

%

,

3/15/34

.........................

United

States

122,000

134,948

b

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group,

Inc.

,

Senior

Bond

,

144A,

5.95

%

,

4/20/35

...........

United

States

40,000

42,060

Kellanova

,

Senior

Bond

,

4.5

%

,

4/01/46

..........................

United

States

17,000

14,911

B

,

Senior

Bond

,

7.45

%

,

4/01/31

.......................

United

States

20,000

22,925

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

6.875

%

,

1/26/39

........................

United

States

40,000

44,654

Senior

Bond

,

4.625

%

,

10/01/39

.......................

United

States

40,000

36,622

b

Mars,

Inc.

,

Senior

Bond

,

144A,

5.65

%

,

5/01/45

....................

United

States

65,000

65,981

Senior

Bond

,

144A,

5.7

%

,

5/01/55

.....................

United

States

50,000

50,683

Senior

Bond

,

144A,

5.8

%

,

5/01/65

.....................

United

States

30,000

30,620

Senior

Note

,

144A,

4.6

%

,

3/01/28

.....................

United

States

255,000

258,173

Senior

Note

,

144A,

4.65

%

,

4/20/31

....................

United

States

10,000

10,155

Senior

Note

,

144A,

5

%

,

3/01/32

......................

United

States

50,000

51,175

Senior

Note

,

144A,

5.2

%

,

3/01/35

.....................

United

States

70,000

71,586

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5

%

,

3/01/32

...........

United

States

75,000

68,710

1,032,693

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

53

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Gas

Utilities

0.0%

†

CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4

%

,

7/01/34

.........................................

United

States

71,000

$

73,353

Ground

Transportation

0.3%

b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

8/15/27

....

United

Kingdom

200,000

200,064

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond

,

144A,

3.4

%

,

11/15/26

....................

United

States

86,000

85,133

Senior

Note

,

144A,

4.4

%

,

7/01/27

.....................

United

States

260,000

260,738

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3

%

,

4/03/29

.........................................

Ireland

225,000

231,149

777,084

Health

Care

Equipment

&

Supplies

0.0%

†

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823

%

,

5/20/30

.......

United

States

77,000

72,183

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.65

%

,

11/15/27

United

States

100,000

103,083

175,266

Health

Care

Providers

&

Services

0.3%

Centene

Corp.

,

Senior

Note

,

2.625

%

,

8/01/31

..............

United

States

120,000

103,165

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

...

United

States

40,000

42,058

Senior

Bond

,

4.78

%

,

3/25/38

.........................

United

States

52,000

48,759

Senior

Note

,

5

%

,

9/15/32

...........................

United

States

165,000

167,084

HCA,

Inc.

,

Senior

Bond

,

5.6

%

,

4/01/34

..........................

United

States

56,000

58,154

Senior

Bond

,

6

%

,

4/01/54

...........................

United

States

76,000

76,200

Senior

Note

,

3.625

%

,

3/15/32

........................

United

States

33,000

30,968

Humana,

Inc.

,

Senior

Note

,

5.75

%

,

3/01/28

................

United

States

130,000

134,128

UnitedHealth

Group,

Inc.

,

Senior

Note

,

5.3

%

,

6/15/35

........

United

States

220,000

227,510

888,026

Hotels,

Restaurants

&

Leisure

0.3%

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125

%

,

5/01/29

...................

United

States

160,000

160,000

Senior

Note

,

144A,

5.75

%

,

3/15/30

....................

United

States

113,000

115,447

Senior

Note

,

144A,

5.75

%

,

8/01/32

....................

United

States

105,000

106,987

Senior

Secured

Note

,

144A,

4

%

,

8/01/28

................

United

States

338,000

333,387

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.05

%

,

3/30/28

.........................

United

States

165,000

167,725

Senior

Note

,

5.25

%

,

6/30/29

.........................

United

States

80,000

82,080

Senior

Note

,

5.375

%

,

12/15/31

.......................

United

States

55,000

56,262

e

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond

,

5.375

%

,

1/15/36

..

United

States

80,000

80,497

1,102,385

Household

Durables

0.1%

DR

Horton,

Inc.

,

Senior

Bond

,

5

%

,

10/15/34

..........................

United

States

121,000

122,437

Senior

Bond

,

5.5

%

,

10/15/35

.........................

United

States

285,000

295,682

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.........................

United

States

64,000

64,205

Senior

Bond

,

3.8

%

,

11/01/29

.........................

United

States

75,000

73,454

555,778

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

54

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Independent

Power

and

Renewable

Electricity

Producers

0.3%

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467

%

,

7/31/28

.........................................

United

States

200,000

$

213,935

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125

%

,

1/15/34

........................

United

States

57,000

62,073

Senior

Bond

,

6.5

%

,

10/01/53

.........................

United

States

141,000

157,299

Senior

Bond

,

5.75

%

,

3/15/54

.........................

United

States

57,000

57,816

Senior

Note

,

5.6

%

,

3/01/28

..........................

United

States

185,000

191,256

Southern

Power

Co.

,

B

,

Senior

Bond

,

4.9

%

,

10/01/35

.......................

United

States

45,000

44,404

A

,

Senior

Note

,

4.25

%

,

10/01/30

......................

United

States

25,000

24,862

751,645

Insurance

0.4%

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85

%

,

12/15/29

......

United

States

60,000

61,274

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.526

%

,

7/11/31

..................

United

States

132,000

136,160

Secured

Note

,

144A,

5.322

%

,

11/13/31

.................

United

States

101,000

103,424

Senior

Secured

Bond

,

144A,

5.543

%

,

8/22/35

............

United

States

80,000

81,112

Athene

Holding

Ltd.

,

Senior

Bond

,

5.875

%

,

1/15/34

........................

United

States

54,000

56,591

Senior

Bond

,

6.25

%

,

4/01/54

.........................

United

States

38,000

38,791

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

4.3

%

,

5/15/43

..........................

United

States

79,000

71,326

Senior

Bond

,

2.85

%

,

10/15/50

........................

United

States

28,000

18,390

Brown

&

Brown,

Inc.

,

Senior

Bond

,

5.55

%

,

6/23/35

.........................

United

States

58,000

59,709

Senior

Note

,

4.9

%

,

6/23/30

..........................

United

States

120,000

121,708

Senior

Note

,

5.25

%

,

6/23/32

.........................

United

States

43,000

44,125

CNA

Financial

Corp.

,

Senior

Bond

,

5.125

%

,

2/15/34

.........

United

States

76,000

76,763

b

CNO

Global

Funding

,

Secured

Note

,

144A,

4.95

%

,

9/09/29

....

United

States

20,000

20,413

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

95,000

99,102

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

95,000

96,287

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375

%

,

3/15/29

..

United

States

185,000

186,745

b

Massachusetts

Mutual

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

3.729

%

,

10/15/70

..................................

United

States

165,000

111,168

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

7.875

%

,

12/15/37

........................................

United

States

400,000

448,052

b

Teachers

Insurance

&

Annuity

Association

of

America

,

Sub.

Bond

,

144A,

6.85

%

,

12/16/39

..............................

United

States

38,000

43,655

1,874,795

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.4

%

,

8/15/54

..........................

United

States

352,000

348,046

Senior

Bond

,

5.75

%

,

5/15/63

.........................

United

States

51,000

52,494

Senior

Bond

,

5.55

%

,

8/15/64

.........................

United

States

28,000

27,816

428,356

IT

Services

0.0%

†

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625

%

,

6/15/29

...................

United

States

18,000

17,251

Senior

Note

,

144A,

3.75

%

,

10/01/30

...................

United

States

73,000

68,960

86,211

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

55

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Leisure

Products

0.1%

Brunswick

Corp.

,

Senior

Bond

,

2.4

%

,

8/18/31

..........................

United

States

82,000

$

71,326

Senior

Bond

,

5.1

%

,

4/01/52

..........................

United

States

108,000

86,665

Senior

Note

,

5.85

%

,

3/18/29

.........................

United

States

70,000

72,517

230,508

Life

Sciences

Tools

&

Services

0.0%

†

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

69,000

69,340

Machinery

0.0%

†

Oshkosh

Corp.

,

Senior

Bond

,

4.6

%

,

5/15/28

..........................

United

States

99,000

99,860

Senior

Bond

,

3.1

%

,

3/01/30

..........................

United

States

19,000

17,939

117,799

Media

0.4%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.85

%

,

12/01/35

.................

United

States

60,000

60,596

Senior

Secured

Bond

,

3.7

%

,

4/01/51

...................

United

States

5,000

3,301

Senior

Secured

Note

,

2.25

%

,

1/15/29

..................

United

States

55,000

51,161

Comcast

Corp.

,

Senior

Bond

,

3.999

%

,

11/01/49

.......................

United

States

119,000

91,850

Senior

Bond

,

3.45

%

,

2/01/50

.........................

United

States

189,000

132,236

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

10/01/28

........................................

United

States

197,000

198,629

Paramount

Global

,

Senior

Bond

,

4.2

%

,

6/01/29

..........................

United

States

120,000

118,000

Senior

Bond

,

4.95

%

,

1/15/31

.........................

United

States

35,000

34,609

Senior

Note

,

3.7

%

,

6/01/28

..........................

United

States

23,000

22,508

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375

%

,

7/15/33

...................................

United

States

290,000

340,341

1,053,231

Metals

&

Mining

0.1%

b

Glencore

Finance

Canada

Ltd.

,

Senior

Bond

,

144A,

6

%

,

11/15/41

Australia

5,000

5,174

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5

%

,

9/01/30

.....................

Australia

244,000

222,720

Senior

Bond

,

144A,

5.634

%

,

4/04/34

...................

Australia

127,000

132,235

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

4.875

%

,

3/14/30

.....

Australia

150,000

153,752

513,881

Multi-Utilities

0.0%

†

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

38,000

33,242

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

.................................

United

States

75,000

75,560

DTE

Energy

Co.

,

Senior

Bond

,

5.85

%

,

6/01/34

.............

United

States

66,000

70,165

NiSource,

Inc.

,

Senior

Note

,

5.2

%

,

7/01/29

................

United

States

145,000

149,623

Public

Service

Enterprise

Group,

Inc.

,

Senior

Note

,

4.9

%

,

3/15/30

United

States

125,000

127,878

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

71,000

69,734

Sempra,

Inc.

,

Senior

Bond

,

5.5

%

,

8/01/33

.................

United

States

71,000

74,053

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Multi-Utilities

(continued)

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

60,000

$

60,221

660,476

Oil,

Gas

&

Consumable

Fuels

0.8%

b

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8

%

,

10/01/54

...........

Norway

77,000

71,444

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

7.2

%

,

1/15/32

..........................

Canada

127,000

143,181

b

Senior

Note

,

144A,

5

%

,

12/15/29

.....................

Canada

24,000

24,545

Cheniere

Energy

Partners

LP

,

Senior

Bond

,

3.25

%

,

1/31/32

.........................

United

States

66,000

60,152

Senior

Note

,

4.5

%

,

10/01/29

.........................

United

States

200,000

199,416

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

66,000

69,860

b

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8

%

,

12/15/34

United

States

135,000

139,280

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8

%

,

1/15/35

..........................

United

States

47,000

49,480

Senior

Bond

,

5.65

%

,

10/15/54

........................

United

States

18,000

17,757

El

Paso

Natural

Gas

Co.

LLC

,

Senior

Bond

,

8.375

%

,

6/15/32

..

United

States

71,000

85,240

Enbridge,

Inc.

,

Senior

Bond

,

4.25

%

,

12/01/26

..............

Canada

42,000

42,021

Energy

Transfer

LP

,

c

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

.......................................

United

States

257,000

256,862

Senior

Bond

,

6.5

%

,

2/01/42

..........................

United

States

18,000

19,076

Senior

Note

,

5.25

%

,

7/01/29

.........................

United

States

30,000

30,880

Senior

Note

,

5.2

%

,

4/01/30

..........................

United

States

72,000

74,269

Kinder

Morgan

Energy

Partners

LP

,

Senior

Bond

,

5.4

%

,

9/01/44

United

States

15,000

14,323

Kinder

Morgan,

Inc.

,

Senior

Bond

,

7.75

%

,

1/15/32

...........

United

States

52,000

60,500

Occidental

Petroleum

Corp.

,

Senior

Bond

,

7.5

%

,

5/01/31

..........................

United

States

131,000

147,221

Senior

Note

,

5.2

%

,

8/01/29

..........................

United

States

35,000

35,540

ONEOK,

Inc.

,

Senior

Bond

,

6.05

%

,

9/01/33

.........................

United

States

10,000

10,608

Senior

Note

,

4.75

%

,

10/15/31

........................

United

States

100,000

100,084

Senior

Note

,

6.1

%

,

11/15/32

.........................

United

States

122,000

130,801

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

.......................

Canada

115,000

116,354

Senior

Note

,

5.584

%

,

10/01/34

.......................

Canada

56,000

56,329

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

5

%

,

1/15/28

...........................

United

States

130,000

130,151

Senior

Bond

,

4.875

%

,

2/01/31

........................

United

States

58,000

58,184

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

1/15/30

...................................

United

States

235,000

245,239

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

..........................

United

States

66,000

67,145

Senior

Note

,

4.9

%

,

8/01/30

..........................

United

States

65,000

65,536

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

89,000

92,414

2,613,892

Paper

&

Forest

Products

0.1%

b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

2.1

%

,

4/30/27

.......

United

States

200,000

194,446

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

57

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Passenger

Airlines

0.1%

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

150,000

$

150,145

Personal

Care

Products

0.1%

Kenvue,

Inc.

,

Senior

Note

,

4.85

%

,

5/22/32

.........................

United

States

35,000

35,522

Senior

Note

,

4.9

%

,

3/22/33

..........................

United

States

198,000

201,357

236,879

Pharmaceuticals

0.3%

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

4.9

%

,

2/22/29

........

United

States

32,000

32,866

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

.........................

United

States

118,000

119,248

Senior

Bond

,

5.3

%

,

5/19/53

..........................

United

States

84,000

81,234

Senior

Note

,

4.45

%

,

5/19/28

.........................

United

States

74,000

74,855

Royalty

Pharma

plc

,

Senior

Bond

,

5.4

%

,

9/02/34

..........................

United

States

99,000

101,146

Senior

Bond

,

5.2

%

,

9/25/35

..........................

United

States

80,000

79,963

Senior

Note

,

5.15

%

,

9/02/29

.........................

United

States

85,000

87,242

Viatris,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

75,000

72,223

Wyeth

LLC

,

Senior

Bond

,

5.95

%

,

4/01/37

.................

United

States

48,000

52,015

Zoetis,

Inc.

,

Senior

Bond

,

3

%

,

9/12/27

...........................

United

States

90,000

88,444

Senior

Bond

,

2

%

,

5/15/30

...........................

United

States

37,000

33,658

Senior

Bond

,

5

%

,

8/17/35

...........................

United

States

275,000

277,850

1,100,744

Professional

Services

0.1%

Paychex,

Inc.

,

Senior

Note

,

5.1

%

,

4/15/30

.................

United

States

249,000

256,327

Semiconductors

&

Semiconductor

Equipment

0.6%

Analog

Devices,

Inc.

,

Senior

Note

,

5.05

%

,

4/01/34

..........

United

States

109,000

113,122

Broadcom,

Inc.

,

Senior

Bond

,

4.15

%

,

11/15/30

........................

United

States

144,000

143,484

b

Senior

Bond

,

144A,

3.187

%

,

11/15/36

..................

United

States

68,000

58,056

b

Senior

Bond

,

144A,

4.926

%

,

5/15/37

...................

United

States

325,000

324,270

Senior

Note

,

3.459

%

,

9/15/26

........................

United

States

305,000

303,726

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9

%

,

1/25/33

.........................................

United

States

200,000

211,082

Intel

Corp.

,

Senior

Bond

,

4.15

%

,

8/05/32

..................

United

States

200,000

193,000

Marvell

Technology,

Inc.

,

Senior

Note

,

5.75

%

,

2/15/29

.........................

United

States

100,000

104,360

Senior

Note

,

4.75

%

,

7/15/30

.........................

United

States

5,000

5,067

Senior

Note

,

5.95

%

,

9/15/33

.........................

United

States

94,000

100,902

1,557,069

Software

0.3%

Oracle

Corp.

,

Senior

Bond

,

2.65

%

,

7/15/26

.........................

United

States

38,000

37,563

Senior

Bond

,

3.65

%

,

3/25/41

.........................

United

States

213,000

170,685

Senior

Note

,

1.65

%

,

3/25/26

.........................

United

States

180,000

177,901

Senior

Note

,

4.45

%

,

9/26/30

.........................

United

States

70,000

69,982

Senior

Note

,

4.8

%

,

9/26/32

..........................

United

States

90,000

90,139

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

188,000

164,687

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

58

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Software

(continued)

Synopsys,

Inc.

,

Senior

Bond

,

5.15

%

,

4/01/35

.........................

United

States

125,000

$

127,207

Senior

Bond

,

5.7

%

,

4/01/55

..........................

United

States

10,000

10,099

848,263

Specialized

REITs

0.4%

American

Tower

Corp.

,

Senior

Bond

,

3.125

%

,

1/15/27

........................

United

States

230,000

226,903

Senior

Bond

,

2.9

%

,

1/15/30

..........................

United

States

130,000

122,580

Senior

Bond

,

2.7

%

,

4/15/31

..........................

United

States

122,000

111,373

Senior

Note

,

2.75

%

,

1/15/27

.........................

United

States

66,000

64,858

Senior

Note

,

4.9

%

,

3/15/30

..........................

United

States

115,000

117,321

Crown

Castle,

Inc.

,

Senior

Bond

,

3.65

%

,

9/01/27

.........................

United

States

66,000

65,330

Senior

Bond

,

3.8

%

,

2/15/28

..........................

United

States

134,000

132,474

Senior

Bond

,

4.75

%

,

5/15/47

.........................

United

States

28,000

24,765

Senior

Note

,

4.9

%

,

9/01/29

..........................

United

States

20,000

20,295

EPR

Properties

,

Senior

Bond

,

4.5

%

,

6/01/27

...............

United

States

32,000

32,032

Equinix,

Inc.

,

Senior

Bond

,

3.2

%

,

11/18/29

................

United

States

194,000

185,858

1,103,789

Specialty

Retail

0.1%

AutoNation,

Inc.

,

Senior

Bond

,

4.5

%

,

10/01/25

.............

United

States

13,000

13,000

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15

%

,

1/15/32

.........................

United

States

110,000

100,815

Senior

Bond

,

4.1

%

,

1/15/52

..........................

United

States

90,000

67,064

180,879

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55

%

,

10/15/29

........................

United

States

64,000

64,365

Senior

Note

,

4.85

%

,

10/15/31

........................

United

States

74,000

74,799

139,164

Textiles,

Apparel

&

Luxury

Goods

0.1%

PVH

Corp.

,

Senior

Note

,

5.5

%

,

6/13/30

...................

United

States

10,000

10,192

Tapestry,

Inc.

,

Senior

Bond

,

3.05

%

,

3/15/32

.........................

United

States

32,000

29,071

Senior

Bond

,

5.5

%

,

3/11/35

..........................

United

States

74,000

75,637

Senior

Note

,

5.1

%

,

3/11/30

..........................

United

States

61,000

62,414

177,314

Tobacco

0.1%

BAT

Capital

Corp.

,

Senior

Note

,

4.625

%

,

3/22/33

...........

United

Kingdom

140,000

138,604

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

........................

United

States

191,000

197,470

Senior

Note

,

4.375

%

,

4/30/30

........................

United

States

95,000

95,470

Senior

Note

,

4.75

%

,

11/01/31

........................

United

States

70,000

71,241

502,785

Trading

Companies

&

Distributors

0.1%

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

...................

United

States

135,000

138,343

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Trading

Companies

&

Distributors

(continued)

b

Aviation

Capital

Group

LLC,

(continued)

Senior

Note

,

144A,

5.125

%

,

4/10/30

...................

United

States

135,000

$

137,197

275,540

Wireless

Telecommunication

Services

0.2%

Rogers

Communications,

Inc.

,

Senior

Bond

,

8.75

%

,

5/01/32

.........................

Canada

9,000

10,684

Senior

Note

,

5

%

,

2/15/29

...........................

Canada

140,000

142,705

Senior

Note

,

3.8

%

,

3/15/32

..........................

Canada

77,000

72,765

Sub.

Bond

,

7.125%

to

4/14/35,

FRN

thereafter

,

4/15/55

.....

Canada

80,000

84,846

NC5

,

Sub.

Bond

,

7%

to

4/14/30,

FRN

thereafter

,

4/15/55

....

Canada

155,000

161,820

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.05

%

,

7/15/33

.........................

United

States

21,000

21,458

Senior

Note

,

3.75

%

,

4/15/27

.........................

United

States

229,000

227,734

Senior

Note

,

3.875

%

,

4/15/30

........................

United

States

6,000

5,885

Senior

Note

,

6.7

%

,

12/15/33

.........................

United

States

50,000

55,936

783,833

Total

Corporate

Bonds

(Cost

$

41,641,303

)

....................................

41,802,706

U.S.

Government

and

Agency

Securities

14.7%

U.S.

Treasury

Bonds

,

4.625

%,

2/15/40

..................................

United

States

2,270,000

2,311,365

4.25

%,

11/15/40

..................................

United

States

560,000

544,359

3.25

%,

5/15/42

...................................

United

States

2,610,000

2,193,624

f

2.75

%,

8/15/42

...................................

United

States

3,030,000

2,359,021

3

%,

2/15/49

.....................................

United

States

2,100,000

1,572,826

2.875

%,

5/15/49

..................................

United

States

370,000

270,013

1.875

%,

2/15/51

..................................

United

States

3,870,000

2,211,418

2.875

%,

5/15/52

..................................

United

States

1,030,000

735,203

3

%,

8/15/52

.....................................

United

States

390,000

285,332

3.625

%,

2/15/53

..................................

United

States

1,350,000

1,116,387

U.S.

Treasury

Notes

,

1.875

%,

2/28/27

..................................

United

States

160,000

156,078

0.5

%,

4/30/27

....................................

United

States

630,000

599,890

2.375

%,

5/15/27

..................................

United

States

400,000

392,023

3.875

%,

5/31/27

..................................

United

States

3,190,000

3,201,339

0.75

%,

1/31/28

...................................

United

States

280,000

262,227

1.25

%,

9/30/28

...................................

United

States

3,730,000

3,479,755

3.75

%,

12/31/28

..................................

United

States

4,000,000

4,013,437

2.375

%,

3/31/29

..................................

United

States

9,780,000

9,372,564

4.125

%,

3/31/29

..................................

United

States

250,000

253,853

4.25

%,

6/30/29

...................................

United

States

1,070,000

1,091,463

1.625

%,

5/15/31

..................................

United

States

270,000

240,474

4.375

%,

5/15/34

..................................

United

States

1,590,000

1,627,110

3.875

%,

8/15/34

..................................

United

States

2,850,000

2,806,916

4.25

%,

11/15/34

..................................

United

States

1,610,000

1,628,490

4.25

%,

5/15/35

...................................

United

States

2,720,000

2,745,500

Total

U.S.

Government

and

Agency

Securities

(Cost

$

46,029,061

)

...............

45,470,667

Asset-Backed

Securities

0.0%

†

Consumer

Staples

Distribution

&

Retail

0.0%

†

b

CVS

Pass-Through

Trust

,

144A,

7.507

%

,

1/10/32

..............................

United

States

78,760

83,953

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

60

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

b

CVS

Pass-Through

Trust,

(continued)

2013

,

144A,

4.704

%

,

1/10/36

.........................

United

States

8,953

$

8,575

92,528

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

87,713

)

.................................

92,528

Commercial

Mortgage-Backed

Securities

0.1%

Financial

Services

0.1%

g

Citigroup

Commercial

Mortgage

Trust

,

2014-GC21

,

C

,

FRN

,

4.78

%

,

5/10/47

...................................

United

States

27,995

27,437

g

COMM

Mortgage

Trust

,

2014-UBS6

,

C

,

FRN

,

4.556

%

,

12/10/47

United

States

8,222

8,143

CSAIL

Commercial

Mortgage

Trust

,

2019-C17

,

AS

,

3.278

%

,

9/15/52

.........................................

United

States

170,000

153,304

b

,h

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

220,229

21

Wells

Fargo

Commercial

Mortgage

Trust

,

2017-C40

,

A4

,

3.581

%

,

10/15/50

........................................

United

States

133,000

131,208

b

,g

,h

WFRBS

Commercial

Mortgage

Trust

,

2011-C3

,

D

,

144A,

FRN

,

5.415

%

,

3/15/44

...................................

United

States

20,645

7,587

327,700

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

438,912

)

.................

327,700

Mortgage-Backed

Securities

6.8%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.5%

FHLMC

Pool,

30

Year

,

2.5

%,

1/01/52

.....................

United

States

871,352

748,005

FHLMC

Pool,

30

Year

,

5.5

%,

9/01/53

-

11/01/53

............

United

States

764,931

777,291

1,525,296

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

4.5%

FNMA,

15

Year

,

2.5

%,

2/01/36

.........................

United

States

133,748

126,079

FNMA,

30

Year

,

2

%,

10/01/50

..........................

United

States

1,897,033

1,545,496

FNMA,

30

Year

,

2

%,

4/01/52

...........................

United

States

897,077

730,968

FNMA,

30

Year

,

2.5

%,

10/01/50

-

4/01/52

.................

United

States

2,152,252

1,831,875

FNMA,

30

Year

,

3

%,

6/01/46

-

8/01/51

....................

United

States

1,544,736

1,385,667

FNMA,

30

Year

,

3.5

%,

11/01/49

-

12/01/49

................

United

States

579,930

536,929

FNMA,

30

Year

,

4

%,

9/01/52

-

5/01/53

....................

United

States

859,355

816,577

FNMA,

30

Year

,

4.5

%,

2/01/49

.........................

United

States

422,573

417,905

FNMA,

30

Year

,

5

%,

8/01/33

-

10/01/52

...................

United

States

796,262

794,656

FNMA,

30

Year

,

5.5

%,

7/01/33

-

9/01/53

..................

United

States

130,630

133,621

FNMA,

30

Year

,

6

%,

10/01/53

..........................

United

States

822,015

849,472

i

Uniform

Mortgage-Backed

Securities

,

2

%

,

TBA,

10/25/55

.....

United

States

1,000,000

806,233

i

Uniform

Mortgage-Backed

Securities

,

2.5

%

,

TBA,

10/25/55

....

United

States

1,000,000

842,652

i

Uniform

Mortgage-Backed

Securities

,

4.5

%

,

TBA,

10/25/55

....

United

States

2,000,000

1,940,184

i

Uniform

Mortgage-Backed

Securities

,

5

%

,

TBA,

10/25/55

.....

United

States

1,000,000

991,892

13,750,206

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.8%

GNMA

II,

30

Year

,

3.5

%,

5/20/52

........................

United

States

939,287

852,311

GNMA

II,

Single-family,

30

Year

,

2.5

%,

2/20/53

.............

United

States

871,364

758,353

GNMA

II,

Single-family,

30

Year

,

3

%,

7/20/46

-

11/20/46

.......

United

States

1,843,038

1,671,166

GNMA

II,

Single-family,

30

Year

,

3.5

%,

11/20/47

-

10/15/55

....

United

States

1,083,595

988,953

GNMA

II,

Single-family,

30

Year

,

4.5

%,

3/20/49

.............

United

States

352,709

342,361

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

61

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

GNMA

II,

Single-family,

30

Year

,

5.5

%,

4/20/54

.............

United

States

972,671

$

987,050

5,600,194

Total

Mortgage-Backed

Securities

(Cost

$

21,576,050

)

..........................

20,875,696

Municipal

Bonds

0.1%

California

0.0%

†

State

of

California

,

GO

,

7.5

%

,

4/01/34

....................

United

States

30,000

35,228

Ohio

0.0%

†

Ohio

State

University

(The)

,

Revenue

,

2010

C

,

4.91

%

,

6/01/40

.

United

States

40,000

39,903

Texas

0.1%

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

2009

B

,

6.718

%

,

1/01/49

.............

United

States

55,000

61,333

Total

Municipal

Bonds

(Cost

$

125,120

)

.......................................

136,464

Total

Long

Term

Investments

(Cost

$

215,946,137

)

.............................

299,162,172

a

Number

of

Contracts

Notional

Amount

#

a

a

a

aa

Options

Purchased

0.0%

†

Calls

-

Over-the-Counter

Equity

Options

0.0%

†

Southwest

Airlines

Co.

,

Counterparty

CITI

,

January

Strike

Price

$

40.00

,

Expires

1/16/26

.............................

254,040

8,106,416

3,438

Total

Options

Purchased

(Cost

$

7,812

)

.......................................

3,438

Short

Term

Investments

4.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

4.7%

j,k

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

14,418,964

14,418,964

Total

Management

Investment

Companies

(Cost

$

14,418,964

)

..................

14,418,964

Total

Short

Term

Investments

(Cost

$

14,418,964

)

..............................

14,418,964

a

Total

Investments

(Cost

$

230,372,913

)

101.5

%

................................

$313,584,574

Other

Assets,

less

Liabilities

(

1.5

)

%

.........................................

(4,590,403)

Net

Assets

100.0%

.........................................................

$308,994,171

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

At

September

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

September

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

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

September

30,

2025,

the

aggregate

value

of

these

securities

was

$10,458,396,

representing

3.4%

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.

f

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$276,387,

representing

0.1%

net

assets.

g

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.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

i

Security

purchased

on

a

to-be-announced

(TBA)

basis.

j

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

S&P

500

E-Mini

Index

.........................

Long

5

$

1,684,688

12/19/25

$

11,454

Total

Futures

Contracts

......................................................................

$11,454

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Canadian

Dollar

....

BOFA

Sell

79,300

58,164

10/15/25

$

1,145

$

—

Canadian

Dollar

....

BZWS

Buy

14,700

10,657

10/15/25

—

(

87

)

Canadian

Dollar

....

BZWS

Sell

525,900

385,732

10/15/25

7,598

—

Canadian

Dollar

....

CITI

Sell

461,100

338,197

10/15/25

6,656

—

Canadian

Dollar

....

HSBK

Buy

243,000

177,171

10/15/25

—

(

2,449

)

Canadian

Dollar

....

HSBK

Sell

74,800

54,913

10/15/25

1,130

—

Canadian

Dollar

....

JPHQ

Sell

364,300

267,425

10/15/25

5,485

—

Canadian

Dollar

....

MSCO

Buy

203,500

148,144

10/15/25

—

(

1,823

)

Canadian

Dollar

....

MSCO

Sell

124,700

91,461

10/15/25

1,799

—

Canadian

Dollar

....

SSBT

Buy

131,200

95,463

10/15/25

—

(

1,127

)

Canadian

Dollar

....

SSBT

Sell

34,600

25,399

10/15/25

521

—

Canadian

Dollar

....

TDOM

Buy

650,300

477,377

10/15/25

—

(

9,797

)

Canadian

Dollar

....

UBSW

Buy

40,500

29,381

10/15/25

—

(

260

)

Canadian

Dollar

....

UBSW

Sell

798,500

579,774

10/15/25

5,635

—

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

63

See

A

bbreviations

on

page

240

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Canadian

Dollar

....

WPAC

Sell

561,500

412,200

10/15/25

$

8,469

$

—

Hong

Kong

Dollar

...

BZWS

Buy

2,734,400

351,452

11/19/25

335

—

Hong

Kong

Dollar

...

GSCO

Sell

343,500

44,149

11/19/25

—

(

43

)

Hong

Kong

Dollar

...

HSBK

Sell

2,399,800

308,378

11/19/25

—

(

362

)

British

Pound

......

BOFA

Sell

70,400

95,418

12/17/25

728

—

British

Pound

......

BZWS

Sell

392,300

531,705

12/17/25

4,051

—

British

Pound

......

GSCO

Sell

433,300

587,280

12/17/25

4,479

—

British

Pound

......

JPHQ

Sell

155,200

210,339

12/17/25

1,591

—

British

Pound

......

MSCO

Sell

978,400

1,321,795

12/17/25

6,503

(

683

)

British

Pound

......

UBSW

Buy

25,800

34,986

12/17/25

—

(

284

)

Danish

Krone

......

HSBK

Sell

1,489,400

235,487

12/17/25

4

—

Euro

.............

BZWS

Buy

21,900

25,827

12/17/25

—

—

Euro

.............

CITI

Sell

30,600

36,087

12/17/25

1

—

Euro

.............

GSCO

Sell

196,200

231,377

12/17/25

—

(

2

)

Euro

.............

MSCO

Sell

138,500

163,299

12/17/25

—

(

34

)

Euro

.............

SSBT

Buy

22,300

26,293

12/17/25

5

—

Euro

.............

UBSW

Sell

75,600

89,135

12/17/25

—

(

20

)

Swedish

Krona

.....

MSCO

Sell

6,288,600

678,127

12/17/25

6,906

—

Swiss

Franc

.......

MSCO

Sell

349,500

443,869

12/17/25

752

—

Total

Forward

Exchange

Contracts

...................................................

$63,793

$(16,971)

Net

unrealized

appreciation

(depreciation)

............................................

$46,822

*

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),

September

30,

2025

Putnam

VT

Global

Asset

Allocation

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

64

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

72.5%

Aerospace

&

Defense

1.8%

Airbus

SE

.........................................

France

782

$

182,617

a

Axon

Enterprise,

Inc.

.................................

United

States

39

27,988

a

Boeing

Co.

(The)

...................................

United

States

287

61,943

Curtiss-Wright

Corp.

.................................

United

States

127

68,953

General

Dynamics

Corp.

..............................

United

States

429

146,289

General

Electric

Co.

.................................

United

States

315

94,758

Leonardo

DRS,

Inc.

.................................

United

States

1,489

67,601

Lockheed

Martin

Corp.

...............................

United

States

1,848

922,540

Northrop

Grumman

Corp.

.............................

United

States

107

65,197

RTX

Corp.

........................................

United

States

400

66,932

Thales

SA

.........................................

France

384

121,388

1,826,206

Air

Freight

&

Logistics

0.2%

Expeditors

International

of

Washington,

Inc.

...............

United

States

499

61,172

FedEx

Corp.

.......................................

United

States

280

66,027

United

Parcel

Service,

Inc.,

B

..........................

United

States

763

63,733

190,932

Automobile

Components

0.2%

Aisin

Corp.

........................................

Japan

4,300

74,262

BorgWarner,

Inc.

....................................

United

States

1,474

64,797

139,059

Automobiles

1.6%

Stellantis

NV

.......................................

United

States

2,076

19,269

Subaru

Corp.

......................................

Japan

1,900

38,721

a

Tesla,

Inc.

.........................................

United

States

3,871

1,721,511

Toyota

Motor

Corp.

..................................

Japan

1,300

24,968

1,804,469

Banks

3.6%

AIB

Group

plc

......................................

Ireland

5,613

51,172

Banco

Bilbao

Vizcaya

Argentaria

SA

.....................

Spain

4,833

93,130

Banco

de

Sabadell

SA

...............................

Spain

6,340

24,746

Banco

Santander

SA

.................................

Spain

20,078

210,705

Bank

Hapoalim

BM

..................................

Israel

3,902

79,317

Bank

Leumi

Le-Israel

BM

.............................

Israel

6,153

121,230

Bank

of

America

Corp.

...............................

United

States

4,081

210,539

Barclays

plc

.......................................

United

Kingdom

25,807

132,785

BNP

Paribas

SA

....................................

France

477

43,628

BOC

Hong

Kong

Holdings

Ltd.

.........................

China

3,000

14,054

Citigroup,

Inc.

......................................

United

States

10,044

1,019,466

Citizens

Financial

Group,

Inc.

..........................

United

States

1,244

66,131

Commonwealth

Bank

of

Australia

.......................

Australia

51

5,632

Credit

Agricole

SA

...................................

France

1,358

26,761

Erste

Group

Bank

AG

................................

Austria

613

60,260

First

Horizon

Corp.

..................................

United

States

2,795

63,195

HSBC

Holdings

plc

..................................

United

Kingdom

16,150

227,927

Intesa

Sanpaolo

SpA

.................................

Italy

11,938

79,020

JPMorgan

Chase

&

Co.

...............................

United

States

333

105,038

Lloyds

Banking

Group

plc

.............................

United

Kingdom

126,182

142,786

Mitsubishi

UFJ

Financial

Group,

Inc.

.....................

Japan

6,500

104,854

NatWest

Group

plc

..................................

United

Kingdom

14,961

105,675

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

328

65,905

Popular,

Inc.

.......................................

United

States

522

66,299

UniCredit

SpA

......................................

Italy

1,778

135,297

US

Bancorp

.......................................

United

States

1,311

63,361

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

65

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Banks

(continued)

Webster

Financial

Corp.

..............................

United

States

1,045

$

62,115

Wells

Fargo

&

Co.

...................................

United

States

964

80,803

Zions

Bancorp

NA

...................................

United

States

1,103

62,408

3,524,239

Beverages

0.5%

a

Boston

Beer

Co.,

Inc.

(The),

A

..........................

United

States

285

60,255

Carlsberg

A/S,

B

....................................

Denmark

117

13,619

Coca-Cola

Co.

(The)

.................................

United

States

961

63,734

Coca-Cola

Consolidated,

Inc.

..........................

United

States

540

63,266

Coca-Cola

HBC

AG

.................................

Italy

1,221

57,605

Keurig

Dr

Pepper,

Inc.

................................

United

States

2,366

60,357

a

Monster

Beverage

Corp.

..............................

United

States

1,111

74,781

PepsiCo,

Inc.

......................................

United

States

457

64,181

457,798

Biotechnology

1.8%

AbbVie,

Inc.

.......................................

United

States

1,771

410,057

a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

141

64,296

Amgen,

Inc.

.......................................

United

States

233

65,753

a

Exelixis,

Inc.

.......................................

United

States

6,876

283,979

a

Genmab

A/S

.......................................

Denmark

168

51,836

a

Incyte

Corp.

.......................................

United

States

4,574

387,921

a

Natera,

Inc.

........................................

United

States

383

61,652

a

Neurocrine

Biosciences,

Inc.

...........................

United

States

2,495

350,248

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

115

64,661

a

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

168

65,796

1,806,199

Broadline

Retail

2.9%

a

Amazon.com,

Inc.

...................................

United

States

11,751

2,580,167

eBay,

Inc.

.........................................

United

States

821

74,670

a

Etsy,

Inc.

..........................................

United

States

1,093

72,564

Next

plc

..........................................

United

Kingdom

148

24,672

Prosus

NV

........................................

China

2,419

171,060

2,923,133

Building

Products

0.3%

Allegion

plc

........................................

United

States

378

67,038

Cie

de

Saint-Gobain

SA

..............................

France

1,069

115,828

Owens

Corning

.....................................

United

States

438

61,959

Trane

Technologies

plc

...............................

United

States

158

66,670

311,495

Capital

Markets

2.4%

3i

Group

plc

.......................................

United

Kingdom

2,160

119,066

Ameriprise

Financial,

Inc.

.............................

United

States

123

60,424

Bank

of

New

York

Mellon

Corp.

(The)

....................

United

States

640

69,734

Charles

Schwab

Corp.

(The)

...........................

United

States

688

65,683

CME

Group,

Inc.

....................................

United

States

236

63,765

Deutsche

Boerse

AG

.................................

Germany

309

82,747

b

Euronext

NV,

144A,

Reg

S

............................

Netherlands

287

42,967

Goldman

Sachs

Group,

Inc.

(The)

.......................

United

States

1,355

1,079,054

Hong

Kong

Exchanges

&

Clearing

Ltd.

...................

Hong

Kong

400

22,708

Intercontinental

Exchange,

Inc.

.........................

United

States

370

62,338

Morgan

Stanley

.....................................

United

States

444

70,578

Northern

Trust

Corp.

.................................

United

States

476

64,070

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

66

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Capital

Markets

(continued)

a

Robinhood

Markets,

Inc.,

A

............................

United

States

280

$

40,090

State

Street

Corp.

...................................

United

States

5,635

653,716

UBS

Group

AG

.....................................

Switzerland

1,650

67,837

Virtu

Financial,

Inc.,

A

................................

United

States

1,698

60,279

2,625,056

Chemicals

0.9%

Air

Liquide

SA

......................................

France

360

75,008

a

Axalta

Coating

Systems

Ltd.

...........................

United

States

2,068

59,186

CF

Industries

Holdings,

Inc.

...........................

United

States

3,988

357,724

DuPont

de

Nemours,

Inc.

.............................

United

States

834

64,969

Ecolab,

Inc.

........................................

United

States

227

62,166

Linde

plc

..........................................

United

States

139

66,025

Mosaic

Co.

(The)

...................................

United

States

1,931

66,967

NewMarket

Corp.

...................................

United

States

184

152,391

PPG

Industries,

Inc.

.................................

United

States

577

60,648

Sherwin-Williams

Co.

(The)

............................

United

States

176

60,942

Shin-Etsu

Chemical

Co.

Ltd.

...........................

Japan

3,500

114,602

1,140,628

Commercial

Services

&

Supplies

0.4%

Republic

Services,

Inc.,

A

.............................

United

States

282

64,713

TOPPAN

Holdings,

Inc.

...............................

Japan

2,200

56,368

Veralto

Corp.

.......................................

United

States

597

63,646

Waste

Management,

Inc.

..............................

United

States

295

65,145

249,872

Communications

Equipment

0.8%

a

Arista

Networks,

Inc.

.................................

United

States

2,403

350,141

a

Ciena

Corp.

.......................................

United

States

490

71,378

Cisco

Systems,

Inc.

.................................

United

States

867

59,320

a

F5,

Inc.

...........................................

United

States

202

65,284

Motorola

Solutions,

Inc.

...............................

United

States

137

62,649

Telefonaktiebolaget

LM

Ericsson,

B

......................

Sweden

6,409

53,105

Ubiquiti,

Inc.

.......................................

United

States

107

70,682

732,559

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

............

Spain

143

11,463

Vinci

SA

..........................................

France

758

105,341

116,804

Construction

Materials

0.1%

Heidelberg

Materials

AG

..............................

Germany

189

42,723

Holcim

AG

........................................

United

States

1,340

114,335

157,058

Consumer

Finance

0.2%

Ally

Financial,

Inc.

...................................

United

States

1,527

59,858

American

Express

Co.

...............................

United

States

199

66,100

Capital

One

Financial

Corp.

...........................

United

States

284

60,373

SLM

Corp.

........................................

United

States

2,290

63,387

Synchrony

Financial

.................................

United

States

855

60,748

310,466

Consumer

Staples

Distribution

&

Retail

1.2%

Coles

Group

Ltd.

....................................

Australia

409

6,296

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

67

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

Costco

Wholesale

Corp.

..............................

United

States

66

$

61,092

Dollar

General

Corp.

.................................

United

States

617

63,767

a

Dollar

Tree,

Inc.

....................................

United

States

661

62,379

Koninklijke

Ahold

Delhaize

NV

..........................

Netherlands

2,310

93,473

a

Maplebear,

Inc.

.....................................

United

States

1,389

51,060

Marks

&

Spencer

Group

plc

...........................

United

Kingdom

972

4,769

Target

Corp.

.......................................

United

States

716

64,225

Tesco

plc

.........................................

United

Kingdom

6,639

39,792

Walmart,

Inc.

......................................

United

States

8,094

834,168

1,281,021

Containers

&

Packaging

0.2%

Crown

Holdings,

Inc.

.................................

United

States

668

64,522

Packaging

Corp.

of

America

...........................

United

States

300

65,379

129,901

Diversified

Consumer

Services

0.2%

ADT,

Inc.

..........................................

United

States

7,334

63,879

a

Duolingo,

Inc.,

A

....................................

United

States

209

67,265

131,144

Diversified

REITs

0.1%

WP

Carey,

Inc.

.....................................

United

States

943

63,719

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

.........................................

United

States

13,074

369,210

Deutsche

Telekom

AG

................................

Germany

1,174

39,998

Telstra

Group

Ltd.

...................................

Australia

18,401

58,665

Verizon

Communications,

Inc.

..........................

United

States

1,393

61,222

529,095

Electric

Utilities

1.3%

American

Electric

Power

Co.,

Inc.

.......................

United

States

555

62,438

Duke

Energy

Corp.

..................................

United

States

528

65,340

Edison

International

.................................

United

States

9,074

501,611

Exelon

Corp.

.......................................

United

States

1,486

66,885

Iberdrola

SA

.......................................

Spain

7,957

150,621

NRG

Energy,

Inc.

...................................

United

States

1,700

275,315

PG&E

Corp.

.......................................

United

States

4,118

62,099

1,184,309

Electrical

Equipment

1.3%

ABB

Ltd.

..........................................

Switzerland

2,476

179,172

AMETEK,

Inc.

......................................

United

States

317

59,596

Eaton

Corp.

plc

.....................................

United

States

170

63,623

GE

Vernova,

Inc.

....................................

United

States

1,094

672,701

a

Generac

Holdings,

Inc.

...............................

United

States

349

58,423

Mitsubishi

Electric

Corp.

..............................

Japan

5,300

136,124

Rockwell

Automation,

Inc.

.............................

United

States

182

63,614

a

Siemens

Energy

AG

.................................

Germany

127

14,932

Vertiv

Holdings

Co.,

A

................................

United

States

1,530

230,816

1,479,001

Electronic

Equipment,

Instruments

&

Components

0.2%

Jabil,

Inc.

.........................................

United

States

301

65,368

a

Keysight

Technologies,

Inc.

............................

United

States

374

65,420

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

68

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

a

Zebra

Technologies

Corp.,

A

...........................

United

States

196

$

58,243

189,031

Energy

Equipment

&

Services

0.5%

Halliburton

Co.

.....................................

United

States

2,959

72,791

TechnipFMC

plc

....................................

United

Kingdom

8,752

345,266

418,057

Entertainment

1.7%

a

Netflix,

Inc.

........................................

United

States

1,095

1,312,817

Nexon

Co.

Ltd.

.....................................

Japan

1,800

39,502

a

ROBLOX

Corp.,

A

...................................

United

States

2,879

398,799

a

Spotify

Technology

SA

................................

United

States

87

60,726

1,811,844

Financial

Services

2.6%

a

Berkshire

Hathaway,

Inc.,

B

............................

United

States

391

196,571

Corebridge

Financial,

Inc.

.............................

United

States

1,854

59,421

Equitable

Holdings,

Inc.

...............................

United

States

7,095

360,284

EXOR

NV

.........................................

Netherlands

527

51,581

a

Fiserv,

Inc.

........................................

United

States

464

59,824

Investor

AB,

B

......................................

Sweden

4,210

131,791

Mastercard,

Inc.,

A

..................................

United

States

2,253

1,281,529

MGIC

Investment

Corp.

...............................

United

States

2,273

64,485

a

PayPal

Holdings,

Inc.

................................

United

States

8,782

588,921

2,794,407

Food

Products

0.5%

Ajinomoto

Co.,

Inc.

..................................

Japan

1,100

31,536

Archer-Daniels-Midland

Co.

...........................

United

States

1,068

63,802

Associated

British

Foods

plc

...........................

United

Kingdom

2,956

81,678

Ingredion,

Inc.

......................................

United

States

489

59,712

Mondelez

International,

Inc.,

A

..........................

United

States

999

62,408

Nestle

SA

.........................................

United

States

350

32,142

Nissin

Foods

Holdings

Co.

Ltd.

.........................

Japan

700

13,185

Smithfield

Foods,

Inc.

................................

United

States

2,637

61,917

Tyson

Foods,

Inc.,

A

.................................

United

States

1,168

63,422

b

WH

Group

Ltd.,

144A,

Reg

S

..........................

Hong

Kong

105,000

113,710

583,512

Gas

Utilities

0.2%

National

Fuel

Gas

Co.

................................

United

States

708

65,398

Tokyo

Gas

Co.

Ltd.

..................................

Japan

1,500

53,338

118,736

Ground

Transportation

1.1%

CSX

Corp.

........................................

United

States

1,860

66,049

JB

Hunt

Transport

Services,

Inc.

........................

United

States

443

59,437

a

Lyft,

Inc.,

A

........................................

United

States

3,461

76,177

Norfolk

Southern

Corp.

...............................

United

States

234

70,296

a

Uber

Technologies,

Inc.

...............................

United

States

672

65,836

Union

Pacific

Corp.

..................................

United

States

3,208

758,275

1,096,070

Health

Care

Equipment

&

Supplies

0.6%

Abbott

Laboratories

..................................

United

States

460

61,612

BioMerieux

........................................

France

174

23,354

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

69

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

a

Boston

Scientific

Corp.

...............................

United

States

599

$

58,480

a

Dexcom,

Inc.

.......................................

United

States

845

56,860

a

Edwards

Lifesciences

Corp.

...........................

United

States

788

61,283

a

Hologic,

Inc.

.......................................

United

States

999

67,423

Hoya

Corp.

........................................

Japan

1,000

138,270

a

IDEXX

Laboratories,

Inc.

..............................

United

States

100

63,889

a

Insulet

Corp.

.......................................

United

States

192

59,276

Medtronic

plc

......................................

United

States

2,560

243,814

Olympus

Corp.

.....................................

Japan

6,500

82,180

916,441

Health

Care

Providers

&

Services

0.6%

Cardinal

Health,

Inc.

.................................

United

States

423

66,394

Cencora,

Inc.

......................................

United

States

216

67,506

Cigna

Group

(The)

..................................

United

States

213

61,397

Fresenius

SE

&

Co.

KGaA

.............................

Germany

177

9,892

McKesson

Corp.

....................................

United

States

92

71,074

Sonic

Healthcare

Ltd.

................................

Australia

2,609

36,954

a

Tenet

Healthcare

Corp.

...............................

United

States

335

68,018

UnitedHealth

Group,

Inc.

..............................

United

States

183

63,190

Universal

Health

Services,

Inc.,

B

.......................

United

States

337

68,896

513,321

Health

Care

REITs

0.1%

Omega

Healthcare

Investors,

Inc.

.......................

United

States

1,547

65,314

Health

Care

Technology

0.6%

a

Doximity,

Inc.,

A

....................................

United

States

908

66,420

a

Veeva

Systems,

Inc.,

A

...............................

United

States

1,934

576,158

642,578

Hotels,

Restaurants

&

Leisure

1.0%

a

Airbnb,

Inc.,

A

......................................

United

States

510

61,924

Aristocrat

Leisure

Ltd.

................................

Australia

2,508

116,104

Booking

Holdings,

Inc.

...............................

United

States

34

183,575

Compass

Group

plc

.................................

United

Kingdom

3,179

108,359

a

DoorDash,

Inc.,

A

...................................

United

States

2,496

678,887

FDJ

United

........................................

France

196

6,572

InterContinental

Hotels

Group

plc

.......................

United

Kingdom

229

27,688

1,183,109

Household

Durables

0.1%

Garmin

Ltd.

........................................

United

States

267

65,741

Household

Products

1.0%

Colgate-Palmolive

Co.

...............................

United

States

9,052

723,617

Kimberly-Clark

Corp.

.................................

United

States

1,356

168,605

Procter

&

Gamble

Co.

(The)

...........................

United

States

403

61,921

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

783

60,293

1,014,436

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

RWE

AG

..........................................

Germany

467

20,772

Vistra

Corp.

........................................

United

States

312

61,127

81,899

Industrial

Conglomerates

0.2%

3M

Co.

...........................................

United

States

403

62,538

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

70

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Industrial

Conglomerates

(continued)

DCC

plc

..........................................

United

Kingdom

358

$

23,045

Honeywell

International,

Inc.

...........................

United

States

304

63,992

Sekisui

Chemical

Co.

Ltd.

.............................

Japan

1,600

29,787

Smiths

Group

plc

...................................

United

Kingdom

1,023

32,434

211,796

Insurance

2.2%

Aflac,

Inc.

.........................................

United

States

597

66,685

AIA

Group

Ltd.

.....................................

Hong

Kong

11,800

113,091

Allianz

SE

.........................................

Germany

368

154,827

Allstate

Corp.

(The)

..................................

United

States

321

68,903

American

International

Group,

Inc.

......................

United

States

791

62,125

AXA

SA

...........................................

France

272

13,044

Axis

Capital

Holdings

Ltd.

.............................

United

States

638

61,120

a

Brighthouse

Financial,

Inc.

............................

United

States

1,316

69,853

Chubb

Ltd.

........................................

United

States

228

64,353

Dai-ichi

Life

Holdings,

Inc.

.............................

Japan

2,200

17,305

Everest

Group

Ltd.

..................................

United

States

188

65,843

Globe

Life,

Inc.

.....................................

United

States

1,178

168,419

Hanover

Insurance

Group,

Inc.

(The)

.....................

United

States

183

33,238

MetLife,

Inc.

.......................................

United

States

6,560

540,347

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

128

81,725

Old

Republic

International

Corp.

........................

United

States

1,603

68,079

b

Poste

Italiane

SpA,

144A,

Reg

S

........................

Italy

502

11,933

Primerica,

Inc.

......................................

United

States

240

66,622

Progressive

Corp.

(The)

..............................

United

States

251

61,984

Prudential

Financial,

Inc.

..............................

United

States

598

62,037

QBE

Insurance

Group

Ltd.

............................

Australia

1,220

16,602

Reinsurance

Group

of

America,

Inc.

.....................

United

States

332

63,787

Talanx

AG

.........................................

Germany

420

55,997

Travelers

Cos.,

Inc.

(The)

.............................

United

States

225

62,825

Unipol

Assicurazioni

SpA

..............................

Italy

402

8,642

Unum

Group

.......................................

United

States

890

69,224

Zurich

Insurance

Group

AG

............................

Switzerland

86

61,471

2,190,081

Interactive

Media

&

Services

5.1%

Alphabet,

Inc.,

A

....................................

United

States

11,024

2,679,934

b

Auto

Trader

Group

plc,

144A,

Reg

S

.....................

United

Kingdom

1,588

16,870

LY

Corp.

..........................................

Japan

19,400

62,274

Meta

Platforms,

Inc.,

A

...............................

United

States

3,283

2,410,970

a

Reddit,

Inc.,

A

......................................

United

States

286

65,777

b

Scout24

SE,

144A,

Reg

S

.............................

Germany

163

20,450

5,256,275

IT

Services

0.4%

Accenture

plc,

A

....................................

Ireland

258

63,623

Fujitsu

Ltd.

........................................

Japan

600

14,075

a

GoDaddy,

Inc.,

A

....................................

United

States

445

60,889

International

Business

Machines

Corp.

...................

United

States

255

71,951

NEC

Corp.

........................................

Japan

1,300

41,612

a

Snowflake,

Inc.,

A

...................................

United

States

341

76,913

VeriSign,

Inc.

......................................

United

States

227

63,462

392,525

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

..........................

Japan

1,500

49,907

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

71

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Leisure

Products

(continued)

Hasbro,

Inc.

.......................................

United

States

843

$

63,942

113,849

Machinery

0.7%

Allison

Transmission

Holdings,

Inc.

......................

United

States

704

59,756

Caterpillar,

Inc.

.....................................

United

States

186

88,750

CNH

Industrial

NV

...................................

United

States

2,936

31,856

Cummins,

Inc.

......................................

United

States

160

67,579

Deere

&

Co.

.......................................

United

States

136

62,187

GEA

Group

AG

.....................................

Germany

714

52,787

Graco,

Inc.

........................................

United

States

740

62,870

Hoshizaki

Corp.

....................................

Japan

400

15,009

Komatsu

Ltd.

......................................

Japan

500

17,419

Lincoln

Electric

Holdings,

Inc.

..........................

United

States

259

61,080

Parker-Hannifin

Corp.

................................

United

States

70

53,071

Pentair

plc

........................................

United

States

586

64,905

Rational

AG

.......................................

Germany

20

15,284

Schindler

Holding

AG

................................

Switzerland

202

76,816

Westinghouse

Air

Brake

Technologies

Corp.

...............

United

States

323

64,752

794,121

Marine

Transportation

0.0%

†

SITC

International

Holdings

Co.

Ltd.

.....................

China

12,000

46,199

Media

0.1%

Comcast

Corp.,

A

...................................

United

States

1,950

61,269

Informa

plc

........................................

United

Kingdom

1,915

23,720

New

York

Times

Co.

(The),

A

...........................

United

States

1,116

64,058

149,047

Metals

&

Mining

0.5%

ArcelorMittal

SA

....................................

Luxembourg

584

21,068

BHP

Group

Ltd.,

(AUD

Traded)

.........................

Australia

6,031

168,477

BHP

Group

Ltd.,

(GBP

Traded)

.........................

Australia

329

9,114

BlueScope

Steel

Ltd.

.................................

Australia

1,577

23,688

a

Boliden

AB

........................................

Sweden

289

11,797

Fortescue

Ltd.

......................................

Australia

6,647

82,319

Freeport-McMoRan,

Inc.

..............................

United

States

1,417

55,575

Glencore

plc

.......................................

Australia

9,281

42,745

Norsk

Hydro

ASA

...................................

Norway

2,572

17,487

Northern

Star

Resources

Ltd.

..........................

Australia

897

14,007

Rio

Tinto

plc

.......................................

Australia

1,115

73,481

Southern

Copper

Corp.

...............................

Mexico

603

73,180

592,938

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Rithm

Capital

Corp.

..................................

United

States

5,034

57,337

Multi-Utilities

0.5%

Consolidated

Edison,

Inc.

.............................

United

States

660

66,343

DTE

Energy

Co.

....................................

United

States

470

66,472

E.ON

SE

..........................................

Germany

3,927

73,967

Engie

SA

.........................................

France

5,281

113,523

Public

Service

Enterprise

Group,

Inc.

....................

United

States

779

65,015

Sembcorp

Industries

Ltd.

.............................

Singapore

3,300

15,418

400,738

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

72

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

1.8%

Antero

Midstream

Corp.

..............................

United

States

3,349

$

65,105

Cheniere

Energy,

Inc.

................................

United

States

2,748

645,725

Chevron

Corp.

.....................................

United

States

399

61,961

ConocoPhillips

.....................................

United

States

697

65,929

Coterra

Energy,

Inc.

.................................

United

States

2,571

60,804

ENEOS

Holdings,

Inc.

................................

Japan

12,200

77,265

Eni

SpA

..........................................

Italy

1,116

19,526

Equinor

ASA

.......................................

Norway

4,189

102,154

Exxon

Mobil

Corp.

...................................

United

States

560

63,140

Inpex

Corp.

........................................

Japan

7,000

126,040

Kinder

Morgan,

Inc.

..................................

United

States

2,336

66,132

Marathon

Petroleum

Corp.

............................

United

States

358

69,001

Repsol

SA

.........................................

Spain

1,405

24,984

Shell

plc

..........................................

United

States

1,007

35,891

TotalEnergies

SE

...................................

France

2,651

161,469

Valero

Energy

Corp.

.................................

United

States

412

70,147

Williams

Cos.,

Inc.

(The)

..............................

United

States

1,067

67,594

1,782,867

Paper

&

Forest

Products

0.0%

†

Louisiana-Pacific

Corp.

...............................

United

States

672

59,700

Passenger

Airlines

0.2%

Delta

Air

Lines,

Inc.

..................................

United

States

1,077

61,120

Qantas

Airways

Ltd.

.................................

Australia

13,543

97,859

Ryanair

Holdings

plc

.................................

Italy

3,900

113,967

a

United

Airlines

Holdings,

Inc.

...........................

United

States

605

58,383

331,329

Personal

Care

Products

0.1%

Unilever

plc

........................................

United

Kingdom

1,058

62,537

Pharmaceuticals

2.9%

AstraZeneca

plc

....................................

United

Kingdom

126

19,303

Bristol-Myers

Squibb

Co.

..............................

United

States

10,459

471,701

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

1,100

48,768

a

Corcept

Therapeutics,

Inc.

............................

United

States

854

70,976

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

2,900

65,251

Eli

Lilly

&

Co.

......................................

United

States

273

208,299

GSK

plc

..........................................

United

States

2,220

47,668

Ipsen

SA

..........................................

France

207

27,795

Johnson

&

Johnson

.................................

United

States

6,946

1,287,927

Merck

&

Co.,

Inc.

...................................

United

States

3,215

269,835

Merck

KGaA

.......................................

Germany

108

14,012

Novartis

AG

.......................................

United

States

1,815

233,370

Novo

Nordisk

A/S,

B

.................................

Denmark

1,880

104,681

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

1,000

53,331

Pfizer,

Inc.

.........................................

United

States

2,699

68,771

Roche

Holding

AG

..................................

United

States

90

29,969

Sanofi

SA

.........................................

United

States

939

88,918

3,110,575

Professional

Services

1.0%

Automatic

Data

Processing,

Inc.

........................

United

States

2,897

850,270

Broadridge

Financial

Solutions,

Inc.

......................

United

States

255

60,733

Experian

plc

.......................................

United

States

893

44,853

Leidos

Holdings,

Inc.

.................................

United

States

351

66,325

a

Paylocity

Holding

Corp.

...............................

United

States

379

60,363

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

73

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Recruit

Holdings

Co.

Ltd.

.............................

Japan

1,700

$

91,399

Verisk

Analytics,

Inc.,

A

...............................

United

States

233

58,602

1,232,545

Real

Estate

Management

&

Development

0.1%

a

CBRE

Group,

Inc.,

A

.................................

United

States

399

62,866

Residential

REITs

0.3%

Camden

Property

Trust

...............................

United

States

585

62,466

Equity

LifeStyle

Properties,

Inc.

.........................

United

States

1,026

62,278

Equity

Residential

...................................

United

States

977

63,241

Invitation

Homes,

Inc.

................................

United

States

2,062

60,478

Mid-America

Apartment

Communities,

Inc.

................

United

States

440

61,481

Sun

Communities,

Inc.

...............................

United

States

495

63,855

373,799

Retail

REITs

0.7%

Brixmor

Property

Group,

Inc.

...........................

United

States

2,303

63,747

Simon

Property

Group,

Inc.

............................

United

States

3,141

589,471

653,218

Semiconductors

&

Semiconductor

Equipment

8.0%

Applied

Materials,

Inc.

................................

United

States

383

78,415

ASML

Holding

NV

...................................

Netherlands

320

312,060

a

Astera

Labs,

Inc.

....................................

United

States

394

77,145

Broadcom,

Inc.

.....................................

United

States

3,079

1,015,793

a

Cirrus

Logic,

Inc.

....................................

United

States

552

69,160

KLA

Corp.

.........................................

United

States

68

73,345

Lam

Research

Corp.

.................................

United

States

1,517

203,126

NVIDIA

Corp.

......................................

United

States

28,734

5,361,190

QUALCOMM,

Inc.

...................................

United

States

5,730

953,243

Renesas

Electronics

Corp.

............................

Japan

4,600

52,924

SCREEN

Holdings

Co.

Ltd.

............................

Japan

400

36,245

Skyworks

Solutions,

Inc.

..............................

United

States

405

31,177

8,263,823

Software

6.3%

a

Adobe,

Inc.

........................................

United

States

2,748

969,357

a

AppLovin

Corp.,

A

...................................

United

States

111

79,758

a

Atlassian

Corp.,

A

...................................

United

States

369

58,929

a

Autodesk,

Inc.

......................................

United

States

1,713

544,169

a

Cadence

Design

Systems,

Inc.

.........................

United

States

187

65,686

a

Check

Point

Software

Technologies

Ltd.

..................

Israel

200

41,382

a

Crowdstrike

Holdings,

Inc.,

A

...........................

United

States

145

71,105

a

DocuSign,

Inc.,

A

...................................

United

States

892

64,304

a

Dropbox,

Inc.,

A

....................................

United

States

2,085

62,988

a

Fortinet,

Inc.

.......................................

United

States

830

69,786

a

Guidewire

Software,

Inc.

..............................

United

States

255

58,614

Intuit,

Inc.

.........................................

United

States

99

67,608

a

Manhattan

Associates,

Inc.

............................

United

States

301

61,699

Microsoft

Corp.

.....................................

United

States

6,608

3,422,614

a

Nice

Ltd.

..........................................

Israel

148

21,440

Oracle

Corp.

.......................................

United

States

220

61,873

Oracle

Corp.

Japan

..................................

Japan

300

30,631

Pegasystems,

Inc.

...................................

United

States

1,110

63,825

a

RingCentral,

Inc.,

A

..................................

United

States

2,123

60,166

a

Rubrik,

Inc.,

A

......................................

United

States

951

78,220

Salesforce,

Inc.

.....................................

United

States

257

60,909

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

74

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

SAP

SE

..........................................

Germany

450

$

120,495

a

ServiceNow,

Inc.

....................................

United

States

200

184,056

a

Workday,

Inc.,

A

....................................

United

States

278

66,923

a

Zoom

Communications,

Inc.,

A

.........................

United

States

768

63,360

a

Zscaler,

Inc.

.......................................

United

States

229

68,622

6,518,519

Specialized

REITs

0.4%

American

Tower

Corp.

................................

United

States

321

61,735

EPR

Properties

.....................................

United

States

1,147

66,537

Public

Storage

.....................................

United

States

219

63,258

VICI

Properties,

Inc.,

A

...............................

United

States

1,943

63,361

Weyerhaeuser

Co.

..................................

United

States

2,587

64,132

319,023

Specialty

Retail

1.4%

a

AutoZone,

Inc.

.....................................

United

States

16

68,644

Avolta

AG

.........................................

Switzerland

262

14,306

a

Chewy,

Inc.,

A

......................................

United

States

1,859

75,197

Fast

Retailing

Co.

Ltd.

................................

Japan

300

91,113

Gap,

Inc.

(The)

.....................................

United

States

2,814

60,191

Home

Depot,

Inc.

(The)

...............................

United

States

153

61,994

Industria

de

Diseno

Textil

SA

...........................

Spain

262

14,500

Ross

Stores,

Inc.

...................................

United

States

426

64,918

TJX

Cos.,

Inc.

(The)

.................................

United

States

6,292

909,446

a

Ulta

Beauty,

Inc.

....................................

United

States

124

67,797

Williams-Sonoma,

Inc.

...............................

United

States

311

60,785

1,488,891

Technology

Hardware,

Storage

&

Peripherals

4.7%

Apple,

Inc.

........................................

United

States

19,076

4,857,322

NetApp,

Inc.

.......................................

United

States

519

61,481

4,918,803

Textiles,

Apparel

&

Luxury

Goods

0.3%

adidas

AG

.........................................

Germany

88

18,646

Asics

Corp.

........................................

Japan

1,700

44,485

Cie

Financiere

Richemont

SA

..........................

Switzerland

30

5,759

Hermes

International

SCA

.............................

France

40

98,362

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

17

10,461

Pandora

A/S

.......................................

Denmark

461

60,275

Tapestry,

Inc.

......................................

United

States

605

68,498

306,486

Tobacco

0.7%

Imperial

Brands

plc

..................................

United

Kingdom

2,923

124,173

Philip

Morris

International,

Inc.

.........................

United

States

3,879

629,174

753,347

Trading

Companies

&

Distributors

0.2%

AerCap

Holdings

NV

.................................

Ireland

300

36,300

Bunzl

plc

..........................................

United

Kingdom

359

11,347

Mitsubishi

Corp.

....................................

Japan

2,800

66,750

Mitsui

&

Co.

Ltd.

....................................

Japan

6,000

148,987

263,384

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

75

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Transportation

Infrastructure

0.1%

b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

2,054

$

56,155

Wireless

Telecommunication

Services

0.1%

KDDI

Corp.

........................................

Japan

5,600

89,312

Total

Common

Stocks

(Cost

$43,035,647)

....................................

75,460,744

Convertible

Preferred

Stocks

0.0%

†

Aerospace

&

Defense

0.0%

†

Boeing

Co.

(The),

6%

................................

United

States

259

18,018

Electric

Utilities

0.0%

†

PG&E

Corp.,

A,

6%

..................................

United

States

145

5,710

Financial

Services

0.0%

†

Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

113

7,942

Total

Convertible

Preferred

Stocks

(Cost

$25,850)

.............................

31,670

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

7,240

Energy

Equipment

&

Services

0.0%

†

Nabors

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

6/15/29

.........

United

States

5,000

3,850

Food

Products

0.0%

†

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

.............

United

States

7,000

7,872

Software

0.0%

†

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

12,000

13,986

Total

Convertible

Bonds

(Cost

$31,121)

......................................

32,948

Corporate

Bonds

12.5%

Aerospace

&

Defense

0.6%

ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

5,000

4,924

Senior

Note,

5.875%,

12/01/27

.......................

United

States

15,000

15,042

Senior

Note,

4.875%,

10/01/29

.......................

United

States

5,000

4,920

Senior

Note,

7.25%,

8/15/30

.........................

United

States

10,000

10,505

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

10,000

10,295

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

5,000

5,159

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

3,000

2,826

Senior

Bond,

6.125%,

2/15/33

........................

United

States

90,000

97,062

Senior

Bond,

6.875%,

3/15/39

........................

United

States

10,000

11,332

Senior

Bond,

5.875%,

2/15/40

........................

United

States

5,000

5,168

Senior

Note,

2.7%,

2/01/27

..........................

United

States

13,000

12,740

Senior

Note,

6.259%,

5/01/27

........................

United

States

7,000

7,205

Senior

Note,

6.298%,

5/01/29

........................

United

States

70,000

74,307

b

Bombardier,

Inc.

,

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

10,000

10,796

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

5,000

5,224

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

76

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

.........................

United

States

35,000

$

37,040

Senior

Note,

3%,

1/15/29

...........................

United

States

37,000

35,710

Senior

Note,

4.85%,

10/15/31

........................

United

States

15,000

15,403

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

5,000

4,997

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

5,000

5,181

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

20,000

19,281

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

15,000

16,516

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

20,000

19,992

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

5,000

5,272

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

10,000

10,370

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

5,000

5,154

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

15,000

15,179

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

5,000

5,146

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

10,000

10,347

483,093

Automobile

Components

0.0%

†

b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

20,000

20,992

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

5,000

5,181

b,c

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

10/15/32

..................................

United

States

10,000

9,989

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75

%

,

9/15/32

...................................

United

States

10,000

10,228

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

10,000

8,613

55,003

Automobiles

0.1%

b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

2,000

2,138

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

20,000

20,228

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

35,000

37,113

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

8,000

8,220

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

5,000

5,012

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

4,000

4,126

76,837

Banks

2.0%

Banco

Santander

SA

,

Sub.

Bond

,

3.225%

to

8/21/31,

FRN

thereafter

,

11/22/32

................................

Spain

200,000

182,098

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

5,000

4,629

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

195,000

210,427

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

120,000

112,154

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

50,000

49,806

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

204,000

202,238

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

50,000

50,216

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

10,000

8,892

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15

%

,

9/19/27

.........................................

Australia

75,000

74,005

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

77

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125

%

,

3/09/28

...

United

States

26,000

$

27,002

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

41,000

35,109

JPMorgan

Chase

&

Co.

,

d

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

17,000

16,834

e

W,

Junior

Sub.

Bond,

FRN,

5.473%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

13,000

11,413

Senior

Note,

1.04%

to

2/03/26,

FRN

thereafter,

2/04/27

.....

United

States

75,000

74,181

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

150,000

140,715

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

150,000

158,697

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

5,000

5,147

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

70,000

69,501

Royal

Bank

of

Canada

,

Sub.

Bond

,

4.65

%

,

1/27/26

..........

Canada

45,000

45,030

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

55,000

54,562

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

15,000

15,524

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

60,000

51,740

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

185,000

172,261

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

15,000

15,548

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963

%

,

11/16/40

.......

Australia

25,000

19,151

1,806,880

Biotechnology

0.1%

AbbVie,

Inc.

,

Senior

Note

,

4.8

%

,

3/15/29

..................

United

States

20,000

20,457

Amgen,

Inc.

,

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

23,000

22,957

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

10,000

9,984

Senior

Note,

5.15%,

3/02/28

.........................

United

States

30,000

30,705

Senior

Note,

5.25%,

3/02/30

.........................

United

States

47,000

48,730

132,833

Broadline

Retail

0.0%

†

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625

%

,

6/01/28

.........................................

United

States

12,000

11,799

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

15,000

15,503

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

10,000

10,513

37,815

Building

Products

0.1%

b

Builders

FirstSource,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

5,000

5,157

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

5,000

5,227

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

...................................

United

States

10,000

9,684

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

7/31/32

...................................

United

States

5,000

5,126

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

.........................

United

States

65,000

56,791

Senior

Note,

3.9%,

2/14/26

..........................

United

States

6,000

5,988

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

78

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

(continued)

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

10,000

$

10,279

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/30

....................................

United

States

15,000

14,649

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

5,000

5,202

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

10,000

10,366

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

..................................

United

States

10,000

10,569

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

15,000

15,406

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

10,000

10,143

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

10,000

9,594

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

5,000

4,532

178,713

Capital

Markets

0.9%

Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

25,000

24,958

Senior

Note,

2.15%,

7/15/26

.........................

United

States

24,000

23,584

Senior

Note,

7%,

1/15/27

...........................

United

States

5,000

5,148

Senior

Note,

2.875%,

6/15/27

........................

United

States

26,000

25,391

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

10

%

,

8/15/30

..

United

States

5,000

5,454

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6

%

,

3/30/31

.........................................

United

States

10,000

8,669

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

7,000

6,869

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

117,000

117,163

Sub.

Bond,

5.95%,

1/15/27

..........................

United

States

5,000

5,125

Intercontinental

Exchange,

Inc.

,

Senior

Bond

,

1.85

%

,

9/15/32

..

United

States

15,000

12,693

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

35,000

35,501

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

5,000

5,197

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5

%

,

9/15/26

....

United

States

10,000

10,021

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125

%

,

6/01/44

.........................................

United

States

30,000

28,505

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

16,000

17,084

Senior

Note,

5.2%,

3/15/30

..........................

United

States

15,000

15,337

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

50,000

43,966

Senior

Bond,

5%,

8/05/34

...........................

United

States

15,000

15,320

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

185,000

183,417

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

25,000

25,542

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

5,000

5,100

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

40,000

39,925

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

24,000

24,355

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625

%

,

9/01/30

............

United

States

30,000

28,646

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

5,000

5,253

Senior

Note,

5.35%,

6/28/28

.........................

United

States

9,000

9,282

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875

%

,

4/15/45

..............

United

States

30,000

26,344

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

79

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

30,000

$

28,164

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

9,000

7,845

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

10,000

10,301

800,159

Chemicals

0.1%

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

5,000

5,081

Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

..........................

United

States

15,000

14,543

Senior

Note,

6.665%,

7/15/27

........................

United

States

26,000

26,689

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375

%

,

10/03/31

........................................

Germany

10,000

10,613

CF

Industries,

Inc.

,

Senior

Bond

,

4.95

%

,

6/01/43

............

United

States

20,000

18,416

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

10,000

10,568

Huntsman

International

LLC

,

Senior

Bond

,

2.95

%

,

6/15/31

....

United

States

15,000

12,662

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

5,000

5,112

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

5,000

5,045

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

10,000

10,721

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

10,000

9,813

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

15,000

14,670

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

.........................................

United

States

15,000

15,059

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

...

United

States

10,000

5,659

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625

%

,

8/15/29

.

United

States

10,000

9,303

173,954

Commercial

Services

&

Supplies

0.3%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

...................................

United

States

15,000

15,741

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

17,000

16,940

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/31

.....

United

States

5,000

5,124

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

1/15/31

.........................................

United

States

5,000

5,238

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125

%

,

6/30/28

United

States

10,000

9,769

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

...................

United

States

15,000

15,008

Republic

Services,

Inc.

,

Senior

Note

,

5

%

,

11/15/29

..........

United

States

100,000

103,299

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

20,000

20,516

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

5,000

5,372

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

30,000

29,500

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

2,000

1,853

Senior

Bond,

5%,

3/01/34

...........................

United

States

10,000

10,216

Waste

Management,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/29

......

United

States

33,000

33,899

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

10,000

10,383

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

5,000

5,218

288,076

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

80

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Communications

Equipment

0.1%

b

CommScope

LLC

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.......

United

States

10,000

$

10,045

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

5,000

4,521

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

35,000

36,482

Senior

Note,

4.85%,

8/15/30

.........................

United

States

5,000

5,097

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

5/30/31

..............

United

States

5,000

4,698

60,843

Construction

&

Engineering

0.0%

†

b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

5,000

5,227

Consumer

Finance

0.4%

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

34,000

38,775

Senior

Note,

4.75%,

6/09/27

.........................

United

States

25,000

25,142

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

40,000

42,281

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

15,000

15,203

Senior

Note,

4.731%

to

4/24/28,

FRN

thereafter,

4/25/29

....

United

States

30,000

30,483

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

37,000

38,458

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

10,000

10,060

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

5,000

4,961

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

92,000

79,432

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/30

.........................................

United

States

10,000

10,628

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

30,000

31,046

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.9

%

,

10/06/29

United

States

23,000

23,273

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15

%

,

3/17/30

.........................................

United

Kingdom

7,000

7,101

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

10,000

9,895

Senior

Note,

7.5%,

5/15/31

..........................

United

States

15,000

15,694

Senior

Note,

7.125%,

11/15/31

.......................

United

States

10,000

10,377

Senior

Note,

6.5%,

3/15/33

..........................

United

States

10,000

10,028

402,837

Consumer

Staples

Distribution

&

Retail

0.1%

b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3

%

,

2/10/28

............

United

States

24,000

22,445

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

25,000

24,771

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

14,000

13,229

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

5,000

5,241

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

10,000

10,077

Walmart,

Inc.

,

Senior

Note

,

4.35

%

,

4/28/30

................

United

States

40,000

40,683

116,446

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

..................

United

States

44,000

43,625

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

23,000

22,289

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

2,000

2,057

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

81

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

(continued)

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

15,000

$

15,399

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

8/15/28

United

States

15,000

15,053

b

Graphic

Packaging

International

LLC

,

Senior

Note

,

144A,

3.5

%

,

3/01/29

.........................................

United

States

5,000

4,744

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

10,000

10,031

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

15,000

15,166

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

30,000

34,412

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

10,000

11,566

174,342

Distributors

0.0%

†

b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

10,000

9,497

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

10,000

9,808

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

5,000

5,236

24,541

Diversified

REITs

0.1%

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25

%

,

1/15/32

.........................................

United

States

15,000

13,507

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

30,000

30,258

Senior

Note,

5.125%,

11/15/31

.......................

United

States

30,000

30,456

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

...................................

United

States

10,000

9,894

84,115

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

60,000

51,115

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

77,000

68,807

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

41,000

28,276

Senior

Note,

4.1%,

2/15/28

..........................

United

States

15,000

14,991

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

8,000

7,953

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

60,000

57,621

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

10,000

9,218

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

15,000

13,884

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75

%

,

6/15/30

.........................................

Germany

73,000

86,068

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

10,000

10,001

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

10,000

10,455

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

21,000

22,593

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

65,000

62,725

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

47,000

33,135

b

Senior

Bond,

144A,

5.401%,

7/02/37

...................

United

States

76,000

77,247

Senior

Note,

2.1%,

3/22/28

..........................

United

States

20,000

19,080

573,169

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

82

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

0.7%

American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3

%

,

12/01/28

........................................

United

States

55,000

$

55,265

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

10,000

8,977

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9

%

,

3/15/36

......

United

States

28,000

30,102

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95

%

,

1/15/33

....

United

States

10,000

10,287

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

55,000

54,141

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

70,000

56,420

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45

%

,

4/01/39

......

United

States

5,000

5,605

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7

%

,

3/15/53

.....

United

States

15,000

15,216

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15

%

,

12/15/27

United

States

30,000

30,561

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

5,000

5,137

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

25,000

24,499

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45

%

,

3/15/35

.........................................

United

States

85,000

87,963

b

NRG

Energy,

Inc.

,

d

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

10,000

10,932

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

15,000

15,386

c

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

20,000

20,015

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

3.75

%

,

4/01/45

.........................................

United

States

75,000

59,456

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

5,000

4,807

Senior

Note,

6.1%,

1/15/29

..........................

United

States

50,000

52,323

Senior

Note,

5.55%,

5/15/29

.........................

United

States

25,000

25,744

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

10,000

10,291

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

15,000

14,802

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5

%

,

3/01/40

United

States

25,000

25,829

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

............

United

States

15,000

15,604

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

5,000

4,987

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

15,000

15,884

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

10,000

10,466

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

17,000

16,876

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

5,000

5,276

Senior

Secured

Note,

144A,

5.05%,

12/30/26

............

United

States

10,000

10,065

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6

%

,

10/01/34

...

United

States

17,000

16,942

719,858

Electronic

Equipment,

Instruments

&

Components

0.0%

†

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25

%

,

2/15/29

..

United

States

15,000

14,370

b

Sensata

Technologies,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

2/15/31

United

States

20,000

18,476

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

20,000

19,253

52,099

Energy

Equipment

&

Services

0.0%

†

b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

5,000

5,137

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

10,000

10,384

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

10,000

10,188

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

8/15/31

...

United

States

20,000

18,641

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

83

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Energy

Equipment

&

Services

(continued)

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

8

%

,

9/30/28

United

States

4,077

$

4,197

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

15,000

12,715

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

3,750

3,949

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

.........................................

United

States

4,500

4,509

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

...................................

United

States

4,048

4,158

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

20,000

20,459

c

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

10,000

10,013

104,350

Entertainment

0.2%

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

7/15/28

......

United

States

10,000

9,954

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

5/15/27

....................................

United

States

5,000

5,050

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

10,000

10,547

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

63,000

65,942

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75

%

,

12/01/45

........

United

States

40,000

52,287

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05

%

,

3/15/42

.....

United

States

10,000

7,989

151,769

Financial

Services

0.2%

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

20,000

19,704

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5

%

,

10/01/30

...................................

United

States

10,000

10,049

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

10,000

11,164

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

20,000

20,980

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

2/15/27

........

Ireland

5,000

5,122

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

15,000

15,853

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

15,000

15,700

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

10,000

10,138

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

15,000

15,701

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

30,000

31,118

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

5,000

5,168

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875

%

,

11/01/29

..................................

United

States

25,000

25,362

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

1/31/30

........

United

States

25,000

25,830

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

10,000

10,334

222,223

Food

Products

0.3%

Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2

%

,

4/21/31

.......

United

States

2,000

1,874

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

10,000

10,440

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

......................

United

States

7,000

6,714

b

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

,

Senior

Bond

,

144A,

5.5

%

,

1/15/36

.

United

States

50,000

51,092

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

84

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

2,000

$

1,754

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

6,000

6,878

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

5,000

5,582

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

5,000

4,578

Senior

Note,

3%,

6/01/26

...........................

United

States

19,000

18,845

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

5,000

5,076

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

5,000

5,068

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

40,000

40,498

Senior

Note,

144A,

4.8%,

3/01/30

.....................

United

States

40,000

40,766

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

45,000

46,057

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

5,000

5,113

250,335

Ground

Transportation

0.1%

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

.........................................

United

States

5,000

5,202

CSX

Corp.

,

Senior

Bond

,

4.1

%

,

3/15/44

..................

United

States

70,000

59,427

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

16,000

15,839

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

10,000

10,028

Ryder

System,

Inc.

,

Senior

Note

,

4.95

%

,

9/01/29

............

United

States

30,000

30,733

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

...................................

United

States

20,000

20,718

141,947

Health

Care

Equipment

&

Supplies

0.2%

b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

........................................

United

States

5,000

5,217

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823

%

,

5/20/30

.......

United

States

37,000

34,685

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4

%

,

11/15/49

....

United

States

15,000

11,072

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8

%

,

8/14/29

.

United

States

35,000

35,713

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

10,000

9,921

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

15,000

14,478

111,086

Health

Care

Providers

&

Services

0.3%

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

20,000

18,111

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

10,000

10,603

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

10,000

10,258

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

7/15/32

.........................................

United

States

10,000

10,396

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

15,000

15,771

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

10,000

9,377

Senior

Note,

5%,

9/15/32

...........................

United

States

24,000

24,303

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

9/01/32

...........

United

States

30,000

31,015

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

22,000

22,046

Senior

Note,

5.45%,

4/01/31

.........................

United

States

35,000

36,390

Senior

Note,

3.625%,

3/15/32

........................

United

States

45,000

42,229

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

85

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

Humana,

Inc.

,

Senior

Note

,

5.75

%

,

3/01/28

................

United

States

25,000

$

25,794

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

4.25%,

6/01/29

..................

United

States

10,000

9,775

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

15,000

15,210

281,278

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

26,583

Health

Care

Technology

0.0%

†

b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/30

...

United

States

20,000

19,853

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

.............

United

States

30,000

30,882

50,735

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

5,162

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

10,000

10,288

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

5,000

5,153

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

5,000

5,144

25,747

Hotels,

Restaurants

&

Leisure

0.4%

b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.....................................

Canada

15,000

14,152

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

20,000

19,297

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

15,000

14,353

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

5,000

4,928

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

10,000

10,292

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

25,000

25,000

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

10,000

10,217

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

10,000

10,254

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

10,000

10,189

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

5,000

5,128

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

25,000

24,659

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

4/01/30

.....

United

States

10,000

9,998

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.................

United

States

15,000

14,087

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

.........................

Canada

10,000

9,896

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

9/15/33

.........................................

United

States

25,000

25,352

Hyatt

Hotels

Corp.

,

Senior

Bond,

4.85%,

3/15/26

.........................

United

States

47,000

47,039

Senior

Note,

5.75%,

1/30/27

.........................

United

States

22,000

22,421

b

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

11/15/29

........................................

United

States

15,000

15,406

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5

%

,

10/15/32

...

United

States

40,000

37,086

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25

%

,

4/15/30

..

United

States

15,000

15,597

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

10,000

10,653

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

5,000

5,146

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

86

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

1/15/27

.

United

States

10,000

$

10,001

b,c

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

.............

United

States

5,000

5,048

Royal

Caribbean

Cruises

Ltd.

,

c

Senior

Bond,

5.375%,

1/15/36

........................

United

States

5,000

5,031

b

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

10,000

10,204

b

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

5,000

5,163

b

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

20,000

20,518

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

3/01/30

....................

United

States

15,000

13,956

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625

%

,

3/15/32

.....

United

States

15,000

15,419

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

5,000

5,028

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

15,000

16,111

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

.........................

United

States

25,000

26,929

494,558

Household

Durables

0.1%

b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875

%

,

8/01/33

.........................

United

States

15,000

15,142

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

5,000

5,059

Senior

Bond,

5.5%,

10/15/35

.........................

United

States

5,000

5,188

Senior

Note,

1.3%,

10/15/26

.........................

United

States

60,000

58,350

b

K.

Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

5,000

5,130

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

5,000

5,130

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

........

United

States

15,000

15,757

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

5,000

4,966

Senior

Note,

6.625%,

5/15/32

........................

United

States

5,000

4,947

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

10,000

9,977

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

5,000

5,065

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

5,000

5,074

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.....

United

States

12,000

12,038

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

..............................

United

States

10,000

9,800

161,623

Household

Products

0.0%

†

b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

10,000

9,604

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

,

Senior

Note

,

1.375

%

,

1/15/26

............

United

States

24,000

23,781

b

Calpine

Corp.

,

Senior

Bond

,

144A,

5

%

,

2/01/31

.............

United

States

5,000

4,988

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

15,000

15,507

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

5,000

4,934

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

10,000

9,944

b,d

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

5,000

5,118

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

87

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

b,d

Vistra

Corp.,

(continued)

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

15,000

$

15,240

79,512

Industrial

Conglomerates

0.1%

Honeywell

International,

Inc.

,

Senior

Bond

,

3.812

%

,

11/21/47

..

United

States

55,000

43,381

Industrial

REITs

0.0%

†

Prologis

LP

,

Senior

Bond

,

2.25

%

,

4/15/30

.................

United

States

10,000

9,219

Insurance

0.3%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

15,000

15,760

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

15,000

15,638

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

20,000

19,976

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

5,000

5,159

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

20,000

20,680

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

20,000

20,381

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

60,000

56,364

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

25,000

25,788

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

29,000

26,183

Senior

Bond,

2.85%,

10/15/50

........................

United

States

10,000

6,568

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

5,000

5,050

Senior

Note,

4.9%,

6/23/30

..........................

United

States

12,000

12,171

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25

%

,

5/30/29

......

United

States

10,000

10,178

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

10,000

10,133

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

14,000

14,290

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2

%

,

6/24/29

United

States

15,000

15,412

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

5,000

5,068

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

...........................

Canada

5,000

5,257

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375

%

,

3/15/29

..

United

States

22,000

22,207

b

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8

%

,

7/27/26

....................................

United

States

15,000

15,214

327,477

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

Senior

Bond,

5.4%,

8/15/54

..........................

United

States

38,000

37,573

Senior

Note,

3.5%,

8/15/27

..........................

United

States

40,000

39,843

77,416

IT

Services

0.0%

†

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

25,000

24,318

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

.........................................

United

States

10,000

10,483

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

10/01/30

...........

United

States

10,000

9,447

44,248

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

88

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Leisure

Products

0.0%

†

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.375

%

,

4/01/26

............

United

States

5,000

$

4,965

Life

Sciences

Tools

&

Services

0.0%

†

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

6,000

6,030

Machinery

0.0%

†

Caterpillar,

Inc.

,

Senior

Bond

,

5.2

%

,

5/15/35

...............

United

States

25,000

25,875

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

1/01/31

......

United

States

5,000

5,361

Oshkosh

Corp.

,

Senior

Bond

,

4.6

%

,

5/15/28

...............

United

States

9,000

9,078

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565

%

,

2/15/30

.........

United

States

15,000

13,971

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

10,000

9,857

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

5,000

5,097

69,239

Media

0.4%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

10,000

7,925

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

110,000

72,620

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

27,000

25,116

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

5,000

4,995

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

5,000

5,254

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

15,000

15,694

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

7,000

5,403

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

19,000

13,294

b

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

5,000

4,963

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

10,000

9,890

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

3,000

2,999

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

10,000

9,993

Discovery

Communications

LLC

,

Senior

Note

,

4.125

%

,

5/15/29

.

United

States

10,000

9,634

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75

%

,

11/30/29

......

United

States

15,000

16,514

b

EW

Scripps

Co.

(The)

,

Senior

Secured

Note

,

144A,

9.875

%

,

8/15/30

.........................................

United

States

20,000

18,791

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

15,000

15,337

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

10,000

7,519

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

5,000

4,958

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

10/01/28

........................................

United

States

47,000

47,389

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

15,000

15,289

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

5,000

5,002

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

10,000

10,398

b

News

Corp.

,

Senior

Bond

,

144A,

5.125

%

,

2/15/32

...........

United

States

4,000

3,979

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

11/01/28

......

United

States

10,000

9,769

Omnicom

Group,

Inc.

/

Omnicom

Capital,

Inc.

,

Senior

Bond

,

3.6

%

,

4/15/26

....................................

United

States

65,000

64,755

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

5,000

4,810

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

5,000

5,278

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

89

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

12,000

$

11,758

Senior

Note,

3.7%,

6/01/28

..........................

United

States

5,000

4,893

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

30,000

30,812

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

3.875

%

,

9/01/31

....

United

States

15,000

13,604

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125

%

,

2/15/28

.....

United

States

65,000

69,315

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375

%

,

8/01/32

...................................

United

States

10,000

10,665

558,615

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

...............

Luxembourg

20,000

22,480

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

1/31/29

..............................

United

States

13,000

13,016

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

10,000

10,112

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

5,000

5,155

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

5,000

4,723

Senior

Note,

4.125%,

1/15/30

........................

United

States

5,000

4,801

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125

%

,

4/15/32

.........................................

Australia

10,000

10,341

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

34,000

31,035

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

15,000

15,618

Senior

Note,

144A,

5.371%,

4/04/29

...................

Australia

10,000

10,307

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

4/01/29

....

Canada

15,000

15,135

b,c

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

7

%

,

4/01/31

......

Australia

5,000

5,068

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

15,000

14,483

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

15,000

15,567

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

15,000

15,166

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

...

United

States

10,000

9,706

United

States

Steel

Corp.

,

Senior

Bond

,

6.65

%

,

6/01/37

......

United

States

10,000

10,371

213,084

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

14,427

Multi-Utilities

0.3%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

..................

United

States

10,000

10,228

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

45,000

39,365

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6

%

,

5/15/28

..........

United

States

45,000

45,469

NiSource,

Inc.

,

Senior

Bond

,

5.85

%

,

4/01/55

...............

United

States

15,000

15,229

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

15,000

14,732

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

85,000

85,314

210,337

Oil,

Gas

&

Consumable

Fuels

0.6%

Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75

%

,

11/15/39

.........

Canada

2,000

2,212

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5

%

,

10/01/29

....

United

States

80,000

79,767

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

10,000

$

10,585

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

.........................................

United

States

15,000

15,211

Devon

Energy

Corp.

,

Senior

Bond

,

7.95

%

,

4/15/32

..........

United

States

5,000

5,826

Enbridge,

Inc.

,

Senior

Bond

,

4.25

%

,

12/01/26

..............

Canada

30,000

30,015

Energy

Transfer

LP

,

d

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

86,000

85,954

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

30,000

29,139

Senior

Note,

5.5%,

6/01/27

..........................

United

States

6,000

6,106

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75

%

,

4/15/29

.....

United

States

30,000

30,316

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

7/01/33

...................................

United

States

25,000

25,644

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5

%

,

6/01/29

United

States

5,000

5,160

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375

%

,

11/01/33

..................................

United

States

10,000

10,510

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

15,000

17,452

Senior

Note,

1.75%,

11/15/26

........................

United

States

10,000

9,743

Senior

Note,

5%,

2/01/29

...........................

United

States

5,000

5,114

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

25,000

25,164

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

....

United

States

15,000

15,154

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

15,000

16,857

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

35,000

35,598

Senior

Note,

8.5%,

7/15/27

..........................

United

States

10,000

10,494

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

...............

United

States

45,000

45,038

SM

Energy

Co.

,

Senior

Bond

,

6.75

%

,

9/15/26

..............

United

States

10,000

10,004

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

..................................

Canada

20,000

20,235

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375

%

,

10/15/26

...

United

States

30,000

29,783

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

.............

United

States

25,000

25,464

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875

%

,

2/01/31

............

United

States

9,000

9,029

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

........................................

United

States

15,000

14,690

b

Venture

Global

LNG,

Inc.

,

d

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

15,000

14,876

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

15,000

16,540

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

10,000

10,507

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

15,000

16,340

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

5,000

5,647

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

5,000

5,314

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

5,000

5,528

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

12,000

12,208

Senior

Note,

4.9%,

8/01/30

..........................

United

States

13,000

13,107

b

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875

%

,

4/15/32

.......

United

States

10,000

9,714

b

Vnom

Sub,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

11/01/27

........

United

States

5,000

5,004

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

16,000

16,614

757,663

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

91

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Paper

&

Forest

Products

0.0%

†

b

Magnera

Corp.

,

Senior

Note,

144A,

4.75%,

11/15/29

...................

United

States

5,000

$

4,431

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

5,000

4,709

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

10,000

7,380

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

5,000

4,556

21,076

Passenger

Airlines

0.0%

†

b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

2,500

2,503

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

10,000

10,046

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

15,000

15,015

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

10,000

9,854

37,418

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

14,702

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

5,000

5,116

Kenvue,

Inc.

,

Senior

Note

,

4.9

%

,

3/22/33

.................

United

States

26,000

26,441

46,259

Pharmaceuticals

0.5%

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

4.9

%

,

2/22/29

........

United

States

20,000

20,541

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

15,000

14,000

Senior

Note,

4.75%,

2/12/30

.........................

United

States

29,000

29,760

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

5,000

5,371

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7

%

,

2/10/45

.............

United

States

50,000

40,160

Novartis

Capital

Corp.

,

Senior

Bond

,

4

%

,

11/20/45

..........

United

States

80,000

67,854

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

71,000

71,751

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

8,000

7,737

Senior

Note,

4.45%,

5/19/28

.........................

United

States

6,000

6,069

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

20,000

19,991

Senior

Note,

5.15%,

9/02/29

.........................

United

States

20,000

20,527

Viatris,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

25,000

24,074

Zoetis,

Inc.

,

Senior

Bond

,

2

%

,

5/15/30

....................

United

States

9,000

8,187

336,022

Professional

Services

0.1%

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

15,000

15,492

Paychex,

Inc.

,

Senior

Note

,

5.1

%

,

4/15/30

.................

United

States

35,000

36,030

51,522

Real

Estate

Management

&

Development

0.0%

†

b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

7

%

,

4/15/30

.....................

United

States

12,000

12,154

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

92

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note,

3.875%,

1/15/27

........................

United

States

73,000

$

72,975

Senior

Note,

3.5%,

1/15/28

..........................

United

States

90,000

88,978

Broadcom,

Inc.

,

Senior

Note,

3.459%,

9/15/26

........................

United

States

25,000

24,895

Senior

Note,

5.05%,

7/12/29

.........................

United

States

10,000

10,303

Senior

Note,

5.05%,

4/15/30

.........................

United

States

10,000

10,346

Senior

Note,

4.2%,

10/15/30

.........................

United

States

5,000

4,993

Intel

Corp.

,

Senior

Bond

,

4.15

%

,

8/05/32

..................

United

States

55,000

53,075

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75

%

,

7/15/30

........

United

States

10,000

10,134

275,699

Software

0.1%

Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3

%

,

9/10/29

....

United

States

25,000

25,170

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

5,000

5,192

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

5,000

5,050

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

15,000

13,931

Oracle

Corp.

,

Senior

Bond,

2.65%,

7/15/26

.........................

United

States

7,000

6,919

Senior

Bond,

2.875%,

3/25/31

........................

United

States

45,000

41,331

Senior

Bond,

5.375%,

7/15/40

........................

United

States

35,000

34,355

Senior

Bond,

4%,

11/15/47

..........................

United

States

50,000

38,776

Senior

Note,

4.45%,

9/26/30

.........................

United

States

5,000

4,999

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

......

United

States

10,000

9,751

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

30,000

26,280

Synopsys,

Inc.

,

Senior

Note

,

4.85

%

,

4/01/30

...............

United

States

20,000

20,378

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/31

......

United

States

15,000

15,489

247,621

Specialized

REITs

0.3%

American

Tower

Corp.

,

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

5,000

4,565

Senior

Note,

2.75%,

1/15/27

.........................

United

States

125,000

122,836

Senior

Note,

4.9%,

3/15/30

..........................

United

States

10,000

10,202

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

12,000

11,953

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

34,000

33,655

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

25,000

24,715

Senior

Note,

1.05%,

7/15/26

.........................

United

States

23,000

22,433

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/33

.......

United

States

25,000

25,519

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/30

..

United

States

20,000

20,355

276,233

Specialty

Retail

0.1%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

20,000

20,834

b,f

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

9

%

,

6/01/31

...

United

States

10,700

12,123

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15

%

,

1/15/32

.....

United

States

20,000

18,330

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

20,000

20,489

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

20,000

19,588

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/29

.............

United

States

5,000

5,084

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

93

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialty

Retail

(continued)

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875

%

,

10/15/28

...

United

States

20,000

$

19,959

116,407

Technology

Hardware,

Storage

&

Peripherals

0.2%

Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

27,000

23,056

Senior

Bond,

4.375%,

5/13/45

........................

United

States

64,000

57,938

Senior

Bond,

3.95%,

8/08/52

.........................

United

States

20,000

16,280

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

34,000

34,194

Senior

Note,

4.85%,

10/15/31

........................

United

States

10,000

10,108

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

5,000

4,348

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

15,000

15,299

161,223

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

3/15/29

.............

United

States

10,000

9,597

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

..........

United

States

15,000

15,897

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5

%

,

3/01/31

.......

United

States

20,000

18,594

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

5,000

5,006

49,094

Tobacco

0.2%

BAT

Capital

Corp.

,

Senior

Note

,

4.625

%

,

3/22/33

...........

United

Kingdom

20,000

19,800

Philip

Morris

International,

Inc.

,

Senior

Note,

4.875%,

2/13/29

........................

United

States

60,000

61,312

Senior

Note,

5.125%,

2/15/30

........................

United

States

43,000

44,457

Senior

Note,

4.375%,

4/30/30

........................

United

States

30,000

30,148

Senior

Note,

4.75%,

11/01/31

........................

United

States

15,000

15,266

170,983

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

Senior

Note,

5.3%,

6/25/26

..........................

United

States

48,000

48,330

Senior

Note,

5.85%,

12/15/27

........................

United

States

15,000

15,454

Senior

Note,

2.1%,

9/01/28

..........................

United

States

65,000

60,816

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5

%

,

7/18/28

............

United

States

15,000

15,770

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

15,000

14,705

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

15,000

15,892

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

10,000

10,809

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

6

%

,

3/01/29

.........................................

United

States

15,000

15,214

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

10,000

9,983

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

5,000

5,141

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75

%

,

5/15/29

United

States

10,000

9,735

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

20,000

20,758

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125

%

,

3/15/34

.........................................

United

States

10,000

10,411

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

5,000

5,154

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

15,000

15,607

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

94

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Trading

Companies

&

Distributors

(continued)

b

WESCO

Distribution,

Inc.,

(continued)

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

5,000

$

5,187

278,966

Wireless

Telecommunication

Services

0.3%

Rogers

Communications,

Inc.

,

Senior

Note

,

5

%

,

2/15/29

......

Canada

65,000

66,256

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

10,000

9,222

Senior

Bond,

2.25%,

11/15/31

........................

United

States

60,000

52,800

Senior

Note,

3.75%,

4/15/27

.........................

United

States

78,000

77,569

Senior

Note,

3.375%,

4/15/29

........................

United

States

15,000

14,567

Senior

Note,

3.875%,

4/15/30

........................

United

States

7,000

6,866

Senior

Note,

5.125%,

5/15/32

........................

United

States

10,000

10,294

Senior

Note,

6.7%,

12/15/33

.........................

United

States

15,000

16,781

254,355

Total

Corporate

Bonds

(Cost

$13,183,693)

....................................

13,029,323

Senior

Floating

Rate

Interests

0.3%

Aerospace

&

Defense

0.0%

†

g

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K,

6.252%,

(3-month

SOFR

+

2.25%),

3/22/30

............................

United

States

10,000

10,001

Air

Freight

&

Logistics

0.0%

†

g

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.296%,

(3-month

SOFR

+

3%),

3/18/30

.......................

United

States

8,973

8,948

Automobile

Components

0.0%

†

g

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.18%,

(1-month

SOFR

+

3.75%),

10/04/28

.........

United

States

9,923

9,800

Broadline

Retail

0.0%

†

c,g

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B,

6.017%,

(12-month

SOFR

+

2.25%),

9/27/32

....................

Netherlands

4,572

4,582

Capital

Markets

0.0%

†

c,g

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

6.199%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

10,000

9,941

g

Chemicals

0.0%

†

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.913%,

(1-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

9,974

9,994

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.701%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

10,588

10,488

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.5%,

(1-month

SOFR

+

3.25%),

4/03/28

....

Netherlands

12,187

12,223

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.424%,

(1-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

4,913

4,923

c

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.517%,

(12-month

SOFR

+

1.75%),

9/17/32

.............

United

States

3,601

3,610

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.728%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

4,823

3,909

45,147

a

a

a

a

a

a

g

Commercial

Services

&

Supplies

0.0%

†

c

Clean

Harbors,

Inc.,

First

Lien,

CME

Term

Loan,

5.259%,

(12-month

SOFR

+

1.5%),

9/24/32

.....................

United

States

9,986

10,036

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Commercial

Services

&

Supplies

(continued)

c

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

6.005%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

10,000

$

9,921

19,957

a

a

a

a

a

a

Communications

Equipment

0.1%

c,g

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.913%,

(1-month

SOFR

+

4.75%),

12/18/29

....................

United

States

15,000

15,203

g

Containers

&

Packaging

0.0%

†

c,h

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B,

14.157%,

(1-month

SOFR

+

10%),

10/27/25

..............

Luxembourg

979

873

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.019%,

(6-month

SOFR

+

4.725%),

2/12/26

......

Luxembourg

9,612

4,803

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.509%,

(12-month

SOFR

+

2.75%),

9/27/32

......

United

States

4,946

4,942

10,618

a

a

a

a

a

a

Distributors

0.0%

†

c,g

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

13,680

13,561

Entertainment

0.0%

†

c,g

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.028%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

9,974

9,835

Financial

Services

0.0%

†

c,g

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.05%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

10,000

9,950

Food

Products

0.0%

†

c,g

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

6.594%,

(12-month

SOFR

+

2.5%),

7/16/32

.....................

United

Kingdom

10,313

10,303

g

Health

Care

Equipment

&

Supplies

0.0%

†

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.413%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

4,709

4,718

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

6.163%,

(1-month

SOFR

+

2%),

10/23/28

...........

United

States

14,360

14,375

19,093

a

a

a

a

a

a

g

Hotels,

Restaurants

&

Leisure

0.0%

†

c

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.913%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

10,000

9,979

c

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

6.413%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

10,000

9,997

c

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.413%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

14,834

14,829

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.036%,

(3-month

SOFR

+

2.75%),

4/04/29

.

United

States

4,950

4,915

39,720

a

a

a

a

a

a

Household

Products

0.0%

†

c,g

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.135%,

(1-month

SOFR

+

2%),

3/19/32

................

United

States

9,922

9,955

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

96

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

IT

Services

0.0%

†

g

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.255%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

9,925

$

9,987

Machinery

0.0%

†

g

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.913%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

4,987

5,016

g

Media

0.1%

c

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

6.541%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

10,000

10,007

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.278%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

3,031

3,040

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

15,386

15,431

28,478

a

a

a

a

a

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

g

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.4%,

(1-month

SOFR

+

3.25%),

6/13/30

...

United

States

1,995

2,011

g

Pharmaceuticals

0.0%

†

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

10.413%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

4,988

4,927

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.163%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

12,870

12,912

17,839

a

a

a

a

a

a

g

Software

0.0%

†

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.252%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

1,516

1,523

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.913%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

8,865

8,895

10,418

a

a

a

a

a

a

g

Specialty

Retail

0.0%

†

LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

3

Incremental

CME

Term

Loan,

7.986%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

4,925

4,815

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.416%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

9,580

9,593

14,408

a

a

a

a

a

a

g

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1,

7.308%,

(3-month

SOFR

+

3.25%),

9/13/32

..............

United

States

505

509

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.796%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

9,875

8,690

9,199

a

a

a

a

a

a

Trading

Companies

&

Distributors

0.1%

g

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.308%,

(3-month

SOFR

+

4%),

1/29/31

................

United

States

14,850

14,893

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

97

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Wireless

Telecommunication

Services

0.0%

†

g

Connect

Finco

SARL,

First

Lien,

Amendment

No.

4

CME

Term

Loan,

8.663%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

4,863

$

4,811

Total

Senior

Floating

Rate

Interests

(Cost

$368,489)

...........................

363,674

Foreign

Government

and

Agency

Securities

0.3%

Brazil

Government

Bond

,

Senior

Bond

,

8.25

%

,

1/20/34

.......

Brazil

30,000

35,120

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

2,000

2,004

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

3,000

EUR

3,633

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

..............

Colombia

17,000

15,258

Mexico

Government

Bond

,

A

,

Senior

Bond

,

6.75

%

,

9/27/34

....

Mexico

40,000

43,710

Panama

Government

Bond

,

Senior

Bond

,

9.375

%

,

4/01/29

....

Panama

25,000

28,510

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

40,000

36,962

Petroleos

Mexicanos

,

Senior

Note

,

6.49

%

,

1/23/27

..........

Mexico

20,000

20,218

Philippines

Government

Bond

,

Senior

Bond

,

9.5

%

,

2/02/30

....

Philippines

20,000

24,147

Poland

Government

Bond

,

4.875

%

,

2/12/30

...............

Poland

30,000

30,896

b

Romania

Government

Bond

,

Senior

Bond

,

144A,

6.375

%

,

1/30/34

Romania

16,000

16,235

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

........................

Uruguay

25,000

30,025

Senior

Bond,

7.625%,

3/21/36

........................

Uruguay

10,000

12,158

Total

Foreign

Government

and

Agency

Securities

(Cost

$290,711)

..............

298,876

Asset-Backed

Securities

0.1%

Consumer

Staples

Distribution

&

Retail

0.1%

CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

1,170

1,194

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

29,843

28,583

29,777

a

a

a

a

a

a

Financial

Services

0.0%

†

g

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

5.072

%

,

(

1-month

SOFR

+

0.914

%

),

2/25/34

.

...................

United

States

10,956

10,999

g

New

Century

Home

Equity

Loan

Trust

,

2003-4

,

M1

,

FRN

,

5.397

%

,

(

1-month

SOFR

+

1.239

%

),

10/25/33

.

..................

United

States

16,956

17,017

g

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.322

%

,

(

1-month

SOFR

+

1.164

%

),

10/25/34

.

..................

United

States

7,963

7,887

b,g

Ready

Capital

Mortgage

Financing

LLC

,

2021-FL7

,

A

,

144A,

FRN

,

5.472

%

,

(

1-month

SOFR

+

1.314

%

),

11/25/36

.

.......

United

States

4,779

4,767

40,670

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$70,562)

.................................

70,447

Commercial

Mortgage-Backed

Securities

0.4%

Financial

Services

0.4%

i

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

AS

,

FRN

,

3.989

%

,

9/15/48

..............................

United

States

14,000

14,010

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

C

,

4.178

%

,

5/15/52

.........................................

United

States

10,000

8,879

i

CD

Mortgage

Trust

,

2017-CD6

,

B

,

FRN

,

3.911

%

,

11/13/50

.....

United

States

14,000

13,374

i

CFCRE

Commercial

Mortgage

Trust

,

2017-C8

,

B

,

FRN

,

4.199

%

,

6/15/50

.........................................

United

States

14,000

13,490

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

98

a

a

Country

Principal

Amount

*

a

Value

a

a

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

$

20,688

COMM

Mortgage

Trust

,

i

2012-LC4,

C,

FRN,

5.69%,

12/10/44

...................

United

States

6,576

6,160

i

2013-CR13,

C,

FRN,

5.109%,

11/10/46

.................

United

States

5,288

5,214

i

2014-CR17,

C,

FRN,

4.942%,

5/10/47

..................

United

States

25,000

23,112

2014-UBS3,

AM,

4.012%,

6/10/47

.....................

United

States

1,511

1,486

i

2014-UBS6,

C,

FRN,

4.556%,

12/10/47

.................

United

States

6,578

6,514

i

2015-LC19,

B,

FRN,

3.829%,

2/10/48

...................

United

States

18,536

18,221

i

2015-LC21,

B,

FRN,

4.441%,

7/10/48

...................

United

States

451

448

b,i,j

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.029

%

,

1/15/49

.........................

United

States

454,440

101

CSAIL

Commercial

Mortgage

Trust

,

i

2015-C1,

B,

FRN,

3.958%,

4/15/50

....................

United

States

30,000

28,730

2016-C6,

AS,

3.346%,

1/15/49

........................

United

States

16,000

15,696

i

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

15,000

14,737

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

13,000

11,723

i,j

2020-C19,

XA,

IO,

FRN,

1.207%,

3/15/53

................

United

States

1,017,119

36,849

i,j

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.773

%

,

12/15/49

....

United

States

738,264

2,570

i

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

C,

FRN,

4.914%,

6/15/51

....................

United

States

11,000

9,924

j

2018-C8,

XA,

IO,

FRN,

0.746%,

6/15/51

.................

United

States

837,206

10,230

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b,i

2012-C5,

E,

144A,

FRN,

4.792%,

8/15/45

...............

United

States

13,004

12,768

i

2013-C10,

B,

FRN,

4.085%,

7/15/46

...................

United

States

11,102

10,531

2014-C19,

C,

4%,

12/15/47

..........................

United

States

6,409

6,212

i

2015-C22,

C,

FRN,

4.113%,

4/15/48

...................

United

States

31,000

27,466

i,j

2015-C26,

XA,

IO,

FRN,

0.824%,

10/15/48

...............

United

States

63,662

1

i

2016-C32,

AS,

FRN,

3.994%,

12/15/49

.................

United

States

22,000

21,744

i

Morgan

Stanley

Capital

I

Trust

,

2015-UBS8,

B,

FRN,

4.315%,

12/15/48

.................

United

States

16,000

15,419

j

2018-H3,

XA,

IO,

FRN,

0.938%,

7/15/51

.................

United

States

1,163,173

20,365

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31,

AS,

4.049%,

11/15/48

......................

United

States

17,000

16,961

i

2015-LC20,

C,

FRN,

4.056%,

4/15/50

..................

United

States

4,068

3,939

i

2015-SG1,

B,

FRN,

4.393%,

9/15/48

...................

United

States

8,199

8,027

i

2016-NXS5,

C,

FRN,

5.118%,

1/15/59

..................

United

States

10,000

9,749

i

2020-C57,

C,

FRN,

4.157%,

8/15/53

...................

United

States

16,000

14,605

i

WFRBS

Commercial

Mortgage

Trust

,

b,k

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

8,056

2,961

2013-C11,

C,

FRN,

4.146%,

3/15/45

...................

United

States

47,000

45,293

b

2013-C15,

D,

144A,

FRN,

4.284%,

8/15/46

..............

United

States

9,951

5,721

483,918

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$501,570)

.................

483,918

Mortgage-Backed

Securities

8.7%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.5%

FHLMC

Pool,

30

Year,

3%,

1/01/48

......................

United

States

508,893

458,775

FHLMC

Pool,

30

Year,

6.5%,

5/01/53

.....................

United

States

11,711

12,119

470,894

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

6.0%

FNMA,

4%,

1/01/57

..................................

United

States

28,983

27,423

FNMA,

30

Year,

2.5%,

7/01/51

.........................

United

States

720,354

607,657

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

99

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year,

3%,

4/01/46

-

11/01/48

...................

United

States

329,552

$

297,176

FNMA,

30

Year,

5%,

9/01/52

...........................

United

States

760,299

757,125

l

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

10/25/40

....

United

States

1,000,000

940,804

l

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

10/25/55

....

United

States

2,000,000

1,685,304

l

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

10/25/55

....

United

States

1,000,000

913,756

l

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

10/25/55

.....

United

States

1,000,000

991,891

6,221,136

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

2.2%

GNMA

II,

30

Year,

5.5%,

7/20/53

........................

United

States

418,223

428,540

GNMA

II,

Single-family,

30

Year,

3%,

8/20/49

-

4/20/51

.......

United

States

781,041

700,763

l

GNMA

II,

Single-family,

30

Year,

3%,

10/15/55

..............

United

States

1,000,000

892,889

GNMA

II,

Single-family,

30

Year,

5.5%,

6/20/53

-

7/20/53

......

United

States

220,265

224,057

GNMA

II,

Single-family,

30

Year,

6.5%,

5/20/37

-

11/20/39

.....

United

States

82,430

87,909

2,334,158

Total

Mortgage-Backed

Securities

(Cost

$9,362,509)

...........................

9,026,188

Residential

Mortgage-Backed

Securities

0.7%

Financial

Services

0.7%

b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

.

United

States

57,239

58,347

g

Alternative

Loan

Trust

,

2006-OA10,

4A1,

FRN,

4.652%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

56,624

49,151

2006-OA7,

1A2,

FRN,

5.093%,

(

12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

33,225

32,784

b,g

Chase

Home

Lending

Mortgage

Trust

,

2024-11

,

A11

,

144A,

FRN

,

5.606

%

,

(

30-day

SOFR

Average

+

1.25

%

),

11/25/55

........

United

States

42,921

42,894

i

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.134

%

,

5/25/35

.........................................

United

States

3,393

3,351

b,i

Ellington

Financial

Mortgage

Trust

,

2020-2

,

A2

,

144A,

FRN

,

1.486

%

,

10/25/65

..................................

United

States

15,462

14,700

b,i

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-2

,

M1

,

144A,

FRN

,

4

%

,

8/25/56

.................................

United

States

5,473

5,454

b,g

FHLMC

STACR

REMIC

Trust

,

2022-DNA2,

M1A,

144A,

FRN,

5.656%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

20,863

20,866

2022-DNA5,

M1A,

144A,

FRN,

7.306%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

7,380

7,529

2025-DNA1,

A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

35,113

35,153

2025-DNA3,

M1,

144A,

FRN,

5.47%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

....................................

United

States

15,000

15,047

g

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01,

1M2,

FRN,

11.221%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

14,031

14,319

2016-C01,

2M2,

FRN,

11.421%,

(

30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

8,076

8,242

2016-C03,

2M2,

FRN,

10.371%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

1,716

1,742

2016-C05,

2M2,

FRN,

8.921%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

26,126

26,554

2016-C06,

1M2,

FRN,

8.721%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

19,481

19,784

2016-C07,

2M2,

FRN,

8.821%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

46,495

47,802

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

100

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

g

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

2017-C02,

2M2C,

FRN

,

8.121%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

51,611

$

52,286

b

2024-R06,

1A1,

144A,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

9,348

9,383

b

2025-R02,

1A1,

144A,

FRN,

5.348%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

9,716

9,733

b

2025-R02,

1M1,

144A,

FRN,

5.498%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

11,487

11,494

b

2025-R03,

2A1,

144A,

FRN,

5.806%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

8,249

8,305

b

2025-R04,

1M1,

144A,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

14,268

14,310

b,g

J.P.

Morgan

Mortgage

Trust

,

2025-1

,

A11

,

144A,

FRN

,

5.606

%

,

(

30-day

SOFR

Average

+

1.25

%

),

6/25/55

...............

United

States

52,559

52,527

b,i

RMF

Buyout

Issuance

Trust

,

2020-HB1

,

A1

,

144A,

FRN

,

1.719

%

,

10/25/50

........................................

United

States

40,485

38,156

b,i

Visio

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.521

%

,

8/25/55

........

United

States

117,000

112,403

g

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR9

,

A1C3

,

FRN

,

5.232

%

,

(

1-month

SOFR

+

1.074

%

),

7/25/45

...

United

States

12,324

12,089

724,405

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$724,193)

..................

724,405

Agency

Commercial

Mortgage-Backed

Securities

0.1%

Financial

Services

0.1%

g

FHLMC

,

3065,

DC,

FRN,

6.4%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

6,604

6,888

3408,

EK,

FRN,

7.74%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

2,761

3,302

g

FNMA

,

2024-89,

FA,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

20,963

21,069

2025-41,

FA,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

14,265

14,322

GNMA

,

i,j

2015-H26,

DI,

IO,

FRN,

2.307%,

10/20/65

...............

United

States

55,961

2,700

g

2024-78,

QF,

FRN,

5.489%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

21,141

21,206

69,487

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$68,994)

..........

69,487

Total

Long

Term

Investments

(Cost

$67,663,339)

..............................

99,591,680

a

Short

Term

Investments

10.3%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

2.0%

m

U.S.

Treasury

Bills

,

n

2.01%,

10/02/25

...................................

United

States

900,000

899,899

n

3.86%,

12/04/25

...................................

United

States

100,000

99,308

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

101

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

m

U.S.

Treasury

Bills,

(continued)

3.83%,

1/20/26

...................................

United

States

1,000,000

$

988,237

1,987,444

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,987,380)

................

1,987,444

Shares

Management

Investment

Companies

8.3%

o,p

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

.......

United

States

8,693,666

8,693,666

Total

Management

Investment

Companies

(Cost

$8,693,666)

...................

8,693,666

Total

Short

Term

Investments

(Cost

$10,681,046

)

..............................

10,681,110

a

Total

Investments

(Cost

$78,344,385)

105.9%

.................................

$110,272,790

TBA

Sale

Commitments

(2.0)%

..............................................

(2,041,934)

Other

Assets,

less

Liabilities

(3.9)%

.........................................

(4,080,654)

Net

Assets

100.0%

.........................................................

$104,150,202

a

a

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,

10/25/55

...............................

United

States

(1,000,000)

(1,008,394)

6.5%,

TBA,

10/25/55

...............................

United

States

(1,000,000)

(1,033,540)

(2,041,934)

Total

TBA

Sale

Commitments

(Proceeds

$(

2,047,812))

.........................

$(2,041,934)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

At

September

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

*

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

September

30,

2025,

the

aggregate

value

of

these

securities

was

$5,043,245,

representing

4.8%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

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.

l

Security

purchased

on

a

to-be-announced

(TBA)

basis.

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

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$956,505,

representing

0.9%

net

assets.

o

See

Note

3

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.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

Russell

2000

E-Mini

Index

......................

Long

19

$

2,332,725

12/19/25

$

28,318

S&P

500

E-Mini

Index

.........................

Short

41

13,814,438

12/19/25

(106,940)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Short

26

2,925,000

12/19/25

3,645

U.S.

Treasury

2

Year

Notes

.....................

Long

28

5,835,156

12/31/25

(3,975)

U.S.

Treasury

5

Year

Notes

.....................

Long

36

3,931,031

12/31/25

(4,268)

U.S.

Treasury

Long

Bonds

.....................

Long

23

2,681,656

12/19/25

56,014

U.S.

Treasury

Ultra

Bonds

......................

Long

11

1,320,688

12/19/25

39,988

Total

Futures

Contracts

......................................................................

$12,782

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BZWS

Buy

64,600

42,533

10/15/25

$

221

$

—

Australian

Dollar

....

CITI

Buy

38,500

25,349

10/15/25

132

—

Australian

Dollar

....

MSCO

Buy

117,300

77,057

10/15/25

575

—

Australian

Dollar

....

MSCO

Sell

52,700

34,181

10/15/25

—

(697)

Australian

Dollar

....

SSBT

Buy

42,700

28,035

10/15/25

226

—

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

103

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Australian

Dollar

....

TDOM

Sell

268,800

176,479

10/15/25

$

—

$

(1,421)

Australian

Dollar

....

UBSW

Buy

37,000

24,292

10/15/25

195

—

Australian

Dollar

....

WPAC

Buy

98,700

64,800

10/15/25

523

—

Canadian

Dollar

....

BOFA

Buy

17,000

12,469

10/15/25

—

(246)

Canadian

Dollar

....

MSCO

Buy

100

73

10/15/25

—

(1)

Canadian

Dollar

....

WPAC

Buy

28,300

20,775

10/15/25

—

(427)

Israeli

New

Shekel

..

BOFA

Sell

36,300

10,914

10/15/25

—

(45)

Israeli

New

Shekel

..

BZWS

Sell

3,500

1,052

10/15/25

—

(4)

Israeli

New

Shekel

..

GSCO

Sell

644,100

193,651

10/15/25

—

(809)

Israeli

New

Shekel

..

HSBK

Buy

93,200

27,812

10/15/25

326

—

Israeli

New

Shekel

..

UBSW

Sell

38,600

11,520

10/15/25

—

(134)

New

Zealand

Dollar

.

MSCO

Buy

14,300

8,614

10/15/25

—

(319)

Hong

Kong

Dollar

...

BZWS

Buy

47,900

6,157

11/19/25

6

—

Hong

Kong

Dollar

...

CITI

Buy

18,800

2,416

11/19/25

2

—

Hong

Kong

Dollar

...

GSCO

Buy

60,400

7,765

11/19/25

6

—

Hong

Kong

Dollar

...

HSBK

Sell

334,500

42,984

11/19/25

—

(50)

Hong

Kong

Dollar

...

MSCO

Buy

26,300

3,380

11/19/25

4

—

Hong

Kong

Dollar

...

SSBT

Buy

24,400

3,136

11/19/25

3

—

Hong

Kong

Dollar

...

UBSW

Sell

78,200

10,049

11/19/25

—

(12)

Japanese

Yen

......

BOFA

Buy

10,912,800

75,037

11/19/25

—

(869)

Japanese

Yen

......

BZWS

Buy

8,700

60

11/19/25

—

(1)

Japanese

Yen

......

CITI

Buy

1,143,700

7,864

11/19/25

—

(91)

Japanese

Yen

......

HSBK

Sell

2,089,400

14,260

11/19/25

60

—

Japanese

Yen

......

MSCO

Buy

6,692,000

45,674

11/19/25

—

(192)

Japanese

Yen

......

SSBT

Buy

2,588,000

17,663

11/19/25

—

(74)

Japanese

Yen

......

UBSW

Buy

4,922,100

33,654

11/19/25

—

(201)

Singapore

Dollar

....

BOFA

Buy

7,100

5,579

11/19/25

—

(54)

Singapore

Dollar

....

BZWS

Buy

2,000

1,570

11/19/25

—

(14)

Singapore

Dollar

....

HSBK

Buy

93,300

73,152

11/19/25

—

(549)

Singapore

Dollar

....

MSCO

Buy

6,800

5,331

11/19/25

—

(40)

Singapore

Dollar

....

SSBT

Buy

165,000

129,365

11/19/25

—

(967)

British

Pound

......

BOFA

Buy

19,000

25,752

12/17/25

—

(196)

British

Pound

......

BZWS

Buy

30,800

41,745

12/17/25

—

(318)

British

Pound

......

CITI

Sell

193,600

262,400

12/17/25

2,002

—

British

Pound

......

GSCO

Sell

160,900

218,078

12/17/25

1,663

—

British

Pound

......

HSBK

Buy

1,000

1,355

12/17/25

—

(10)

British

Pound

......

MSCO

Sell

17,100

23,189

12/17/25

189

—

British

Pound

......

SSBT

Buy

66,200

89,771

12/17/25

—

(730)

Danish

Krone

......

BOFA

Buy

425,700

67,319

12/17/25

—

(13)

Danish

Krone

......

CITI

Sell

71,200

11,258

12/17/25

1

—

Danish

Krone

......

JPHQ

Sell

48,100

7,605

12/17/25

—

—

Danish

Krone

......

MSCO

Sell

95,200

15,050

12/17/25

—

(2)

Danish

Krone

......

SSBT

Sell

163,700

25,880

12/17/25

—

(2)

Danish

Krone

......

UBSW

Buy

36,200

5,723

12/17/25

—

—

Euro

.............

BOFA

Buy

32,000

37,738

12/17/25

—

—

Euro

.............

CITI

Sell

62,100

73,236

12/17/25

1

—

Euro

.............

HSBK

Buy

1,500

1,769

12/17/25

—

—

Euro

.............

MSCO

Sell

74,100

87,368

12/17/25

—

(18)

Euro

.............

SSBT

Buy

79,200

93,382

12/17/25

19

—

Norwegian

Krone

...

BOFA

Buy

19,000

1,922

12/17/25

—

(18)

Norwegian

Krone

...

HSBK

Buy

30,000

3,035

12/17/25

—

(28)

Norwegian

Krone

...

JPHQ

Sell

1,947,900

197,071

12/17/25

1,840

—

Norwegian

Krone

...

MSCO

Sell

46,000

4,656

12/17/25

45

—

Norwegian

Krone

...

UBSW

Sell

70,300

7,115

12/17/25

69

—

Swedish

Krona

.....

BZWS

Buy

735,900

79,485

12/17/25

—

(938)

Swedish

Krona

.....

HSBK

Buy

966,700

104,412

12/17/25

—

(1,230)

Swedish

Krona

.....

MSCO

Sell

145,200

15,658

12/17/25

159

—

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

104

At

September

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Swedish

Krona

.....

SSBT

Buy

314,700

33,935

12/17/25

$

—

$

(345)

Swiss

Franc

.......

BOFA

Buy

50,100

63,550

12/17/25

—

(31)

Swiss

Franc

.......

BZWS

Buy

16,100

20,425

12/17/25

—

(12)

Swiss

Franc

.......

GSCO

Sell

14,600

18,520

12/17/25

9

—

Swiss

Franc

.......

HSBK

Buy

7,000

8,880

12/17/25

—

(5)

Swiss

Franc

.......

JPHQ

Buy

5,300

6,724

12/17/25

—

(4)

Swiss

Franc

.......

MSCO

Buy

62,400

79,249

12/17/25

—

(134)

Swiss

Franc

.......

SSBT

Buy

94,600

120,141

12/17/25

—

(

202)

Total

Forward

Exchange

Contracts

...................................................

$8,276

$(11,453)

Net

unrealized

appreciation

(depreciation)

............................................

$(3,177)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

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

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

1,248,000

$

101,238

$

60,186

$

41,052

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$101,238

$60,186

$41,052

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

21,000

675

3,801

(3,126)

CMBX.NA.BBB-.6

(3.00)%

Monthly

JPHQ

5/11/63

22,000

706

4,906

(4,200)

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

43,000

(1,381)

(2,593)

1,212

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$—

$6,114

$(6,114)

Total

Credit

Default

Swap

Contracts

....................................

$101,238

$

66,300

$34,938

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

105

At

September

30,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

At

September

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.6%

.....

Annual

9/17/27

871,000

$

(3,066)

$

1,438

$

(4,504)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

2,797,000

8,768

3,648

5,120

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.63%

....

Annual

9/17/30

10,000

(108)

(114)

6

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

1,917,000

(22,465)

2,626

(25,091)

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

1,244,000

23,157

3,779

19,378

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

55,000

1,116

168

948

Receive

Fixed

3.55%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/35

64,000

(584)

(374)

(210)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

142,000

(2,976)

(1,867)

(1,109)

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

623,000

10,857

990

9,867

Total

Interest

Rate

Swap

Contracts

.................................

$14,699

$

10,294

$4,405

*

In

U.S.

dollars

unless

otherwise

indicated.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

RCXTPGDL

Index

#

....................

0%

At

Maturity

GSCO

12/16/25

4,078,617

$

68,325

BCFTDEAL

Index

#

....................

1-day

SOFR

+

0.45%

At

Maturity

BZWS

9/18/26

3,140,980

(4,860)

Short

(b)

RCXTPGSS

Index

#

....................

0%

At

Maturity

GSCO

12/16/25

3,923,373

(18,133)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

106

Total

Return

Swap

Contracts

(continued)

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

(continued)

Short

(b)

(continued)

BCFTDEAS

Index

#

....................

1-day

SOFR

+

0.25%

At

Maturity

BZWS

9/18/26

3,137,710

$

5,440

Total

Return

Swap

Contracts

....................................................................

$50,772

*

In

U.S.

dollars

unless

otherwise

indicated.

#

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

The

50

largest

components,

and

any

individual

component

greater

than

1%

of

basket

value,

are

shown

below.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

(b)

The

Fund

receives

a

variable

financing

rate

and

pays

the

total

return

on

the

underlying

instrument.

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(

RCXTPGDL

)

OF

COMMON

STOCKS

Inpex

Corp

Energy

1,456

$

26,344

0.63%

Lam

Research

Corp

Information

Technology

182

24,320

0.58%

Expedia

Group

Inc

Consumer

Discretionary

112

23,861

0.57%

Novartis

AG

Health

Care

188

23,630

0.57%

Uber

Technologies

Inc

Industrials

241

23,584

0.57%

Keysight

Technologies

Inc

Information

Technology

134

23,370

0.56%

Endesa

SA

Utilities

717

22,928

0.55%

Osaka

Gas

Co

Ltd

Utilities

787

22,842

0.55%

Kirin

Holdings

Co

Ltd

Consumer

Staples

1,555

22,815

0.55%

Exxon

Mobil

Corp

Energy

202

22,738

0.55%

Dai

Nippon

Printing

Co

Ltd

Industrials

1,334

22,714

0.55%

Garmin

Ltd

Consumer

Discretionary

92

22,553

0.54%

Telenor

ASA

Communication

Services

1,350

22,378

0.54%

Idemitsu

Kosan

Co

Ltd

Energy

3,241

22,299

0.54%

MSCI

Inc

Financials

39

22,225

0.53%

SS&C

Technologies

Holdings

Inc

Industrials

249

22,124

0.53%

AT&T

Inc

Communication

Services

781

22,065

0.53%

Holcim

AG

Materials

259

21,903

0.53%

Graco

Inc

Industrials

258

21,877

0.53%

Netflix

Inc

Communication

Services

18

21,847

0.53%

Smiths

Group

PLC

Industrials

689

21,822

0.52%

ConocoPhillips

Energy

231

21,821

0.52%

Eni

SpA

Energy

1,240

21,666

0.52%

Altria

Group

Inc

Consumer

Staples

327

21,620

0.52%

United

Utilities

Group

PLC

Utilities

1,391

21,467

0.52%

Fortum

Oyj

Utilities

1,133

21,440

0.52%

PepsiCo

Inc

Consumer

Staples

153

21,425

0.52%

TotalEnergies

SE

Energy

352

21,389

0.51%

Rio

Tinto

PLC

Materials

324

21,324

0.51%

Veralto

Corp

Industrials

200

21,305

0.51%

Iberdrola

SA

Utilities

1,121

21,209

0.51%

E.ON

SE

Utilities

1,120

21,081

0.51%

Veeva

Systems

Inc

Health

Care

70

20,926

0.50%

Automatic

Data

Processing

Inc

Industrials

71

20,897

0.50%

Weyerhaeuser

Co

Real

Estate

841

20,839

0.50%

Avery

Dennison

Corp

Materials

128

20,779

0.50%

PayPal

Holdings

Inc

Financials

309

20,748

0.50%

Tokyo

Gas

Co

Ltd

Utilities

581

20,694

0.50%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

107

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(RCXTPGDL)

OF

COMMON

STOCKS

(continued)

Engie

SA

Utilities

963

$

20,665

0.50%

Imperial

Oil

Ltd

Energy

228

20,640

0.50%

Honeywell

International

Inc

Industrials

98

20,623

0.50%

Norsk

Hydro

ASA

Materials

3,033

20,548

0.49%

Illumina

Inc

Health

Care

215

20,378

0.49%

Danone

SA

Consumer

Staples

233

20,311

0.49%

Amadeus

IT

Group

SA

Consumer

Discretionary

256

20,282

0.49%

Sekisui

Chemical

Co

Ltd

Industrials

1,074

20,036

0.48%

Airbnb

Inc

Consumer

Discretionary

165

19,983

0.48%

NN

Group

NV

Financials

283

19,909

0.48%

Telia

Co

AB

Communication

Services

5,183

19,779

0.48%

WH

Group

Ltd

Consumer

Staples

18,224

19,745

0.47%

A

BASKET

(

BCFTDEAL

)

OF

COMMON

STOCKS

Valero

Energy

Corp

Energy

241

41,037

1.31%

General

Motors

Co

Consumer

Discretionary

665

40,556

1.29%

Johnson

Controls

International

plc

Industrials

364

39,973

1.27%

Uber

Technologies

Inc

Industrials

401

39,256

1.25%

Pegasystems

Inc

Information

Technology

675

38,835

1.24%

NRG

Energy

Inc

Utilities

239

38,659

1.23%

DoorDash

Inc

Consumer

Discretionary

142

38,579

1.23%

Tapestry

Inc

Consumer

Discretionary

335

37,936

1.21%

Pure

Storage

Inc

Information

Technology

450

37,724

1.20%

Booking

Holdings

Inc

Consumer

Discretionary

7

37,398

1.19%

Axis

Capital

Holdings

Ltd

Financials

386

36,936

1.18%

Exelixis

Inc

Health

Care

889

36,730

1.17%

MGIC

Investment

Corp

Financials

1,294

36,697

1.17%

QUALCOMM

Inc

Information

Technology

220

36,550

1.16%

Howmet

Aerospace

Inc

Industrials

186

36,437

1.16%

Netflix

Inc

Communication

Services

30

36,007

1.15%

Unum

Group

Financials

456

35,497

1.13%

AutoNation

Inc

Consumer

Discretionary

161

35,253

1.12%

Arista

Networks

Inc

Information

Technology

240

35,035

1.12%

State

Street

Corp

Financials

301

34,901

1.11%

Cheniere

Energy

Inc

Energy

147

34,505

1.10%

Cadence

Design

Systems

Inc

Information

Technology

98

34,400

1.10%

Freeport-McMoRan

Inc

Materials

865

33,938

1.08%

Natera

Inc

Health

Care

210

33,747

1.08%

Equitable

Holdings

Inc

Financials

653

33,175

1.06%

Vornado

Realty

Trust

Real

Estate

818

33,138

1.06%

Synchrony

Financial

Financials

463

32,884

1.05%

Virtu

Financial

Inc

Financials

895

31,763

1.01%

Cirrus

Logic

Inc

Information

Technology

248

31,104

0.99%

Regeneron

Pharmaceuticals

Inc

Health

Care

55

30,967

0.99%

Rubrik

Inc

Information

Technology

376

30,951

0.99%

Spotify

Technology

SA

Communication

Services

44

30,773

0.98%

Curtiss-Wright

Corp

Industrials

56

30,528

0.97%

American

International

Group

Inc

Financials

386

30,327

0.97%

Toll

Brothers

Inc

Consumer

Discretionary

215

29,738

0.95%

Allison

Transmission

Holdings

Inc

Industrials

340

28,840

0.92%

Affiliated

Managers

Group

Inc

Financials

120

28,660

0.91%

Docusign

Inc

Information

Technology

384

27,667

0.88%

Boyd

Gaming

Corp

Consumer

Discretionary

309

26,730

0.85%

Textron

Inc

Industrials

316

26,676

0.85%

eBay

Inc

Consumer

Discretionary

293

26,643

0.85%

NVR

Inc

Consumer

Discretionary

3

25,150

0.80%

Louisiana-Pacific

Corp

Materials

274

24,321

0.78%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(BCFTDEAL)

OF

COMMON

STOCKS

(continued)

Ulta

Beauty

Inc

Consumer

Discretionary

44

$

24,156

0.77%

Edison

International

Utilities

432

23,876

0.76%

Southwest

Airlines

Co

Industrials

745

23,773

0.76%

Manhattan

Associates

Inc

Information

Technology

114

23,400

0.75%

Ventas

Inc

Real

Estate

327

22,894

0.73%

Dropbox

Inc

Information

Technology

741

22,381

0.71%

Duolingo

Inc

Consumer

Discretionary

67

21,568

0.69%

A

BASKET

(

RCXTPGSS

)

OF

COMMON

STOCKS

Ferrovial

SE

Industrials

396

22,675

0.57%

Atmos

Energy

Corp

Utilities

131

22,386

0.57%

Salmar

ASA

Consumer

Staples

419

22,383

0.57%

Equifax

Inc

Industrials

86

21,952

0.56%

Antofagasta

PLC

Materials

592

21,941

0.56%

Imperial

Brands

PLC

Consumer

Staples

513

21,800

0.55%

Lennar

Corp

Consumer

Discretionary

172

21,741

0.55%

Sigma

Healthcare

Ltd

Health

Care

10,970

21,592

0.55%

Realty

Income

Corp

Real

Estate

355

21,577

0.55%

Keppel

Ltd

Industrials

3,101

21,453

0.54%

Singapore

Telecommunications

Ltd

Communication

Services

6,603

21,153

0.54%

Nutrien

Ltd

Materials

355

20,859

0.53%

Orange

SA

Communication

Services

1,275

20,686

0.52%

International

Paper

Co

Materials

444

20,618

0.52%

Southern

Co/The

Utilities

217

20,606

0.52%

Hermes

International

SCA

Consumer

Discretionary

8

20,498

0.52%

Marriott

International

Inc/MD

Consumer

Discretionary

78

20,408

0.52%

Diamondback

Energy

Inc

Energy

143

20,408

0.52%

RELX

PLC

Industrials

424

20,284

0.51%

Cellnex

Telecom

SA

Communication

Services

582

20,150

0.51%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

1,709

20,103

0.51%

Swisscom

AG

Communication

Services

28

20,027

0.51%

EssilorLuxottica

SA

Health

Care

62

19,993

0.51%

Allianz

SE

Financials

47

19,909

0.50%

Haleon

PLC

Health

Care

4,437

19,854

0.50%

Wilmar

International

Ltd

Consumer

Staples

8,915

19,709

0.50%

Coca-Cola

Co/The

Consumer

Staples

296

19,643

0.50%

Royalty

Pharma

PLC

Health

Care

555

19,567

0.50%

Saputo

Inc

Consumer

Staples

805

19,547

0.49%

Air

Products

and

Chemicals

Inc

Materials

71

19,425

0.49%

Waste

Connections

Inc

Industrials

110

19,266

0.49%

Aker

BP

ASA

Energy

752

19,079

0.48%

Swiss

Life

Holding

AG

Financials

18

18,826

0.48%

Visa

Inc

Financials

55

18,736

0.47%

Dominion

Energy

Inc

Utilities

306

18,706

0.47%

Pernod

Ricard

SA

Consumer

Staples

190

18,670

0.47%

Martin

Marietta

Materials

Inc

Materials

29

18,423

0.47%

U-Haul

Holding

Co

Industrials

362

18,403

0.47%

PPL

Corp

Utilities

484

17,968

0.45%

Alamos

Gold

Inc

Materials

515

17,953

0.45%

Walmart

Inc

Consumer

Staples

173

17,816

0.45%

Thomson

Reuters

Corp

Industrials

114

17,775

0.45%

CMS

Energy

Corp

Utilities

241

17,663

0.45%

FUJIFILM

Holdings

Corp

Information

Technology

706

17,601

0.45%

Paychex

Inc

Industrials

137

17,347

0.44%

Straumann

Holding

AG

Health

Care

162

17,332

0.44%

Bureau

Veritas

SA

Industrials

552

17,286

0.44%

Aeon

Co

Ltd

Consumer

Staples

1,408

17,116

0.43%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(RCXTPGSS)

OF

COMMON

STOCKS

(continued)

Masco

Corp

Industrials

241

$

16,959

0.43%

Metso

Oyj

Industrials

1,226

16,834

0.43%

A

BASKET

(

BCFTDEAS

)

OF

COMMON

STOCKS

Synopsys

Inc

Information

Technology

92

45,404

1.45%

Micron

Technology

Inc

Information

Technology

247

41,299

1.32%

DT

Midstream

Inc

Energy

362

40,975

1.31%

Take-Two

Interactive

Software

Inc

Communication

Services

158

40,885

1.30%

Diamondback

Energy

Inc

Energy

283

40,525

1.29%

BWX

Technologies

Inc

Industrials

218

40,258

1.28%

Royal

Caribbean

Cruises

Ltd

Consumer

Discretionary

122

39,431

1.26%

Dell

Technologies

Inc

Information

Technology

278

39,348

1.26%

SoFi

Technologies

Inc

Financials

1,430

37,771

1.20%

MKS

Inc

Information

Technology

302

37,388

1.19%

Roivant

Sciences

Ltd

Health

Care

2,411

36,473

1.16%

Blue

Owl

Capital

Inc

Financials

2,113

35,777

1.14%

Norwegian

Cruise

Line

Holdings

Ltd

Consumer

Discretionary

1,398

34,423

1.10%

Lithia

Motors

Inc

Consumer

Discretionary

109

34,316

1.09%

Carnival

Corp

Consumer

Discretionary

1,166

33,708

1.08%

Gen

Digital

Inc

Information

Technology

1,184

33,621

1.07%

Monolithic

Power

Systems

Inc

Information

Technology

36

33,346

1.06%

Aon

PLC

Financials

90

31,989

1.02%

Domino's

Pizza

Inc

Consumer

Discretionary

74

31,821

1.02%

Kinsale

Capital

Group

Inc

Financials

72

30,824

0.98%

Ross

Stores

Inc

Consumer

Discretionary

195

29,694

0.95%

RPM

International

Inc

Materials

250

29,482

0.94%

Tyler

Technologies

Inc

Information

Technology

56

29,151

0.93%

Equifax

Inc

Industrials

110

28,094

0.90%

PTC

Inc

Information

Technology

136

27,647

0.88%

Affirm

Holdings

Inc

Financials

376

27,514

0.88%

Bunge

Global

SA

Consumer

Staples

337

27,401

0.87%

Royal

Gold

Inc

Materials

137

27,393

0.87%

Jack

Henry

&

Associates

Inc

Financials

181

27,012

0.86%

NU

Holdings

Ltd/Cayman

Islands

Financials

1,618

25,910

0.83%

Somnigroup

International

Inc

Consumer

Discretionary

306

25,769

0.82%

Texas

Instruments

Inc

Information

Technology

139

25,624

0.82%

Fox

Corp

Communication

Services

446

25,562

0.82%

Entegris

Inc

Information

Technology

264

24,422

0.78%

Watsco

Inc

Industrials

60

24,392

0.78%

NIKE

Inc

Consumer

Discretionary

345

24,047

0.77%

Coherent

Corp

Information

Technology

216

23,281

0.74%

LPL

Financial

Holdings

Inc

Financials

70

23,266

0.74%

Albemarle

Corp

Materials

287

23,247

0.74%

elf

Beauty

Inc

Consumer

Staples

175

23,196

0.74%

Healthcare

Realty

Trust

Inc

Real

Estate

1,269

22,884

0.73%

Expand

Energy

Corp

Energy

212

22,548

0.72%

Amdocs

Ltd

Information

Technology

273

22,367

0.71%

Marriott

International

Inc/MD

Consumer

Discretionary

84

21,951

0.70%

CH

Robinson

Worldwide

Inc

Industrials

164

21,726

0.69%

Stanley

Black

&

Decker

Inc

Industrials

286

21,271

0.68%

T

Rowe

Price

Group

Inc

Financials

206

21,108

0.67%

Arthur

J

Gallagher

&

Co

Financials

65

19,994

0.64%

Alphabet

Inc

Communication

Services

81

19,729

0.63%

General

Electric

Co

Industrials

65

19,641

0.63%

See

A

bbreviations

on

page

240

.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Global

Health

Care

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

110

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.2%

Biotechnology

19.8%

AbbVie,

Inc.

.......................................

United

States

46,300

$

10,720,302

a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

3,400

1,550,400

a

Argenx

SE

........................................

Netherlands

2,936

2,169,263

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

17,664

3,511,780

Gilead

Sciences,

Inc.

................................

United

States

35,400

3,929,400

a

Legend

Biotech

Corp.

,

ADR

...........................

United

States

21,714

708,094

a

Natera,

Inc.

........................................

United

States

6,500

1,046,305

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

3,200

1,799,264

a

Rhythm

Pharmaceuticals,

Inc.

..........................

United

States

10,200

1,030,098

a

Vaxcyte,

Inc.

.......................................

United

States

21,500

774,430

27,239,336

Health

Care

Equipment

&

Supplies

15.5%

Abbott

Laboratories

..................................

United

States

37,500

5,022,750

b

Becton

Dickinson

&

Co.

...............................

United

States

17,900

3,350,343

a

Boston

Scientific

Corp.

...............................

United

States

57,270

5,591,270

EssilorLuxottica

SA

..................................

France

4,870

1,586,421

a

Intuitive

Surgical,

Inc.

................................

United

States

8,000

3,577,840

Medtronic

plc

......................................

United

States

24,100

2,295,284

21,423,908

Health

Care

Providers

&

Services

18.4%

Cardinal

Health,

Inc.

.................................

United

States

16,000

2,511,360

a

Centene

Corp.

.....................................

United

States

9,200

328,256

Cigna

Group

(The)

..................................

United

States

7,300

2,104,225

CVS

Health

Corp.

...................................

United

States

34,600

2,608,494

Encompass

Health

Corp.

.............................

United

States

12,300

1,562,346

HCA

Healthcare,

Inc.

.................................

United

States

5,400

2,301,480

McKesson

Corp.

....................................

United

States

5,100

3,939,954

UnitedHealth

Group,

Inc.

..............................

United

States

29,000

10,013,700

25,369,815

Life

Sciences

Tools

&

Services

6.0%

Danaher

Corp.

.....................................

United

States

10,400

2,061,904

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

12,700

6,159,754

8,221,658

Pharmaceuticals

38.5%

AstraZeneca

plc

....................................

United

Kingdom

46,823

7,173,336

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

12,800

567,482

Eli

Lilly

&

Co.

......................................

United

States

18,800

14,344,400

a

Enliven

Therapeutics,

Inc.

.............................

United

States

32,018

655,408

a

Innoviva,

Inc.

......................................

United

States

187,414

3,420,306

Johnson

&

Johnson

.................................

United

States

53,132

9,851,735

Merck

&

Co.,

Inc.

...................................

United

States

30,946

2,597,298

Novartis

AG

.......................................

United

States

47,795

6,145,404

Novo

Nordisk

A/S

,

B

.................................

Denmark

35,688

1,987,167

Roche

Holding

AG

..................................

United

States

7,110

2,367,513

Sanofi

SA

.........................................

United

States

27,445

2,598,874

Takeda

Pharmaceutical

Co.

Ltd.

........................

Japan

53,100

1,559,568

53,268,491

Total

Common

Stocks

(Cost

$

89,009,517

)

....................................

135,523,208

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Health

Care

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

111

At

September

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

0.0%

†

Calls

-

Over-the-Counter

Equity

Options

0.0%

†

Becton

Dickinson

&

Co.

,

Counterparty

CITI

,

June

Strike

Price

$

230.00

,

Expires

6/18/26

............................

4,094,920

766,446,176

$

67,659

Total

Options

Purchased

(Cost

$

83,679

)

......................................

67,659

Short

Term

Investments

1.6%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

1.6%

c,d

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

2,192,545

2,192,545

Total

Management

Investment

Companies

(Cost

$

2,192,545

)

...................

2,192,545

Total

Short

Term

Investments

(Cost

$

2,192,545

)

...............................

2,192,545

a

Total

Investments

(Cost

$

91,285,741

)

99.8

%

..................................

$137,783,412

Options

Written

(

0.0

)

%

†

....................................................

(34,895)

Other

Assets,

less

Liabilities

0.2

%

...........................................

312,992

Net

Assets

100.0%

.........................................................

$138,061,509

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.0)%

†

Calls

-

Over-the-Counter

Equity

Options

(0.0)%

†

Becton

Dickinson

&

Co.

,

Counterparty

CITI

,

June

Strike

Price

$

245.00

,

Expires

6/18/26

............................

4,361,980

816,431,797

(

34,895

)

Total

Options

Written

(Premiums

received

$

42,730

)

...........................

$

(

34,895

)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

WPAC

Buy

3,366,100

2,209,952

10/15/25

$

17,840

$

—

Canadian

Dollar

....

GSCO

Buy

315,300

231,260

10/15/25

—

(

4,552

)

Canadian

Dollar

....

HSBK

Buy

283,300

207,978

10/15/25

—

(

4,279

)

Canadian

Dollar

....

JPHQ

Sell

33,200

24,371

10/15/25

500

—

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Health

Care

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

See

Abbreviations

on

page

240

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Canadian

Dollar

....

MSCO

Sell

269,800

197,885

10/15/25

$

3,893

$

—

Canadian

Dollar

....

SSBT

Sell

367,900

270,072

10/15/25

5,544

—

Israeli

New

Shekel

..

BOFA

Buy

867,100

260,715

10/15/25

1,071

—

New

Zealand

Dollar

.

TDOM

Buy

405,700

243,322

10/15/25

—

(

8,000

)

Japanese

Yen

......

BOFA

Buy

88,185,400

606,364

11/19/25

—

(

7,020

)

Japanese

Yen

......

BZWS

Buy

142,887,400

982,476

11/19/25

—

(

11,354

)

Japanese

Yen

......

GSCO

Buy

160,672,600

1,101,263

11/19/25

—

(

9,265

)

Japanese

Yen

......

JPHQ

Buy

41,195,500

283,264

11/19/25

—

(

3,282

)

Japanese

Yen

......

SSBT

Sell

129,570,100

884,295

11/19/25

3,683

—

Japanese

Yen

......

TDOM

Buy

63,127,400

430,844

11/19/25

—

(

1,803

)

Japanese

Yen

......

UBSW

Buy

118,696,800

810,106

11/19/25

—

(

3,393

)

British

Pound

......

BOFA

Buy

291,400

394,955

12/17/25

—

(

3,014

)

British

Pound

......

BZWS

Sell

307,300

416,500

12/17/25

3,173

—

British

Pound

......

CITI

Buy

555,700

753,179

12/17/25

—

(

5,747

)

British

Pound

......

GSCO

Sell

793,100

1,074,940

12/17/25

8,198

—

British

Pound

......

MSCO

Buy

211,200

286,399

12/17/25

—

(

2,329

)

British

Pound

......

SSBT

Buy

399,300

541,471

12/17/25

—

(

4,401

)

British

Pound

......

TDOM

Sell

239,800

325,190

12/17/25

2,653

—

British

Pound

......

UBSW

Sell

210,800

285,855

12/17/25

2,323

—

Danish

Krone

......

BOFA

Buy

14,898,900

2,356,075

12/17/25

—

(

471

)

Danish

Krone

......

CITI

Sell

114,700

18,137

12/17/25

2

—

Danish

Krone

......

GSCO

Buy

3,876,500

613,011

12/17/25

—

(

114

)

Danish

Krone

......

GSCO

Sell

9,206,300

1,470,086

12/17/25

14,516

—

Danish

Krone

......

HSBK

Sell

9,903,600

1,565,844

12/17/25

26

—

Danish

Krone

......

JPHQ

Sell

2,487,300

393,266

12/17/25

9

—

Danish

Krone

......

MSCO

Sell

2,027,600

320,535

12/17/25

—

(

40

)

Danish

Krone

......

SSBT

Sell

5,397,700

853,338

12/17/25

—

(

70

)

Danish

Krone

......

UBSW

Sell

1,371,100

216,769

12/17/25

—

(

10

)

Euro

.............

BOFA

Sell

147,700

174,184

12/17/25

1

—

Euro

.............

GSCO

Buy

410,000

483,509

12/17/25

4

—

Euro

.............

JPHQ

Buy

303,500

357,893

12/17/25

24

—

Euro

.............

MSCO

Buy

758,600

894,430

12/17/25

187

—

Euro

.............

SSBT

Buy

840,500

991,000

12/17/25

202

—

Euro

.............

TDOM

Sell

1,242,900

1,465,479

12/17/25

—

(

274

)

Euro

.............

WPAC

Buy

938,000

1,105,822

12/17/25

361

—

Swedish

Krona

.....

GSCO

Buy

2,166,500

234,005

12/17/25

—

(

2,761

)

Swiss

Franc

.......

BOFA

Sell

205,700

260,925

12/17/25

126

—

Swiss

Franc

.......

HSBK

Buy

1,309,300

1,660,853

12/17/25

—

(

845

)

Swiss

Franc

.......

JPHQ

Buy

335,300

425,376

12/17/25

—

(

262

)

Swiss

Franc

.......

MSCO

Buy

348,200

442,218

12/17/25

—

(

749

)

Swiss

Franc

.......

SSBT

Buy

163,300

207,389

12/17/25

—

(

348

)

Swiss

Franc

.......

UBSW

Buy

1,143,600

1,452,393

12/17/25

—

(

2,470

)

Total

Forward

Exchange

Contracts

...................................................

$64,336

$(76,853)

Net

unrealized

appreciation

(depreciation)

............................................

$(12,517)

*

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),

September

30,

2025

Putnam

VT

High

Yield

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.4%

Commercial

Services

&

Supplies

0.1%

GFL

Environmental,

Inc.

..............................

United

States

4,430

$

209,893

Hotels,

Restaurants

&

Leisure

0.3%

a

Viking

Holdings

Ltd.

.................................

United

States

5,800

360,528

Total

Common

Stocks

(Cost

$

282,906

)

.......................................

570,421

Convertible

Preferred

Stocks

1.0%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

6

%

................................

United

States

8,265

574,996

Electric

Utilities

0.4%

NextEra

Energy,

Inc.

,

7.299

%

..........................

United

States

7,375

367,791

PG&E

Corp.

,

A

,

6

%

..................................

United

States

4,512

177,683

545,474

Financial

Services

0.2%

Apollo

Global

Management,

Inc.

,

6.75

%

..................

United

States

3,581

251,673

Total

Convertible

Preferred

Stocks

(Cost

$

1,188,283

)

..........................

1,372,143

Principal

Amount

*

Convertible

Bonds

1.7%

Consumer

Staples

Distribution

&

Retail

0.2%

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

200,000

289,600

Energy

Equipment

&

Services

0.1%

Nabors

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

6/15/29

.........

United

States

155,000

119,350

Entertainment

0.2%

Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

3.125

%

,

1/15/29

..

United

States

195,000

315,044

Food

Products

0.2%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

.............

United

States

243,000

273,254

Health

Care

REITs

0.3%

b

Welltower

OP

LLC

,

Senior

Note

,

144A,

2.75

%

,

5/15/28

.......

United

States

208,000

389,688

Software

0.3%

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

366,000

426,581

Technology

Hardware,

Storage

&

Peripherals

0.4%

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

189,000

544,674

Total

Convertible

Bonds

(Cost

$

1,668,140

)

...................................

2,358,191

Corporate

Bonds

87.9%

Aerospace

&

Defense

4.0%

ATI,

Inc.

,

Senior

Bond

,

5.125

%

,

10/01/31

.......................

United

States

240,000

236,376

Senior

Note

,

5.875

%

,

12/01/27

.......................

United

States

435,000

436,204

Senior

Note

,

4.875

%

,

10/01/29

.......................

United

States

90,000

88,560

Senior

Note

,

7.25

%

,

8/15/30

.........................

United

States

335,000

351,914

b

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

3/15/30

...................

United

States

270,000

277,973

Senior

Note

,

144A,

6.25

%

,

3/15/33

....................

United

States

210,000

216,677

Boeing

Co.

(The)

,

Senior

Bond

,

5.875

%

,

2/15/40

............

United

States

210,000

217,057

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

7.875

%

,

4/15/27

...................

Canada

17,000

$

17,085

Senior

Note

,

144A,

7.5

%

,

2/01/29

.....................

Canada

175,000

182,637

Senior

Note

,

144A,

8.75

%

,

11/15/30

...................

Canada

260,000

280,707

Senior

Note

,

144A,

7.25

%

,

7/01/31

....................

Canada

130,000

137,967

Senior

Note

,

144A,

7

%

,

6/01/32

......................

Canada

95,000

99,411

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5

%

,

2/15/32

...............................

Italy

540,000

549,949

Spirit

AeroSystems,

Inc.

,

b

Secured

Note

,

144A,

9.75

%

,

11/15/30

..................

United

States

550,000

605,574

Senior

Bond

,

4.6

%

,

6/15/28

..........................

United

States

545,000

544,772

b

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

12/15/30

...........

United

States

290,000

300,739

Senior

Secured

Note

,

144A,

7.125

%

,

12/01/31

...........

United

States

70,000

73,104

Senior

Secured

Note

,

144A,

6

%

,

1/15/33

................

United

States

440,000

445,264

Senior

Secured

Note

,

144A,

6.25

%

,

1/31/34

.............

United

States

95,000

97,770

Senior

Sub.

Note

,

144A,

6.75

%

,

1/31/34

................

United

States

340,000

351,789

5,511,529

Automobile

Components

1.8%

b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25

%

,

4/15/31

....................

United

States

560,000

587,758

Senior

Note

,

144A,

7.5

%

,

2/15/33

.....................

United

States

125,000

129,529

b

,c

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

10/15/32

..................................

United

States

285,000

284,697

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75

%

,

9/15/32

...................................

United

States

290,000

296,607

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

410,000

353,129

b

Forvia

SE

,

Senior

Note

,

144A,

6.75

%

,

9/15/33

..............

France

330,000

335,011

b

,d

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

7.75

%

,

11/15/30

.........

Germany

255,000

267,004

Senior

Secured

Note

,

144A,

PIK,

8

%

,

11/15/32

...........

Germany

230,000

241,548

2,495,283

Automobiles

0.3%

b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125

%

,

7/17/35

...

Japan

385,000

413,536

Banks

0.4%

b

,e

Societe

Generale

SA

,

Junior

Sub.

Bond

,

144A,

4.75%

to

5/25/26,

FRN

thereafter

,

Perpetual

.......................................

France

255,000

252,940

Junior

Sub.

Bond

,

144A,

5.375%

to

11/17/30,

FRN

thereafter

,

Perpetual

.......................................

France

260,000

245,638

498,578

Biotechnology

0.8%

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875

%

,

10/15/28

...........

Spain

965,000

EUR

1,112,744

Broadline

Retail

0.8%

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

10

%

,

6/01/30

......

United

States

190,000

206,872

b

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.25

%

,

10/31/29

............

United

States

375,000

387,578

Senior

Secured

Note

,

144A,

7.75

%

,

9/15/30

.............

United

States

505,000

530,879

1,125,329

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

3.3%

b

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.375

%

,

3/01/34

...................

United

States

195,000

$

201,114

Senior

Bond

,

144A,

6.75

%

,

5/15/35

....................

United

States

165,000

172,488

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

...................................

United

States

350,000

338,956

b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375

%

,

12/15/30

.......................

United

States

110,000

EUR

135,333

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

1/31/31

............

United

States

40,000

40,648

Senior

Secured

Note

,

144A,

6.125

%

,

7/31/32

............

United

States

170,000

174,275

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

385,000

395,733

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/30

....................................

United

States

495,000

483,423

b

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

3/01/33

....................

United

States

135,000

140,461

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

............

United

States

265,000

274,705

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

11/01/28

...............

United

States

225,000

225,258

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

...........

United

States

350,000

369,927

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

.....................

United

States

435,000

446,765

Senior

Note

,

144A,

6.25

%

,

8/01/33

....................

United

States

375,000

380,364

b

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

7/15/30

...................

United

States

630,000

604,441

Senior

Bond

,

144A,

3.375

%

,

1/15/31

...................

United

States

35,000

31,725

Senior

Note

,

Reg

S,

2.25

%

,

11/21/26

..................

United

States

73,291

EUR

85,626

4,501,242

Capital

Markets

1.1%

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151

%

,

6/30/31

.........................................

United

States

150,000

165,802

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

11/01/32

...........

United

States

905,000

917,950

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

.............

United

States

205,000

213,080

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

255,000

262,680

1,559,512

Chemicals

2.8%

b

Avient

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/30

...................

United

States

190,000

195,408

Senior

Note

,

144A,

6.25

%

,

11/01/31

...................

United

States

150,000

152,441

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375

%

,

10/03/31

........................................

Germany

335,000

355,519

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

325,000

343,450

b

Olympus

Water

US

Holding

Corp.

,

Senior

Secured

Note

,

Reg

S,

3.875

%

,

10/01/28

...........

United

States

155,000

EUR

181,938

Senior

Secured

Note

,

144A,

9.75

%

,

11/15/28

............

United

States

220,000

231,028

b

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

8/15/33

....................

United

States

130,000

132,916

Senior

Secured

Note

,

144A,

5.75

%

,

8/15/32

.............

United

States

220,000

221,953

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

310,000

332,357

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

5/01/29

...................

United

States

305,000

299,293

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

............

United

States

395,000

386,313

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

(continued)

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

.........................................

United

States

585,000

$

587,298

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

...

United

States

460,000

260,312

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625

%

,

8/15/29

.

United

States

235,000

218,618

3,898,844

Commercial

Services

&

Supplies

2.3%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

...................................

United

States

480,000

503,698

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/31

.....

United

States

275,000

281,847

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

1/15/31

.........................................

United

States

115,000

120,482

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

...................

United

States

450,000

450,252

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

1,100,000

1,128,369

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

155,000

166,544

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

305,000

316,680

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

155,000

161,759

3,129,631

Communications

Equipment

0.4%

b

CommScope

LLC

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.......

United

States

205,000

205,928

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

5/30/31

..............

United

States

310,000

291,291

497,219

Construction

&

Engineering

0.1%

b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

165,000

172,478

Construction

Materials

0.1%

b

,e

Cemex

SAB

de

CV

,

Sub.

Bond

,

144A,

7.2%

to

9/09/30,

FRN

thereafter

,

Perpetual

...............................

Mexico

200,000

209,350

Consumer

Finance

2.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

6.95%

to

12/09/29,

FRN

thereafter

,

3/10/55

....

Ireland

175,000

183,267

Ally

Financial,

Inc.

,

Senior

Bond

,

8

%

,

11/01/31

.............

United

States

370,000

421,967

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

.............

United

States

205,000

216,564

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/30

..............

United

States

610,000

648,306

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

995,000

1,029,684

OneMain

Finance

Corp.

,

Senior

Note

,

7.5

%

,

5/15/31

..........................

United

States

355,000

371,416

Senior

Note

,

7.125

%

,

11/15/31

.......................

United

States

355,000

368,404

Senior

Note

,

6.5

%

,

3/15/33

..........................

United

States

250,000

250,707

3,490,315

Consumer

Staples

Distribution

&

Retail

0.3%

b

US

Foods,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

1/15/32

....................

United

States

120,000

125,783

Senior

Note

,

144A,

5.75

%

,

4/15/33

....................

United

States

280,000

282,166

407,949

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

117

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

2.1%

b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

Reg

S,

3

%

,

9/01/29

......................

United

States

100,000

EUR

$

108,650

Senior

Note

,

144A,

4

%

,

9/01/29

......................

United

States

280,000

259,370

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

425,000

436,303

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

8/15/28

United

States

385,000

386,348

b

Graphic

Packaging

International

LLC

,

Senior

Note

,

Reg

S,

2.625

%

,

2/01/29

...................................

United

States

215,000

EUR

245,243

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25

%

,

4/15/27

...................

United

States

465,000

466,457

Senior

Secured

Note

,

144A,

7.875

%

,

4/15/27

............

United

States

350,000

353,868

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/15/30

...........

Canada

645,000

632,442

2,888,681

Distributors

0.3%

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

395,000

413,625

Diversified

Telecommunication

Services

3.4%

b

Altice

Financing

SA

,

Senior

Secured

Note

,

144A,

5

%

,

1/15/28

..

Luxembourg

205,000

159,562

b

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.5

%

,

1/15/28

..............

France

400,000

354,000

Senior

Secured

Note

,

144A,

5.125

%

,

7/15/29

............

France

280,000

240,534

Senior

Secured

Note

,

144A,

5.5

%

,

10/15/29

.............

France

205,000

178,337

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.375

%

,

6/01/29

...................

United

States

675,000

671,008

Senior

Bond

,

144A,

4.75

%

,

3/01/30

....................

United

States

1,010,000

969,951

Senior

Bond

,

144A,

4.75

%

,

2/01/32

....................

United

States

875,000

809,915

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

5/15/30

...............................

United

States

295,000

308,411

b

Maya

SAS

,

Senior

Secured

Note

,

144A,

7

%

,

4/15/32

.........

France

295,000

301,211

b

Virgin

Media

Finance

plc

,

Senior

Bond

,

144A,

5

%

,

7/15/30

....

United

Kingdom

475,000

441,599

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

....................................

United

Kingdom

245,000

231,211

4,665,739

Electric

Utilities

2.2%

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375

%

,

2/15/32

....................

United

Kingdom

405,000

415,389

b

NRG

Energy,

Inc.

,

e

Junior

Sub.

Bond

,

144A,

10.25%

to

3/14/28,

FRN

thereafter

,

Perpetual

.......................................

United

States

345,000

377,144

Senior

Bond

,

144A,

6.25

%

,

11/01/34

...................

United

States

390,000

400,029

c

Senior

Bond

,

144A,

6

%

,

1/15/36

......................

United

States

670,000

670,515

PG&E

Corp.

,

Junior

Sub.

Bond

,

7.375%

to

3/14/30,

FRN

thereafter

,

3/15/55

United

States

230,000

236,700

Senior

Secured

Bond

,

5.25

%

,

7/01/30

..................

United

States

95,000

93,743

b

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

6.875

%

,

4/15/32

United

States

755,000

790,188

2,983,708

Electrical

Equipment

0.6%

b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5

%

,

6/30/29

.........................................

United

States

280,000

EUR

324,482

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875

%

,

9/01/30

.

United

States

490,000

494,709

819,191

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electronic

Equipment,

Instruments

&

Components

0.4%

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

565,000

$

543,887

Energy

Equipment

&

Services

2.3%

b

Kodiak

Gas

Services

LLC

,

Senior

Bond

,

144A,

6.75

%

,

10/01/35

...................

United

States

140,000

143,833

Senior

Note

,

144A,

7.25

%

,

2/15/29

....................

United

States

305,000

316,708

Senior

Note

,

144A,

6.5

%

,

10/01/33

....................

United

States

245,000

249,606

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

8/15/31

...

United

States

580,000

540,600

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

8

%

,

9/30/28

United

States

77,462

79,737

Transocean

International

Ltd.

,

Senior

Bond

,

6.8

%

,

3/15/38

..........................

United

States

485,000

411,122

b

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

.............

United

States

93,750

98,713

b

Senior

Secured

Note

,

144A,

7.875

%

,

10/15/32

...........

United

States

65,000

65,000

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

.........................................

United

States

105,750

105,962

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

...................................

United

States

283,333

291,069

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

...................

United

States

460,000

470,560

c

Senior

Note

,

144A,

6.75

%

,

10/15/33

...................

United

States

365,000

365,482

3,138,392

Entertainment

1.3%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

.........................................

France

690,000

717,220

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

7/15/28

......

United

States

330,000

328,466

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

6

%

,

3/27/30

..

United

Kingdom

310,000

GBP

420,313

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05

%

,

3/15/42

.....

United

States

435,000

347,541

1,813,540

Financial

Services

4.8%

b

Boost

Newco

Borrower

LLC

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/15/31

.........................................

United

States

365,000

387,498

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5

%

,

10/01/30

...................................

United

States

400,000

401,972

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

320,000

357,244

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

595,000

624,143

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

.....................

United

States

470,000

496,710

Senior

Note

,

144A,

8.25

%

,

5/15/30

....................

United

States

500,000

523,347

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

11/15/31

...................

United

States

390,000

395,373

Senior

Note

,

144A,

7.125

%

,

2/01/32

...................

United

States

380,000

397,753

b

Osaic

Holdings,

Inc.

,

Senior

Note

,

144A,

8

%

,

8/01/33

......................

United

States

325,000

337,105

Senior

Secured

Note

,

144A,

6.75

%

,

8/01/32

.............

United

States

205,000

211,900

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875

%

,

11/01/29

..................................

United

States

960,000

973,910

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

1/31/30

........

United

States

875,000

904,040

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

415,000

428,846

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

5/15/33

...........................

United

States

100,000

EUR

122,483

6,562,324

Food

Products

0.7%

b

,d

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75

%

,

10/01/29

United

States

140,664

149,419

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

119

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

380,000

$

396,719

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

6

%

,

8/01/32

.........................................

United

Kingdom

400,000

400,964

947,102

Ground

Transportation

0.6%

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

.........................................

United

States

235,000

244,495

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

...................................

United

States

575,000

595,651

840,146

Health

Care

Equipment

&

Supplies

0.6%

b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

........................................

United

States

125,000

130,430

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

b,f

Senior

Secured

Note

,

144A,

FRN

,

5.872

%

,

(

3-month

EURIBOR

+

7.75

%

),

1/15/31

.................................

United

States

300,000

EUR

357,602

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/33

............

United

States

60,000

62,432

b

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25

%

,

10/01/29

...................

United

States

90,000

89,288

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

............

United

States

245,000

236,469

876,221

Health

Care

Providers

&

Services

4.0%

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

5/15/30

.............

United

States

855,000

774,245

Senior

Secured

Note

,

144A,

10.875

%

,

1/15/32

...........

United

States

510,000

540,777

Senior

Secured

Note

,

144A,

9.75

%

,

1/15/34

.............

United

States

335,000

343,626

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

7/15/32

.........................................

United

States

335,000

348,277

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

.................................

United

States

520,000

546,750

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

9/01/32

...................

United

States

890,000

920,105

Senior

Note

,

144A,

6.75

%

,

7/15/33

....................

United

States

65,000

67,082

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

1,000,000

988,190

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

4.25

%

,

6/01/29

..................

United

States

150,000

146,618

Senior

Secured

Note

,

6.125

%

,

6/15/30

.................

United

States

775,000

785,855

5,461,525

Health

Care

REITs

0.7%

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

....................

United

States

845,000

898,511

Health

Care

Technology

1.0%

b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/30

...

United

States

440,000

436,776

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

.............

United

States

875,000

900,717

1,337,493

Hotel

&

Resort

REITs

0.6%

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

7.25

%

,

7/15/28

....................

United

States

110,000

113,561

Senior

Note

,

144A,

6.5

%

,

4/01/32

.....................

United

States

415,000

426,967

Senior

Note

,

144A,

6.5

%

,

6/15/33

.....................

United

States

195,000

200,960

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotel

&

Resort

REITs

(continued)

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

125,000

$

128,590

870,078

Hotels,

Restaurants

&

Leisure

7.3%

b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.....................................

Canada

400,000

377,387

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

545,000

525,836

b

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

..................

United

States

495,000

473,646

Senior

Note

,

144A,

6

%

,

10/15/32

.....................

United

States

180,000

177,405

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

................

United

States

200,000

205,849

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125

%

,

5/01/29

...................

United

States

445,000

445,000

Senior

Note

,

144A,

5.875

%

,

6/15/31

...................

United

States

380,000

389,646

Senior

Note

,

144A,

5.75

%

,

8/01/32

....................

United

States

355,000

361,719

Senior

Note

,

144A,

6.125

%

,

2/15/33

...................

United

States

200,000

205,133

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

4/01/30

....................

United

States

315,000

314,932

Senior

Note

,

144A,

6.75

%

,

5/01/31

....................

United

States

60,000

61,566

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.................

United

States

515,000

483,641

b

Flutter

Treasury

DAC

,

Senior

Secured

Note

,

144A,

5.875

%

,

6/04/31

.........................................

Ireland

200,000

203,137

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

.........................

Canada

310,000

306,772

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

9/15/33

.........................................

United

States

675,000

684,501

b

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

11/15/29

...................

United

States

540,000

554,605

Senior

Note

,

144A,

7.5

%

,

9/01/31

.....................

United

States

70,000

72,851

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25

%

,

4/15/30

..

United

States

450,000

467,903

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

7.75

%

,

2/15/29

....................

United

States

215,000

229,046

Senior

Note

,

144A,

6.75

%

,

2/01/32

....................

United

States

150,000

154,358

Senior

Note

,

144A,

6.25

%

,

9/15/33

....................

United

States

160,000

160,928

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

1/15/27

...................

United

States

290,000

290,018

Senior

Note

,

144A,

4.125

%

,

7/01/29

...................

United

States

100,000

93,803

b

,c

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

.............

United

States

260,000

262,481

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

9/30/31

...................

United

States

270,000

275,507

Senior

Note

,

144A,

6

%

,

2/01/33

......................

United

States

620,000

636,046

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

3/01/30

....................

United

States

360,000

334,952

b

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

7

%

,

2/15/29

......................

United

States

160,000

160,914

Senior

Note

,

144A,

9.125

%

,

7/15/31

...................

United

States

395,000

424,252

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

.........................

United

States

565,000

608,601

9,942,435

Household

Durables

1.6%

b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875

%

,

8/01/33

.........................

United

States

255,000

257,418

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Household

Durables

(continued)

b

K.

Hovnanian

Enterprises,

Inc.

,

Senior

Note

,

144A,

8

%

,

4/01/31

......................

United

States

140,000

$

143,650

Senior

Note

,

144A,

8.375

%

,

10/01/33

..................

United

States

210,000

215,434

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

........

United

States

460,000

483,205

Newell

Brands,

Inc.

,

Senior

Note

,

6.375

%

,

5/15/30

........................

United

States

135,000

134,095

Senior

Note

,

6.625

%

,

5/15/32

........................

United

States

290,000

286,928

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

...................

United

States

290,000

289,332

Senior

Note

,

144A,

5.875

%

,

6/15/27

...................

United

States

140,000

141,817

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

..............................

United

States

305,000

298,911

2,250,790

Household

Products

0.1%

b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

160,000

153,659

Independent

Power

and

Renewable

Electricity

Producers

0.6%

b

Calpine

Corp.

,

Senior

Bond

,

144A,

5

%

,

2/01/31

.............

United

States

310,000

309,288

b

,e

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

150,000

153,542

Junior

Sub.

Bond

,

144A,

7%

to

12/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

290,000

294,640

757,470

Insurance

1.7%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5

%

,

6/15/29

.....................

United

States

435,000

457,043

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

.............

United

States

435,000

453,501

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

5.875

%

,

11/01/29

..................

United

States

530,000

529,375

Senior

Note

,

144A,

7.375

%

,

10/01/32

..................

United

States

130,000

134,119

Senior

Secured

Note

,

144A,

7

%

,

1/15/31

................

United

States

560,000

579,050

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

...........................

Canada

170,000

178,742

2,331,830

IT

Services

0.8%

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

750,000

729,551

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

.........................................

United

States

315,000

330,212

1,059,763

Machinery

0.5%

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

1/01/31

......

United

States

130,000

139,394

b

Terex

Corp.

,

Senior

Note

,

144A,

5

%

,

5/15/29

......................

United

States

235,000

231,636

Senior

Note

,

144A,

6.25

%

,

10/15/32

...................

United

States

280,000

285,464

656,494

Media

6.5%

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

4/15/28

....................

United

States

145,000

144,865

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

............

United

States

125,000

131,344

Senior

Secured

Note

,

144A,

7.5

%

,

3/15/33

..............

United

States

555,000

580,688

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

122

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

b

CSC

Holdings

LLC

,

Senior

Bond

,

144A,

5.375

%

,

2/01/28

...................

United

States

680,000

$

596,829

Senior

Note

,

144A,

11.75

%

,

1/31/29

...................

United

States

340,000

286,133

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

2/01/30

.........................................

United

States

295,000

291,747

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

............

United

States

64,000

63,976

Senior

Secured

Note

,

144A,

10

%

,

2/15/31

...............

United

States

170,000

169,878

Discovery

Communications

LLC

,

Senior

Note

,

4.125

%

,

5/15/29

.

United

States

370,000

356,467

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75

%

,

11/30/29

......

United

States

505,000

555,980

b

EW

Scripps

Co.

(The)

,

Senior

Secured

Note

,

144A,

9.875

%

,

8/15/30

.........................................

United

States

700,000

657,694

b

Gray

Media,

Inc.

,

Secured

Note

,

144A,

9.625

%

,

7/15/32

..................

United

States

475,000

485,694

Senior

Bond

,

144A,

5.375

%

,

11/15/31

..................

United

States

400,000

300,753

Senior

Secured

Note

,

144A,

7.25

%

,

8/15/33

.............

United

States

135,000

133,863

b

McGraw-Hill

Education,

Inc.

,

Senior

Note

,

144A,

8

%

,

8/01/29

......................

United

States

485,000

494,350

Senior

Secured

Note

,

144A,

7.375

%

,

9/01/31

............

United

States

465,000

483,514

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

11/01/28

......

United

States

240,000

234,449

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond

,

144A,

4.625

%

,

3/15/30

...................

United

States

400,000

384,779

Senior

Note

,

144A,

5

%

,

8/15/27

......................

United

States

70,000

69,704

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

895,000

919,232

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

3.875

%

,

9/01/31

...................

United

States

350,000

317,418

Senior

Note

,

144A,

4

%

,

7/15/28

......................

United

States

140,000

135,394

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375

%

,

8/01/32

...................................

United

States

320,000

341,282

VZ

Secured

Financing

BV

,

b

Senior

Secured

Note

,

144A,

5

%

,

1/15/32

................

Netherlands

385,000

348,584

b

Ziggo

Bond

Co.

BV

,

Senior

Bond

,

144A,

5.125

%

,

2/28/30

.....

Netherlands

400,000

362,942

8,847,559

Metals

&

Mining

3.1%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

...............

Luxembourg

525,000

590,090

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

1/31/29

..............................

United

States

256,000

256,307

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

......................

United

States

295,000

298,309

Senior

Note

,

144A,

7.625

%

,

1/15/34

...................

United

States

170,000

175,280

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

165,000

155,850

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125

%

,

7/15/29

..................

United

States

150,000

EUR

171,858

Senior

Note

,

144A,

6.375

%

,

8/15/32

...................

United

States

415,000

424,542

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

4/01/29

....

Canada

330,000

332,962

b

,c

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

7

%

,

4/01/31

......

Australia

185,000

187,510

b

Novelis

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

1/30/30

....................

United

States

140,000

135,169

Senior

Bond

,

144A,

3.875

%

,

8/15/31

...................

United

States

240,000

219,004

Senior

Note

,

144A,

6.875

%

,

1/30/30

...................

United

States

300,000

311,341

Senior

Note

,

144A,

6.375

%

,

8/15/33

...................

United

States

430,000

434,761

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

...

United

States

370,000

359,114

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

123

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Metals

&

Mining

(continued)

United

States

Steel

Corp.

,

Senior

Bond

,

6.65

%

,

6/01/37

......

United

States

175,000

$

181,500

4,233,597

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

.........................

United

States

405,000

389,534

Oil,

Gas

&

Consumable

Fuels

6.0%

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

.........................................

United

States

565,000

572,948

e

Energy

Transfer

LP

,

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

...............................

United

States

630,000

629,662

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

7/01/33

...................................

United

States

625,000

641,099

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5

%

,

6/01/29

United

States

140,000

144,475

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375

%

,

11/01/33

..................................

United

States

345,000

362,582

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

740,000

744,859

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

....

United

States

455,000

459,672

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.2

%

,

3/15/40

......

United

States

890,000

905,202

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

.............

United

States

560,000

570,398

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

........................................

United

States

510,000

499,453

b

Venture

Global

LNG,

Inc.

,

e

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

400,000

396,712

Senior

Secured

Note

,

144A,

9.5

%

,

2/01/29

..............

United

States

340,000

374,901

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

............

United

States

480,000

504,324

Senior

Secured

Note

,

144A,

9.875

%

,

2/01/32

............

United

States

315,000

343,145

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75

%

,

5/01/35

.............

United

States

85,000

95,993

Senior

Secured

Bond

,

144A,

6.75

%

,

1/15/36

.............

United

States

250,000

265,701

Senior

Secured

Note

,

144A,

7.5

%

,

5/01/33

..............

United

States

85,000

93,979

Senior

Secured

Note

,

144A,

6.5

%

,

1/15/34

..............

United

States

145,000

152,726

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

......

United

States

94,000

95,630

b

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875

%

,

4/15/32

.......

United

States

350,000

339,998

8,193,459

Paper

&

Forest

Products

0.5%

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...................

United

States

150,000

132,929

Senior

Secured

Note

,

144A,

7.25

%

,

11/15/31

............

United

States

160,000

150,678

Mercer

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/01/29

........................

Germany

275,000

202,943

b

Senior

Note

,

144A,

12.875

%

,

10/01/28

.................

Germany

220,000

200,488

687,038

Passenger

Airlines

0.7%

b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

..............

United

States

81,250

81,355

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

.............

United

States

325,000

326,487

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

410,000

431,530

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

130,000

128,108

967,480

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

124

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Personal

Care

Products

1.0%

b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

7/15/30

.........................................

United

States

245,000

$

250,664

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/32

...

France

1,085,000

1,112,804

1,363,468

Pharmaceuticals

1.1%

b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

10

%

,

4/15/32

...

United

States

205,000

210,298

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

185,000

198,712

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375

%

,

5/09/30

...................................

Israel

225,000

EUR

271,502

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

6.75

%

,

3/01/28

.........................

Israel

525,000

545,427

Senior

Note

,

8.125

%

,

9/15/31

........................

Israel

200,000

228,923

1,454,862

Professional

Services

0.4%

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

475,000

490,580

Real

Estate

Management

&

Development

0.2%

b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

7

%

,

4/15/30

.....................

United

States

253,800

257,051

Semiconductors

&

Semiconductor

Equipment

0.1%

b

ON

Semiconductor

Corp.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.

United

States

80,000

77,741

Software

1.2%

b

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

9

%

,

9/30/29

.....................

United

States

350,000

363,419

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/29

..............

United

States

265,000

267,682

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

440,000

408,653

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

......

United

States

245,000

238,895

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/31

......

United

States

295,000

304,614

1,583,263

Specialized

REITs

1.1%

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/33

.......

United

States

745,000

760,470

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/30

..

United

States

780,000

793,853

1,554,323

Specialty

Retail

1.3%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

675,000

703,149

b

,d

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

9

%

,

6/01/31

...

United

States

299,600

339,437

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/29

.............

United

States

180,000

183,013

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875

%

,

10/15/28

...

United

States

595,000

593,774

1,819,373

Technology

Hardware,

Storage

&

Peripherals

0.4%

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

3.125

%

,

7/15/29

...................

United

States

140,000

121,751

Senior

Note

,

144A,

5.875

%

,

7/15/30

...................

United

States

370,000

377,369

499,120

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

125

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Textiles,

Apparel

&

Luxury

Goods

1.5%

b

Beach

Acquisition

Bidco

LLC

,

d

Senior

Note

,

144A,

PIK,

10

%

,

7/15/33

..................

United

States

410,000

$

443,276

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/32

.............

United

States

275,000

EUR

331,750

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

3/15/29

.............

United

States

240,000

230,339

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

..........

United

States

545,000

577,590

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5

%

,

3/01/31

.......

United

States

320,000

297,509

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

225,000

225,284

2,105,748

Trading

Companies

&

Distributors

2.3%

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

575,000

563,685

b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

.....................

United

States

340,000

360,221

Secured

Note

,

144A,

8.625

%

,

5/15/32

..................

United

States

245,000

264,819

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

6

%

,

3/01/29

.........................................

United

States

425,000

431,050

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

205,000

210,792

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

610,000

633,117

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/29

...................

United

States

90,000

92,774

Senior

Note

,

144A,

6.625

%

,

3/15/32

...................

United

States

410,000

426,593

Senior

Note

,

144A,

6.375

%

,

3/15/33

...................

United

States

165,000

171,161

3,154,212

Wireless

Telecommunication

Services

1.0%

b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

9

%

,

9/15/29

............................

United

Kingdom

795,000

836,861

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

.........................................

United

Kingdom

515,000

549,160

1,386,021

Total

Corporate

Bonds

(Cost

$

117,260,763

)

...................................

120,300,572

Senior

Floating

Rate

Interests

5.3%

Automobile

Components

0.3%

g

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.18

%

,

(

1-month

SOFR

+

3.75

%

),

10/04/28

.........

United

States

367,405

362,855

g

Chemicals

0.6%

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.701

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

............

United

States

285,882

283,166

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1

,

7.5

%

,

(

1-month

SOFR

+

3.25

%

),

4/03/28

....

Netherlands

276,539

277,346

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.424

%

,

(

1-month

SOFR

+

3.25

%

),

4/03/28

..

Netherlands

132,650

132,920

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.728

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

..............

United

States

145,683

118,077

811,509

a

a

a

a

a

a

Communications

Equipment

0.3%

c,g

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.913

%

,

(

1-month

SOFR

+

4.75

%

),

12/18/29

....................

United

States

405,000

410,478

g

Containers

&

Packaging

0.1%

c,h

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

14.157

%

,

(

1-month

SOFR

+

10

%

),

10/27/25

..............

Luxembourg

23,222

20,705

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

126

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Containers

&

Packaging

(continued)

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.019

%

,

(

6-month

SOFR

+

4.725

%

),

2/12/26

......

Luxembourg

227,948

$

113,903

134,608

a

a

a

a

a

a

Distributors

0.2%

c,g

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.002

%

,

(

3-month

SOFR

+

4

%

),

11/30/30

...........

United

States

279,876

277,447

Food

Products

0.3%

c,g

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan

,

6.594

%

,

(

12-month

SOFR

+

2.5

%

),

7/16/32

.....................

United

Kingdom

402,817

402,448

Health

Care

Equipment

&

Supplies

0.2%

g

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

8.413

%

,

(

1-month

SOFR

+

4.25

%

),

1/15/31

.........

United

States

329,930

330,549

g

Hotels,

Restaurants

&

Leisure

0.5%

c

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.413

%

,

(

1-month

SOFR

+

3.25

%

),

1/29/29

..............

United

States

409,175

409,048

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.753

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

.............

Canada

45,004

43,514

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.036

%

,

(

3-month

SOFR

+

2.75

%

),

4/04/29

.

United

States

183,148

181,849

634,411

a

a

a

a

a

a

IT

Services

0.2%

g

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.255

%

,

(

1-month

SOFR

+

3

%

),

6/27/31

................

United

States

253,088

254,669

Machinery

0.3%

g

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.913

%

,

(

1-month

SOFR

+

2.75

%

),

10/23/28

..

United

States

418,941

421,342

g

Media

0.5%

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.278

%

,

(

1-month

SOFR

+

4

%

),

8/23/28

.........................................

United

States

268,433

269,238

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.82

%

,

(

3-month

SOFR

+

5.25

%

),

8/02/29

........

United

States

406,070

407,276

676,514

a

a

a

a

a

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

g

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.4

%

,

(

1-month

SOFR

+

3.25

%

),

6/13/30

...

United

States

116,708

117,619

g

Pharmaceuticals

0.4%

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

10.413

%

,

(

1-month

SOFR

+

6.25

%

),

10/08/30

....................

United

States

219,450

216,775

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.163

%

,

(

1-month

SOFR

+

4

%

),

4/23/31

.......

United

States

406,890

408,204

624,979

a

a

a

a

a

a

g

Software

0.3%

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

7.252

%

,

(

3-month

SOFR

+

3.25

%

),

8/16/32

.......

United

States

113,718

114,196

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Software

(continued)

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

7.913

%

,

(

1-month

SOFR

+

3.75

%

),

11/28/28

....................

United

States

280,737

$

281,674

395,870

a

a

a

a

a

a

g

Specialty

Retail

0.4%

LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

3

Incremental

CME

Term

Loan

,

7.986

%

,

(

1-month

SOFR

+

3.75

%

),

6/06/31

.

United

States

172,369

168,539

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.416

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

.............

United

States

375,712

376,213

544,752

a

a

a

a

a

a

g

Textiles,

Apparel

&

Luxury

Goods

0.2%

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1

,

7.308

%

,

(

3-month

SOFR

+

3.25

%

),

9/13/32

..............

United

States

17,692

17,799

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.796

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

......................

United

States

286,366

252,002

269,801

a

a

a

a

a

a

g

Trading

Companies

&

Distributors

0.3%

Foundation

Building

Materials,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

9.546

%

,

(

3-month

SOFR

+

5.25

%

),

1/29/31

.

United

States

34,913

35,165

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan

,

8.308

%

,

(

3-month

SOFR

+

4

%

),

1/29/31

................

United

States

376,190

377,302

412,467

a

a

a

a

a

a

Wireless

Telecommunication

Services

0.1%

g

Connect

Finco

SARL,

First

Lien,

Amendment

No.

4

CME

Term

Loan

,

8.663

%

,

(

1-month

SOFR

+

4.5

%

),

9/13/29

..........

United

Kingdom

211,650

209,387

Total

Senior

Floating

Rate

Interests

(Cost

$

7,409,097

)

.........................

7,291,705

Foreign

Government

and

Agency

Securities

0.2%

b

,e

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

.....................

France

200,000

232,045

Total

Foreign

Government

and

Agency

Securities

(Cost

$

200,000

)

..............

232,045

Total

Long

Term

Investments

(Cost

$

128,009,189

)

.............................

132,125,077

a

Short

Term

Investments

3.6%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.1%

i

U.S.

Treasury

Bills

,

2

.01

%

,

10/02/25

.....................

United

States

200,000

199,977

Total

U.S.

Government

and

Agency

Securities

(Cost

$

199,977

)

..................

199,977

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

A

bbreviations

on

page

240

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

3.5%

j,k

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

4,740,681

$

4,740,681

Total

Management

Investment

Companies

(Cost

$

4,740,681

)

...................

4,740,681

Total

Short

Term

Investments

(Cost

$

4,940,658

)

...............................

4,940,658

a

Total

Investments

(Cost

$

132,949,847

)

100.1

%

................................

$137,065,735

Other

Assets,

less

Liabilities

(

0.1

)

%

.........................................

(123,146)

Net

Assets

100.0%

.........................................................

$136,942,589

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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

September

30,

2025,

the

aggregate

value

of

these

securities

was

$109,123,115,

representing

79.7%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

Perpetual

security

with

no

stated

maturity

date.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

i

The

rate

shown

represents

the

yield

at

period

end.

j

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

British

Pound

......

HSBK

Sell

310,200

421,591

12/17/25

$

4,363

$

—

Euro

.............

HSBK

Sell

2,871,100

3,393,606

12/17/25

7,717

—

Total

Forward

Exchange

Contracts

...................................................

$12,080

$—

Net

unrealized

appreciation

(depreciation)

............................................

$12,080

*

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),

September

30,

2025

Putnam

VT

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

129

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

44.3%

Aerospace

&

Defense

1.4%

a

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3

%

,

3/26/34

.....................

United

Kingdom

205,000

$

212,512

Senior

Bond

,

144A,

5.5

%

,

3/26/54

.....................

United

Kingdom

200,000

203,195

Boeing

Co.

(The)

,

Senior

Bond

,

2.95

%

,

2/01/30

.........................

United

States

25,000

23,548

Senior

Bond

,

6.125

%

,

2/15/33

........................

United

States

55,000

59,316

Senior

Bond

,

3.6

%

,

5/01/34

..........................

United

States

36,000

32,580

Senior

Bond

,

3.25

%

,

2/01/35

.........................

United

States

30,000

26,048

Senior

Bond

,

3.5

%

,

3/01/39

..........................

United

States

30,000

24,305

Senior

Bond

,

6.875

%

,

3/15/39

........................

United

States

70,000

79,325

Senior

Bond

,

3.375

%

,

6/15/46

........................

United

States

205,000

146,193

Senior

Bond

,

3.9

%

,

5/01/49

..........................

United

States

76,000

57,489

Senior

Bond

,

6.858

%

,

5/01/54

........................

United

States

80,000

91,317

Senior

Bond

,

3.95

%

,

8/01/59

.........................

United

States

70,000

50,349

Senior

Note

,

2.196

%

,

2/04/26

........................

United

States

357,000

354,341

Senior

Note

,

6.259

%

,

5/01/27

........................

United

States

20,000

20,586

Senior

Note

,

6.298

%

,

5/01/29

........................

United

States

30,000

31,846

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

6.75

%

,

1/15/28

.........................

United

States

135,000

142,869

Senior

Bond

,

5.95

%

,

2/01/37

.........................

United

States

16,000

17,337

Senior

Note

,

3

%

,

1/15/29

...........................

United

States

142,000

137,051

a

TransDigm,

Inc.

,

Senior

Sub.

Note

,

144A,

6.75

%

,

1/31/34

.....

United

States

255,000

263,842

1,974,049

Automobiles

0.3%

a

Hyundai

Capital

America

,

Senior

Bond

,

144A,

6.375

%

,

4/08/30

...................

United

States

8,000

8,552

Senior

Note

,

144A,

6.5

%

,

1/16/29

.....................

United

States

295,000

312,809

Senior

Note

,

144A,

5.35

%

,

3/19/29

....................

United

States

41,000

42,127

Senior

Note

,

144A,

4.55

%

,

9/26/29

....................

United

States

50,000

50,121

Senior

Note

,

144A,

5.4

%

,

1/08/31

.....................

United

States

20,000

20,632

Senior

Note

,

144A,

5.4

%

,

6/23/32

.....................

United

States

20,000

20,609

454,850

Banks

6.4%

a

,b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

202,759

Banco

Santander

SA

,

Senior

Non-Preferred

Bond

,

4.379

%

,

4/12/28

............

Spain

200,000

200,564

Sub.

Bond

,

6.921

%

,

8/08/33

.........................

Spain

200,000

222,496

Bank

of

America

Corp.

,

Senior

Bond

,

2.496%

to

2/12/30,

FRN

thereafter

,

2/13/31

...

United

States

195,000

180,526

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

50,000

52,241

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

..

United

States

100,000

104,234

c

Sub.

Bond

,

FRN

,

5.059

%

,

(

3-month

SOFR

+

1.022

%

),

9/15/26

United

States

100,000

100,516

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

100,000

102,047

Sub.

Bond

,

6.11

%

,

1/29/37

..........................

United

States

300,000

323,734

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

604,000

564,510

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

208,953

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

200,000

206,280

a

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

......................

Spain

200,000

207,516

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Citigroup,

Inc.

,

b

CC

,

Junior

Sub.

Bond

,

7.125%

to

8/14/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

70,000

$

72,421

b

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

259,000

267,197

Sub.

Bond

,

4.45

%

,

9/29/27

..........................

United

States

500,000

502,166

Sub.

Bond

,

6.174%

to

5/24/33,

FRN

thereafter

,

5/25/34

.....

United

States

76,000

80,892

a

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837

%

,

3/13/34

.........................................

Australia

200,000

210,320

a

Credit

Agricole

SA

,

Sub.

Bond

,

144A,

4%

to

1/09/28,

FRN

thereafter

,

1/10/33

.................................

France

250,000

246,304

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

....

United

States

115,000

121,195

Senior

Note

,

4.895%

to

9/05/29,

FRN

thereafter

,

9/06/30

....

United

States

60,000

60,989

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125

%

,

3/09/28

...

United

States

107,000

111,123

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

200,000

203,446

a

Intesa

Sanpaolo

SpA

,

Sub.

Bond

,

144A,

4.198%

to

5/31/31,

FRN

thereafter

,

6/01/32

.................................

Italy

210,000

198,637

JPMorgan

Chase

&

Co.

,

b

KK

,

Junior

Sub.

Bond

,

3.65%

to

5/31/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

87,000

86,152

c

W

,

Junior

Sub.

Bond

,

FRN

,

5.473

%

,

(

3-month

SOFR

+

1.262

%

),

5/15/47

.................................

United

States

63,000

55,307

Senior

Bond

,

5.294%

to

7/21/34,

FRN

thereafter

,

7/22/35

...

United

States

125,000

129,155

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

34,000

35,589

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

...

United

States

155,000

158,110

Senior

Note

,

5.14%

to

1/23/30,

FRN

thereafter

,

1/24/31

.....

United

States

86,000

88,839

Sub.

Bond

,

2.956%

to

5/12/30,

FRN

thereafter

,

5/13/31

.....

United

States

300,000

281,431

Sub.

Bond

,

5.717%

to

9/13/32,

FRN

thereafter

,

9/14/33

.....

United

States

380,000

402,033

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

60,000

62,244

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

3.369%

to

12/13/41,

FRN

thereafter

,

12/14/46

................................

United

Kingdom

305,000

226,192

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

.................................

United

Kingdom

200,000

201,222

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

...

United

States

40,000

41,178

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

.....

United

States

350,000

347,503

Royal

Bank

of

Canada

,

Sub.

Bond

,

4.65

%

,

1/27/26

..........

Canada

140,000

140,094

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

........................................

Canada

200,000

211,660

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.....

Canada

180,000

178,567

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

.................................

United

States

120,000

125,966

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

260,000

224,207

Wells

Fargo

&

Co.

,

b

BB

,

Junior

Sub.

Bond

,

3.9%

to

3/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

50,000

49,574

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

....

United

States

125,000

129,571

Wells

Fargo

Bank

NA

,

Sub.

Bond

,

6.6

%

,

1/15/38

............

United

States

495,000

559,238

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421

%

,

7/24/39

........

Australia

185,000

171,455

8,656,353

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Biotechnology

0.6%

AbbVie,

Inc.

,

Senior

Bond

,

5.05

%

,

3/15/34

................

United

States

61,000

$

62,791

Amgen,

Inc.

,

Senior

Bond

,

3.2

%

,

11/02/27

.........................

United

States

218,000

214,500

Senior

Bond

,

5.65

%

,

3/02/53

.........................

United

States

98,000

97,817

Senior

Note

,

5.25

%

,

3/02/30

.........................

United

States

273,000

283,050

Biogen,

Inc.

,

Senior

Bond

,

2.25

%

,

5/01/30

.........................

United

States

145,000

132,329

Senior

Bond

,

3.25

%

,

2/15/51

.........................

United

States

105,000

68,841

859,328

Broadline

Retail

0.1%

a

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

9/15/30

.....

United

States

165,000

173,456

Building

Products

0.3%

Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25

%

,

9/15/35

............

United

States

65,000

65,816

Johnson

Controls

International

plc

,

Senior

Note

,

3.9

%

,

2/14/26

.

United

States

138,000

137,722

a

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

7/15/30

.

United

States

275,000

263,843

467,381

Capital

Markets

3.0%

Ares

Capital

Corp.

,

Senior

Note

,

3.875

%

,

1/15/26

........................

United

States

175,000

174,707

Senior

Note

,

7

%

,

1/15/27

...........................

United

States

35,000

36,038

Senior

Note

,

5.95

%

,

7/15/29

.........................

United

States

58,000

59,941

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.729%

to

4/19/28,

FRN

thereafter

,

4/20/29

.............................

United

States

250,000

254,158

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

112,000

109,908

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note

,

2.311%

to

11/15/26,

FRN

thereafter

,

11/16/27

.....................

Germany

150,000

146,735

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

......................

United

States

353,000

353,490

Intercontinental

Exchange,

Inc.

,

Senior

Note

,

4

%

,

9/15/27

...........................

United

States

200,000

200,043

Senior

Note

,

4.35

%

,

6/15/29

.........................

United

States

49,000

49,454

a

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

...............................

United

States

185,000

192,292

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5

%

,

9/15/26

..........................

United

States

190,000

190,407

Senior

Note

,

6.2

%

,

4/14/34

..........................

United

States

75,000

79,770

a

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75

%

,

7/01/29

.........................................

United

States

110,000

108,096

LPL

Holdings,

Inc.

,

Senior

Note

,

6.75

%

,

11/17/28

........................

United

States

41,000

43,776

Senior

Note

,

5.2

%

,

3/15/30

..........................

United

States

179,000

183,027

a

Senior

Note

,

144A,

4.625

%

,

11/15/27

..................

United

States

50,000

49,917

Moody's

Corp.

,

Senior

Bond

,

5.25

%

,

7/15/44

...............

United

States

108,000

105,842

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

....

United

States

35,000

35,758

Senior

Note

,

4.994%

to

4/11/28,

FRN

thereafter

,

4/12/29

....

United

States

67,000

68,346

Senior

Note

,

5.23%

to

1/14/30,

FRN

thereafter

,

1/15/31

.....

United

States

15,000

15,485

Sub.

Bond

,

3.95

%

,

4/23/27

..........................

United

States

760,000

758,573

Sub.

Bond

,

5.297%

to

4/19/32,

FRN

thereafter

,

4/20/37

.....

United

States

314,000

318,648

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

12,000

12,586

Sub.

Bond

,

5.942%

to

2/06/34,

FRN

thereafter

,

2/07/39

.....

United

States

60,000

62,841

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

a

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625

%

,

9/01/30

...................

United

States

111,000

$

105,990

Senior

Bond

,

144A,

3.25

%

,

8/15/33

....................

United

States

250,000

223,509

Nasdaq,

Inc.

,

Senior

Bond

,

5.55

%

,

2/15/34

................

United

States

19,000

19,960

S&P

Global,

Inc.

,

Senior

Bond

,

2.5

%

,

12/01/29

.........................

United

States

70,000

65,716

Senior

Note

,

4.75

%

,

8/01/28

.........................

United

States

65,000

66,236

4,091,249

Chemicals

0.4%

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4

%

,

8/05/26

..........................

United

States

65,000

63,022

Senior

Note

,

6.665

%

,

7/15/27

........................

United

States

22,000

22,583

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

255,000

269,476

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

..........................

United

States

150,000

143,612

Senior

Bond

,

5.7

%

,

10/15/34

.........................

United

States

5,000

4,560

Nutrien

Ltd.

,

Senior

Bond

,

2.95

%

,

5/13/30

.................

Canada

10,000

9,428

512,681

Commercial

Services

&

Supplies

0.5%

Republic

Services,

Inc.

,

Senior

Note

,

5

%

,

11/15/29

..........

United

States

335,000

346,051

Waste

Connections,

Inc.

,

Senior

Bond

,

3.5

%

,

5/01/29

..........................

United

States

110,000

108,167

Senior

Bond

,

3.2

%

,

6/01/32

..........................

United

States

22,000

20,383

Senior

Bond

,

5

%

,

3/01/34

...........................

United

States

40,000

40,864

Waste

Management,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/29

......

United

States

93,000

95,535

611,000

Communications

Equipment

0.2%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.3

%

,

11/15/30

.........................

United

States

35,000

31,648

Senior

Note

,

4.85

%

,

8/15/30

.........................

United

States

40,000

40,779

Senior

Note

,

5.2

%

,

8/15/32

..........................

United

States

133,000

137,134

209,561

Construction

&

Engineering

0.2%

MasTec,

Inc.

,

Senior

Note

,

5.9

%

,

6/15/29

.................

United

States

320,000

335,193

Consumer

Finance

1.8%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

..........................

Ireland

245,000

225,756

Senior

Note

,

5.1

%

,

1/19/29

..........................

Ireland

150,000

153,643

a

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25

%

,

3/15/30

.........................................

United

States

150,000

153,090

Ally

Financial,

Inc.

,

Senior

Bond

,

8

%

,

11/01/31

..........................

United

States

145,000

165,366

Senior

Note

,

4.75

%

,

6/09/27

.........................

United

States

20,000

20,113

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

.................................

United

States

50,000

50,677

a

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

5.75

%

,

11/15/29

...................

Ireland

166,000

172,544

Senior

Note

,

144A,

4.9

%

,

10/10/30

....................

Ireland

170,000

171,016

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

30,000

$

29,768

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

132,000

149,329

Sub.

Bond

,

2.359%

to

7/28/31,

FRN

thereafter

,

7/29/32

.....

United

States

225,000

194,263

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8

%

,

3/05/27

.......

United

States

305,000

308,177

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

5.8

%

,

1/07/29

..........................

United

States

140,000

145,534

Senior

Note

,

4.9

%

,

10/06/29

.........................

United

States

91,000

92,080

a

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15

%

,

3/17/30

....................

United

Kingdom

100,000

101,438

Senior

Note

,

144A,

6.5

%

,

3/26/31

.....................

United

Kingdom

114,000

122,293

OneMain

Finance

Corp.

,

Senior

Note

,

7.5

%

,

5/15/31

.........

United

States

250,000

261,560

2,516,647

Consumer

Staples

Distribution

&

Retail

0.5%

a

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8

%

,

2/10/31

.....................

United

States

34,000

29,563

Senior

Note

,

144A,

1.3

%

,

2/10/28

.....................

United

States

303,000

283,374

a

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55

%

,

7/26/27

....................

Canada

260,000

257,621

Senior

Bond

,

144A,

2.95

%

,

1/25/30

....................

Canada

134,000

126,623

697,181

Containers

&

Packaging

0.3%

Berry

Global,

Inc.

,

Senior

Secured

Note

,

1.57

%

,

1/15/26

..................

United

States

104,000

103,114

Senior

Secured

Note

,

1.65

%

,

1/15/27

..................

United

States

155,000

150,205

Senior

Secured

Note

,

5.5

%

,

4/15/28

...................

United

States

13,000

13,372

a

Senior

Secured

Note

,

144A,

4.875

%

,

7/15/26

............

United

States

3,000

3,000

WestRock

MWV

LLC

,

Senior

Bond

,

8.2

%

,

1/15/30

..........................

United

States

105,000

120,442

Senior

Bond

,

7.95

%

,

2/15/31

.........................

United

States

39,000

45,108

435,241

Diversified

Consumer

Services

0.0%

†

Service

Corp.

International

,

Senior

Bond

,

3.375

%

,

8/15/30

....

United

States

15,000

13,913

Diversified

REITs

0.5%

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

6.75

%

,

12/01/33

........................................

United

States

60,000

65,055

VICI

Properties

LP

,

Senior

Bond

,

5.75

%

,

4/01/34

.........................

United

States

70,000

72,777

Senior

Note

,

4.75

%

,

2/15/28

.........................

United

States

58,000

58,500

a

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.5

%

,

9/01/26

.....................

United

States

145,000

145,039

Senior

Note

,

144A,

3.75

%

,

2/15/27

....................

United

States

22,000

21,766

Senior

Note

,

144A,

3.875

%

,

2/15/29

...................

United

States

410,000

400,553

763,690

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

,

Senior

Bond

,

2.55

%

,

12/01/33

........................

United

States

162,000

138,011

Senior

Bond

,

4.75

%

,

5/15/46

.........................

United

States

335,000

299,353

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

149,000

160,301

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

Telecommunication

Services

(continued)

TELUS

Corp.

,

Junior

Sub.

Bond

,

6.625%

to

10/14/30,

FRN

thereafter

,

10/15/55

................................

Canada

110,000

$

113,277

Verizon

Communications,

Inc.

,

Senior

Bond

,

4.4

%

,

11/01/34

.........................

United

States

85,000

82,026

Senior

Bond

,

4.272

%

,

1/15/36

........................

United

States

150,000

140,748

a

Senior

Bond

,

144A,

5.401

%

,

7/02/37

...................

United

States

117,000

118,919

Senior

Note

,

2.1

%

,

3/22/28

..........................

United

States

250,000

238,494

1,291,129

Electric

Utilities

4.1%

American

Electric

Power

Co.,

Inc.

,

C

,

Junior

Sub.

Bond

,

5.8%

to

3/14/31,

FRN

thereafter

,

3/15/56

United

States

180,000

179,819

D

,

Junior

Sub.

Bond

,

6.05%

to

3/14/36,

FRN

thereafter

,

3/15/56

.........................................

United

States

60,000

60,234

Senior

Bond

,

5.625

%

,

3/01/33

........................

United

States

45,000

47,328

Senior

Bond

,

3.25

%

,

3/01/50

.........................

United

States

100,000

67,413

J

,

Senior

Bond

,

4.3

%

,

12/01/28

.......................

United

States

210,000

211,012

a

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

65,000

58,350

DTE

Electric

Co.

,

Senior

Bond

,

5.25

%

,

5/15/35

.............

United

States

45,000

46,340

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95

%

,

1/15/33

....

United

States

90,000

92,581

Duke

Energy

Corp.

,

Senior

Bond

,

3.15

%

,

8/15/27

.........................

United

States

180,000

177,190

Senior

Bond

,

5.45

%

,

6/15/34

.........................

United

States

29,000

30,185

Senior

Bond

,

4.2

%

,

6/15/49

..........................

United

States

65,000

52,390

Senior

Bond

,

5.8

%

,

6/15/54

..........................

United

States

21,000

21,241

Senior

Note

,

4.85

%

,

1/05/29

.........................

United

States

25,000

25,486

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65

%

,

2/01/29

.........................

United

States

97,000

95,910

Senior

Bond

,

5.25

%

,

4/01/33

.........................

United

States

65,000

67,362

a

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

7.5

%

,

10/14/32

........................................

Italy

200,000

230,691

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7

%

,

3/15/53

.....

United

States

60,000

60,864

a

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15

%

,

12/15/27

United

States

165,000

168,086

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

165,000

169,523

Exelon

Corp.

,

Senior

Bond

,

5.625

%

,

6/15/35

........................

United

States

225,000

234,954

Senior

Note

,

5.15

%

,

3/15/29

.........................

United

States

280,000

288,146

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55

%

,

1/15/30

...

United

States

45,000

45,319

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.125

%

,

2/01/42

.....

United

States

203,000

176,831

Georgia

Power

Co.

,

Senior

Bond

,

4.95

%

,

5/17/33

.........................

United

States

270,000

275,534

Senior

Bond

,

5.25

%

,

3/15/34

.........................

United

States

10,000

10,320

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

105,000

102,896

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

3.55

%

,

5/01/27

.........................

United

States

100,000

99,195

Senior

Bond

,

5.9

%

,

3/15/55

..........................

United

States

25,000

25,793

Senior

Note

,

5.3

%

,

3/15/32

..........................

United

States

80,000

83,132

Northern

States

Power

Co.

,

Senior

Bond

,

5.05

%

,

5/15/35

.....

United

States

65,000

66,342

a

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

2

%

,

12/02/25

..

United

States

191,000

190,003

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

5.75

%

,

3/15/29

..................

United

States

161,000

168,654

Senior

Secured

Bond

,

4.95

%

,

9/15/52

..................

United

States

95,000

86,671

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

Oncor

Electric

Delivery

Co.

LLC,

(continued)

Senior

Secured

Note

,

3.7

%

,

11/15/28

..................

United

States

90,000

$

89,039

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

5.9

%

,

6/15/32

..........................

United

States

64,000

66,958

Senior

Bond

,

4.95

%

,

7/01/50

.........................

United

States

145,000

124,562

Senior

Bond

,

6.75

%

,

1/15/53

.........................

United

States

75,000

80,864

Senior

Note

,

2.1

%

,

8/01/27

..........................

United

States

100,000

96,149

Senior

Note

,

3.3

%

,

12/01/27

.........................

United

States

190,000

185,996

Senior

Note

,

6.1

%

,

1/15/29

..........................

United

States

45,000

47,090

Southern

Co.

(The)

,

Senior

Bond

,

5.7

%

,

3/15/34

..........................

United

States

85,000

89,820

Senior

Note

,

5.5

%

,

3/15/29

..........................

United

States

10,000

10,402

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05

%

,

8/15/34

.........................

United

States

120,000

121,716

C

,

Senior

Bond

,

4.9

%

,

9/15/35

.......................

United

States

85,000

84,591

a

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

..............

United

States

82,000

81,403

Senior

Secured

Bond

,

144A,

6.95

%

,

10/15/33

............

United

States

9,000

10,045

Senior

Secured

Bond

,

144A,

6

%

,

4/15/34

...............

United

States

80,000

84,407

Senior

Secured

Note

,

144A,

3.7

%

,

1/30/27

..............

United

States

465,000

460,842

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.45

%

,

8/15/33

.........................

United

States

170,000

175,975

Senior

Bond

,

5.6

%

,

4/15/35

..........................

United

States

90,000

93,371

5,619,025

Electrical

Equipment

0.2%

a

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

........................................

United

States

304,000

297,222

Entertainment

0.2%

a

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375

%

,

11/15/29

..........

United

States

242,000

253,303

Financial

Services

0.1%

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

100,000

98,520

Food

Products

0.9%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

...........................

United

States

157,000

150,592

Senior

Note

,

5.75

%

,

4/01/33

.........................

United

States

19,000

19,854

Senior

Note

,

6.75

%

,

3/15/34

.........................

United

States

65,000

71,899

a

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

,

Senior

Bond

,

144A,

5.5

%

,

1/15/36

.

United

States

110,000

112,402

a

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group,

Inc.

,

Senior

Bond

,

144A,

5.95

%

,

4/20/35

...........

United

States

25,000

26,288

Kellanova

,

Senior

Bond

,

4.5

%

,

4/01/46

..........................

United

States

18,000

15,788

B

,

Senior

Bond

,

7.45

%

,

4/01/31

.......................

United

States

30,000

34,388

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

6.875

%

,

1/26/39

........................

United

States

50,000

55,817

Senior

Bond

,

4.625

%

,

10/01/39

.......................

United

States

50,000

45,778

a

Mars,

Inc.

,

Senior

Bond

,

144A,

5.65

%

,

5/01/45

....................

United

States

70,000

71,057

Senior

Bond

,

144A,

2.45

%

,

7/16/50

....................

United

States

100,000

59,128

Senior

Bond

,

144A,

5.7

%

,

5/01/55

.....................

United

States

55,000

55,752

Senior

Bond

,

144A,

5.8

%

,

5/01/65

.....................

United

States

35,000

35,723

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

a

Mars,

Inc.,

(continued)

Senior

Note

,

144A,

4.65

%

,

4/20/31

....................

United

States

16,000

$

16,247

Senior

Note

,

144A,

5

%

,

3/01/32

......................

United

States

355,000

363,340

Senior

Note

,

144A,

5.2

%

,

3/01/35

.....................

United

States

75,000

76,699

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5

%

,

3/01/32

...........

United

States

30,000

27,484

1,238,236

Gas

Utilities

0.1%

CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4

%

,

7/01/34

.........................................

United

States

115,000

118,811

Ground

Transportation

0.8%

a

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

8/15/27

...................

United

Kingdom

200,000

200,064

Senior

Bond

,

144A,

5.95

%

,

10/15/33

...................

United

Kingdom

200,000

211,530

a

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3

%

,

12/01/26

....................

United

States

40,000

39,617

Senior

Bond

,

144A,

7

%

,

10/15/37

.....................

United

States

83,000

96,864

a

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond

,

144A,

3.4

%

,

11/15/26

....................

United

States

133,000

131,660

Senior

Note

,

144A,

4.4

%

,

7/01/27

.....................

United

States

110,000

110,312

Ryder

System,

Inc.

,

Senior

Note

,

4.95

%

,

9/01/29

............

United

States

200,000

204,886

994,933

Health

Care

Equipment

&

Supplies

0.2%

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823

%

,

5/20/30

.......

United

States

45,000

42,185

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8

%

,

8/14/29

.

United

States

225,000

229,581

271,766

Health

Care

Providers

&

Services

1.5%

Centene

Corp.

,

Senior

Note

,

2.625

%

,

8/01/31

..............

United

States

180,000

154,747

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

...

United

States

45,000

47,315

Senior

Bond

,

4.78

%

,

3/25/38

.........................

United

States

292,000

273,799

Senior

Note

,

5

%

,

9/15/32

...........................

United

States

117,000

118,478

Elevance

Health,

Inc.

,

Senior

Bond

,

2.25

%

,

5/15/30

.........................

United

States

215,000

196,298

Senior

Bond

,

5.125

%

,

2/15/53

........................

United

States

65,000

59,415

HCA,

Inc.

,

Senior

Bond

,

5.25

%

,

6/15/26

.........................

United

States

35,000

35,072

Senior

Bond

,

4.5

%

,

2/15/27

..........................

United

States

66,000

66,139

Senior

Bond

,

4.125

%

,

6/15/29

........................

United

States

30,000

29,748

Senior

Bond

,

5.6

%

,

4/01/34

..........................

United

States

41,000

42,577

Senior

Bond

,

6

%

,

4/01/54

...........................

United

States

54,000

54,142

Senior

Note

,

3.625

%

,

3/15/32

........................

United

States

50,000

46,921

Humana,

Inc.

,

Senior

Note

,

5.75

%

,

3/01/28

................

United

States

165,000

170,239

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.849

%

,

5/08/29

.........................................

United

States

200,000

208,822

UnitedHealth

Group,

Inc.

,

Senior

Note

,

3.85

%

,

6/15/28

.........................

United

States

370,000

368,886

Senior

Note

,

5.3

%

,

6/15/35

..........................

United

States

110,000

113,755

1,986,353

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

1.1%

a

Carnival

Corp.

,

Senior

Note

,

144A,

5.125

%

,

5/01/29

...................

United

States

185,000

$

185,000

Senior

Note

,

144A,

5.75

%

,

3/15/30

....................

United

States

133,000

135,880

Senior

Note

,

144A,

5.75

%

,

8/01/32

....................

United

States

75,000

76,420

Senior

Secured

Note

,

144A,

4

%

,

8/01/28

................

United

States

533,000

525,725

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75

%

,

1/30/27

.........................

United

States

22,000

22,421

Senior

Note

,

5.05

%

,

3/30/28

.........................

United

States

80,000

81,321

Senior

Note

,

5.25

%

,

6/30/29

.........................

United

States

105,000

107,730

Senior

Note

,

5.375

%

,

12/15/31

.......................

United

States

75,000

76,721

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5

%

,

10/15/32

...

United

States

210,000

194,703

Royal

Caribbean

Cruises

Ltd.

,

d

Senior

Bond

,

5.375

%

,

1/15/36

........................

United

States

90,000

90,560

a

Senior

Note

,

144A,

5.5

%

,

4/01/28

.....................

United

States

20,000

20,393

1,516,874

Household

Durables

0.4%

DR

Horton,

Inc.

,

Senior

Bond

,

5

%

,

10/15/34

..........................

United

States

225,000

227,672

Senior

Bond

,

5.5

%

,

10/15/35

.........................

United

States

95,000

98,561

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.........................

United

States

73,000

73,234

Senior

Bond

,

3.8

%

,

11/01/29

.........................

United

States

145,000

142,012

541,479

Independent

Power

and

Renewable

Electricity

Producers

0.8%

AES

Corp.

(The)

,

Senior

Note

,

1.375

%

,

1/15/26

............

United

States

140,000

138,722

a

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467

%

,

7/31/28

.........................................

United

States

200,000

213,935

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125

%

,

1/15/34

........................

United

States

44,000

47,916

Senior

Bond

,

6.5

%

,

10/01/53

.........................

United

States

106,000

118,253

Senior

Bond

,

5.75

%

,

3/15/54

.........................

United

States

43,000

43,616

Senior

Note

,

5.6

%

,

3/01/28

..........................

United

States

272,000

281,198

Southern

Power

Co.

,

B

,

Senior

Bond

,

4.9

%

,

10/01/35

.......................

United

States

55,000

54,272

A

,

Senior

Note

,

4.25

%

,

10/01/30

......................

United

States

30,000

29,834

927,746

Insurance

1.9%

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85

%

,

12/15/29

......

United

States

95,000

97,018

a

Athene

Global

Funding

,

Secured

Note

,

144A,

5.526

%

,

7/11/31

..................

United

States

80,000

82,521

Secured

Note

,

144A,

5.322

%

,

11/13/31

.................

United

States

74,000

75,777

Senior

Secured

Bond

,

144A,

5.543

%

,

8/22/35

............

United

States

175,000

177,432

Athene

Holding

Ltd.

,

Senior

Bond

,

5.875

%

,

1/15/34

........................

United

States

40,000

41,919

Senior

Bond

,

6.25

%

,

4/01/54

.........................

United

States

35,000

35,728

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

4.3

%

,

5/15/43

United

States

210,000

189,602

Brown

&

Brown,

Inc.

,

Senior

Bond

,

5.55

%

,

6/23/35

.........................

United

States

110,000

113,242

Senior

Note

,

4.9

%

,

6/23/30

..........................

United

States

92,000

93,309

Senior

Note

,

5.25

%

,

6/23/32

.........................

United

States

82,000

84,144

CNA

Financial

Corp.

,

Senior

Bond

,

5.125

%

,

2/15/34

.........

United

States

65,000

65,652

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

138

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

(continued)

a

CNO

Global

Funding

,

Secured

Note

,

144A,

2.65

%

,

1/06/29

...................

United

States

150,000

$

142,000

Secured

Note

,

144A,

4.95

%

,

9/09/29

...................

United

States

95,000

96,964

a

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2

%

,

6/24/29

United

States

305,000

313,377

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

60,000

62,591

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

140,000

141,897

a

Liberty

Mutual

Group,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

6/15/52

..

United

States

200,000

191,564

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375

%

,

3/15/29

..

United

States

194,000

195,829

a

Massachusetts

Mutual

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

3.729

%

,

10/15/70

..................................

United

States

29,000

19,539

a

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8

%

,

7/27/26

....................................

United

States

125,000

126,783

a

Nippon

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

6.5%

to

4/29/35,

FRN

thereafter

,

4/30/55

.............................

Japan

200,000

215,538

a

Teachers

Insurance

&

Annuity

Association

of

America

,

Sub.

Bond

,

144A,

6.85

%

,

12/16/39

..............................

United

States

170,000

195,301

2,757,727

Interactive

Media

&

Services

0.3%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.4

%

,

8/15/54

..........................

United

States

297,000

293,664

Senior

Bond

,

5.75

%

,

5/15/63

.........................

United

States

140,000

144,100

Senior

Bond

,

5.55

%

,

8/15/64

.........................

United

States

30,000

29,803

467,567

IT

Services

0.3%

a

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

270,000

262,639

a

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625

%

,

6/15/29

...................

United

States

80,000

76,670

Senior

Note

,

144A,

3.75

%

,

10/01/30

...................

United

States

49,000

46,288

385,597

Leisure

Products

0.2%

Brunswick

Corp.

,

Senior

Bond

,

2.4

%

,

8/18/31

..........................

United

States

44,000

38,273

Senior

Bond

,

5.1

%

,

4/01/52

..........................

United

States

154,000

123,577

Senior

Note

,

5.85

%

,

3/18/29

.........................

United

States

50,000

51,798

213,648

Life

Sciences

Tools

&

Services

0.2%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

105,000

105,517

Thermo

Fisher

Scientific,

Inc.

,

Senior

Note

,

2.6

%

,

10/01/29

....

United

States

135,000

127,648

233,165

Machinery

0.4%

a

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125

%

,

9/25/27

...................................

Germany

355,000

360,895

Oshkosh

Corp.

,

Senior

Bond

,

4.6

%

,

5/15/28

..........................

United

States

125,000

126,086

Senior

Bond

,

3.1

%

,

3/01/30

..........................

United

States

15,000

14,162

501,143

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

139

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

0.9%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.85

%

,

12/01/35

.................

United

States

10,000

$

10,099

Senior

Secured

Bond

,

3.5

%

,

3/01/42

...................

United

States

100,000

72,066

Senior

Secured

Note

,

2.25

%

,

1/15/29

..................

United

States

168,000

156,275

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

10/01/28

........................................

United

States

150,000

151,240

Paramount

Global

,

Senior

Bond

,

4.2

%

,

6/01/29

..........................

United

States

230,000

226,166

Senior

Bond

,

4.95

%

,

1/15/31

.........................

United

States

40,000

39,553

Senior

Bond

,

4.375

%

,

3/15/43

........................

United

States

20,000

15,446

Senior

Note

,

3.7

%

,

6/01/28

..........................

United

States

18,000

17,615

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375

%

,

7/15/33

...................................

United

States

334,000

391,979

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

4.5

%

,

9/15/42

.

United

States

115,000

92,451

1,172,890

Metals

&

Mining

0.2%

a

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

4

%

,

3/27/27

......................

Australia

124,000

123,471

Senior

Bond

,

144A,

5.634

%

,

4/04/34

...................

Australia

20,000

20,824

Senior

Note

,

144A,

6.375

%

,

10/06/30

..................

Australia

70,000

75,606

219,901

Multi-Utilities

1.0%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

..................

United

States

75,000

76,713

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

4.25

%

,

10/15/50

United

States

100,000

82,000

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

85,000

74,357

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

..

United

States

90,000

90,672

C

,

Senior

Bond

,

4.9

%

,

8/01/41

.......................

United

States

135,000

125,110

DTE

Energy

Co.

,

Senior

Bond

,

5.85

%

,

6/01/34

.........................

United

States

45,000

47,840

Senior

Note

,

4.95

%

,

7/01/27

.........................

United

States

145,000

146,876

NiSource,

Inc.

,

Senior

Bond

,

5.85

%

,

4/01/55

.........................

United

States

100,000

101,529

Senior

Note

,

5.2

%

,

7/01/29

..........................

United

States

230,000

237,332

Public

Service

Enterprise

Group,

Inc.

,

Senior

Note

,

4.9

%

,

3/15/30

United

States

60,000

61,382

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

160,000

157,147

Sempra,

Inc.

,

Senior

Bond

,

5.5

%

,

8/01/33

.................

United

States

50,000

52,150

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

45,000

45,166

1,298,274

Oil,

Gas

&

Consumable

Fuels

3.3%

a

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8

%

,

10/01/54

...........

Norway

75,000

69,588

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

7.2

%

,

1/15/32

..........................

Canada

110,000

124,015

a

Senior

Note

,

144A,

5

%

,

12/15/29

.....................

Canada

124,000

126,817

Cheniere

Energy

Partners

LP

,

Senior

Bond

,

3.25

%

,

1/31/32

.........................

United

States

89,000

81,113

Senior

Note

,

4.5

%

,

10/01/29

.........................

United

States

195,000

194,431

a

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

50,000

52,924

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

DCP

Midstream

Operating

LP

,

Senior

Bond

,

8.125

%

,

8/16/30

..

United

States

85,000

$

97,781

Diamondback

Energy,

Inc.

,

Senior

Bond

,

6.25

%

,

3/15/33

......

United

States

75,000

80,833

a

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8

%

,

12/15/34

United

States

75,000

77,378

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8

%

,

1/15/35

..........................

United

States

43,000

45,269

Senior

Bond

,

5.65

%

,

10/15/54

........................

United

States

17,000

16,770

El

Paso

Natural

Gas

Co.

LLC

,

Senior

Bond

,

8.375

%

,

6/15/32

..

United

States

200,000

240,113

Enbridge,

Inc.

,

Senior

Bond

,

4.25

%

,

12/01/26

..............

Canada

95,000

95,046

Energy

Transfer

LP

,

b

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

.......................................

United

States

125,000

124,933

Senior

Bond

,

6.5

%

,

2/01/42

..........................

United

States

20,000

21,196

Senior

Note

,

5.5

%

,

6/01/27

..........................

United

States

182,000

185,228

Senior

Note

,

5.25

%

,

7/01/29

.........................

United

States

30,000

30,881

Senior

Note

,

5.2

%

,

4/01/30

..........................

United

States

129,000

133,064

a

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

.........................................

Kazakhstan

200,000

205,958

Kinder

Morgan

Energy

Partners

LP

,

Senior

Bond

,

5.4

%

,

9/01/44

United

States

86,000

82,118

Occidental

Petroleum

Corp.

,

Senior

Bond

,

7.5

%

,

5/01/31

..........................

United

States

139,000

156,211

Senior

Note

,

8.5

%

,

7/15/27

..........................

United

States

109,000

114,386

Senior

Note

,

5.2

%

,

8/01/29

..........................

United

States

65,000

66,004

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

........................

United

States

15,000

15,013

Senior

Note

,

6.1

%

,

11/15/32

.........................

United

States

205,000

219,789

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

.......................

Canada

180,000

182,119

Senior

Note

,

5.584

%

,

10/01/34

.......................

Canada

35,000

35,206

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375

%

,

10/15/26

...

United

States

145,000

143,951

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

5

%

,

1/15/28

...........................

United

States

220,000

220,256

Senior

Bond

,

4.875

%

,

2/01/31

........................

United

States

93,000

93,295

a

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

1/15/30

...................................

United

States

365,000

380,903

a

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

.........................................

United

States

250,000

262,669

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

..........................

United

States

72,000

73,249

Senior

Note

,

4.9

%

,

8/01/30

..........................

United

States

77,000

77,635

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

87,000

90,338

4,216,480

Paper

&

Forest

Products

0.1%

a

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

4.95

%

,

6/30/32

......

United

States

170,000

174,506

Passenger

Airlines

0.2%

a

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

230,000

230,223

Personal

Care

Products

0.4%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

250,000

243,455

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Personal

Care

Products

(continued)

Kenvue,

Inc.

,

Senior

Note

,

4.9

%

,

3/22/33

.................

United

States

315,000

$

320,342

563,797

Pharmaceuticals

1.4%

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

.........................

United

States

240,000

242,537

Senior

Bond

,

5.3

%

,

5/19/53

..........................

United

States

120,000

116,049

Senior

Note

,

4.45

%

,

5/19/28

.........................

United

States

57,000

57,659

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

..............

United

States

120,000

128,934

Royalty

Pharma

plc

,

Senior

Bond

,

5.4

%

,

9/02/34

..........................

United

States

103,000

105,232

Senior

Bond

,

5.2

%

,

9/25/35

..........................

United

States

110,000

109,949

Senior

Note

,

5.15

%

,

9/02/29

.........................

United

States

82,000

84,164

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

...................................

Israel

235,000

268,985

Viatris,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

110,000

105,926

Wyeth

LLC

,

Senior

Bond

,

5.95

%

,

4/01/37

.................

United

States

225,000

243,821

Zoetis,

Inc.

,

Senior

Bond

,

2

%

,

5/15/30

...........................

United

States

74,000

67,317

Senior

Bond

,

5

%

,

8/17/35

...........................

United

States

325,000

328,368

1,858,941

Professional

Services

0.1%

Paychex,

Inc.

,

Senior

Note

,

5.1

%

,

4/15/30

.................

United

States

80,000

82,354

Semiconductors

&

Semiconductor

Equipment

1.4%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875

%

,

1/15/27

...................................

United

States

122,000

121,958

Broadcom,

Inc.

,

Senior

Bond

,

4.15

%

,

11/15/30

........................

United

States

158,000

157,434

a

Senior

Bond

,

144A,

4.926

%

,

5/15/37

...................

United

States

400,000

399,102

Senior

Note

,

5.05

%

,

7/12/29

.........................

United

States

120,000

123,637

a

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

6.15

%

,

1/25/32

.............

United

States

200,000

213,931

Senior

Secured

Note

,

144A,

5.9

%

,

1/25/33

..............

United

States

200,000

211,082

Intel

Corp.

,

Senior

Bond

,

4.15

%

,

8/05/32

..................

United

States

235,000

226,775

Marvell

Technology,

Inc.

,

Senior

Note

,

5.75

%

,

2/15/29

.........................

United

States

68,000

70,965

Senior

Note

,

4.75

%

,

7/15/30

.........................

United

States

5,000

5,067

Senior

Note

,

5.95

%

,

9/15/33

.........................

United

States

67,000

71,919

Xilinx,

Inc.

,

Senior

Bond

,

2.375

%

,

6/01/30

.................

United

States

320,000

296,065

1,897,935

Software

1.0%

Oracle

Corp.

,

Senior

Bond

,

2.875

%

,

3/25/31

........................

United

States

45,000

41,331

Senior

Bond

,

4.3

%

,

7/08/34

..........................

United

States

80,000

76,572

Senior

Bond

,

3.65

%

,

3/25/41

.........................

United

States

475,000

380,636

Senior

Bond

,

4

%

,

11/15/47

..........................

United

States

110,000

85,307

Senior

Bond

,

3.95

%

,

3/25/51

.........................

United

States

55,000

40,922

Senior

Note

,

1.65

%

,

3/25/26

.........................

United

States

130,000

128,484

Senior

Note

,

4.45

%

,

9/26/30

.........................

United

States

80,000

79,979

Senior

Note

,

4.8

%

,

9/26/32

..........................

United

States

110,000

110,170

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

240,000

210,238

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Software

(continued)

Synopsys,

Inc.

,

Senior

Bond

,

5.15

%

,

4/01/35

.........................

United

States

65,000

$

66,147

Senior

Bond

,

5.7

%

,

4/01/55

..........................

United

States

10,000

10,100

Senior

Note

,

4.85

%

,

4/01/30

.........................

United

States

90,000

91,700

1,321,586

Specialized

REITs

1.1%

American

Tower

Corp.

,

Senior

Bond

,

3.55

%

,

7/15/27

.........................

United

States

118,000

116,898

Senior

Bond

,

2.9

%

,

1/15/30

..........................

United

States

48,000

45,260

Senior

Bond

,

2.7

%

,

4/15/31

..........................

United

States

195,000

178,014

Senior

Bond

,

5.55

%

,

7/15/33

.........................

United

States

250,000

261,860

Senior

Note

,

4.9

%

,

3/15/30

..........................

United

States

60,000

61,211

Crown

Castle,

Inc.

,

Senior

Bond

,

3.65

%

,

9/01/27

.........................

United

States

130,000

128,680

Senior

Bond

,

4.75

%

,

5/15/47

.........................

United

States

25,000

22,112

Senior

Note

,

4.9

%

,

9/01/29

..........................

United

States

230,000

233,391

EPR

Properties

,

Senior

Bond

,

4.5

%

,

6/01/27

...............

United

States

24,000

24,024

Equinix,

Inc.

,

Senior

Bond

,

3.2

%

,

11/18/29

.........................

United

States

193,000

184,900

Senior

Note

,

2.5

%

,

5/15/31

..........................

United

States

70,000

63,128

Extra

Space

Storage

LP

,

Senior

Note

,

5.9

%

,

1/15/31

.........

United

States

130,000

138,300

1,457,778

Specialty

Retail

0.1%

AutoNation,

Inc.

,

Senior

Bond

,

4.5

%

,

10/01/25

.............

United

States

16,000

16,000

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15

%

,

1/15/32

.........................

United

States

160,000

146,640

Senior

Bond

,

4.1

%

,

1/15/52

..........................

United

States

60,000

44,709

207,349

Technology

Hardware,

Storage

&

Peripherals

0.2%

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

8.35

%

,

7/15/46

United

States

5,000

6,502

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55

%

,

10/15/29

........................

United

States

221,000

222,259

Senior

Note

,

4.85

%

,

10/15/31

........................

United

States

55,000

55,594

284,355

Textiles,

Apparel

&

Luxury

Goods

0.1%

PVH

Corp.

,

Senior

Note

,

5.5

%

,

6/13/30

...................

United

States

15,000

15,288

Tapestry,

Inc.

,

Senior

Bond

,

3.05

%

,

3/15/32

.........................

United

States

17,000

15,444

Senior

Bond

,

5.5

%

,

3/11/35

..........................

United

States

37,000

37,818

Senior

Note

,

5.1

%

,

3/11/30

..........................

United

States

92,000

94,133

162,683

Tobacco

0.5%

BAT

Capital

Corp.

,

Senior

Note

,

4.625

%

,

3/22/33

...........

United

Kingdom

165,000

163,355

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

........................

United

States

296,000

306,027

Senior

Note

,

4.375

%

,

4/30/30

........................

United

States

65,000

65,321

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Tobacco

(continued)

Philip

Morris

International,

Inc.,

(continued)

Senior

Note

,

4.75

%

,

11/01/31

........................

United

States

110,000

$

111,951

646,654

Trading

Companies

&

Distributors

0.4%

a

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5

%

,

7/18/28

............

United

States

75,000

78,852

a

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

...................

United

States

210,000

215,201

Senior

Note

,

144A,

5.125

%

,

4/10/30

...................

United

States

130,000

132,115

426,168

Wireless

Telecommunication

Services

0.8%

Rogers

Communications,

Inc.

,

Senior

Note

,

5

%

,

2/15/29

...........................

Canada

90,000

91,739

Senior

Note

,

3.8

%

,

3/15/32

..........................

Canada

38,000

35,910

Sub.

Bond

,

7.125%

to

4/14/35,

FRN

thereafter

,

4/15/55

.....

Canada

40,000

42,423

NC5

,

Sub.

Bond

,

7%

to

4/14/30,

FRN

thereafter

,

4/15/55

....

Canada

80,000

83,520

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.05

%

,

7/15/33

.........................

United

States

255,000

260,554

Senior

Bond

,

4.5

%

,

4/15/50

..........................

United

States

261,000

219,710

Senior

Bond

,

5.75

%

,

1/15/54

.........................

United

States

115,000

115,077

Senior

Note

,

3.875

%

,

4/15/30

........................

United

States

7,000

6,866

Senior

Note

,

5.125

%

,

5/15/32

........................

United

States

74,000

76,179

Senior

Note

,

6.7

%

,

12/15/33

.........................

United

States

175,000

195,775

1,127,753

Total

Corporate

Bonds

(Cost

$

59,641,917

)

....................................

59,835,644

Senior

Floating

Rate

Interests

1.2%

Broadline

Retail

0.1%

d,e

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B

,

6.017

%

,

(

12-month

SOFR

+

2.25

%

),

9/27/32

....................

Netherlands

73,155

73,315

Capital

Markets

0.1%

d,e

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.199

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

................

United

States

159,581

158,634

e

Commercial

Services

&

Supplies

0.3%

d

Clean

Harbors,

Inc.,

First

Lien,

CME

Term

Loan

,

5.259

%

,

(

12-month

SOFR

+

1.5

%

),

9/24/32

.....................

United

States

159,775

160,574

d

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2

,

6.005

%

,

(

1-month

SOFR

+

1.75

%

),

3/08/32

...................................

United

States

159,599

158,340

318,914

a

a

a

a

a

a

Containers

&

Packaging

0.1%

e

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.509

%

,

(

12-month

SOFR

+

2.75

%

),

9/27/32

......

United

States

79,130

79,080

Entertainment

0.1%

d,e

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.028

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

.....................

United

States

159,582

157,358

Financial

Services

0.1%

d,e

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.05

%

,

(

1-day

SOFR

+

1.75

%

),

7/30/32

.................

United

States

160,000

159,200

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Health

Care

Equipment

&

Supplies

0.1%

e

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

6.163

%

,

(

1-month

SOFR

+

2

%

),

10/23/28

...........

United

States

160,000

$

160,159

e

Hotels,

Restaurants

&

Leisure

0.2%

d

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

5.913

%

,

(

1-month

SOFR

+

1.75

%

),

9/20/30

.....................

Canada

159,596

159,263

d

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.413

%

,

(

1-month

SOFR

+

2.25

%

),

2/06/30

...

United

States

159,511

159,468

318,731

a

a

a

a

a

a

Media

0.1%

d,e

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

6.541

%

,

(

3-month

SOFR

+

2.25

%

),

12/15/31

......

United

States

159,598

159,713

Total

Senior

Floating

Rate

Interests

(Cost

$

1,586,133

)

.........................

1,585,104

Foreign

Government

and

Agency

Securities

2.8%

a

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375

%

,

5/22/33

.........................................

Poland

200,000

207,191

a

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95

%

,

1/22/35

.

Benin

100,000

EUR

108,251

Brazil

Government

Bond

,

Senior

Bond

,

3.75

%

,

9/12/31

.......

Brazil

300,000

277,965

a

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

5

%

,

3/05/37

......................

Bulgaria

30,000

30,067

Senior

Note

,

Reg

S,

3.625

%

,

9/05/32

...................

Bulgaria

50,000

EUR

60,549

Chile

Government

Bond

,

Senior

Note

,

4.85

%

,

1/22/29

........

Chile

220,000

225,368

Colombia

Government

Bond

,

Senior

Bond

,

3.125

%

,

4/15/31

...

Colombia

300,000

261,135

a

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95

%

,

1/25/27

...................................

Dominican

Republic

160,000

163,080

a

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5

%

,

8/17/30

.

Mexico

250,000

253,952

a

Guatemala

Government

Bond

,

Senior

Note

,

144A,

7.05

%

,

10/04/32

........................................

Guatemala

200,000

219,954

a

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35

%

,

1/08/27

.........................................

Indonesia

240,000

241,306

a

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

6/15/33

.........................................

Ivory

Coast

200,000

192,497

Panama

Government

Bond

,

Senior

Note

,

7.5

%

,

3/01/31

......

Panama

200,000

220,120

a

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

4.7

%

,

3/27/27

Paraguay

200,000

201,986

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

200,000

184,810

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

70,000

69,414

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

200,000

213,059

a

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625

%

,

2/22/36

..................

Romania

100,000

EUR

114,529

Senior

Note

,

144A,

3

%

,

2/27/27

.......................

Romania

120,000

117,231

South

Africa

Government

Bond

,

Senior

Bond

,

4.85

%

,

9/27/27

..

South

Africa

200,000

201,519

Uruguay

Government

Bond

,

Senior

Bond

,

7.875

%

,

1/15/33

....

Uruguay

170,000

204,170

Total

Foreign

Government

and

Agency

Securities

(Cost

$

3,726,514

)

.............

3,768,153

Asset-Backed

Securities

12.4%

Banks

0.3%

Capital

One

Multi-Asset

Execution

Trust

,

2022-A3

,

A

,

4.95

%

,

10/15/27

.

........................................

United

States

400,000

400,137

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

145

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Capital

Markets

0.2%

a

,e

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.768

%

,

(

3-month

SOFR

+

1.45

%

),

7/15/37

.

............................

United

States

250,000

$

250,804

Consumer

Finance

3.0%

BA

Credit

Card

Trust

,

2024-A1

,

A

,

4.93

%

,

5/15/29

.

..........

United

States

687,000

698,971

Discover

Card

Execution

Note

Trust

,

2022-A4

,

A

,

5.03

%

,

10/15/27

.

........................................

United

States

695,000

695,217

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1

,

A3

,

4.66

%

,

2/16/28

.

................................

United

States

342,499

343,366

Harley-Davidson

Motorcycle

Trust

,

2024-B

,

A3

,

4.31

%

,

7/16/29

..........................

United

States

702,000

704,854

2025-A

,

A3

,

4.67

%

,

4/15/30

..........................

United

States

105,000

106,292

Hyundai

Auto

Receivables

Trust

,

2023-A

,

A3

,

4.58

%

,

4/15/27

..........................

United

States

232,432

232,720

2023-B

,

A3

,

5.48

%

,

4/17/28

..........................

United

States

465,431

468,939

e

2025-C

,

A2B

,

FRN

,

4.731

%

,

(

30-day

SOFR

Average

+

0.35

%

),

7/17/28

.........................................

United

States

519,000

519,363

Toyota

Auto

Receivables

Owner

Trust

,

2022-C

,

A3

,

3.76

%

,

4/15/27

..........................

United

States

187,051

186,846

2024-A

,

A3

,

4.83

%

,

10/16/28

.........................

United

States

150,000

151,027

World

Omni

Auto

Receivables

Trust

,

2025-C

,

A3

,

4.08

%

,

11/15/30

.

........................................

United

States

100,000

100,383

4,207,978

a

a

a

a

a

a

Consumer

Staples

Distribution

&

Retail

0.1%

CVS

Pass-Through

Trust

,

6.036

%

,

12/10/28

..................................

United

States

9,352

9,548

a

2013

,

144A,

4.704

%

,

1/10/36

.........................

United

States

80,576

77,173

86,721

a

a

a

a

a

a

Financial

Services

8.8%

a

,e

AGL

Core

CLO

31

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.725

%

,

(

3-month

SOFR

+

1.4

%

),

7/20/37

.

.....................

United

States

250,000

250,809

a

,e

AIMCO

CLO

17

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.682

%

,

(

3-month

SOFR

+

1.35

%

),

7/20/37

.

....................

Jersey

250,000

250,694

a

,e

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.765

%

,

(

3-month

SOFR

+

1.44

%

),

7/21/37

.

....................

United

States

250,000

251,250

a

,e

Apex

Credit

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.838

%

,

(

3-month

SOFR

+

1.52

%

),

7/25/37

.

............................

United

States

250,000

250,875

a

,e

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.482

%

,

(

3-month

SOFR

+

1.15

%

),

4/22/35

.

....................

United

States

250,000

250,499

a

,e

Battalion

CLO

18

Ltd.

,

2020-18A

,

ARR

,

144A,

FRN

,

5.463

%

,

(

3-month

SOFR

+

1.18

%

),

10/15/36

.

...................

United

States

235,000

235,568

a

,e

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.6

%

,

(

1-month

SOFR

+

1.464

%

),

12/16/36

........................................

United

States

144,916

145,110

2021-FL9

,

A

,

144A,

FRN

,

5.32

%

,

(

1-month

SOFR

+

1.184

%

),

11/16/38

........................................

United

States

23,547

23,637

a

,e

Birch

Grove

CLO

2

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.725

%

,

(

3-month

SOFR

+

1.4

%

),

10/19/37

.

....................

United

States

175,000

175,578

a

,e

Birch

Grove

CLO

8

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.955

%

,

(

3-month

SOFR

+

1.63

%

),

4/20/37

.

....................

Jersey

150,000

150,728

a

,e

Carlyle

US

CLO

Ltd.

,

2020-2A

,

A1R2

,

144A,

FRN

,

5.296

%

,

(

3-month

SOFR

+

1.08

%

),

1/25/35

.

....................

United

States

390,000

390,002

Carmax

Auto

Owner

Trust

,

2024-3

,

A3

,

4.89

%

,

7/16/29

.

.......

United

States

680,000

688,279

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

a

,e

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.774

%

,

(

3-month

SOFR

+

1.452

%

),

7/17/34

.

.................................

United

States

175,000

$

175,240

a

Chase

Auto

Owner

Trust

,

2024-3A

,

A3

,

144A,

5.22

%

,

7/25/29

.

..

United

States

689,000

698,629

a

,e

CIFC

Funding

Ltd.

,

2014-2RA

,

AR

,

144A,

FRN

,

5.679

%

,

(

3-month

SOFR

+

1.36

%

),

10/24/37

........................................

United

States

250,000

250,724

2021-4A

,

AR

,

144A,

FRN

,

5.679

%

,

(

3-month

SOFR

+

1.36

%

),

7/23/37

.........................................

United

States

250,000

250,750

2021-7A

,

AR

,

144A,

FRN

,

5.318

%

,

(

3-month

SOFR

+

1.09

%

),

1/23/35

.........................................

United

States

322,000

323,147

a

,e

Crown

Point

CLO

10

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.757

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

250,000

250,497

a

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18

%

,

9/27/55

.

...

United

States

295,000

295,843

a

,e

Diameter

Capital

CLO

7

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.805

%

,

(

3-month

SOFR

+

1.48

%

),

7/20/37

.

....................

United

States

250,000

250,806

a

,e

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

5.245

%

,

(

3-month

SOFR

+

0.92

%

),

10/20/31

.

...........................

United

States

117,296

117,432

a

,e

Ellington

CLO

III

Ltd.

,

2018-3A

,

B

,

144A,

FRN

,

6.587

%

,

(

3-month

SOFR

+

2.262

%

),

7/20/30

.

...........................

United

States

105,285

105,507

a

,e

Elmwood

CLO

27

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.849

%

,

(

3-month

SOFR

+

1.52

%

),

4/18/37

.

....................

United

States

250,000

250,888

a

,e

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.845

%

,

(

3-month

SOFR

+

1.52

%

),

4/20/37

.

....................

United

States

100,000

100,360

a

,e

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.709

%

,

(

3-month

SOFR

+

1.38

%

),

7/18/37

.

....................

United

States

250,000

250,692

Ford

Credit

Auto

Owner

Trust

,

2024-B

,

A3

,

5.1

%

,

4/15/29

.

.....

United

States

688,000

698,377

a

,e

GoldenTree

Loan

Management

US

CLO

9

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.825

%

,

(

3-month

SOFR

+

1.5

%

),

4/20/37

.

.....

United

States

250,000

250,889

a

,e

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.817

%

,

(

3-month

SOFR

+

1.492

%

),

7/20/34

.

...........................

United

States

150,000

150,304

a

,e

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.745

%

,

(

3-month

SOFR

+

1.432

%

),

7/28/34

.

...........................

United

States

250,000

250,492

a

,e

J.P.

Morgan

Mortgage

Trust

,

2023-HE3

,

A1

,

144A,

FRN

,

5.989

%

,

(

30-day

SOFR

Average

+

1.6

%

),

5/20/54

.

................

United

States

254,743

256,054

a

Lendbuzz

Securitization

Trust

,

2024-3A

,

A2

,

144A,

4.97

%

,

10/15/29

.

........................................

United

States

207,126

207,360

a

,e

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.732

%

,

(

3-month

SOFR

+

1.4

%

),

7/22/38

.

...............

United

States

250,000

250,811

a

,e

Neuberger

Berman

Loan

Advisers

CLO

25

Ltd.

,

2017-25A

,

AR2

,

144A,

FRN

,

5.729

%

,

(

3-month

SOFR

+

1.4

%

),

7/18/38

.

.....

United

States

250,000

250,811

a

,e

Northwoods

Capital

27

Ltd.

,

2021-27A

,

A1R

,

144A,

FRN

,

5.459

%

,

(

3-month

SOFR

+

1.18

%

),

10/17/34

.

...................

United

States

350,000

350,761

a

,e

Oaktree

CLO

Ltd.

,

2019-4A

,

ARR

,

144A,

FRN

,

5.835

%

,

(

3-month

SOFR

+

1.51

%

),

7/20/37

.........................................

United

States

250,000

251,273

2021-1A

,

A1R

,

144A,

FRN

,

5.668

%

,

(

3-month

SOFR

+

1.35

%

),

1/15/38

.........................................

United

States

250,000

251,100

a

OCCU

Auto

Receivables

Trust

,

2025-1A

,

A3

,

144A,

4.81

%

,

11/15/29

.

........................................

United

States

110,000

110,873

a

,e

RR

29

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.708

%

,

(

3-month

SOFR

+

1.39

%

),

7/15/39

.

............................

United

States

250,000

250,873

a

,e

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.757

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

250,000

250,339

a

,e

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.73

%

,

(

3-month

SOFR

+

1.412

%

),

10/25/34

.

..................

United

States

250,000

250,479

a

,e

Trinitas

CLO

XVI

Ltd.

,

2021-16A

,

A1R

,

144A,

FRN

,

5.266

%

,

(

3-month

SOFR

+

1.13

%

),

7/20/34

.

....................

United

States

340,000

340,002

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

147

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

a

USB

Auto

Owner

Trust

,

2025-1A

,

A3

,

144A,

4.49

%

,

6/17/30

.

...

United

States

139,000

$

140,477

a

,e

Venture

41

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

5.546

%

,

(

3-month

SOFR

+

1.13

%

),

1/20/34

.

....................

United

States

420,000

420,154

a

,e

Voya

CLO

Ltd.

,

2024-4A

,

A1

,

144A,

FRN

,

5.675

%

,

(

3-month

SOFR

+

1.35

%

),

7/20/37

.

............................

United

States

250,000

250,813

a

,e

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.778

%

,

(

3-month

SOFR

+

1.46

%

),

7/15/37

.

.................................

United

States

250,000

250,862

11,816,648

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

16,676,224

)

.............................

16,762,288

Commercial

Mortgage-Backed

Securities

4.7%

Financial

Services

4.7%

f

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.384

%

,

9/15/48

..............................

United

States

483,000

467,487

f

,g

BANK

,

2018-BN13

,

XA

,

IO,

FRN

,

0.598

%

,

8/15/61

..........

United

States

6,250,434

70,951

a

,f

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

F

,

144A,

FRN

,

2.702

%

,

11/15/52

..................................

United

States

234,000

140,090

f

,g

BBCMS

Mortgage

Trust

,

2025-5C34

,

XA

,

IO,

FRN

,

1.395

%

,

5/15/58

.........................................

United

States

1,064,860

50,869

f

,g

BMO

Mortgage

Trust

,

2025-5C10

,

XA

,

IO,

FRN

,

1.58

%

,

5/15/58

United

States

999,949

52,878

a

,f

CFCRE

Commercial

Mortgage

Trust

,

2011-C2

,

D

,

144A,

FRN

,

5.08

%

,

12/15/47

...................................

United

States

24,804

23,975

f

COMM

Mortgage

Trust

,

a

2012-CR1

,

D

,

144A,

FRN

,

5.274

%

,

5/15/45

..............

United

States

65,396

59,985

a

2013-CR13

,

D

,

144A,

FRN

,

5.109

%

,

11/10/46

............

United

States

389,000

219,785

2014-CR17

,

C

,

FRN

,

4.942

%

,

5/10/47

..................

United

States

227,000

209,862

a

2014-CR17

,

D

,

144A,

FRN

,

5.006

%

,

5/10/47

.............

United

States

198,000

166,963

a

2014-CR19

,

D

,

144A,

FRN

,

4.572

%

,

8/10/47

.............

United

States

5,621

5,498

2014-UBS6

,

C

,

FRN

,

4.556

%

,

12/10/47

.................

United

States

34,122

33,792

a

,f

,g

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.029

%

,

1/15/49

.........................

United

States

2,973,106

662

f

CSAIL

Commercial

Mortgage

Trust

,

2015-C1

,

C

,

FRN

,

3.958

%

,

4/15/50

....................

United

States

116,000

105,886

g

2015-C3

,

XA

,

IO,

FRN

,

0.196

%

,

8/15/48

.................

United

States

1,609,499

1

f

,g

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.773

%

,

12/15/49

....

United

States

4,876,674

16,974

a

,f

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53

%

,

8/10/44

.........................................

United

States

267,236

258,709

a

,e

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN3

,

M2

,

144A,

FRN

,

8.356

%

,

(

30-day

SOFR

Average

+

4

%

),

11/25/51

.

United

States

337,000

350,380

a

,e

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01

,

M10

,

144A,

FRN

,

7.721

%

,

(

30-day

SOFR

Average

+

3.364

%

),

10/25/49

.................................

United

States

189,001

192,224

2020-01

,

M10

,

144A,

FRN

,

8.221

%

,

(

30-day

SOFR

Average

+

3.864

%

),

3/25/50

..................................

United

States

349,205

356,068

f

GS

Mortgage

Securities

Trust

,

a,g

2011-GC5

,

XA

,

IO,

144A,

FRN

,

0.105

%

,

8/10/44

..........

United

States

317,968

233

g

2013-GC13

,

XA

,

IO,

FRN

,

0.089

%

,

7/10/46

..............

United

States

3,357,292

34

g

2014-GC22

,

XA

,

IO,

FRN

,

0.743

%

,

6/10/47

..............

United

States

2,539,599

14,691

a

2014-GC24

,

D

,

144A,

FRN

,

4.548

%

,

9/10/47

.............

United

States

120,000

76,950

g

2015-GS1

,

XA

,

IO,

FRN

,

0.637

%

,

11/10/48

..............

United

States

2,830,295

37

a

,f

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2007-CB20

,

E

,

144A,

FRN

,

8.454

%

,

2/12/51

.............

United

States

7,803

10,622

2011-C3

,

B

,

144A,

FRN

,

5.013

%

,

2/15/46

................

United

States

138,908

135,390

2012-C6

,

E

,

144A,

FRN

,

5.129

%

,

5/15/45

...............

United

States

138,000

135,677

2012-LC9

,

D

,

144A,

FRN

,

3.689

%

,

12/15/47

.............

United

States

127,000

120,823

h

2013-LC11

,

E

,

144A,

FRN

,

3.25

%

,

4/15/46

...............

United

States

498,000

17,068

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

148

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

f

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12

,

C

,

FRN

,

4.071

%

,

7/15/45

...................

United

States

92,512

$

89,137

a

2013-C14

,

D

,

144A,

FRN

,

4.172

%

,

8/15/46

..............

United

States

122,000

95,518

g

2014-C22

,

XA

,

IO,

FRN

,

0.551

%

,

9/15/47

................

United

States

886,316

14

g

2014-C25

,

XA

,

IO,

FRN

,

0.609

%

,

11/15/47

...............

United

States

550,941

6

a

,f

,g

LCCM

Trust

,

2017-LC26

,

XA

,

IO,

144A,

FRN

,

1.669

%

,

7/12/50

.

United

States

5,630,919

98,411

f

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10

,

B

,

FRN

,

4.085

%

,

7/15/46

...................

United

States

66,615

63,185

a

2013-C10

,

F

,

144A,

FRN

,

4.085

%

,

7/15/46

...............

United

States

273,000

28,341

2013-C9

,

B

,

FRN

,

3.708

%

,

5/15/46

....................

United

States

70,979

68,803

g

2015-C26

,

XA

,

IO,

FRN

,

0.824

%

,

10/15/48

...............

United

States

454,706

7

2015-C27

,

C

,

FRN

,

4.62

%

,

12/15/47

...................

United

States

390,000

377,740

Morgan

Stanley

Capital

I

Trust

,

a,f

2011-C3

,

E

,

144A,

FRN

,

5.105

%

,

7/15/49

................

United

States

64,169

62,955

2015-UBS8

,

A4

,

3.809

%

,

12/15/48

.....................

United

States

73,846

73,633

f

2015-UBS8

,

B

,

FRN

,

4.315

%

,

12/15/48

.................

United

States

412,000

397,032

f,g

2016-BNK2

,

XA

,

IO,

FRN

,

1.072

%

,

11/15/49

.............

United

States

3,087,459

19,043

f,g

2016-UB12

,

XA

,

IO,

FRN

,

0.761

%

,

12/15/49

.............

United

States

7,847,409

32,240

f

2018-L1

,

C

,

FRN

,

4.938

%

,

10/15/51

....................

United

States

205,000

189,425

a

,h

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

859,373

81

UBS

Commercial

Mortgage

Trust

,

2017-C7

,

A4

,

3.679

%

,

12/15/50

.......................

United

States

128,000

126,459

f,g

2017-C7

,

XA

,

IO,

FRN

,

1.123

%

,

12/15/50

................

United

States

3,980,741

71,599

f,g

2018-C12

,

XA

,

IO,

FRN

,

1.009

%

,

8/15/51

................

United

States

4,101,888

82,056

f,g

2019-C17

,

XA

,

IO,

FRN

,

1.578

%

,

10/15/52

...............

United

States

5,528,116

261,137

f

,g

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488

%

,

11/15/48

..................................

United

States

7,758

13

Wells

Fargo

Commercial

Mortgage

Trust

,

a

2014-LC16

,

D

,

144A,

3.938

%

,

8/15/50

..................

United

States

73,752

8,921

2015-C31

,

D

,

3.852

%

,

11/15/48

.......................

United

States

116,000

100,254

f,g

2015-LC20

,

XB

,

IO,

FRN

,

0.747

%

,

4/15/50

...............

United

States

1,663,574

35

f,g

2017-C41

,

XA

,

IO,

FRN

,

1.301

%

,

11/15/50

...............

United

States

3,062,251

56,396

f,g

2018-C43

,

XA

,

IO,

FRN

,

0.72

%

,

3/15/51

.................

United

States

12,836,075

159,655

2019-C49

,

B

,

4.546

%

,

3/15/52

........................

United

States

148,000

144,476

f,g

2019-C50

,

XA

,

IO,

FRN

,

1.571

%

,

5/15/52

................

United

States

2,190,372

81,912

a

2019-C53

,

D

,

144A,

2.5

%

,

10/15/52

....................

United

States

218,000

173,761

f

2020-C57

,

C

,

FRN

,

4.157

%

,

8/15/53

...................

United

States

122,000

111,362

f

WFRBS

Commercial

Mortgage

Trust

,

2013-C11

,

B

,

FRN

,

3.714

%

,

3/15/45

....................

United

States

65,533

64,915

g

2013-C14

,

XA

,

IO,

FRN

,

0.456

%

,

6/15/46

................

United

States

246,908

2

a

2013-C15

,

D

,

144A,

FRN

,

4.284

%

,

8/15/46

..............

United

States

90,551

52,067

g

2014-C22

,

XA

,

IO,

FRN

,

0.384

%

,

9/15/57

................

United

States

1,474,828

241

6,385,396

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

7,552,190

)

...............

6,385,396

Mortgage-Backed

Securities

27.3%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

2.7%

FHLMC

Pool,

30

Year

,

3

%,

3/01/43

-

6/01/46

...............

United

States

512,854

467,532

FHLMC

Pool,

30

Year

,

3.5

%,

8/01/43

-

2/01/47

.............

United

States

876,818

823,365

FHLMC

Pool,

30

Year

,

4

%,

9/01/45

......................

United

States

246,938

239,016

FHLMC

Pool,

30

Year

,

4.5

%,

8/01/44

-

3/01/45

.............

United

States

181,900

180,739

FHLMC

Pool,

30

Year

,

5.5

%,

9/01/53

.....................

United

States

824,221

841,687

FHLMC

Pool,

30

Year

,

5.5

%,

9/01/53

-

11/01/53

............

United

States

764,931

777,291

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

149

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(continued)

FHLMC

Pool,

30

Year

,

6

%,

9/01/53

......................

United

States

336,543

$

347,236

3,676,866

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

14.2%

FNMA

,

3.5

%,

6/01/56

................................

United

States

1,086,785

991,449

FNMA

,

3.5

%,

9/01/57

................................

United

States

710,705

645,381

FNMA

,

5.28

%,

12/01/28

..............................

United

States

226,000

233,559

FNMA,

15

Year

,

2

%,

2/01/37

...........................

United

States

792,808

735,011

FNMA,

30

Year

,

2

%,

1/01/51

...........................

United

States

1,105,036

898,911

FNMA,

30

Year

,

3

%,

6/01/46

...........................

United

States

564,420

513,222

FNMA,

30

Year

,

3

%,

9/01/42

-

3/01/47

....................

United

States

1,300,823

1,186,469

FNMA,

30

Year

,

3

%,

4/01/52

...........................

United

States

875,940

774,153

FNMA,

30

Year

,

3.5

%,

7/01/43

.........................

United

States

175,155

165,130

FNMA,

30

Year

,

4

%,

9/01/45

-

6/01/46

....................

United

States

414,351

398,778

FNMA,

30

Year

,

4.5

%,

7/01/44

-

5/01/45

..................

United

States

434,501

431,698

FNMA,

30

Year

,

5

%,

3/01/38

...........................

United

States

2,954

3,029

FNMA,

30

Year

,

5.5

%,

9/01/53

.........................

United

States

88,527

89,988

FNMA,

30

Year

,

5.5

%,

11/01/53

.........................

United

States

842,473

858,388

i

Uniform

Mortgage-Backed

Securities

,

1.5

%

,

TBA,

10/25/40

....

United

States

1,000,000

894,941

i

Uniform

Mortgage-Backed

Securities

,

2

%

,

TBA,

10/25/55

.....

United

States

5,000,000

4,031,166

i

Uniform

Mortgage-Backed

Securities

,

2.5

%

,

TBA,

10/25/55

....

United

States

4,000,000

3,370,608

i

Uniform

Mortgage-Backed

Securities

,

4

%

,

TBA,

10/25/55

.....

United

States

1,000,000

942,597

i

Uniform

Mortgage-Backed

Securities

,

5

%

,

TBA,

10/25/55

.....

United

States

1,000,000

991,892

i

Uniform

Mortgage-Backed

Securities

,

6

%

,

TBA,

10/25/55

.....

United

States

1,000,000

1,021,744

19,178,114

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

10.4%

GNMA

I,

Single-family,

30

Year

,

3.5

%,

11/15/47

.............

United

States

41,264

38,296

GNMA

II,

30

Year

,

5.5

%,

7/20/53

........................

United

States

418,223

428,540

GNMA

II,

Single-family,

30

Year

,

2.5

%,

2/20/53

.............

United

States

3,991,654

3,473,959

GNMA

II,

Single-family,

30

Year

,

2.5

%,

9/20/52

.............

United

States

355,561

306,860

GNMA

II,

Single-family,

30

Year

,

3

%,

2/20/53

...............

United

States

929,925

835,673

GNMA

II,

Single-family,

30

Year

,

3.5

%,

11/20/47

-

11/20/49

....

United

States

584,751

538,960

GNMA

II,

Single-family,

30

Year

,

4

%,

2/20/48

-

5/20/48

.......

United

States

620,644

580,019

GNMA

II,

Single-family,

30

Year

,

4.5

%,

7/20/47

.............

United

States

849,277

843,243

GNMA

II,

Single-family,

30

Year

,

4.5

%,

5/20/48

.............

United

States

91,071

89,231

i

GNMA

II,

Single-family,

30

Year

,

4.5

%,

10/15/55

............

United

States

1,500,000

1,454,871

GNMA

II,

Single-family,

30

Year

,

5

%,

5/20/48

-

6/20/48

.......

United

States

225,315

228,171

i

GNMA

II,

Single-family,

30

Year

,

5

%,

10/15/55

..............

United

States

3,000,000

2,984,561

GNMA

II,

Single-family,

30

Year

,

5.5

%,

6/20/53

-

7/20/53

......

United

States

220,265

224,057

GNMA

II,

Single-family,

30

Year

,

5.5

%,

4/20/54

.............

United

States

972,671

987,050

GNMA

II,

Single-family,

30

Year

,

6

%,

11/20/53

..............

United

States

413,595

429,525

GNMA

II,

Single-family,

30

Year

,

6

%,

11/20/53

..............

United

States

476,277

495,017

13,938,033

Total

Mortgage-Backed

Securities

(Cost

$

37,323,618

)

..........................

36,793,013

Residential

Mortgage-Backed

Securities

7.3%

Financial

Services

7.3%

a

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

.

United

States

502,829

512,572

a

Angel

Oak

Mortgage

Trust

,

2023-3

,

A1

,

144A,

4.8

%

,

9/26/67

...

United

States

86,973

86,671

a

,f

Arroyo

Mortgage

Trust

,

2019-3

,

M1

,

144A,

FRN

,

4.204

%

,

10/25/48

........................................

United

States

330,000

309,143

a

BRAVO

Residential

Funding

Trust

,

f

2020-RPL1

,

M1

,

144A,

FRN

,

3.25

%

,

5/26/59

.............

United

States

353,000

338,980

2023-NQM8

,

A1

,

144A,

6.394

%

,

10/25/63

...............

United

States

88,396

89,431

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

150

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

a

BRAVO

Residential

Funding

Trust,

(continued)

2024-NQM2

,

A1

,

144A,

6.285

%

,

2/25/64

................

United

States

91,736

$

92,937

a

,f

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.253

%

,

2/25/55

...................................

United

States

332,000

318,438

a

,e

Chase

Home

Lending

Mortgage

Trust

,

2025-10

,

A11

,

144A,

FRN

,

5.669

%

,

(

30-day

SOFR

Average

+

1.3

%

),

7/25/56

.........

United

States

100,000

100,250

a

,e

Chevy

Chase

Funding

LLC

,

2004-3A

,

A2

,

144A,

FRN

,

4.572

%

,

(

1-month

SOFR

+

0.414

%

),

8/25/35

....................

United

States

35,572

34,712

a

Citigroup

Mortgage

Loan

Trust

,

2022-A

,

A1

,

144A,

9.17

%

,

9/25/62

United

States

115,263

115,635

a

COLT

Mortgage

Loan

Trust

,

f

2020-2

,

A2

,

144A,

FRN

,

3.094

%

,

3/25/65

................

United

States

31,052

30,938

2023-3

,

A1

,

144A,

7.18

%

,

9/25/68

.....................

United

States

444,836

451,754

a

,f

Ellington

Financial

Mortgage

Trust

,

2020-1

,

A2

,

144A,

FRN

,

3.149

%

,

5/25/65

...................................

United

States

179,000

176,751

f

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

a

2019-2

,

M

,

144A,

FRN

,

4.75

%

,

8/25/58

.................

United

States

232,621

226,389

2019-3

,

M

,

FRN

,

4.75

%

,

10/25/58

.....................

United

States

282,820

278,186

a

,e

FHLMC

STACR

REMIC

Trust

,

2021-DNA5

,

M2

,

144A,

FRN

,

6.006

%

,

(

30-day

SOFR

Average

+

1.65

%

),

1/25/34

.................................

United

States

3,661

3,673

2021-DNA6

,

M2

,

144A,

FRN

,

5.856

%

,

(

30-day

SOFR

Average

+

1.5

%

),

10/25/41

.................................

United

States

53,927

54,089

2021-DNA7

,

M2

,

144A,

FRN

,

6.156

%

,

(

30-day

SOFR

Average

+

1.8

%

),

11/25/41

..................................

United

States

108,000

108,955

2021-HQA4

,

M1

,

144A,

FRN

,

5.306

%

,

(

30-day

SOFR

Average

+

0.95

%

),

12/25/41

................................

United

States

14,143

14,153

2022-DNA2

,

M1A

,

144A,

FRN

,

5.656

%

,

(

30-day

SOFR

Average

+

1.3

%

),

2/25/42

..................................

United

States

1,987

1,987

2022-HQA1

,

M2

,

144A,

FRN

,

9.606

%

,

(

30-day

SOFR

Average

+

5.25

%

),

3/25/42

.................................

United

States

911,000

960,646

2022-HQA3

,

M1A

,

144A,

FRN

,

6.656

%

,

(

30-day

SOFR

Average

+

2.3

%

),

8/25/42

..................................

United

States

5,516

5,600

2023-DNA1

,

M1A

,

144A,

FRN

,

6.448

%

,

(

30-day

SOFR

Average

+

2.1

%

),

3/25/43

..................................

United

States

26,913

27,306

2023-HQA3

,

M1

,

144A,

FRN

,

6.206

%

,

(

30-day

SOFR

Average

+

1.85

%

),

11/25/43

.................................

United

States

10,872

10,939

2025-DNA1

,

A1

,

144A,

FRN

,

5.306

%

,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/45

...................................

United

States

59,625

59,693

2025-DNA3

,

M1

,

144A,

FRN

,

5.47

%

,

(

30-day

SOFR

Average

+

1.1

%

),

9/25/45

....................................

United

States

181,000

181,566

a

,e

FNMA

Connecticut

Avenue

Securities

Trust

,

2021-R03

,

1M2

,

144A,

FRN

,

6.006

%

,

(

30-day

SOFR

Average

+

1.65

%

),

12/25/41

..................................

United

States

24,000

24,121

2022-R03

,

1M2

,

144A,

FRN

,

7.856

%

,

(

30-day

SOFR

Average

+

3.5

%

),

3/25/42

....................................

United

States

19,000

19,613

2022-R04

,

1M2

,

144A,

FRN

,

7.456

%

,

(

30-day

SOFR

Average

+

3.1

%

),

3/25/42

....................................

United

States

19,000

19,532

2022-R08

,

1M1

,

144A,

FRN

,

6.906

%

,

(

30-day

SOFR

Average

+

2.55

%

),

7/25/42

...................................

United

States

10,868

11,150

2023-R01

,

1M1

,

144A,

FRN

,

6.748

%

,

(

30-day

SOFR

Average

+

2.4

%

),

12/25/42

...................................

United

States

7,391

7,566

2023-R02

,

1M1

,

144A,

FRN

,

6.656

%

,

(

30-day

SOFR

Average

+

2.3

%

),

1/25/43

....................................

United

States

14,791

15,066

2023-R06

,

1M1

,

144A,

FRN

,

6.056

%

,

(

30-day

SOFR

Average

+

1.7

%

),

7/25/43

....................................

United

States

7,172

7,196

2024-R04

,

1M1

,

144A,

FRN

,

5.456

%

,

(

30-day

SOFR

Average

+

1.1

%

),

5/25/44

....................................

United

States

5,276

5,281

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

151

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

a,e

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

2024-R06

,

1A1

,

144A,

FRN

,

5.506

%

,

(

30-day

SOFR

Average

+

1.15

%

),

9/25/44

...................................

United

States

50,138

$

50,327

2024-R06

,

1M1

,

144A,

FRN

,

5.406

%

,

(

30-day

SOFR

Average

+

1.05

%

),

9/25/44

...................................

United

States

6,441

6,439

2025-R01

,

1A1

,

144A,

FRN

,

5.298

%

,

(

30-day

SOFR

Average

+

0.95

%

),

1/25/45

...................................

United

States

23,386

23,413

2025-R01

,

1M1

,

144A,

FRN

,

5.448

%

,

(

30-day

SOFR

Average

+

1.1

%

),

1/25/45

....................................

United

States

18,236

18,253

2025-R02

,

1A1

,

144A,

FRN

,

5.348

%

,

(

30-day

SOFR

Average

+

1

%

),

2/25/45

.....................................

United

States

25,262

25,306

2025-R02

,

1M1

,

144A,

FRN

,

5.498

%

,

(

30-day

SOFR

Average

+

1.15

%

),

2/25/45

...................................

United

States

65,857

65,898

2025-R03

,

2A1

,

144A,

FRN

,

5.806

%

,

(

30-day

SOFR

Average

+

1.45

%

),

3/25/45

...................................

United

States

34,647

34,880

a

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935

%

,

4/25/65

........

United

States

26,403

25,812

a

Imperial

Fund

Mortgage

Trust

,

2022-NQM7

,

A1

,

144A,

7.369

%

,

11/25/67

........................................

United

States

261,252

262,787

a

,e

J.P.

Morgan

Mortgage

Trust

,

2024-9

,

A11

,

144A,

FRN

,

5.706

%

,

(

30-day

SOFR

Average

+

1.35

%

),

2/25/55

...............

United

States

171,988

172,463

a

,f

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.162

%

,

8/26/47

..............................

United

States

35,365

35,370

a

,e

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-4

,

AF

,

144A,

FRN

,

5.706

%

,

(

30-day

SOFR

Average

+

1.35

%

),

9/25/54

United

States

97,046

96,976

a

,f

New

Residential

Mortgage

Loan

Trust

,

2020-NQM2

,

A2

,

144A,

FRN

,

2.891

%

,

5/24/60

..............................

United

States

212,000

201,502

a

OBX

Trust

,

2022-NQM7

,

A1

,

144A,

5.11

%

,

8/25/62

.................

United

States

222,791

222,694

2023-NQM7

,

A1

,

144A,

6.844

%

,

4/25/63

................

United

States

293,998

298,056

e

2025-J2

,

AF

,

144A,

FRN

,

5.656

%

,

(

30-day

SOFR

Average

+

1.3

%

),

9/25/55

....................................

United

States

118,886

118,956

a

,f

PRKCM

Trust

,

2023-AFC2

,

A1

,

144A,

FRN

,

6.482

%

,

6/25/58

...

United

States

396,865

398,351

a

,f

Residential

Mortgage

Loan

Trust

,

2020-2

,

A3

,

144A,

FRN

,

2.911

%

,

5/25/60

...................................

United

States

464,000

453,083

a

,f

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

4

%

,

8/25/62

.........................................

United

States

114,026

111,373

a

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4

,

A1

,

144A,

7.5

%

,

2/25/30

....................................

United

States

245,000

247,530

a

,e

Station

Place

Securitization

Trust

,

2024-10

,

A

,

144A,

FRN

,

5.057

%

,

(

1-month

SOFR

+

0.9

%

),

10/27/25

........................................

United

States

325,000

325,141

2025-1

,

A

,

144A,

FRN

,

5.057

%

,

(

1-month

SOFR

+

0.9

%

),

7/23/26

.........................................

United

States

277,000

281,101

2025-3

,

A

,

144A,

FRN

,

5.057

%

,

(

1-month

SOFR

+

0.9

%

),

9/23/26

.........................................

United

States

280,000

281,139

a

,f

Towd

Point

Mortgage

Trust

,

2018-5

,

M1

,

144A,

FRN

,

3.25

%

,

7/25/58

.........................................

United

States

153,000

131,354

a

Verus

Securitization

Trust

,

2024-1

,

A1

,

144A,

5.712

%

,

1/25/69

.

United

States

283,361

285,417

a

Visio

Trust

,

2022-1

,

A2

,

144A,

5.85

%

,

8/25/57

..............

United

States

99,792

99,501

e

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C4

,

FRN

,

5.132

%

,

(

1-month

SOFR

+

0.974

%

),

10/25/45

........................................

United

States

501,122

490,389

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

152

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

e

WaMu

Mortgage

Pass-Through

Certificates

Trust,

(continued)

2005-AR17

,

A1B2

,

FRN

,

5.092

%

,

(

1-month

SOFR

+

0.934

%

),

12/25/45

........................................

United

States

395,085

$

363,093

9,827,523

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

9,535,378

)

................

9,827,523

Agency

Commercial

Mortgage-Backed

Securities

3.6%

Financial

Services

3.6%

FHLMC

,

e

3065

,

DC

,

FRN

,

6.4

%

,

(

30-day

SOFR

Average

+

19.517

%

),

3/15/35

.........................................

United

States

58,848

61,380

f

3117

,

AF

,

FRN

,

Zero

Cpn.,

2/15/36

.....................

United

States

3,056

2,694

3369

,

BO

,

Strip

,

9/15/37

.............................

United

States

1,030

881

3391

,

Strip

,

4/15/37

................................

United

States

9,360

8,212

e

3408

,

EK

,

FRN

,

7.74

%

,

(

30-day

SOFR

Average

+

25.332

%

),

4/15/37

.........................................

United

States

53,174

63,591

g

4018

,

DI

,

IO,

4.5

%

,

7/15/41

..........................

United

States

17,743

275

e

406

,

F30

,

FRN

,

5.506

%

,

(

30-day

SOFR

Average

+

1.15

%

),

10/25/53

........................................

United

States

142,911

143,930

g

4132

,

IP

,

IO,

4.5

%

,

11/15/42

..........................

United

States

105,780

7,540

e,g

4945

,

SL

,

IO,

FRN

,

1.579

%

,

(

30-day

SOFR

Average

+

5.936

%

),

1/25/50

.........................................

United

States

3,222,980

406,277

g

5050

,

IM

,

IO,

3.5

%

,

10/25/50

.........................

United

States

3,307,836

657,394

g

5349

,

IB

,

IO,

4

%

,

12/15/46

...........................

United

States

421,998

92,256

FNMA

,

e,g

2010-35

,

SG

,

IO,

FRN

,

1.929

%

,

(

30-day

SOFR

Average

+

6.286

%

),

4/25/40

..................................

United

States

192,840

22,145

g

2015-33

,

AI

,

IO,

5

%

,

6/25/45

.........................

United

States

535,970

68,434

g

2021-12

,

NI

,

IO,

2.5

%

,

3/25/51

........................

United

States

3,370,073

548,572

g

2023-49

,

IA

,

IO,

3

%

,

8/25/46

.........................

United

States

659,582

84,735

g

2023-49

,

IB

,

IO,

3.5

%

,

3/25/47

........................

United

States

245,564

38,326

e

2025-41

,

FA

,

FRN

,

5.506

%

,

(

30-day

SOFR

Average

+

1.15

%

),

6/25/54

.........................................

United

States

107,464

107,895

372

,

1

,

Strip

,

8/25/36

...............................

United

States

5,857

4,878

GNMA

,

g

2009-79

,

IC

,

IO,

6

%

,

8/20/39

.........................

United

States

209,458

22,811

f,g

2010-H19

,

GI

,

IO,

FRN

,

1.45

%

,

8/20/60

.................

United

States

331,163

13,830

g

2012-113

,

ID

,

IO,

3.5

%

,

9/20/42

.......................

United

States

361,072

54,077

g

2012-136

,

IO,

3.5

%

,

11/20/42

.........................

United

States

519,646

68,256

g

2012-38

,

MI

,

IO,

4

%

,

3/20/42

.........................

United

States

1,225,378

216,923

g

2014-100

,

JI

,

IO,

3.5

%

,

7/16/29

.......................

United

States

151,506

4,334

g

2014-180

,

IO,

5

%

,

12/20/44

..........................

United

States

691,646

137,540

g

2014-76

,

IO,

5

%

,

5/20/44

............................

United

States

199,525

41,545

f,g

2014-H11

,

GI

,

IO,

FRN

,

1.545

%

,

6/20/64

................

United

States

1,823,527

44,682

g

2015-52

,

KI

,

IO,

3.5

%

,

11/20/40

.......................

United

States

135,748

5,285

g

2015-53

,

MI

,

IO,

4

%

,

4/16/45

.........................

United

States

557,001

110,919

f,g

2015-H01

,

CI

,

IO,

FRN

,

1.561

%

,

12/20/64

...............

United

States

182,336

4,078

f,g

2015-H04

,

AI

,

IO,

FRN

,

1.608

%

,

12/20/64

...............

United

States

845,818

25,145

f,g

2015-H10

,

CI

,

IO,

FRN

,

1.792

%

,

4/20/65

................

United

States

377,414

9,601

f,g

2015-H12

,

AI

,

IO,

FRN

,

1.826

%

,

5/20/65

................

United

States

460,311

11,798

f,g

2015-H12

,

EI

,

IO,

FRN

,

1.733

%

,

4/20/65

................

United

States

1,127,136

21,469

f,g

2015-H12

,

GI

,

IO,

FRN

,

1.773

%

,

5/20/65

................

United

States

764,233

25,139

f,g

2015-H13

,

AI

,

IO,

FRN

,

1.813

%

,

6/20/65

................

United

States

821,033

43,343

f,g

2015-H16

,

XI

,

IO,

FRN

,

2.024

%

,

7/20/65

................

United

States

297,476

16,607

f,g

2015-H20

,

AI

,

IO,

FRN

,

1.854

%

,

8/20/65

................

United

States

332,363

9,641

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

153

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

GNMA,

(continued)

f,g

2015-H25

,

AI

,

IO,

FRN

,

1.625

%

,

9/20/65

................

United

States

734,288

$

10,293

f,g

2015-H25

,

CI

,

IO,

FRN

,

2.209

%

,

10/20/65

...............

United

States

440,829

17,681

f,g

2016-H11

,

HI

,

IO,

FRN

,

1.899

%

,

1/20/66

................

United

States

289,828

7,666

f,g

2016-H23

,

NI

,

IO,

FRN

,

2.526

%

,

10/20/66

...............

United

States

1,432,077

65,750

f,g

2016-H24

,

JI

,

IO,

FRN

,

2.423

%

,

11/20/66

................

United

States

329,783

19,500

f,g

2017-H08

,

NI

,

IO,

FRN

,

2.213

%

,

3/20/67

................

United

States

999,762

31,138

f,g

2017-H10

,

MI

,

IO,

FRN

,

1.864

%

,

4/20/67

................

United

States

1,040,576

30,970

f,g

2017-H12

,

QI

,

IO,

FRN

,

2.387

%

,

5/20/67

................

United

States

817,185

31,615

f,g

2017-H18

,

CI

,

IO,

FRN

,

1.877

%

,

9/20/67

................

United

States

1,020,579

74,629

e,g

2019-121

,

SD

,

IO,

FRN

,

1.75

%

,

(

1-month

SOFR

+

5.886

%

),

10/20/49

........................................

United

States

115,809

14,685

f,g

2019-H02

,

DI

,

IO,

FRN

,

2.347

%

,

11/20/68

...............

United

States

1,386,209

59,306

e,g

2020-112

,

MS

,

IO,

FRN

,

2.05

%

,

(

1-month

SOFR

+

6.186

%

),

8/20/50

.........................................

United

States

3,413,325

503,162

e

2023-152

,

FB

,

FRN

,

5.539

%

,

(

30-day

SOFR

Average

+

1.15

%

),

4/20/51

.........................................

United

States

211,010

214,400

e

2023-66

,

PS

,

FRN

,

4.403

%

,

(

30-day

SOFR

Average

+

15.375

%

),

5/20/53

.................................

United

States

411,231

409,569

f,g

2024-32

,

IO,

FRN

,

0.7

%

,

6/16/63

......................

United

States

2,531,462

126,675

4,823,477

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

4,851,895

)

........

4,823,477

Total

Long

Term

Investments

(Cost

$

140,893,869

)

.............................

139,780,598

a

Short

Term

Investments

8.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.6%

j

U.S.

Treasury

Bills

,

k

2.01

%,

10/02/25

...................................

United

States

1,100,000

1,099,877

3.83

%,

1/20/26

...................................

United

States

1,100,000

1,087,061

2,186,938

Total

U.S.

Government

and

Agency

Securities

(Cost

$

2,186,924

)

................

2,186,938

Shares

Management

Investment

Companies

6.5%

l,m

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

8,754,999

8,754,999

Total

Management

Investment

Companies

(Cost

$

8,754,999

)

...................

8,754,999

Total

Short

Term

Investments

(Cost

$

10,941,923

)

..............................

10,941,937

a

Total

Investments

(Cost

$

151,835,792

)

111.7

%

................................

$150,722,535

TBA

Sale

Commitments

(

9.1

)

%

..............................................

(

12,319,137

)

Other

Assets,

less

Liabilities

(

2.6

)

%

.........................................

(3,474,782)

Net

Assets

100.0%

.........................................................

$134,928,616

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

154

a

a

a

Country

Principal

Amount

*

a

Value

n

TBA

Sale

Commitments

(9.1)%

Mortgage-Backed

Securities

(9.1)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(5.8)%

Uniform

Mortgage-Backed

Securities

,

3.5

%

,

TBA,

10/25/55

...............................

United

States

(1,000,000)

$

(

913,755

)

4.5

%

,

TBA,

10/25/55

...............................

United

States

(3,000,000)

(

2,910,277

)

5.5

%

,

TBA,

10/25/55

...............................

United

States

(4,000,000)

(

4,033,577

)

(7,857,609)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(3.3)%

GNMA

II,

Single-family,

30

Year

,

2.5

%

,

10/15/55

...................................

United

States

(4,000,000)

(

3,444,358

)

6

%

,

10/15/55

.....................................

United

States

(1,000,000)

(

1,017,170

)

(4,461,528)

Total

TBA

Sale

Commitments

(Proceeds

$

(

12,405,703

)

)

........................

$(12,319,137)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$39,612,277,

representing

29.4%

of

net

assets.

b

Perpetual

security

with

no

stated

maturity

date.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

i

Security

purchased

on

a

to-be-announced

(TBA)

basis.

j

The

rate

shown

represents

the

yield

at

period

end.

k

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$938,895,

representing

0.7%

net

assets.

l

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

m

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

n

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

155

At

September

30,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

At

September

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Long

65

$

7,312,500

12/19/25

$

16,689

U.S.

Treasury

10

Year

Ultra

Notes

................

Long

27

3,107,109

12/19/25

22,678

U.S.

Treasury

2

Year

Notes

.....................

Short

56

11,670,313

12/31/25

5,158

U.S.

Treasury

5

Year

Notes

.....................

Long

89

9,718,383

12/31/25

(

10,552

)

U.S.

Treasury

Long

Bonds

.....................

Long

32

3,731,000

12/19/25

79,249

U.S.

Treasury

Ultra

Bonds

......................

Long

85

10,205,312

12/19/25

308,995

Total

Futures

Contracts

......................................................................

$422,217

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

.............

HSBK

Sell

246,800

291,714

12/17/25

$

663

$

—

Total

Forward

Exchange

Contracts

...................................................

$663

$—

Net

unrealized

appreciation

(depreciation)

............................................

$663

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Forward

Premium

Swap

Option

Contracts

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

par

t

y

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

18,300,000

$

(

40,260

)

$

12,946

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

12,200,000

50,630

10,293

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

103,000

5,037

(

1,937

)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

103,000

5,274

(

3,578

)

3.428%/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

384,300

22,116

(

12,536

)

(3.428%)/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

384,300

22,116

(

355

)

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

1,549,300

193,198

(

19,045

)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

1,549,300

193,198

19,103

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

2,237,700

25,286

(

24,509

)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

271,700

9,863

(

6,611

)

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

456,000

57,114

(

7,507

)

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

456,000

57,114

(

2,575

)

2.35%/1-day

SOFR/Mar-59/(Purchased)

GSCO

3/12/29

/

2.35%

1,865,500

108,759

(

70,842

)

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCM

10/09/25

/

4.5%

2,237,700

(

7,286

)

7,274

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

156

At

September

30,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Forward

Premium

Swap

Option

Contracts

(continued)

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

party

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCM

10/09/25

/

2.85%

2,237,700

$

15,065

$

(

15,040

)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

572,900

25,322

(

1,140

)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

572,900

26,382

(

10,153

)

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

304,800

36,546

616

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

304,800

36,545

(

6,423

)

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

1,568,800

56,791

(

15,929

)

Unrealized

appreciation

50,232

Unrealized

(depreciation)

(198,180)

Total

$(147,948)

*

In

U.S.

dollars

unless

otherwise

indicated.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

167,000

$

10,392

$

85,971

$

(

75,579

)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

GSCO

11/17/59

257,000

51,010

49,237

1,773

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

193,000

23,160

24,897

(

1,737

)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

193,000

32,970

35,029

(

2,059

)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

386,000

76,960

80,932

(

3,972

)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

285,000

9,154

53,386

(

44,232

)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

193,000

32,527

34,668

(

2,141

)

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

140,000

(

8,712

)

(

24,342

)

15,630

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

27,000

(

1,680

)

(

5,518

)

3,838

Below

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

285,000

(

9,155

)

(

17,136

)

7,981

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$216,626

$317,124

$(100,498)

Total

Credit

Default

Swap

Contracts

....................................

$216,626

$

317,124

$(100,498)

(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.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

157

At

September

30,

2025

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

See

A

bbreviations

on

page

240

.

(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

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

7,997,000

$

(

25,059

)

$

(

17,712

)

$

(

7,347

)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.13%

....

Annual

12/17/27

3,871,000

14,310

14,310

—

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

22,364,000

241,478

208,560

32,918

Receive

Fixed

3.833%

.

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/10/35

188,900

2,748

—

2,748

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

27,424,000

(

510,378

)

(

290,755

)

(

219,623

)

Receive

Fixed

3.53%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/35

2,837,000

(

30,634

)

(

21,317

)

(

9,317

)

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

4,266,000

74,333

(

38,382

)

112,715

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.88%

....

Annual

12/17/55

803,000

6,554

8,487

(

1,933

)

Total

Interest

Rate

Swap

Contracts

.................................

$(226,648)

$

(

136,809

)

$(89,839)

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

International

Equity

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

158

a

a

Industry

Shares

a

Value

a

Common

Stocks

95.8%

Australia

1.8%

Glencore

plc

....................

Metals

&

Mining

1,055,503

$

4,861,254

Austria

0.5%

Erste

Group

Bank

AG

.............

Banks

13,078

1,285,601

Canada

0.9%

Canadian

National

Railway

Co.

......

Ground

Transportation

25,400

2,395,269

China

3.1%

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

138,300

3,092,957

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

65,100

5,547,145

8,640,102

Denmark

1.5%

Novo

Nordisk

A/S

,

B

..............

Pharmaceuticals

74,404

4,142,939

France

10.9%

Accor

SA

......................

Hotels,

Restaurants

&

Leisure

70,916

3,369,247

Airbus

SE

......................

Aerospace

&

Defense

29,381

6,861,227

BNP

Paribas

SA

.................

Banks

50,248

4,595,823

Cie

de

Saint-Gobain

SA

...........

Building

Products

42,476

4,602,341

Thales

SA

......................

Aerospace

&

Defense

16,114

5,093,865

Vinci

SA

.......................

Construction

&

Engineering

39,838

5,536,365

30,058,868

Germany

4.8%

a,b

Auto1

Group

SE

,

144A

,

Reg

S

......

Specialty

Retail

46,176

1,579,650

Deutsche

Bank

AG

...............

Capital

Markets

151,527

5,366,448

Deutsche

Boerse

AG

..............

Capital

Markets

10,923

2,925,083

Siemens

AG

....................

Industrial

Conglomerates

12,839

3,466,248

13,337,429

Greece

1.6%

National

Bank

of

Greece

SA

........

Banks

310,245

4,517,615

Hong

Kong

5.2%

AIA

Group

Ltd.

..................

Insurance

612,200

5,867,304

Jardine

Matheson

Holdings

Ltd.

.....

Industrial

Conglomerates

43,900

2,770,405

Prudential

plc

...................

Insurance

416,650

5,832,984

14,470,693

India

0.4%

a

MakeMyTrip

Ltd.

.................

Hotels,

Restaurants

&

Leisure

13,300

1,244,880

Indonesia

0.5%

Unilever

Indonesia

Tbk.

PT

.........

Household

Products

13,655,800

1,458,585

Italy

5.0%

Enel

SpA

......................

Electric

Utilities

548,658

5,199,380

Prysmian

SpA

...................

Electrical

Equipment

52,411

5,216,021

Ryanair

Holdings

plc

,

ADR

.........

Passenger

Airlines

54,750

3,297,045

13,712,446

Japan

18.8%

Air

Water,

Inc.

...................

Chemicals

79,400

1,363,891

Ebara

Corp.

....................

Machinery

112,200

2,557,548

Hoya

Corp.

.....................

Health

Care

Equipment

&

Supplies

54,900

7,591,043

Mitsubishi

UFJ

Financial

Group,

Inc.

..

Banks

459,500

7,412,368

Nintendo

Co.

Ltd.

................

Entertainment

70,200

6,073,651

NOF

Corp.

.....................

Chemicals

160,000

2,791,778

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

159

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Japan

(continued)

Ryohin

Keikaku

Co.

Ltd.

...........

Broadline

Retail

90,600

$

1,802,683

SBI

Holdings,

Inc.

................

Capital

Markets

92,300

4,018,509

SoftBank

Group

Corp.

.............

Wireless

Telecommunication

Services

36,600

4,618,208

a

Sony

Financial

Group,

Inc.

.........

Insurance

226,600

251,293

Sony

Group

Corp.

................

Household

Durables

226,600

6,514,003

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

180,600

5,080,797

a

Tokyo

Electric

Power

Co.

Holdings,

Inc.

Electric

Utilities

416,900

1,952,829

52,028,601

Netherlands

7.3%

Akzo

Nobel

NV

..................

Chemicals

41,687

2,975,106

ASML

Holding

NV

................

Semiconductors

&

Semiconductor

Equipment

8,375

8,167,192

b

Euronext

NV

,

144A

,

Reg

S

.........

Capital

Markets

34,483

5,162,499

Universal

Music

Group

NV

.........

Entertainment

138,789

4,010,650

20,315,447

South

Korea

1.5%

SK

Hynix,

Inc.

...................

Semiconductors

&

Semiconductor

Equipment

17,284

4,284,669

Spain

2.9%

Iberdrola

SA

....................

Electric

Utilities

417,757

7,907,862

Taiwan

1.7%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

107,000

4,647,848

United

Arab

Emirates

1.8%

Abu

Dhabi

Islamic

Bank

PJSC

......

Banks

862,283

5,118,717

United

Kingdom

11.4%

Allfunds

Group

plc

................

Capital

Markets

197,676

1,475,488

AstraZeneca

plc

.................

Pharmaceuticals

38,850

5,951,864

British

American

Tobacco

plc

........

Tobacco

115,524

6,144,411

Coca-Cola

Europacific

Partners

plc

...

Beverages

40,900

3,697,769

Compass

Group

plc

..............

Hotels,

Restaurants

&

Leisure

96,574

3,291,798

London

Stock

Exchange

Group

plc

...

Capital

Markets

20,849

2,391,029

Tesco

plc

......................

Consumer

Staples

Distribution

&

Retail

588,914

3,529,768

Unilever

plc

.....................

Personal

Care

Products

84,799

5,012,354

31,494,481

United

States

14.2%

BP

plc

.........................

Oil,

Gas

&

Consumable

Fuels

495,507

2,845,029

Buzzi

SpA

......................

Construction

Materials

25,240

1,390,849

CRH

plc

.......................

Construction

Materials

53,689

6,477,500

Linde

plc

.......................

Chemicals

11,722

5,567,950

Novartis

AG

....................

Pharmaceuticals

44,704

5,747,968

Roche

Holding

AG

...............

Pharmaceuticals

19,437

6,472,202

Schneider

Electric

SE

.............

Electrical

Equipment

22,507

6,335,093

Shell

plc

.......................

Oil,

Gas

&

Consumable

Fuels

127,465

4,571,843

39,408,434

Total

Common

Stocks

(Cost

$

197,645,575

)

.....................................

265,331,740

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

a

a

Industry

Shares

a

Value

a

Preferred

Stocks

2.1%

South

Korea

2.1%

c

Samsung

Electronics

Co.

Ltd.

,

1

.65

%

.

Technology

Hardware,

Storage

&

Peripherals

121,491

$

5,766,086

Total

Preferred

Stocks

(Cost

$

4,714,514

)

.......................................

5,766,086

Total

Long

Term

Investments

(Cost

$

202,360,089

)

...............................

271,097,826

Short

Term

Investments

1.9%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.4%

United

States

0.4%

d

U.S.

Treasury

Bills

,

e

2.01

%,

10/02/25

................

700,000

699,922

3.83

%,

1/20/26

................

300,000

296,471

996,393

Total

U.S.

Government

and

Agency

Securities

(Cost

$

996,388

)

....................

996,393

Shares

Management

Investment

Companies

1.5%

United

States

1.5%

f,g

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

................

4,183,840

4,183,840

Total

Management

Investment

Companies

(Cost

$

4,183,840

)

.....................

4,183,840

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

5,180,228

)

.................................

5,180,233

a

a

a

Total

Investments

(Cost

$

207,540,317

)

99.8

%

...................................

$276,278,059

Other

Assets,

less

Liabilities

0.2

%

.............................................

738,195

Net

Assets

100.0%

...........................................................

$277,016,254

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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

September

30,

2025,

the

aggregate

value

of

these

securities

was

$6,742,149,

representing

2.4%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

The

rate

shown

represents

the

yield

at

period

end.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$283,968,

representing

0.1%

net

assets.

f

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

161

At

September

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BOFA

Buy

1,186,800

781,389

10/15/25

$

4,073

$

—

Australian

Dollar

....

CITI

Buy

1,038,000

679,283

10/15/25

7,699

—

Australian

Dollar

....

CITI

Sell

779,000

512,903

10/15/25

—

(

2,664

)

Australian

Dollar

....

GSCO

Buy

1,917,700

1,262,547

10/15/25

6,649

—

Australian

Dollar

....

HSBK

Buy

862,800

566,480

10/15/25

4,549

—

Australian

Dollar

....

MSCO

Buy

8,220,100

5,412,393

10/15/25

27,932

—

Australian

Dollar

....

SSBT

Buy

7,761,600

5,089,092

10/15/25

47,783

—

Australian

Dollar

....

TDOM

Buy

6,880,300

4,517,227

10/15/25

36,376

—

Australian

Dollar

....

WPAC

Buy

1,298,000

852,178

10/15/25

6,879

—

Canadian

Dollar

....

BOFA

Sell

651,700

478,000

10/15/25

9,413

—

Canadian

Dollar

....

BZWS

Sell

1,283,400

941,335

10/15/25

18,542

—

Canadian

Dollar

....

HSBK

Buy

677,700

496,588

10/15/25

—

(

9,307

)

Canadian

Dollar

....

JPHQ

Sell

2,600

1,909

10/15/25

39

—

Canadian

Dollar

....

SSBT

Sell

686,700

504,816

10/15/25

11,064

—

Canadian

Dollar

....

TDOM

Sell

42,800

31,419

10/15/25

645

—

Canadian

Dollar

....

WPAC

Sell

1,300,600

954,776

10/15/25

19,617

—

Israeli

New

Shekel

..

BZWS

Buy

2,142,100

644,074

10/15/25

2,646

—

Israeli

New

Shekel

..

HSBK

Buy

938,300

280,001

10/15/25

3,281

—

Israeli

New

Shekel

..

SSBT

Buy

5,255,800

1,568,782

10/15/25

17,995

—

New

Zealand

Dollar

.

GSCO

Buy

365,700

220,280

10/15/25

—

(

8,159

)

New

Zealand

Dollar

.

SSBT

Buy

408,200

244,766

10/15/25

—

(

7,993

)

New

Zealand

Dollar

.

WPAC

Buy

402,600

241,404

10/15/25

—

(

7,879

)

Chinese

Yuan

......

BOFA

Sell

6,806,100

953,563

11/19/25

—

(

4,590

)

Chinese

Yuan

......

CITI

Sell

4,883,900

683,930

11/19/25

—

(

3,618

)

Chinese

Yuan

......

HSBK

Sell

31,137,200

4,388,757

11/19/25

11,076

(

5,766

)

Chinese

Yuan

......

JPHQ

Buy

10,382,000

1,454,664

11/19/25

6,899

—

Chinese

Yuan

......

SSBT

Sell

13,920,400

1,949,423

11/19/25

—

(

10,270

)

Hong

Kong

Dollar

...

CITI

Sell

9,855,300

1,266,734

11/19/25

—

(

1,176

)

Hong

Kong

Dollar

...

GSCO

Sell

6,366,200

818,636

11/19/25

—

(

392

)

Hong

Kong

Dollar

...

HSBK

Sell

19,513,900

2,509,771

11/19/25

807

(

1,551

)

Hong

Kong

Dollar

...

MSCO

Sell

21,925,800

2,823,947

11/19/25

3,134

—

Hong

Kong

Dollar

...

SSBT

Buy

8,763,600

1,126,437

11/19/25

1,023

—

Hong

Kong

Dollar

...

TDOM

Buy

23,592,400

3,037,697

11/19/25

—

(

2,472

)

Indian

Rupee

......

GSCO

Sell

102,741,700

1,169,579

11/19/25

16,447

—

Japanese

Yen

......

BOFA

Buy

271,798,000

1,868,888

11/19/25

—

(

21,636

)

Japanese

Yen

......

BZWS

Buy

139,511,800

950,272

11/19/25

—

(

2,092

)

Japanese

Yen

......

BZWS

Sell

364,598,500

2,506,934

11/19/25

28,971

—

Japanese

Yen

......

CITI

Buy

39,763,900

273,419

11/19/25

—

(

3,167

)

Japanese

Yen

......

GSCO

Buy

755,704,500

5,191,578

11/19/25

—

(

55,497

)

Japanese

Yen

......

GSCO

Sell

147,712,200

1,008,511

11/19/25

4,850

(

253

)

Japanese

Yen

......

HSBK

Buy

157,851,000

1,083,329

11/19/25

—

(

10,508

)

Japanese

Yen

......

HSBK

Sell

37,898,400

258,659

11/19/25

1,085

—

Japanese

Yen

......

JPHQ

Sell

137,039,500

942,295

11/19/25

10,918

—

Japanese

Yen

......

MSCO

Buy

917,258,000

6,260,412

11/19/25

—

(

26,347

)

Japanese

Yen

......

MSCO

Sell

192,784,800

1,316,761

11/19/25

6,708

(

191

)

Japanese

Yen

......

SSBT

Buy

145,192,600

990,916

11/19/25

—

(

4,127

)

Japanese

Yen

......

TDOM

Sell

206,158,000

1,407,025

11/19/25

5,890

—

New

Taiwan

Dollar

..

BZWS

Sell

60,463,800

2,035,681

11/19/25

43,966

—

New

Taiwan

Dollar

..

SSBT

Sell

67,310,200

2,263,060

11/19/25

45,820

—

Singapore

Dollar

....

BOFA

Buy

1,869,900

1,469,458

11/19/25

—

(

14,356

)

Singapore

Dollar

....

HSBK

Buy

1,428,800

1,120,258

11/19/25

—

(

8,408

)

Singapore

Dollar

....

SSBT

Buy

1,869,600

1,465,824

11/19/25

—

(

10,956

)

Singapore

Dollar

....

UBSW

Buy

399,300

313,048

11/19/25

—

(

2,325

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

162

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

South

Korean

Won

..

BOFA

Sell

2,711,270,700

1,964,333

11/19/25

$

29,340

$

—

South

Korean

Won

..

GSCO

Sell

5,380,668,300

3,893,783

11/19/25

53,680

—

South

Korean

Won

..

HSBK

Sell

3,105,710,800

2,249,700

11/19/25

33,201

—

South

Korean

Won

..

JPHQ

Sell

1,843,485,200

1,335,607

11/19/25

19,939

—

British

Pound

......

BOFA

Buy

1,722,400

2,334,489

12/17/25

—

(

17,813

)

British

Pound

......

BOFA

Sell

590,800

807,223

12/17/25

12,580

—

British

Pound

......

BZWS

Buy

1,626,200

2,204,076

12/17/25

—

(

16,791

)

British

Pound

......

CITI

Sell

2,767,900

3,751,527

12/17/25

28,624

—

British

Pound

......

GSCO

Buy

1,264,400

1,717,231

12/17/25

—

(

16,578

)

British

Pound

......

GSCO

Sell

310,900

416,819

12/17/25

—

(

1,350

)

British

Pound

......

HSBK

Sell

1,080,500

1,464,472

12/17/25

11,169

—

British

Pound

......

JPHQ

Sell

2,084,300

2,824,801

12/17/25

21,359

—

British

Pound

......

MSCO

Buy

2,885,500

3,897,714

12/17/25

—

(

16,635

)

British

Pound

......

MSCO

Sell

3,811,800

5,160,360

12/17/25

33,381

—

British

Pound

......

SSBT

Buy

1,108,600

1,503,318

12/17/25

—

(

12,220

)

British

Pound

......

TDOM

Sell

721,500

978,419

12/17/25

7,981

—

British

Pound

......

UBSW

Sell

2,016,500

2,734,475

12/17/25

22,226

—

Czech

Koruna

......

CITI

Buy

24,103,700

1,175,791

12/17/25

—

(

11,118

)

Czech

Koruna

......

CITI

Sell

24,103,700

1,160,618

12/17/25

—

(

4,055

)

Czech

Koruna

......

MSCO

Buy

24,142,600

1,168,805

12/17/25

512

(

2,765

)

Czech

Koruna

......

MSCO

Sell

24,142,600

1,176,793

12/17/25

10,240

—

Danish

Krone

......

BOFA

Buy

3,937,900

622,730

12/17/25

—

(

124

)

Danish

Krone

......

CITI

Sell

3,145,900

497,434

12/17/25

49

—

Danish

Krone

......

GSCO

Buy

3,210,000

507,614

12/17/25

—

(

94

)

Danish

Krone

......

JPHQ

Buy

9,350,500

1,478,402

12/17/25

—

(

33

)

Danish

Krone

......

MSCO

Buy

8,315,600

1,314,581

12/17/25

165

—

Danish

Krone

......

MSCO

Sell

29,149,000

4,621,039

12/17/25

12,410

—

Danish

Krone

......

SSBT

Buy

12,410,900

1,962,076

12/17/25

161

—

Euro

.............

BOFA

Buy

2,732,400

3,222,347

12/17/25

—

(

27

)

Euro

.............

BZWS

Sell

4,700,200

5,542,932

12/17/25

—

(

15

)

Euro

.............

CITI

Sell

1,194,600

1,409,113

12/17/25

321

—

Euro

.............

GSCO

Buy

2,710,800

3,201,128

12/17/25

19

(

4,300

)

Euro

.............

HSBK

Buy

4,945,400

5,832,160

12/17/25

—

(

49

)

Euro

.............

HSBK

Sell

481,400

566,783

12/17/25

—

(

932

)

Euro

.............

JPHQ

Sell

1,248,000

1,471,667

12/17/25

—

(

100

)

Euro

.............

MSCO

Buy

1,779,100

2,092,483

12/17/25

5,611

—

Euro

.............

MSCO

Sell

5,817,200

6,860,614

12/17/25

1,789

(

1,400

)

Euro

.............

SSBT

Buy

1,082,800

1,282,023

12/17/25

—

(

5,077

)

Euro

.............

SSBT

Sell

2,020,900

2,382,762

12/17/25

—

(

485

)

Euro

.............

TDOM

Sell

674,800

795,643

12/17/25

—

(

149

)

Euro

.............

UBSW

Sell

788,200

929,319

12/17/25

—

(

205

)

Euro

.............

WPAC

Sell

952,300

1,122,681

12/17/25

—

(

367

)

Norwegian

Krone

...

BOFA

Buy

14,129,300

1,429,556

12/17/25

—

(

13,425

)

Swedish

Krona

.....

BOFA

Buy

15,981,300

1,726,168

12/17/25

—

(

20,388

)

Swedish

Krona

.....

BZWS

Buy

5,512,800

595,438

12/17/25

—

(

7,023

)

Swedish

Krona

.....

MSCO

Buy

17,827,400

1,922,405

12/17/25

—

(

19,579

)

Swedish

Krona

.....

SSBT

Buy

5,814,500

626,992

12/17/25

—

(

6,375

)

Swedish

Krona

.....

TDOM

Buy

6,715,800

724,177

12/17/25

—

(

7,359

)

Swedish

Krona

.....

UBSW

Buy

41,771,600

4,504,526

12/17/25

—

(

45,992

)

Swiss

Franc

.......

BOFA

Buy

1,719,000

2,180,504

12/17/25

—

(

1,054

)

Swiss

Franc

.......

BZWS

Buy

981,900

1,245,673

12/17/25

—

(

762

)

Swiss

Franc

.......

GSCO

Buy

1,024,100

1,299,067

12/17/25

—

(

653

)

Swiss

Franc

.......

HSBK

Buy

916,900

1,163,092

12/17/25

—

(

592

)

Swiss

Franc

.......

MSCO

Sell

208,800

265,178

12/17/25

449

—

Swiss

Franc

.......

SSBT

Buy

2,556,200

3,246,347

12/17/25

—

(

5,446

)

Swiss

Franc

.......

TDOM

Buy

2,363,900

3,002,216

12/17/25

—

(

5,124

)

Swiss

Franc

.......

UBSW

Buy

1,638,700

2,081,180

12/17/25

—

(

3,539

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

163

See

A

bbreviations

on

page

240

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Swiss

Franc

.......

WPAC

Sell

272,300

345,714

12/17/25

$

476

$

—

Total

Forward

Exchange

Contracts

...................................................

$718,458

$(475,693)

Net

unrealized

appreciation

(depreciation)

............................................

$242,765

*

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),

September

30,

2025

Putnam

VT

International

Value

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

164

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.7%

Aerospace

&

Defense

2.7%

Airbus

SE

.........................................

France

17,530

$

4,093,711

Thales

SA

.........................................

France

12,146

3,839,524

7,933,235

Air

Freight

&

Logistics

0.9%

Deutsche

Post

AG

...................................

Germany

57,389

2,564,562

Automobiles

0.4%

Stellantis

NV

.......................................

United

States

141,826

1,316,367

Banks

25.2%

AIB

Group

plc

......................................

Ireland

603,364

5,500,714

ANZ

Group

Holdings

Ltd.

.............................

Australia

182,386

4,004,931

Barclays

plc

.......................................

United

Kingdom

1,725,796

8,879,783

BNP

Paribas

SA

....................................

France

92,844

8,491,772

CaixaBank

SA

......................................

Spain

581,351

6,140,180

HSBC

Holdings

plc

..................................

United

Kingdom

740,267

10,447,477

ING

Groep

NV

.....................................

Netherlands

412,567

10,815,756

Mitsubishi

UFJ

Financial

Group,

Inc.

.....................

Japan

619,100

9,986,937

Resona

Holdings,

Inc.

................................

Japan

322,100

3,284,549

Sumitomo

Mitsui

Financial

Group,

Inc.

....................

Japan

219,100

6,163,913

73,716,012

Beverages

2.4%

Asahi

Group

Holdings

Ltd.

.............................

Japan

227,700

2,729,880

Coca-Cola

Europacific

Partners

plc

......................

United

Kingdom

49,859

4,507,752

7,237,632

Biotechnology

0.7%

a

Argenx

SE

........................................

Netherlands

3,018

2,229,848

Broadline

Retail

0.5%

Pan

Pacific

International

Holdings

Corp.

..................

Japan

202,700

1,334,565

Building

Products

1.4%

Cie

de

Saint-Gobain

SA

..............................

France

38,844

4,208,808

Capital

Markets

1.4%

Partners

Group

Holding

AG

............................

Switzerland

2,980

3,899,064

Chemicals

0.6%

LANXESS

AG

......................................

Germany

70,795

1,762,745

Construction

Materials

2.4%

CRH

plc

..........................................

United

States

58,527

7,061,197

Consumer

Staples

Distribution

&

Retail

2.7%

MatsukiyoCocokara

&

Co.

.............................

Japan

158,500

3,219,623

Tesco

plc

.........................................

United

Kingdom

777,307

4,658,938

7,878,561

Diversified

REITs

0.7%

Mirvac

Group

......................................

Australia

1,366,888

2,052,641

Diversified

Telecommunication

Services

2.8%

Deutsche

Telekom

AG

................................

Germany

138,262

4,710,513

Telstra

Group

Ltd.

...................................

Australia

1,141,243

3,638,425

8,348,938

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

165

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electric

Utilities

1.8%

Enel

SpA

.........................................

Italy

554,513

$

5,254,865

Electrical

Equipment

1.1%

ABB

Ltd.

..........................................

Switzerland

45,742

3,310,044

Food

Products

1.0%

Yamazaki

Baking

Co.

Ltd.

.............................

Japan

130,600

2,907,530

Health

Care

Equipment

&

Supplies

1.6%

Hoya

Corp.

........................................

Japan

34,600

4,784,155

Hotels,

Restaurants

&

Leisure

0.7%

Compass

Group

plc

.................................

United

Kingdom

61,042

2,080,663

Household

Durables

2.1%

Cairn

Homes

plc

....................................

Ireland

1,079,208

2,427,657

Sony

Group

Corp.

...................................

Japan

130,400

3,748,570

6,176,227

Industrial

Conglomerates

1.7%

Siemens

AG

.......................................

Germany

18,709

5,051,019

Industrial

REITs

0.9%

Segro

plc

.........................................

United

Kingdom

289,999

2,562,444

Insurance

9.5%

ASR

Nederland

NV

..................................

Netherlands

77,504

5,274,095

AXA

SA

...........................................

France

152,067

7,292,375

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

9,011

5,753,291

Prudential

plc

......................................

Hong

Kong

269,086

3,767,129

QBE

Insurance

Group

Ltd.

............................

Australia

411,014

5,593,186

a

Sony

Financial

Group,

Inc.

............................

Japan

128,300

142,281

27,822,357

Machinery

2.7%

a

Alstom

SA

.........................................

France

208,974

5,468,103

Minebea

Mitsumi,

Inc.

................................

Japan

131,300

2,467,230

7,935,333

Metals

&

Mining

1.9%

Anglo

American

plc

..................................

South

Africa

37,295

1,406,295

Glencore

plc

.......................................

Australia

838,258

3,860,705

Valterra

Platinum

Ltd.

................................

South

Africa

3,959

282,196

5,549,196

Multi-Utilities

1.3%

E.ON

SE

..........................................

Germany

204,739

3,856,354

Oil,

Gas

&

Consumable

Fuels

6.3%

Cenovus

Energy,

Inc.

................................

Canada

296,452

5,033,528

Shell

plc

..........................................

United

States

374,587

13,350,670

18,384,198

Passenger

Airlines

1.6%

Qantas

Airways

Ltd.

.................................

Australia

635,221

4,589,982

Personal

Care

Products

1.7%

Unilever

plc

........................................

United

Kingdom

83,373

4,952,059

Pharmaceuticals

5.0%

AstraZeneca

plc

....................................

United

Kingdom

17,073

2,615,603

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

166

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Pharmaceuticals

(continued)

Bayer

AG

.........................................

Germany

85,837

$

2,857,613

Novo

Nordisk

A/S

,

B

.................................

Denmark

62,998

3,507,834

Sanofi

SA

.........................................

United

States

58,106

5,502,284

14,483,334

Semiconductors

&

Semiconductor

Equipment

1.1%

STMicroelectronics

NV

...............................

Singapore

110,983

3,136,926

Specialty

Retail

0.5%

JD

Sports

Fashion

plc

................................

United

Kingdom

1,190,122

1,532,102

Textiles,

Apparel

&

Luxury

Goods

1.4%

Asics

Corp.

........................................

Japan

156,000

4,082,129

Tobacco

1.5%

Imperial

Brands

plc

..................................

United

Kingdom

99,736

4,236,930

Trading

Companies

&

Distributors

4.9%

Ashtead

Group

plc

..................................

United

Kingdom

26,295

1,763,380

Ferguson

Enterprises,

Inc.

............................

United

States

13,338

2,995,541

ITOCHU

Corp.

.....................................

Japan

57,800

3,288,727

Mitsubishi

Corp.

....................................

Japan

264,200

6,298,371

14,346,019

Wireless

Telecommunication

Services

1.6%

KDDI

Corp.

........................................

Japan

154,300

2,460,858

Vodafone

Group

plc

.................................

United

Kingdom

2,083,172

2,422,528

4,883,386

Total

Common

Stocks

(Cost

$

214,692,297

)

...................................

283,461,427

Principal

Amount

*

U.S.

Government

and

Agency

Securities

0.0%

†

b

U.S.

Treasury

Notes

,

4.125

%,

9/30/27

....................

United

States

130,000

131,267

Total

U.S.

Government

and

Agency

Securities

(Cost

$

131,267

)

..................

131,267

Total

Long

Term

Investments

(Cost

$

214,823,564

)

.............................

283,592,694

a

Short

Term

Investments

4.3%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

c

U.S.

Treasury

Bills

,

2.01

%,

10/02/25

...................................

United

States

100,000

99,989

d

3.86

%,

12/04/25

...................................

United

States

400,000

397,232

497,221

Total

U.S.

Government

and

Agency

Securities

(Cost

$

497,179

)

..................

497,221

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

At

September

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

4.1%

e,f

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

12,021,836

$

12,021,836

Total

Management

Investment

Companies

(Cost

$

12,021,836

)

..................

12,021,836

Total

Short

Term

Investments

(Cost

$

12,519,015

)

..............................

12,519,057

a

Total

Investments

(Cost

$

227,342,579

)

101.0

%

................................

$296,111,751

Other

Assets,

less

Liabilities

(

1.0

)

%

.........................................

(2,888,521)

Net

Assets

100.0%

.........................................................

$293,223,230

a

a

a

*

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

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

c

The

rate

shown

represents

the

yield

at

period

end.

d

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$142,010,

representing

less

than

0.1%

net

assets.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

MSCI

EAFE

Index

............................

Long

3

$

417,795

12/19/25

$

1,949

Total

Futures

Contracts

......................................................................

$1,949

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BOFA

Sell

735,300

484,122

10/15/25

$

—

$

(

2,524

)

Australian

Dollar

....

CITI

Buy

1,113,800

734,620

10/15/25

2,528

—

Australian

Dollar

....

GSCO

Sell

484,800

321,219

10/15/25

363

—

Australian

Dollar

....

HSBK

Buy

222,400

146,019

10/15/25

1,172

—

Australian

Dollar

....

MSCO

Sell

2,991,300

1,973,853

10/15/25

755

(

6,639

)

Australian

Dollar

....

SSBT

Buy

2,526,000

1,652,010

10/15/25

19,778

—

Australian

Dollar

....

TDOM

Buy

1,155,200

754,706

10/15/25

9,842

—

Australian

Dollar

....

UBSW

Sell

764,700

499,322

10/15/25

—

(

6,781

)

Australian

Dollar

....

WPAC

Buy

295,700

194,137

10/15/25

1,567

—

Canadian

Dollar

....

BOFA

Buy

42,500

31,172

10/15/25

—

(

614

)

Canadian

Dollar

....

BZWS

Sell

59,900

43,535

10/15/25

465

—

Canadian

Dollar

....

CITI

Sell

790,200

579,578

10/15/25

11,407

—

Canadian

Dollar

....

GSCO

Sell

1,591,900

1,147,511

10/15/25

2,900

—

Canadian

Dollar

....

HSBK

Sell

686,800

504,198

10/15/25

10,374

—

Canadian

Dollar

....

MSCO

Sell

1,782,200

1,304,876

10/15/25

23,435

—

Canadian

Dollar

....

SSBT

Sell

29,200

21,435

10/15/25

440

—

Canadian

Dollar

....

TDOM

Sell

359,800

264,125

10/15/25

5,421

—

Canadian

Dollar

....

UBSW

Sell

959,800

704,582

10/15/25

14,465

—

Canadian

Dollar

....

WPAC

Sell

1,111,900

816,251

10/15/25

16,770

—

Israeli

New

Shekel

..

BOFA

Buy

2,581,800

776,283

10/15/25

3,188

—

Israeli

New

Shekel

..

BZWS

Buy

418,500

125,832

10/15/25

517

—

Israeli

New

Shekel

..

MSCO

Buy

3,621,600

1,084,441

10/15/25

8,955

—

Israeli

New

Shekel

..

SSBT

Buy

1,638,200

488,979

10/15/25

5,609

—

Israeli

New

Shekel

..

UBSW

Buy

2,253,000

672,398

10/15/25

7,805

—

New

Zealand

Dollar

.

BOFA

Buy

433,000

260,818

10/15/25

—

(

9,660

)

New

Zealand

Dollar

.

JPHQ

Buy

255,900

153,449

10/15/25

—

(

5,016

)

Chinese

Yuan

......

HSBK

Buy

9,248,300

1,295,199

11/19/25

6,763

—

Hong

Kong

Dollar

...

BZWS

Buy

286,300

36,798

11/19/25

35

—

Hong

Kong

Dollar

...

GSCO

Buy

4,026,600

517,530

11/19/25

503

—

Hong

Kong

Dollar

...

HSBK

Buy

6,493,900

835,765

11/19/25

200

(

508

)

Hong

Kong

Dollar

...

JPHQ

Buy

7,666,200

985,202

11/19/25

1,075

—

Hong

Kong

Dollar

...

SSBT

Buy

16,924,200

2,175,367

11/19/25

1,976

—

Hong

Kong

Dollar

...

TDOM

Buy

9,643,400

1,239,328

11/19/25

1,321

—

Hong

Kong

Dollar

...

UBSW

Buy

2,496,900

320,864

11/19/25

369

—

Japanese

Yen

......

BOFA

Buy

223,001,500

1,533,362

11/19/25

—

(

17,752

)

Japanese

Yen

......

CITI

Buy

263,976,100

1,802,396

11/19/25

3,659

(

11,964

)

Japanese

Yen

......

GSCO

Buy

434,011,900

2,966,025

11/19/25

2,303

(

18,603

)

Japanese

Yen

......

GSCO

Sell

129,173,600

882,606

11/19/25

4,689

—

Japanese

Yen

......

HSBK

Buy

884,618,000

6,033,663

11/19/25

—

(

21,433

)

Japanese

Yen

......

HSBK

Sell

134,652,900

915,328

11/19/25

171

—

Japanese

Yen

......

MSCO

Sell

81,045,200

553,145

11/19/25

2,328

—

Japanese

Yen

......

SSBT

Sell

130,049,200

887,565

11/19/25

3,697

—

Japanese

Yen

......

TDOM

Buy

268,281,200

1,833,261

11/19/25

—

(

9,911

)

Japanese

Yen

......

TDOM

Sell

283,036,700

1,934,793

11/19/25

11,158

—

Japanese

Yen

......

UBSW

Sell

105,198,300

717,979

11/19/25

3,007

—

Japanese

Yen

......

WPAC

Buy

49,647,600

338,836

11/19/25

—

(

1,410

)

Singapore

Dollar

....

BOFA

Buy

48,500

38,114

11/19/25

—

(

372

)

Singapore

Dollar

....

BZWS

Buy

592,700

465,772

11/19/25

—

(

4,551

)

Singapore

Dollar

....

GSCO

Buy

2,829,900

2,223,776

11/19/25

—

(

21,631

)

Singapore

Dollar

....

MSCO

Buy

1,267,800

994,008

11/19/25

—

(

7,443

)

Singapore

Dollar

....

SSBT

Buy

436,900

342,543

11/19/25

—

(

2,560

)

South

Korean

Won

..

GSCO

Sell

952,976,000

690,567

11/19/25

10,443

—

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

169

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

South

Korean

Won

..

JPHQ

Sell

1,247,874,300

904,086

11/19/25

$

13,497

$

—

South

Korean

Won

..

MSCO

Buy

2,197,935,400

1,592,522

11/19/25

—

(

23,889

)

British

Pound

......

BOFA

Buy

745,300

999,649

12/17/25

2,801

—

British

Pound

......

BOFA

Sell

2,744,200

3,719,406

12/17/25

28,380

—

British

Pound

......

BZWS

Sell

1,015,000

1,375,684

12/17/25

10,480

—

British

Pound

......

CITI

Buy

339,400

460,012

12/17/25

—

(

3,510

)

British

Pound

......

GSCO

Buy

1,031,800

1,398,031

12/17/25

—

(

10,231

)

British

Pound

......

GSCO

Sell

3,974,900

5,386,684

12/17/25

40,332

—

British

Pound

......

JPHQ

Sell

278,500

377,444

12/17/25

2,854

—

British

Pound

......

MSCO

Sell

6,551,100

8,872,484

12/17/25

62,606

(

1,536

)

British

Pound

......

SSBT

Sell

1,498,300

2,031,771

12/17/25

16,516

—

British

Pound

......

TDOM

Sell

332,500

450,900

12/17/25

3,678

—

British

Pound

......

UBSW

Sell

813,000

1,102,469

12/17/25

8,961

—

British

Pound

......

WPAC

Buy

2,080,700

2,821,533

12/17/25

—

(

22,933

)

Czech

Koruna

......

CITI

Buy

6,980,800

336,133

12/17/25

1,174

—

Czech

Koruna

......

MSCO

Buy

3,167,200

152,749

12/17/25

288

—

Czech

Koruna

......

MSCO

Sell

16,240,700

787,165

12/17/25

2,426

—

Czech

Koruna

......

UBSW

Buy

6,058,700

292,206

12/17/25

546

—

Danish

Krone

......

BOFA

Buy

1,071,800

169,492

12/17/25

—

(

34

)

Danish

Krone

......

CITI

Buy

6,277,900

992,671

12/17/25

—

(

98

)

Danish

Krone

......

GSCO

Sell

352,400

55,749

12/17/25

32

—

Danish

Krone

......

HSBK

Sell

699,600

110,463

12/17/25

—

(

148

)

Danish

Krone

......

MSCO

Sell

18,032,800

2,850,735

12/17/25

—

(

357

)

Euro

.............

BOFA

Buy

943,800

1,113,033

12/17/25

—

(

9

)

Euro

.............

BZWS

Sell

1,326,600

1,564,455

12/17/25

—

(

4

)

Euro

.............

CITI

Buy

2,018,300

2,380,517

12/17/25

—

(

335

)

Euro

.............

GSCO

Buy

1,261,000

1,485,009

12/17/25

2,088

—

Euro

.............

GSCO

Sell

5,721,400

6,741,977

12/17/25

—

(

5,270

)

Euro

.............

HSBK

Buy

4,710,100

5,554,668

12/17/25

—

(

46

)

Euro

.............

MSCO

Sell

9,103,800

10,733,863

12/17/25

—

(

2,250

)

Euro

.............

SSBT

Buy

4,012,500

4,730,978

12/17/25

964

—

Euro

.............

TDOM

Buy

1,021,500

1,203,460

12/17/25

1,196

—

Euro

.............

TDOM

Sell

1,522,500

1,793,703

12/17/25

—

(

1,782

)

Euro

.............

UBSW

Sell

943,000

1,111,835

12/17/25

—

(

245

)

Euro

.............

WPAC

Sell

3,636,400

4,287,006

12/17/25

—

(

1,400

)

Norwegian

Krone

...

BOFA

Sell

587,200

59,411

12/17/25

558

—

Norwegian

Krone

...

BZWS

Sell

729,500

73,807

12/17/25

691

—

Norwegian

Krone

...

CITI

Buy

3,566,400

360,832

12/17/25

—

(

3,384

)

Norwegian

Krone

...

MSCO

Buy

21,218,200

2,147,459

12/17/25

—

(

20,833

)

Norwegian

Krone

...

SSBT

Sell

1,400,800

141,764

12/17/25

1,367

—

Swedish

Krona

.....

GSCO

Buy

6,458,400

697,576

12/17/25

—

(

8,232

)

Swedish

Krona

.....

HSBK

Buy

6,365,500

687,527

12/17/25

—

(

8,098

)

Swedish

Krona

.....

JPHQ

Buy

13,999,700

1,512,112

12/17/25

—

(

17,839

)

Swedish

Krona

.....

MSCO

Buy

10,498,800

1,132,130

12/17/25

—

(

11,530

)

Swedish

Krona

.....

SSBT

Buy

9,406,200

1,014,294

12/17/25

—

(

10,313

)

Swedish

Krona

.....

TDOM

Buy

8,521,900

918,932

12/17/25

—

(

9,338

)

Swedish

Krona

.....

WPAC

Buy

2,371,000

255,639

12/17/25

—

(

2,568

)

Swiss

Franc

.......

BOFA

Buy

377,900

479,356

12/17/25

—

(

232

)

Swiss

Franc

.......

BZWS

Buy

1,271,900

1,613,577

12/17/25

—

(

988

)

Swiss

Franc

.......

GSCO

Buy

411,300

521,733

12/17/25

—

(

262

)

Swiss

Franc

.......

HSBK

Buy

4,288,200

5,439,600

12/17/25

—

(

2,767

)

Swiss

Franc

.......

HSBK

Sell

192,700

244,163

12/17/25

—

(

154

)

Swiss

Franc

.......

JPHQ

Buy

1,809,100

2,295,099

12/17/25

—

(

1,416

)

Swiss

Franc

.......

MSCO

Buy

2,248,200

2,855,238

12/17/25

—

(

4,837

)

Swiss

Franc

.......

MSCO

Sell

90,700

114,809

12/17/25

—

(

186

)

Swiss

Franc

.......

SSBT

Buy

3,867,200

4,911,304

12/17/25

—

(

8,240

)

Swiss

Franc

.......

TDOM

Buy

570,200

724,169

12/17/25

—

(

1,236

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

170

See

A

bbreviations

on

page

240

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Swiss

Franc

.......

UBSW

Sell

2,076,500

2,637,194

12/17/25

$

4,485

$

—

Swiss

Franc

.......

WPAC

Buy

2,203,000

2,796,945

12/17/25

—

(

3,852

)

Total

Forward

Exchange

Contracts

...................................................

$407,373

$(339,754)

Net

unrealized

appreciation

(depreciation)

............................................

$67,619

*

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),

September

30,

2025

Putnam

VT

Large

Cap

Growth

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

171

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.5%

Aerospace

&

Defense

2.2%

General

Electric

Co.

.................................

United

States

70,808

$

21,300,463

a

TransDigm

Group,

Inc.

...............................

United

States

6,419

8,460,370

29,760,833

Automobiles

4.2%

b

Tesla,

Inc.

.........................................

United

States

126,415

56,219,279

Biotechnology

1.0%

AbbVie,

Inc.

.......................................

United

States

58,558

13,558,519

Broadline

Retail

5.5%

b

Amazon.com,

Inc.

...................................

United

States

336,829

73,957,544

Building

Products

0.8%

Trane

Technologies

plc

...............................

United

States

25,840

10,903,446

Capital

Markets

1.3%

Nasdaq,

Inc.

.......................................

United

States

124,282

10,992,743

S&P

Global,

Inc.

....................................

United

States

15,222

7,408,700

18,401,443

Chemicals

0.7%

Sherwin-Williams

Co.

(The)

............................

United

States

26,268

9,095,558

Commercial

Services

&

Supplies

1.2%

b

Copart,

Inc.

........................................

United

States

182,154

8,191,465

Waste

Connections,

Inc.

..............................

United

States

47,418

8,336,084

16,527,549

Communications

Equipment

0.6%

b

Arista

Networks,

Inc.

.................................

United

States

55,526

8,090,694

Construction

Materials

1.0%

Vulcan

Materials

Co.

.................................

United

States

43,555

13,398,389

Consumer

Finance

0.6%

Capital

One

Financial

Corp.

...........................

United

States

39,430

8,382,029

Electric

Utilities

0.6%

Constellation

Energy

Corp.

............................

United

States

24,195

7,961,849

Electrical

Equipment

1.2%

GE

Vernova,

Inc.

....................................

United

States

26,673

16,401,228

Entertainment

3.7%

a,b

Live

Nation

Entertainment,

Inc.

.........................

United

States

47,260

7,722,284

b

Netflix,

Inc.

........................................

United

States

26,123

31,319,387

b

Spotify

Technology

SA

................................

United

States

16,621

11,601,458

50,643,129

Financial

Services

4.8%

Mastercard,

Inc.

,

A

..................................

United

States

66,632

37,900,948

Visa,

Inc.

,

A

........................................

United

States

79,074

26,994,282

64,895,230

Ground

Transportation

0.9%

Canadian

Pacific

Kansas

City

Ltd.

.......................

Canada

153,563

11,438,908

Health

Care

Equipment

&

Supplies

2.1%

b

Boston

Scientific

Corp.

...............................

United

States

83,583

8,160,208

b

IDEXX

Laboratories,

Inc.

..............................

United

States

10,415

6,654,039

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

172

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

b

Intuitive

Surgical,

Inc.

................................

United

States

29,820

$

13,336,399

28,150,646

Hotels,

Restaurants

&

Leisure

2.3%

b

DoorDash,

Inc.

,

A

...................................

United

States

42,445

11,544,616

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

42,951

11,143,207

Starbucks

Corp.

....................................

United

States

106,170

8,981,982

31,669,805

Interactive

Media

&

Services

7.2%

Alphabet,

Inc.

,

C

....................................

United

States

182,897

44,544,564

Meta

Platforms,

Inc.

,

A

...............................

United

States

72,477

53,225,659

97,770,223

IT

Services

0.6%

b

Shopify,

Inc.

,

A

.....................................

Canada

55,292

8,216,944

Life

Sciences

Tools

&

Services

0.7%

Lonza

Group

AG

....................................

Switzerland

14,514

9,704,617

Machinery

0.2%

Caterpillar,

Inc.

.....................................

United

States

5,802

2,768,424

Pharmaceuticals

3.8%

Eli

Lilly

&

Co.

......................................

United

States

58,081

44,315,803

Galderma

Group

AG

.................................

Switzerland

36,523

6,457,277

50,773,080

Real

Estate

Management

&

Development

1.8%

b

CBRE

Group,

Inc.

,

A

.................................

United

States

94,423

14,877,288

b

CoStar

Group,

Inc.

..................................

United

States

107,397

9,061,085

23,938,373

Semiconductors

&

Semiconductor

Equipment

20.5%

Broadcom,

Inc.

.....................................

United

States

256,411

84,592,553

NVIDIA

Corp.

......................................

United

States

1,024,965

191,237,970

275,830,523

Software

19.9%

b

AppLovin

Corp.

,

A

...................................

United

States

29,914

21,494,406

b

Cadence

Design

Systems,

Inc.

.........................

United

States

64,038

22,493,988

b

HubSpot,

Inc.

......................................

United

States

16,368

7,656,950

Microsoft

Corp.

.....................................

United

States

337,085

174,593,176

Oracle

Corp.

.......................................

United

States

56,576

15,911,434

b

Palantir

Technologies,

Inc.

,

A

...........................

United

States

53,627

9,782,637

b

ServiceNow,

Inc.

....................................

United

States

18,224

16,771,183

268,703,774

Specialized

REITs

0.9%

American

Tower

Corp.

................................

United

States

60,929

11,717,865

Technology

Hardware,

Storage

&

Peripherals

9.2%

Apple,

Inc.

........................................

United

States

487,428

124,113,792

Total

Common

Stocks

(Cost

$

472,386,754

)

...................................

1,342,993,693

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Growth

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

173

See

Abbreviations

on

page

240

.

Short

Term

Investments

1.5%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

0.7%

c,d

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

9,792,407

$

9,792,407

Total

Management

Investment

Companies

(Cost

$

9,792,407

)

...................

9,792,407

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.8%

Money

Market

Funds

0.8%

c,d

Putnam

Cash

Collateral

Pool,

LLC

,

4.402

%

................

United

States

10,022,730

10,022,730

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

10,022,730

)

.........................................................

10,022,730

Total

Short

Term

Investments

(Cost

$

19,815,137

)

..............................

19,815,137

a

Total

Investments

(Cost

$

492,201,891

)

101.0

%

................................

$1,362,808,830

Other

Assets,

less

Liabilities

(

1.0

)

%

.........................................

(12,878,970)

Net

Assets

100.0%

.........................................................

$1,349,929,860

a

a

a

a

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025.

b

Non-income

producing.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Large

Cap

Value

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

174

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.4%

Aerospace

&

Defense

3.4%

Northrop

Grumman

Corp.

.............................

United

States

56,141

$

34,207,834

RTX

Corp.

........................................

United

States

262,876

43,987,041

78,194,875

Air

Freight

&

Logistics

1.4%

FedEx

Corp.

.......................................

United

States

134,048

31,609,859

Automobiles

2.0%

General

Motors

Co.

..................................

United

States

761,985

46,458,225

Banks

8.9%

Bank

of

America

Corp.

...............................

United

States

1,059,344

54,651,557

Citigroup,

Inc.

......................................

United

States

882,313

89,554,770

JPMorgan

Chase

&

Co.

...............................

United

States

92,564

29,197,463

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

167,049

33,565,156

206,968,946

Beverages

2.2%

Coca-Cola

Co.

(The)

.................................

United

States

786,012

52,128,316

Biotechnology

2.5%

AbbVie,

Inc.

.......................................

United

States

102,447

23,720,578

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

60,256

33,880,141

57,600,719

Broadline

Retail

2.4%

a

Amazon.com,

Inc.

...................................

United

States

255,795

56,164,908

Building

Products

1.5%

Johnson

Controls

International

plc

.......................

United

States

327,199

35,975,530

Capital

Markets

6.3%

BlackRock,

Inc.

.....................................

United

States

23,500

27,397,945

Charles

Schwab

Corp.

(The)

...........................

United

States

428,877

40,944,887

CME

Group,

Inc.

....................................

United

States

116,001

31,342,310

Goldman

Sachs

Group,

Inc.

(The)

.......................

United

States

40,029

31,877,094

State

Street

Corp.

...................................

United

States

110,229

12,787,666

144,349,902

Chemicals

3.3%

Corteva,

Inc.

.......................................

United

States

521,582

35,274,591

DuPont

de

Nemours,

Inc.

.............................

United

States

241,087

18,780,677

Eastman

Chemical

Co.

...............................

United

States

130,361

8,219,261

PPG

Industries,

Inc.

.................................

United

States

125,241

13,164,082

75,438,611

Communications

Equipment

2.2%

Cisco

Systems,

Inc.

.................................

United

States

760,453

52,030,194

Construction

Materials

1.6%

CRH

plc

..........................................

United

States

303,123

36,344,448

Consumer

Finance

2.2%

Capital

One

Financial

Corp.

...........................

United

States

245,689

52,228,568

Consumer

Staples

Distribution

&

Retail

3.5%

a

BJ's

Wholesale

Club

Holdings,

Inc.

......................

United

States

150,205

14,006,616

Target

Corp.

.......................................

United

States

136,310

12,227,007

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

Walmart,

Inc.

......................................

United

States

537,592

$

55,404,232

81,637,855

Containers

&

Packaging

0.4%

Ball

Corp.

.........................................

United

States

184,247

9,289,734

Electric

Utilities

4.1%

NextEra

Energy,

Inc.

.................................

United

States

560,786

42,333,735

NRG

Energy,

Inc.

...................................

United

States

185,574

30,053,709

PPL

Corp.

.........................................

United

States

651,517

24,210,372

96,597,816

Financial

Services

1.1%

Apollo

Global

Management,

Inc.

........................

United

States

197,363

26,302,567

Health

Care

Equipment

&

Supplies

1.3%

Becton

Dickinson

&

Co.

...............................

United

States

159,879

29,924,552

Health

Care

Providers

&

Services

3.6%

McKesson

Corp.

....................................

United

States

63,573

49,112,685

UnitedHealth

Group,

Inc.

..............................

United

States

100,169

34,588,356

83,701,041

Hotels,

Restaurants

&

Leisure

1.2%

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

108,032

28,027,822

Household

Durables

2.1%

PulteGroup,

Inc.

....................................

United

States

378,096

49,957,825

Household

Products

1.7%

Procter

&

Gamble

Co.

(The)

...........................

United

States

253,076

38,885,127

Industrial

Conglomerates

1.2%

Honeywell

International,

Inc.

...........................

United

States

134,112

28,230,576

Industrial

REITs

0.9%

Prologis,

Inc.

.......................................

United

States

190,307

21,793,958

Insurance

2.6%

Allstate

Corp.

(The)

..................................

United

States

162,774

34,939,439

American

International

Group,

Inc.

......................

United

States

319,420

25,087,247

60,026,686

Interactive

Media

&

Services

3.2%

Alphabet,

Inc.

,

A

....................................

United

States

309,380

75,210,278

IT

Services

1.1%

Accenture

plc

,

A

....................................

Ireland

108,860

26,844,876

Life

Sciences

Tools

&

Services

1.9%

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

90,253

43,774,510

Machinery

1.8%

Ingersoll

Rand,

Inc.

..................................

United

States

287,979

23,792,825

Otis

Worldwide

Corp.

................................

United

States

197,953

18,098,843

41,891,668

Media

1.0%

a

Charter

Communications,

Inc.

,

A

........................

United

States

50,213

13,813,847

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

176

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Media

(continued)

Comcast

Corp.

,

A

...................................

United

States

327,858

$

10,301,298

24,115,145

Metals

&

Mining

1.1%

Freeport-McMoRan,

Inc.

..............................

United

States

669,340

26,251,515

Office

REITs

0.8%

Vornado

Realty

Trust

.................................

United

States

453,813

18,393,041

Oil,

Gas

&

Consumable

Fuels

5.5%

ConocoPhillips

.....................................

United

States

229,531

21,711,337

Exxon

Mobil

Corp.

...................................

United

States

500,436

56,424,159

Shell

plc

..........................................

United

States

742,722

26,639,539

Valero

Energy

Corp.

.................................

United

States

152,314

25,932,982

130,708,017

Passenger

Airlines

1.4%

Southwest

Airlines

Co.

...............................

United

States

1,016,878

32,448,577

Pharmaceuticals

3.6%

AstraZeneca

plc

,

ADR

................................

United

Kingdom

383,557

29,426,493

Novo

Nordisk

A/S

,

ADR

...............................

Denmark

414,754

23,014,699

Sanofi

SA

.........................................

United

States

308,225

29,187,029

81,628,221

Semiconductors

&

Semiconductor

Equipment

1.6%

Marvell

Technology,

Inc.

..............................

United

States

217,094

18,251,093

QUALCOMM,

Inc.

...................................

United

States

109,054

18,142,223

36,393,316

Software

2.8%

Microsoft

Corp.

.....................................

United

States

124,281

64,371,344

Specialized

REITs

0.4%

American

Tower

Corp.

................................

United

States

45,887

8,824,988

Technology

Hardware,

Storage

&

Peripherals

2.2%

b

Seagate

Technology

Holdings

plc

.......................

United

States

214,304

50,588,602

Textiles,

Apparel

&

Luxury

Goods

0.2%

a

Lululemon

Athletica,

Inc.

..............................

United

States

29,976

5,333,630

Tobacco

2.4%

Philip

Morris

International,

Inc.

.........................

United

States

349,652

56,713,554

Trading

Companies

&

Distributors

1.2%

United

Rentals,

Inc.

..................................

United

States

29,864

28,509,966

Wireless

Telecommunication

Services

1.6%

T-Mobile

US,

Inc.

...................................

United

States

157,214

37,633,887

Total

Common

Stocks

(Cost

$

1,442,491,254

)

..................................

2,269,503,795

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

177

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.0%

†

c

U.S.

Treasury

Bonds

,

3

%,

8/15/52

.......................

United

States

273,000

$

199,733

Total

U.S.

Government

and

Agency

Securities

(Cost

$

199,733

)

..................

199,733

Total

Long

Term

Investments

(Cost

$

1,442,690,987

)

...........................

2,269,703,528

a

Short

Term

Investments

4.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

d

U.S.

Treasury

Bills

,

2.01

%,

10/02/25

...................................

United

States

2,000,000

1,999,777

3.92

%,

11/06/25

...................................

United

States

2,600,000

2,589,554

3.86

%,

12/04/25

...................................

United

States

400,000

397,232

4,986,563

Total

U.S.

Government

and

Agency

Securities

(Cost

$

4,986,115

)

................

4,986,563

Shares

Management

Investment

Companies

2.4%

e,f

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

56,562,889

56,562,889

Total

Management

Investment

Companies

(Cost

$

56,562,889

)

..................

56,562,889

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.6%

Money

Market

Funds

1.6%

e,f

Putnam

Cash

Collateral

Pool,

LLC

,

4.402

%

................

United

States

37,446,750

37,446,750

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

37,446,750

)

.........................................................

37,446,750

Total

Short

Term

Investments

(Cost

$

98,995,754

)

..............................

98,996,202

a

Total

Investments

(Cost

$

1,541,686,741

)

101.6

%

..............................

$2,368,699,730

Other

Assets,

less

Liabilities

(

1.6

)

%

.........................................

(37,997,309)

Net

Assets

100.0%

.........................................................

$2,330,702,421

a

a

a

*

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

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025.

c

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

d

The

rate

shown

represents

the

yield

at

period

end.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

178

At

September

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

A

bbreviations

on

page

240

.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

British

Pound

......

BOFA

Sell

2,066,800

2,801,279

12/17/25

$

21,375

$

—

British

Pound

......

BZWS

Sell

8,887,300

12,045,434

12/17/25

91,766

—

British

Pound

......

GSCO

Sell

7,969,100

10,801,039

12/17/25

82,376

—

British

Pound

......

HSBK

Sell

4,808,700

6,517,544

12/17/25

49,707

—

British

Pound

......

SSBT

Sell

4,091,600

5,548,418

12/17/25

45,101

—

British

Pound

......

TDOM

Sell

10,021,700

13,590,327

12/17/25

110,859

—

Danish

Krone

......

MSCO

Sell

144,193,200

22,802,763

12/17/25

19,479

(

14,514

)

Euro

.............

BOFA

Sell

6,779,000

7,994,542

12/17/25

67

—

Euro

.............

GSCO

Sell

2,037,000

2,402,214

12/17/25

—

(

21

)

Euro

.............

JPHQ

Sell

4,111,200

4,848,009

12/17/25

—

(

329

)

Euro

.............

SSBT

Sell

1,546,700

1,823,652

12/17/25

—

(

371

)

Euro

.............

UBSW

Sell

8,316,700

9,805,722

12/17/25

—

(

2,163

)

Total

Forward

Exchange

Contracts

...................................................

$420,730

$(17,398)

Net

unrealized

appreciation

(depreciation)

............................................

$403,332

*

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),

September

30,

2025

Putnam

VT

Mortgage

Securities

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

179

a

a

Principal

Amount

a

Value

a

a

a

a

a

Asset-Backed

Securities

3.0%

Financial

Services

3.0%

Bayview

Financial

Mortgage

Pass-Through

Trust

,

2006-C

,

1A3

,

6.528

%

,

11/28/36

...

$

79,065

$

78,177

a

,b

BDS

Ltd.

,

2021-FL9

,

A

,

144A,

FRN

,

5.32

%

,

(

1-month

SOFR

+

1.184

%

),

11/16/38

...

15,338

15,397

a

Carrington

Mortgage

Loan

Trust

,

2006-NC2

,

A4

,

FRN

,

4.752

%

,

(

1-month

SOFR

+

0.594

%

),

6/25/36

..................................................

260,447

250,766

a

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2007-10

,

1A1

,

FRN

,

4.452

%

,

(

1-month

SOFR

+

0.294

%

),

6/25/47

...........................................

150,772

144,220

b

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18

%

,

9/27/55

...................

76,000

76,217

a

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE9

,

M2

,

FRN

,

5.202

%

,

(

1-month

SOFR

+

1.044

%

),

11/25/34

..........................................

579

572

b

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

..

100,000

83,745

a

,b

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.805

%

,

(

30-day

SOFR

Average

+

1.45

%

),

7/25/54

...........................................

120,474

120,853

b

Tricolor

Auto

Securitization

Trust

,

2024-1A

,

A

,

144A,

6.61

%

,

10/15/27

............

29,572

28,415

798,362

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

781,239

)

..................................

798,362

Commercial

Mortgage-Backed

Securities

27.4%

Financial

Services

27.4%

BANK

,

b

2018-BN11

,

D

,

144A,

3

%

,

3/15/61

.....................................

59,000

45,679

c,d

2024-BNK48

,

XA

,

IO,

FRN

,

1.35

%

,

10/15/57

.............................

775,427

63,151

c,d

2020-BN26

,

XA

,

IO,

FRN

,

1.306

%

,

3/15/63

..............................

965,780

38,045

c

,d

BANK5

Trust

,

2024-5YR10

,

XA

,

IO,

FRN

,

1.401

%

,

10/15/57

...................

1,180,965

48,925

b

Barclays

Commercial

Mortgage

Trust

,

2019-C4

,

E

,

144A,

3.25

%

,

8/15/52

.....................................

111,000

58,768

d

2019-C5

,

F

,

144A,

FRN

,

2.702

%

,

11/15/52

...............................

80,000

47,894

c

,d

BBCMS

Mortgage

Trust

,

2024-5C29

,

XA

,

IO,

FRN

,

1.822

%

,

9/15/57

...............................

1,467,137

80,328

2025-C32

,

XA

,

IO,

FRN

,

1.356

%

,

2/15/62

................................

999,077

84,059

Benchmark

Mortgage

Trust

,

d

2018-B1

,

C

,

FRN

,

4.343

%

,

1/15/51

....................................

49,000

40,435

b,d

2018-B3

,

D

,

144A,

FRN

,

3.197

%

,

4/10/51

...............................

77,000

53,256

b

2019-B11

,

D

,

144A,

3

%

,

5/15/52

......................................

115,000

60,395

b

2019-B13

,

D

,

144A,

2.5

%

,

8/15/57

.....................................

105,000

61,346

b,d

2018-B1

,

E

,

144A,

FRN

,

3

%

,

1/15/51

...................................

108,000

53,695

c,d

2024-V10

,

XA

,

IO,

FRN

,

1.522

%

,

9/15/57

................................

1,157,924

52,021

c,d

2019-B15

,

XA

,

IO,

FRN

,

0.916

%

,

12/15/72

...............................

1,079,969

28,191

b

,d

BWAY

Mortgage

Trust

,

2022-26BW

,

F

,

144A,

FRN

,

5.029

%

,

2/10/44

.............

138,000

82,793

CD

Mortgage

Trust

,

d

2017-CD3

,

B

,

FRN

,

3.984

%

,

2/10/50

...................................

60,000

41,119

d

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

...................................

109,000

103,372

d

2017-CD3

,

C

,

FRN

,

4.681

%

,

2/10/50

...................................

134,000

60,342

b

2017-CD3

,

D

,

144A,

3.25

%

,

2/10/50

....................................

140,000

7,573

b

2019-CD8

,

D

,

144A,

3

%

,

8/15/57

......................................

84,000

53,266

Citigroup

Commercial

Mortgage

Trust

,

d

2015-GC33

,

C

,

FRN

,

4.545

%

,

9/10/58

..................................

24,000

20,580

b,d

2015-GC27

,

D

,

144A,

FRN

,

4.543

%

,

2/10/48

.............................

130,944

126,626

2015-GC33

,

D

,

3.172

%

,

9/10/58

.......................................

16,000

9,920

COMM

Mortgage

Trust

,

2012-CR4

,

AM

,

3.251

%

,

10/15/45

.....................................

106,000

97,788

2013-CR12

,

AM

,

4.3

%

,

10/10/46

......................................

103,862

98,679

2014-UBS3

,

AM

,

4.012

%

,

6/10/47

.....................................

10,580

10,400

d

2014-UBS5

,

AM

,

FRN

,

4.193

%

,

9/10/47

.................................

32,229

31,839

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

180

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

COMM

Mortgage

Trust,

(continued)

b

2012-CR4

,

B

,

144A,

3.703

%

,

10/15/45

..................................

$

123,000

$

80,622

2014-CR17

,

B

,

4.377

%

,

5/10/47

.......................................

53,394

51,965

d

2015-DC1

,

B

,

FRN

,

4.035

%

,

2/10/48

...................................

85,000

81,085

d

2013-CR13

,

C

,

FRN

,

5.109

%

,

11/10/46

.................................

15,472

15,258

d

2014-CR16

,

C

,

FRN

,

4.885

%

,

4/10/47

..................................

119,000

113,206

d

2014-CR17

,

C

,

FRN

,

4.942

%

,

5/10/47

..................................

148,000

136,826

b,d

2013-LC13

,

D

,

144A,

FRN

,

5.549

%

,

8/10/46

.............................

98,177

91,414

b,d

2014-CR17

,

D

,

144A,

FRN

,

5.006

%

,

5/10/47

.............................

144,000

121,428

d

2015-CR26

,

D

,

FRN

,

3.647

%

,

10/10/48

.................................

85,000

69,764

b

2017-COR2

,

D

,

144A,

3

%

,

9/10/50

.....................................

113,000

100,824

b,d

2018-COR3

,

D

,

144A,

FRN

,

2.966

%

,

5/10/51

.............................

40,000

16,005

b,d

2015-LC19

,

E

,

144A,

FRN

,

4.2

%

,

2/10/48

...............................

115,000

89,665

CSAIL

Commercial

Mortgage

Trust

,

d

2015-C1

,

B

,

FRN

,

3.958

%

,

4/15/50

....................................

88,000

84,274

d

2015-C3

,

C

,

FRN

,

4.205

%

,

8/15/48

....................................

56,000

48,206

d

2015-C1

,

C

,

FRN

,

3.958

%

,

4/15/50

....................................

124,000

113,189

d

2015-C2

,

C

,

FRN

,

4.192

%

,

6/15/57

....................................

50,000

45,701

b

2019-C17

,

D

,

144A,

2.5

%

,

9/15/52

.....................................

50,000

26,583

d

2015-C2

,

D

,

FRN

,

4.192

%

,

6/15/57

....................................

55,000

43,189

b

,d

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53

%

,

8/10/44

.............

114,726

111,065

a

,b

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN1

,

M1

,

144A,

FRN

,

6.356

%

,

(

30-day

SOFR

Average

+

2

%

),

1/25/51

.....

29,416

29,355

2021-MN1

,

M2

,

144A,

FRN

,

8.106

%

,

(

30-day

SOFR

Average

+

3.75

%

),

1/25/51

...

85,000

87,751

2021-MN3

,

M2

,

144A,

FRN

,

8.356

%

,

(

30-day

SOFR

Average

+

4

%

),

11/25/51

....

148,000

153,876

a

,b

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01

,

M10

,

144A,

FRN

,

7.721

%

,

(

30-day

SOFR

Average

+

3.364

%

),

10/25/49

......................

209,495

213,067

GS

Mortgage

Securities

Trust

,

2014-GC22

,

AS

,

4.113

%

,

6/10/47

......................................

83,000

78,111

d

2014-GC24

,

B

,

FRN

,

4.527

%

,

9/10/47

..................................

100,000

96,594

b,d

2013-GC13

,

D

,

144A,

FRN

,

4.004

%

,

7/10/46

.............................

105,000

78,192

b,d

2014-GC24

,

D

,

144A,

FRN

,

4.548

%

,

9/10/47

.............................

123,000

78,874

b,d

2017-GS5

,

D

,

144A,

FRN

,

3.509

%

,

3/10/50

..............................

61,000

9,053

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2013-LC11

,

B

,

3.499

%

,

4/15/46

.......................................

24,187

22,250

d

2013-C10

,

C

,

FRN

,

4.239

%

,

12/15/47

..................................

22,802

22,081

b,d

2011-C3

,

D

,

144A,

FRN

,

5.71

%

,

2/15/46

................................

145,000

131,782

d

2013-LC11

,

D

,

FRN

,

4.339

%

,

4/15/46

...................................

187,000

14,263

b,d

2012-LC9

,

D

,

144A,

FRN

,

3.689

%

,

12/15/47

.............................

100,000

95,136

d

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18

,

B

,

FRN

,

4.654

%

,

2/15/47

...................................

48,041

46,812

2014-C25

,

B

,

FRN

,

4.347

%

,

11/15/47

...................................

95,000

88,754

2014-C22

,

C

,

FRN

,

4.66

%

,

9/15/47

....................................

73,000

68,734

2013-C12

,

D

,

FRN

,

4.071

%

,

7/15/45

...................................

87,000

80,476

b

2013-C14

,

D

,

144A,

FRN

,

4.172

%

,

8/15/46

..............................

116,000

90,820

d

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.914

%

,

6/15/51

....................................

53,000

47,816

b

2016-C2

,

D

,

144A,

FRN

,

3.471

%

,

6/15/49

...............................

157,000

76,996

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

..........

60,000

58,961

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

d

2013-C9

,

B

,

FRN

,

3.708

%

,

5/15/46

....................................

74,901

72,604

d

2013-C10

,

B

,

FRN

,

4.085

%

,

7/15/46

...................................

69,390

65,817

d

2013-C9

,

C

,

FRN

,

3.836

%

,

5/15/46

....................................

58,000

53,852

d

2013-C12

,

C

,

FRN

,

4.859

%

,

10/15/46

..................................

12,909

12,312

2014-C19

,

C

,

4

%

,

12/15/47

..........................................

22,109

21,432

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

(continued)

d

2015-C22

,

C

,

FRN

,

4.113

%

,

4/15/48

...................................

$

98,000

$

86,829

d

2015-C24

,

C

,

FRN

,

4.175

%

,

5/15/48

...................................

74,495

74,137

d

2015-C25

,

C

,

FRN

,

4.581

%

,

10/15/48

..................................

59,962

59,235

d

2017-C34

,

C

,

FRN

,

4.309

%

,

11/15/52

...................................

60,000

53,203

b

2015-C24

,

D

,

144A,

3.257

%

,

5/15/48

...................................

63,000

62,082

b,d

2015-C23

,

D

,

144A,

FRN

,

4.297

%

,

7/15/50

..............................

69,000

67,161

b,d

2012-C5

,

E

,

144A,

FRN

,

4.792

%

,

8/15/45

...............................

54,618

53,623

b,d

2012-C6

,

E

,

144A,

FRN

,

4.489

%

,

11/15/45

...............................

124,000

65,104

b,d

2015-C24

,

E

,

144A,

FRN

,

4.175

%

,

5/15/48

...............................

82,000

79,942

b,d

2013-C10

,

F

,

144A,

FRN

,

4.085

%

,

7/15/46

...............................

141,000

14,638

d

Morgan

Stanley

Capital

I

Trust

,

2015-MS1

,

C

,

FRN

,

4.289

%

,

5/15/48

...................................

94,000

85,849

2016-UB11

,

C

,

FRN

,

3.691

%

,

8/15/49

..................................

126,000

123,023

2018-H3

,

C

,

FRN

,

4.995

%

,

7/15/51

....................................

88,000

81,983

b

2011-C3

,

E

,

144A,

FRN

,

5.105

%

,

7/15/49

................................

37,687

36,973

d

UBS

Commercial

Mortgage

Trust

,

2017-C3

,

C

,

FRN

,

4.502

%

,

8/15/50

....................................

94,000

87,412

2018-C11

,

C

,

FRN

,

5.028

%

,

6/15/51

...................................

66,000

61,053

2018-C13

,

C

,

FRN

,

5.14

%

,

10/15/51

...................................

98,000

90,406

b

2018-C11

,

D

,

144A,

FRN

,

3

%

,

6/15/51

..................................

136,000

84,771

b

2012-C1

,

E

,

144A,

FRN

,

5

%

,

5/10/45

...................................

74,969

68,212

Wells

Fargo

Commercial

Mortgage

Trust

,

d

2013-LC12

,

B

,

FRN

,

3.913

%

,

7/15/46

...................................

5,413

5,268

d

2015-SG1

,

B

,

FRN

,

4.393

%

,

9/15/48

...................................

42,164

41,284

d

2016-BNK1

,

C

,

FRN

,

3.071

%

,

8/15/49

..................................

65,000

46,168

d

2018-C46

,

C

,

FRN

,

5.118

%

,

8/15/51

...................................

51,000

47,904

d

2020-C57

,

C

,

FRN

,

4.157

%

,

8/15/53

...................................

23,000

20,994

d

2015-C29

,

D

,

FRN

,

4.342

%

,

6/15/48

...................................

99,000

93,384

2015-C31

,

D

,

3.852

%

,

11/15/48

.......................................

135,000

116,674

b

2017-RB1

,

D

,

144A,

3.401

%

,

3/15/50

...................................

61,000

37,323

b

2020-C55

,

D

,

144A,

2.5

%

,

2/15/53

.....................................

100,000

66,716

d

2016-NXS5

,

D

,

FRN

,

5.118

%

,

1/15/59

..................................

51,000

46,176

b

2016-C33

,

D

,

144A,

3.123

%

,

3/15/59

...................................

75,000

69,197

b,d

2015-C31

,

E

,

144A,

FRN

,

4.776

%

,

11/15/48

..............................

118,000

66,297

d

WFRBS

Commercial

Mortgage

Trust

,

2014-C21

,

B

,

FRN

,

4.213

%

,

8/15/47

...................................

84,986

83,023

2014-C23

,

B

,

FRN

,

4.44

%

,

10/15/57

...................................

50,000

48,541

2013-C11

,

C

,

FRN

,

4.146

%

,

3/15/45

...................................

74,000

71,312

2012-C10

,

C

,

FRN

,

4.455

%

,

12/15/45

..................................

57,000

49,853

2013-C15

,

C

,

FRN

,

4.284

%

,

8/15/46

...................................

61,000

55,205

2014-C21

,

C

,

FRN

,

4.234

%

,

8/15/47

...................................

90,000

84,521

7,282,001

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

7,766,809

)

.................

7,282,001

Mortgage-Backed

Securities

131.9%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.1%

FHLMC

Pool,

30

Year

,

7

%,

11/01/26

-

4/01/32

..............................

20,625

21,541

FHLMC

Pool,

30

Year

,

7.5

%,

9/01/30

-

7/01/31

.............................

4,137

4,249

25,790

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

99.6%

FNMA,

30

Year

,

6.5

%,

9/01/36

.........................................

5,147

5,393

FNMA,

30

Year

,

7

%,

8/01/33

-

12/01/35

...................................

90,599

94,646

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

182

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year

,

7.5

%,

9/01/30

-

11/01/30

.................................

$

1,676

$

1,717

e

Uniform

Mortgage-Backed

Securities

,

1.5

%

,

TBA,

10/25/40

....................

1,000,000

894,941

e

Uniform

Mortgage-Backed

Securities

,

2

%

,

TBA,

10/25/40

.....................

1,000,000

919,316

e

Uniform

Mortgage-Backed

Securities

,

2

%

,

TBA,

10/25/55

.....................

7,000,000

5,643,632

e

Uniform

Mortgage-Backed

Securities

,

2.5

%

,

TBA,

10/25/40

....................

1,000,000

940,804

e

Uniform

Mortgage-Backed

Securities

,

2.5

%

,

TBA,

10/25/55

....................

3,000,000

2,527,956

e

Uniform

Mortgage-Backed

Securities

,

3

%

,

TBA,

10/25/55

.....................

2,000,000

1,757,027

e

Uniform

Mortgage-Backed

Securities

,

3.5

%

,

TBA,

10/25/55

....................

3,000,000

2,741,267

e

Uniform

Mortgage-Backed

Securities

,

4

%

,

TBA,

10/25/55

.....................

2,000,000

1,885,194

e

Uniform

Mortgage-Backed

Securities

,

5

%

,

TBA,

10/25/55

.....................

1,000,000

991,892

e

Uniform

Mortgage-Backed

Securities

,

5.5

%

,

TBA,

10/25/55

....................

5,000,000

5,041,971

e

Uniform

Mortgage-Backed

Securities

,

6

%

,

TBA,

10/25/55

.....................

3,000,000

3,065,232

26,510,988

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

32.2%

GNMA

I,

30

Year

,

6

%,

4/15/28

..........................................

1,178

1,204

GNMA

I,

30

Year

,

6.5

%,

4/15/28

........................................

22

22

GNMA

I,

Single-family,

30

Year

,

6.5

%,

5/15/28

-

8/15/32

......................

1,635

1,681

e

GNMA

II,

Single-family,

30

Year

,

2

%,

10/15/55

..............................

1,000,000

826,858

e

GNMA

II,

Single-family,

30

Year

,

2.5

%,

10/15/55

............................

1,000,000

861,090

e

GNMA

II,

Single-family,

30

Year

,

3

%,

10/15/55

..............................

1,000,000

892,889

e

GNMA

II,

Single-family,

30

Year

,

3.5

%,

10/15/55

............................

1,000,000

911,928

e

GNMA

II,

Single-family,

30

Year

,

4

%,

10/15/55

..............................

1,000,000

940,411

GNMA

II,

Single-family,

30

Year

,

4.5

%,

5/20/48

.............................

53,579

52,531

e

GNMA

II,

Single-family,

30

Year

,

4.5

%,

10/15/55

............................

1,000,000

969,914

e

GNMA

II,

Single-family,

30

Year

,

5

%,

10/15/55

..............................

1,000,000

994,853

GNMA

II,

Single-family,

30

Year

,

5.5

%,

4/20/38

.............................

39,254

40,603

e

GNMA

II,

Single-family,

30

Year

,

5.5

%,

10/15/55

............................

1,000,000

1,007,598

GNMA

II,

Single-family,

30

Year

,

6

%,

4/20/37

-

11/20/38

.......................

26,669

27,928

e

GNMA

II,

Single-family,

30

Year

,

6

%,

10/15/55

..............................

1,000,000

1,017,170

GNMA

II,

Single-family,

30

Year

,

6.5

%,

7/20/36

.............................

8,971

9,634

8,556,314

Total

Mortgage-Backed

Securities

(Cost

$

35,249,670

)

............................

35,093,092

Residential

Mortgage-Backed

Securities

19.9%

Financial

Services

19.9%

b

A&D

Mortgage

Trust

,

2023-NQM2

,

A1

,

144A,

6.132

%

,

5/25/68

................................

80,051

80,414

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

................................

172,440

175,781

2023-NQM5

,

A1

,

144A,

7.049

%

,

11/25/68

...............................

103,521

105,296

2024-NQM1

,

A1

,

144A,

6.195

%

,

2/25/69

................................

93,927

94,904

a

Alternative

Loan

Trust

,

2006-OA19

,

A1

,

FRN

,

4.43

%

,

(

1-month

SOFR

+

0.294

%

),

2/20/47

.........................................................

136,389

110,347

a

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.462

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

...........................................

350,391

206,597

b

BRAVO

Residential

Funding

Trust

,

2024-NQM2

,

A1

,

144A,

6.285

%

,

2/25/64

.......

94,794

96,035

a

,b

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.452

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

.................................................

107,445

96,412

b

COLT

Mortgage

Loan

Trust

,

2023-3

,

A1

,

144A,

7.18

%

,

9/25/68

.................

129,613

131,628

b

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085

%

,

12/25/68

..................

157,037

158,650

a

,b

FHLMC

STACR

REMIC

Trust

,

2022-DNA3

,

B2

,

144A,

FRN

,

14.106

%

,

(

30-day

SOFR

Average

+

9.75

%

),

4/25/42

.

50,000

55,481

2020-HQA3

,

B2

,

144A,

FRN

,

14.471

%

,

(

30-day

SOFR

Average

+

10.114

%

),

7/25/50

64,000

85,303

2020-DNA4

,

B2

,

144A,

FRN

,

14.471

%

,

(

30-day

SOFR

Average

+

10.114

%

),

8/25/50

65,000

87,196

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

183

a

a

Principal

Amount

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

a,b

FHLMC

STACR

REMIC

Trust,

(continued)

2020-DNA5

,

B2

,

144A,

FRN

,

15.856

%

,

(

30-day

SOFR

Average

+

11.5

%

),

10/25/50

$

56,000

$

78,412

a

,b

FHLMC

STACR

Trust

,

2019-FTR1

,

B2

,

144A,

FRN

,

12.821

%

,

(

30-day

SOFR

Average

+

8.464

%

),

1/25/48

200,000

238,574

2018-DNA3

,

B2

,

144A,

FRN

,

12.221

%

,

(

30-day

SOFR

Average

+

7.864

%

),

9/25/48

431,000

498,779

2018-HQA2

,

B2

,

144A,

FRN

,

15.471

%

,

(

30-day

SOFR

Average

+

11.114

%

),

10/25/48

413,000

513,349

2019-DNA1

,

B2

,

144A,

FRN

,

15.221

%

,

(

30-day

SOFR

Average

+

10.864

%

),

1/25/49

32,000

39,535

2019-HQA1

,

B2

,

144A,

FRN

,

16.721

%

,

(

30-day

SOFR

Average

+

12.364

%

),

2/25/49

222,000

269,838

2019-DNA2

,

B2

,

144A,

FRN

,

14.971

%

,

(

30-day

SOFR

Average

+

10.614

%

),

3/25/49

114,000

132,772

a

FNMA

,

2003-W8

,

3F2

,

FRN

,

4.821

%

,

(

30-day

SOFR

Average

+

0.464

%

),

5/25/42

...

1,227

1,224

a

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C03

,

1B

,

FRN

,

16.221

%

,

(

30-day

SOFR

Average

+

11.864

%

),

10/25/28

.....

154,245

162,459

2016-C04

,

1B

,

FRN

,

14.721

%

,

(

30-day

SOFR

Average

+

10.364

%

),

1/25/29

......

194,951

207,404

b

2019-R05

,

1B1

,

144A,

FRN

,

8.571

%

,

(

30-day

SOFR

Average

+

4.214

%

),

7/25/39

..

57,680

58,821

b

2020-SBT1

,

1M2

,

144A,

FRN

,

8.121

%

,

(

30-day

SOFR

Average

+

3.764

%

),

2/25/40

79,000

81,930

b

2020-R02

,

2B1

,

144A,

FRN

,

7.471

%

,

(

30-day

SOFR

Average

+

3.114

%

),

1/25/40

..

35,000

35,816

b

2022-R02

,

2B1

,

144A,

FRN

,

8.856

%

,

(

30-day

SOFR

Average

+

4.5

%

),

1/25/42

...

35,000

36,318

b

2022-R02

,

2M2

,

144A,

FRN

,

7.356

%

,

(

30-day

SOFR

Average

+

3

%

),

1/25/42

.....

292,000

298,070

a

J.P.

Morgan

Alternative

Loan

Trust

,

2006-A6

,

1A1

,

FRN

,

4.592

%

,

(

1-month

SOFR

+

0.434

%

),

11/25/36

.................................................

50,036

42,796

a

,b

J.P.

Morgan

Mortgage

Trust

,

2024-9

,

A11

,

144A,

FRN

,

5.706

%

,

(

30-day

SOFR

Average

+

1.35

%

),

2/25/55

.................................................

138,722

139,106

b

MFA

Trust

,

2025-NQM3

,

A1

,

144A,

5.261

%

,

8/25/70

.........................

97,576

97,972

a

,b

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.008

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

................................................

49,889

47,507

b

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-NQM2

,

A1

,

144A,

6.386

%

,

5/25/69

................................

155,446

157,627

a

2024-4

,

AF

,

144A,

FRN

,

5.706

%

,

(

30-day

SOFR

Average

+

1.35

%

),

9/25/54

......

77,869

77,813

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL5

,

A1

,

144A,

7.762

%

,

4/25/30

...

170,000

172,162

a

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.122

%

,

(

1-month

SOFR

+

0.964

%

),

5/25/47

............

341,031

279,832

2006-AR7

,

A1BG

,

FRN

,

4.392

%

,

(

1-month

SOFR

+

0.234

%

),

8/25/36

...........

18,997

16,856

b

,d

Towd

Point

Mortgage

Trust

,

2019-2

,

A2

,

144A,

FRN

,

3.75

%

,

12/25/58

............

102,000

92,827

a

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR8

,

2AC2

,

FRN

,

5.192

%

,

(

1-month

SOFR

+

1.034

%

),

7/25/45

....................................

49,939

47,800

5,309,643

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

5,219,066

)

..................

5,309,643

Agency

Commercial

Mortgage-Backed

Securities

29.3%

Financial

Services

29.3%

FHLMC

,

3391

,

Strip

,

4/15/37

................................................

1,909

1,675

c

4953

,

AI

,

IO,

4

%

,

2/25/50

............................................

594,977

120,915

c

304

,

C37

,

IO,

3.5

%

,

12/15/27

.........................................

5,135

101

a

3065

,

DC

,

FRN

,

6.4

%

,

(

30-day

SOFR

Average

+

19.517

%

),

3/15/35

............

44,164

46,064

c

4018

,

DI

,

IO,

4.5

%

,

7/15/41

..........................................

13,132

204

a,c

5003

,

DS

,

IO,

FRN

,

1.629

%

,

(

30-day

SOFR

Average

+

5.986

%

),

8/25/50

........

511,674

70,889

a

3408

,

EK

,

FRN

,

7.74

%

,

(

30-day

SOFR

Average

+

25.332

%

),

4/15/37

...........

7,372

8,816

a

406

,

F30

,

FRN

,

5.506

%

,

(

30-day

SOFR

Average

+

1.15

%

),

10/25/53

...........

68,053

68,538

a

5391

,

FC

,

FRN

,

5.456

%

,

(

30-day

SOFR

Average

+

1.1

%

),

3/25/54

.............

31,889

32,080

c

5349

,

IB

,

IO,

4

%

,

12/15/46

...........................................

253,199

55,354

c

5050

,

IM

,

IO,

3.5

%

,

10/25/50

.........................................

454,972

90,420

c

4136

,

IQ

,

IO,

3.5

%

,

11/15/42

.........................................

156,077

15,997

c

5071

,

IV

,

IO,

3

%

,

12/25/50

...........................................

930,549

153,095

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

184

a

a

Principal

Amount

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

FHLMC,

(continued)

a,c

4915

,

SD

,

IO,

FRN

,

1.579

%

,

(

30-day

SOFR

Average

+

5.936

%

),

9/25/49

........

$

352,358

$

40,847

a,c

4839

,

WS

,

IO,

FRN

,

1.613

%

,

(

30-day

SOFR

Average

+

5.986

%

),

8/15/56

........

393,827

58,362

FNMA

,

c

2020-31

,

IO,

4.5

%

,

5/25/50

..........................................

932,085

172,017

c

2020-96

,

IO,

3

%

,

1/25/51

............................................

703,691

116,335

c

2018-51

,

BI

,

IO,

5.5

%

,

7/25/38

........................................

116,321

6,245

2008-53

,

DO

,

Strip

,

7/25/38

..........................................

9,312

7,811

c

2012-104

,

HI

,

IO,

4

%

,

9/25/27

........................................

14,787

236

c

2023-49

,

IA

,

IO,

3

%

,

8/25/46

.........................................

439,721

56,490

c

2023-49

,

IB

,

IO,

3.5

%

,

3/25/47

........................................

491,128

76,652

c

2021-3

,

IB

,

IO,

2.5

%

,

2/25/51

.........................................

639,304

110,236

c

2021-25

,

IJ

,

IO,

3.5

%

,

5/25/51

........................................

378,933

73,265

c

2015-58

,

KI

,

IO,

6

%

,

3/25/37

.........................................

202,868

33,405

a,c

2011-123

,

KS

,

IO,

FRN

,

2.129

%

,

(

30-day

SOFR

Average

+

6.486

%

),

10/25/41

....

11,042

797

c

2020-62

,

MI

,

IO,

3.5

%

,

5/25/49

........................................

911,829

166,765

c

2021-69

,

MI

,

IO,

2.5

%

,

10/25/51

.......................................

598,708

67,740

c

2021-12

,

NI

,

IO,

2.5

%

,

3/25/51

........................................

631,335

102,767

a,c

2018-20

,

SB

,

IO,

FRN

,

1.779

%

,

(

30-day

SOFR

Average

+

6.136

%

),

3/25/48

......

260,848

26,143

a,c

2023-58

,

SP

,

IO,

FRN

,

2.544

%

,

(

30-day

SOFR

Average

+

6.9

%

),

12/25/53

.......

1,906,832

137,244

GNMA

,

c

2012-136

,

IO,

3.5

%

,

11/20/42

.........................................

200,060

26,278

c

2014-76

,

IO,

5

%

,

5/20/44

............................................

122,816

25,573

c,d

2024-32

,

IO,

FRN

,

0.7

%

,

6/16/63

......................................

811,672

40,616

c,d

2016-H24

,

IO,

FRN

,

2.088

%

,

9/20/66

...................................

329,300

20,792

c,d

2017-H09

,

IO,

FRN

,

1.887

%

,

4/20/67

...................................

306,487

8,816

c

2014-174

,

AI

,

IO,

3

%

,

11/16/29

........................................

61,010

1,561

c

2021-214

,

AI

,

IO,

4

%

,

12/20/51

.......................................

1,042,711

207,627

c,d

2014-H21

,

AI

,

IO,

FRN

,

1.949

%

,

10/20/64

...............................

402,213

14,214

c,d

2015-H04

,

AI

,

IO,

FRN

,

1.608

%

,

12/20/64

...............................

277,148

8,239

c,d

2015-H13

,

AI

,

IO,

FRN

,

1.813

%

,

6/20/65

................................

247,388

13,060

c,d

2015-H14

,

AI

,

IO,

FRN

,

2.037

%

,

6/20/65

................................

320,030

16,540

c,d

2015-H22

,

AI

,

IO,

FRN

,

2.137

%

,

9/20/65

................................

409,319

20,080

c,d

2016-H03

,

AI

,

IO,

FRN

,

1.97

%

,

1/20/66

.................................

361,516

14,721

c,d

2016-H10

,

AI

,

IO,

FRN

,

1.663

%

,

4/20/66

................................

272,080

7,640

c,d

2016-H19

,

AI

,

IO,

FRN

,

2.194

%

,

9/20/66

................................

363,351

16,125

a,c

2019-158

,

AS

,

IO,

FRN

,

1.889

%

,

(

1-month

SOFR

+

6.036

%

),

9/16/43

...........

432,789

45,581

a,c

2023-7

,

AS

,

IO,

FRN

,

2.511

%

,

(

30-day

SOFR

Average

+

6.9

%

),

1/20/53

.........

1,726,346

145,418

a,c

2023-56

,

AS

,

IO,

FRN

,

1.771

%

,

(

30-day

SOFR

Average

+

6.16

%

),

4/20/53

.......

2,918,227

220,908

c

2014-182

,

BI

,

IO,

4

%

,

1/20/39

........................................

167,176

9,779

c,d

2016-H24

,

BI

,

IO,

FRN

,

2.209

%

,

11/20/66

...............................

831,808

33,980

c,d

2017-H04

,

BI

,

IO,

FRN

,

2.45

%

,

2/20/67

.................................

275,791

11,169

c

2009-121

,

CI

,

IO,

4.5

%

,

12/16/39

......................................

176,418

28,856

c

2022-125

,

CI

,

IO,

5

%

,

6/20/52

........................................

521,831

104,169

c,d

2015-H20

,

CI

,

IO,

FRN

,

1.889

%

,

8/20/65

................................

312,848

16,263

c,d

2016-H06

,

DI

,

IO,

FRN

,

1.582

%

,

7/20/65

................................

206,488

8,230

a,c

2023-181

,

DS

,

IO,

FRN

,

1.611

%

,

(

30-day

SOFR

Average

+

6

%

),

11/20/53

.......

2,773,138

173,275

a,c

2023-173

,

ES

,

IO,

FRN

,

2.561

%

,

(

30-day

SOFR

Average

+

6.95

%

),

11/20/53

.....

1,442,433

102,529

a,c

2024-4

,

ES

,

IO,

FRN

,

2.561

%

,

(

30-day

SOFR

Average

+

6.95

%

),

1/20/54

........

2,009,094

170,489

c

2021-176

,

GI

,

IO,

3

%

,

10/20/51

.......................................

712,784

108,987

c,d

2016-H27

,

GI

,

IO,

FRN

,

2.361

%

,

12/20/66

...............................

510,474

30,485

c,d

2017-H08

,

GI

,

IO,

FRN

,

2.541

%

,

2/20/67

................................

330,391

29,988

c

2013-34

,

HI

,

IO,

4.5

%

,

3/20/43

........................................

132,023

21,291

c,d

2015-H10

,

HI

,

IO,

FRN

,

1.972

%

,

4/20/65

................................

421,549

22,877

a,c

2023-101

,

HS

,

IO,

FRN

,

1.611

%

,

(

30-day

SOFR

Average

+

6

%

),

7/20/53

........

3,532,185

224,630

c

2020-138

,

IB

,

IO,

2.5

%

,

9/20/50

.......................................

935,732

129,563

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

185

a

a

Principal

Amount

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

GNMA,

(continued)

c

2014-102

,

IG

,

IO,

3.5

%

,

3/16/41

.......................................

$

11,407

$

200

c

2021-177

,

IG

,

IO,

3.5

%

,

10/20/51

......................................

1,139,371

175,715

c

2024-4

,

IG

,

IO,

5

%

,

12/20/52

.........................................

988,304

192,025

c

2013-39

,

IJ

,

IO,

4.5

%

,

3/20/43

........................................

369,988

57,117

c,d

2016-H13

,

IK

,

IO,

FRN

,

2.642

%

,

6/20/66

................................

240,913

21,642

c

2021-89

,

IL

,

IO,

4.5

%

,

5/20/51

........................................

559,486

131,653

c

2021-8

,

IP

,

IO,

2.5

%

,

1/20/51

.........................................

1,085,285

160,948

c

2021-188

,

IW

,

IO,

3

%

,

10/20/51

.......................................

513,430

97,084

c,d

2021-H12

,

IY

,

IO,

FRN

,

0.018

%

,

8/20/71

................................

5,701,417

129,137

c

2020-175

,

JI

,

IO,

3.5

%

,

11/20/50

......................................

1,243,039

237,701

c,d

2016-H24

,

JI

,

IO,

FRN

,

2.423

%

,

11/20/66

................................

141,562

8,371

c

2015-52

,

KI

,

IO,

3.5

%

,

11/20/40

.......................................

53,082

2,067

c,d

2017-H03

,

KI

,

IO,

FRN

,

2.569

%

,

1/20/67

................................

382,933

30,977

c

2016-75

,

LI

,

IO,

6

%

,

1/20/40

.........................................

109,126

15,614

c

2015-89

,

LI

,

IO,

5

%

,

12/20/44

.........................................

220,748

40,010

c

2012-38

,

MI

,

IO,

4

%

,

3/20/42

.........................................

491,898

87,078

c

2015-53

,

MI

,

IO,

4

%

,

4/16/45

.........................................

153,262

30,520

c

2021-7

,

MI

,

IO,

2.5

%

,

1/20/51

.........................................

885,762

131,660

c,d

2017-H06

,

MI

,

IO,

FRN

,

2.25

%

,

2/20/67

.................................

406,776

16,834

c,d

2017-H10

,

MI

,

IO,

FRN

,

1.864

%

,

4/20/67

................................

303,045

9,019

a,c

2020-112

,

MS

,

IO,

FRN

,

2.05

%

,

(

1-month

SOFR

+

6.186

%

),

8/20/50

...........

1,193,570

175,946

c

2020-123

,

NI

,

IO,

2.5

%

,

8/20/50

.......................................

541,125

80,243

c

2021-76

,

NI

,

IO,

3

%

,

8/20/50

.........................................

1,032,129

175,229

c,d

2016-H23

,

NI

,

IO,

FRN

,

2.526

%

,

10/20/66

...............................

390,996

17,951

c,d

2017-H08

,

NI

,

IO,

FRN

,

2.213

%

,

3/20/67

................................

258,798

8,060

c

2013-6

,

OI

,

IO,

5

%

,

1/20/43

..........................................

39,719

7,999

c,d

2016-H07

,

PI

,

IO,

FRN

,

2.267

%

,

3/20/66

................................

475,477

28,253

a

2023-66

,

PS

,

FRN

,

4.403

%

,

(

30-day

SOFR

Average

+

15.375

%

),

5/20/53

........

167,381

166,705

c

2013-51

,

QI

,

IO,

5

%

,

2/20/43

.........................................

79,052

8,456

c,d

2016-H18

,

QI

,

IO,

FRN

,

2.431

%

,

6/20/66

................................

267,822

14,931

a,c

2023-19

,

S

,

IO,

FRN

,

1.8

%

,

(

1-month

SOFR

+

5.936

%

),

11/20/49

..............

1,755,992

207,625

a,c

2024-11

,

S

,

IO,

FRN

,

2.011

%

,

(

30-day

SOFR

Average

+

6.4

%

),

1/20/54

.........

2,144,594

131,339

a,c

2013-87

,

SA

,

IO,

FRN

,

1.95

%

,

(

1-month

SOFR

+

6.086

%

),

6/20/43

............

452,804

52,651

a,c

2020-47

,

SA

,

IO,

FRN

,

1.75

%

,

(

1-month

SOFR

+

5.886

%

),

5/20/44

............

367,325

41,315

a,c

2019-121

,

SD

,

IO,

FRN

,

1.75

%

,

(

1-month

SOFR

+

5.886

%

),

10/20/49

..........

218,338

27,685

a,c

2019-125

,

SG

,

IO,

FRN

,

1.8

%

,

(

1-month

SOFR

+

5.936

%

),

10/20/49

...........

539,521

65,722

a,c

2022-209

,

SG

,

IO,

FRN

,

1.211

%

,

(

30-day

SOFR

Average

+

5.6

%

),

12/20/52

......

4,022,082

261,850

a,c

2011-156

,

SK

,

IO,

FRN

,

2.35

%

,

(

1-month

SOFR

+

6.486

%

),

4/20/38

............

1,242,393

183,116

a,c

2021-98

,

SK

,

IO,

FRN

,

2.05

%

,

(

1-month

SOFR

+

6.186

%

),

6/20/51

............

719,479

101,320

a,c

2023-13

,

SL

,

IO,

FRN

,

1.861

%

,

(

30-day

SOFR

Average

+

6.25

%

),

1/20/53

.......

970,571

73,183

a,c

2013-182

,

SP

,

IO,

FRN

,

2.45

%

,

(

1-month

SOFR

+

6.586

%

),

12/20/43

...........

96,978

13,646

a,c

2023-20

,

SP

,

IO,

FRN

,

2.611

%

,

(

30-day

SOFR

Average

+

7

%

),

2/20/53

.........

2,086,663

183,897

a,c

2019-110

,

SQ

,

IO,

FRN

,

1.8

%

,

(

1-month

SOFR

+

5.936

%

),

9/20/49

............

529,640

62,516

c,d

2015-H23

,

TI

,

IO,

FRN

,

1.937

%

,

9/20/65

................................

202,411

7,460

c

2020-162

,

UI

,

IO,

2.5

%

,

10/20/50

......................................

808,302

119,780

c,d

2015-H16

,

XI

,

IO,

FRN

,

2.024

%

,

7/20/65

................................

151,723

8,470

7,798,574

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$

7,412,050

)

..........

7,798,574

Total

Long

Term

Investments

(Cost

$

56,428,834

)

................................

56,281,672

a

a

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

186

Short

Term

Investments

21.0%

a

a

Shares

a

Value

a

Management

Investment

Companies

15.0%

f,g

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......................

3,983,615

$

3,983,615

Total

Management

Investment

Companies

(Cost

$

3,983,615

)

.....................

3,983,615

Principal

Amount

U.S.

Government

and

Agency

Securities

6.0%

h

U.S.

Treasury

Bills

,

i

2.01

%,

10/02/25

...................................................

$

1,000,000

999,888

3.83

%,

1/20/26

...................................................

600,000

592,942

1,592,830

Total

U.S.

Government

and

Agency

Securities

(Cost

$

1,592,821

)

..................

1,592,830

Total

Short

Term

Investments

(Cost

$

5,576,436

)

.................................

5,576,445

a

Total

Investments

(Cost

$

62,005,270

)

232.5

%

...................................

$61,858,117

TBA

Sale

Commitments

(

3.9

)

%

................................................

(1,033,540)

Other

Assets,

less

Liabilities

(

128.6

)

%

.........................................

(34,212,655)

Net

Assets

100.0%

...........................................................

$26,611,922

a

a

a

a

a

TBA

Sale

Commitments

(3.9)%

Mortgage-Backed

Securities

(3.9)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(3.9)%

j

Uniform

Mortgage-Backed

Securities

,

TBA,

6.5

%

,

10/25/55

....................

(1,000,000)

(

1,033,540

)

Total

TBA

Sale

Commitments

(

Proceeds

$

(

1,036,055

)

)

...........................

$(1,033,540)

a

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$7,723,754,

representing

29.0%

of

net

assets.

c

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

d

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Security

purchased

on

a

to-be-announced

(TBA)

basis.

f

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

The

rate

shown

represents

the

yield

at

period

end.

i

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$526,941,

representing

2.0%

net

assets.

j

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

187

At

September

30,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

At

September

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

At

September

30,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

98

$

11,277,656

12/19/25

$

(

102,728

)

U.S.

Treasury

2

Year

Notes

.....................

Short

39

8,127,539

12/31/25

3,592

Total

Futures

Contracts

......................................................................

$(99,136)

*

As

of

period

end.

Forward

Premium

Swap

Option

Contracts

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

par

t

y

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

7,800,000

$

32,370

$

6,581

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

11,700,000

(

25,740

)

8,277

(3.428%)/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

1,692,900

97,426

(

1,563

)

3.428%/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

1,692,900

97,426

(

55,225

)

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

175,700

21,910

(

2,160

)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

175,700

21,910

2,167

(3.4%)/1-day

SOFR/Oct-27/(Purchased)

CITI

10/14/25

/

3.4%

10,000,000

88,000

(

77,914

)

3.39%/1-day

SOFR/Oct-27/(Written)

CITI

10/14/25

/

3.39%

10,000,000

(

87,000

)

74,490

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

1,430,300

16,162

(

15,666

)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

178,500

6,480

(

4,343

)

(3.95%)/1-day

SOFR/Mar-37/(Purchased)

CITI

3/29/27

/

3.95%

2,319,100

107,954

(

41,074

)

3.45%/1-day

SOFR/Mar-37/(Purchased)

CITI

3/29/27

/

3.45%

2,319,100

102,968

(

50,577

)

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

614,600

76,979

(

3,471

)

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

614,600

76,979

(

10,118

)

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

1,892,100

68,494

(

19,212

)

Unrealized

appreciation

91,515

Unrealized

(depreciation)

(281,323)

Total

$(189,808)

*

In

U.S.

dollars

unless

otherwise

indicated.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CMBX.NA.A.15

.

(2.00)%

Monthly

JPHQ

11/18/64

4,000

$

143

$

364

$

(

221

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

188

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

(continued)

Contracts

to

Buy

Protection

(c)

(continued)

Traded

Index

(continued)

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

131,000

$

64,545

$

57,068

$

7,477

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

183,000

67,781

68,210

(

429

)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

40,000

2,489

1,802

687

CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

10,000

622

5,148

(

4,526

)

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

35,000

15,019

15,155

(

136

)

CMBX.NA.BB.8

.

(5.00)%

Monthly

GSCO

10/17/57

13,000

5,578

5,308

270

CMBX.NA.BB.8

.

(5.00)%

Monthly

MSCO

10/17/57

6,000

2,574

2,635

(

61

)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

46,000

9,130

13,826

(

4,696

)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

219,000

43,468

70,816

(

27,348

)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

189,000

22,680

23,604

(

924

)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

CITI

8/17/61

285,000

48,688

80,881

(

32,193

)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

63,000

10,762

11,434

(

672

)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

126,000

25,122

26,419

(

1,297

)

CMBX.NA.BBB-.8

(3.00)%

Monthly

CITI

10/17/57

84,000

13,665

16,227

(

2,562

)

CMBX.NA.BBB-.8

(3.00)%

Monthly

MSCO

10/17/57

82,000

13,339

16,880

(

3,541

)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

63,000

10,617

11,316

(

699

)

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

JPHQ

12/16/72

1,000

(

66

)

(

81

)

15

Investment

Grade

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

174,000

(

11,472

)

(

22,920

)

11,448

Investment

Grade

CMBX.NA.A.15

.

2.00%

Monthly

MLCO

11/18/64

4,000

(

142

)

(

65

)

(

77

)

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

25,000

(

12,318

)

(

2,006

)

(

10,312

)

Below

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

118,000

(

43,706

)

(

48,805

)

5,099

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

96,000

(

5,974

)

(

16,692

)

10,718

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

16,000

(

996

)

(

2,778

)

1,782

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

3,000

(

186

)

(

335

)

149

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

143,000

(

8,899

)

(

25,456

)

16,557

Below

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

14,000

(

2,248

)

(

3,182

)

934

Investment

Grade

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

189

At

September

30,

2025

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

(continued)

Contracts

to

Sell

Protection

(c)

(d)

(continued)

Traded

Index

(continued)

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

9,000

$

(

1,445

)

$

(

1,848

)

$

403

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

7,000

(

1,124

)

(

1,591

)

467

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$267,646

$301,334

$(33,688)

Total

Credit

Default

Swap

Contracts

....................................

$267,646

$

301,334

$(33,688)

(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

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

27,207,000

$

(

85,285

)

$

(

37,601

)

$

(

47,684

)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.13%

....

Annual

12/17/27

543,000

1,768

1,944

(

176

)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

7,171,000

77,448

53,245

24,203

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.18%

....

Annual

12/17/30

878,000

7,548

7,302

246

Receive

Fixed

3.833%

.

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/10/35

334,100

4,859

—

4,859

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

2,533,000

47,141

39,966

7,175

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.53%

....

Annual

12/17/35

1,179,000

12,731

6,714

6,017

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

190

See

A

bbreviations

on

page

240

.

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

593,000

$

10,335

$

3,757

$

6,578

Total

Interest

Rate

Swap

Contracts

.................................

$76,545

$

75,327

$1,218

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Research

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

191

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.9%

Aerospace

&

Defense

1.6%

Airbus

SE

.........................................

France

2,526

$

589,887

Northrop

Grumman

Corp.

.............................

United

States

1,051

640,395

RTX

Corp.

........................................

United

States

4,540

759,678

1,989,960

Air

Freight

&

Logistics

0.8%

FedEx

Corp.

.......................................

United

States

4,201

990,638

Automobiles

2.9%

General

Motors

Co.

..................................

United

States

4,662

284,242

a

Tesla,

Inc.

.........................................

United

States

7,232

3,216,215

3,500,457

Banks

2.5%

Citigroup,

Inc.

......................................

United

States

15,228

1,545,642

JPMorgan

Chase

&

Co.

...............................

United

States

4,097

1,292,317

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

1,144

229,864

3,067,823

Beverages

1.3%

Coca-Cola

Co.

(The)

.................................

United

States

18,514

1,227,849

Keurig

Dr

Pepper,

Inc.

................................

United

States

8,565

218,493

PepsiCo,

Inc.

......................................

United

States

1,241

174,286

1,620,628

Biotechnology

1.8%

AbbVie,

Inc.

.......................................

United

States

4,571

1,058,369

Gilead

Sciences,

Inc.

................................

United

States

3,262

362,082

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

1,099

617,935

a

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

424

166,055

2,204,441

Broadline

Retail

4.4%

a

Amazon.com,

Inc.

...................................

United

States

24,787

5,442,482

Building

Products

0.4%

Trane

Technologies

plc

...............................

United

States

1,234

520,699

Capital

Markets

2.1%

BlackRock,

Inc.

.....................................

United

States

627

731,000

Charles

Schwab

Corp.

(The)

...........................

United

States

6,659

635,735

CME

Group,

Inc.

....................................

United

States

1,269

342,871

Nasdaq,

Inc.

.......................................

United

States

2,355

208,300

TPG,

Inc.

,

A

.......................................

United

States

10,245

588,575

2,506,481

Chemicals

1.1%

Corteva,

Inc.

.......................................

United

States

6,251

422,755

DuPont

de

Nemours,

Inc.

.............................

United

States

6,641

517,334

Linde

plc

..........................................

United

States

201

95,475

PPG

Industries,

Inc.

.................................

United

States

2,941

309,128

1,344,692

Commercial

Services

&

Supplies

0.6%

Cintas

Corp.

.......................................

United

States

1,093

224,349

a

Copart,

Inc.

........................................

United

States

5,306

238,611

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

192

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Commercial

Services

&

Supplies

(continued)

Waste

Connections,

Inc.

..............................

United

States

1,685

$

296,223

759,183

Communications

Equipment

1.9%

Cisco

Systems,

Inc.

.................................

United

States

34,738

2,376,774

Construction

Materials

0.8%

CRH

plc

..........................................

United

States

7,940

952,006

Consumer

Finance

1.0%

Capital

One

Financial

Corp.

...........................

United

States

5,817

1,236,578

Consumer

Staples

Distribution

&

Retail

2.1%

a

BJ's

Wholesale

Club

Holdings,

Inc.

......................

United

States

1,922

179,226

Costco

Wholesale

Corp.

..............................

United

States

595

550,750

Target

Corp.

.......................................

United

States

2,610

234,117

a

US

Foods

Holding

Corp.

..............................

United

States

1,338

102,518

Walmart,

Inc.

......................................

United

States

14,505

1,494,885

2,561,496

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

.........................................

United

States

26,118

737,572

Electric

Utilities

1.8%

Constellation

Energy

Corp.

............................

United

States

436

143,474

NextEra

Energy,

Inc.

.................................

United

States

7,834

591,389

NRG

Energy,

Inc.

...................................

United

States

3,683

596,462

PPL

Corp.

.........................................

United

States

9,893

367,624

Southern

Co.

(The)

..................................

United

States

3,345

317,005

Xcel

Energy,

Inc.

....................................

United

States

1,852

149,364

2,165,318

Electrical

Equipment

0.4%

GE

Vernova,

Inc.

....................................

United

States

883

542,957

Entertainment

3.0%

a,b

Live

Nation

Entertainment,

Inc.

.........................

United

States

4,970

812,098

a

Netflix,

Inc.

........................................

United

States

620

743,330

a

ROBLOX

Corp.

,

A

...................................

United

States

4,411

611,012

a

Spotify

Technology

SA

................................

United

States

525

366,450

Walt

Disney

Co.

(The)

................................

United

States

9,789

1,120,841

3,653,731

Financial

Services

4.2%

Apollo

Global

Management,

Inc.

........................

United

States

4,509

600,914

a

Berkshire

Hathaway,

Inc.

,

B

............................

United

States

2,816

1,415,716

Corebridge

Financial,

Inc.

.............................

United

States

5,710

183,005

Mastercard,

Inc.

,

A

..................................

United

States

3,375

1,919,734

a

Toast,

Inc.

,

A

.......................................

United

States

5,337

194,854

Visa,

Inc.

,

A

........................................

United

States

2,444

834,333

5,148,556

Food

Products

0.2%

Mondelez

International,

Inc.

,

A

..........................

United

States

4,044

252,629

Ground

Transportation

0.5%

Union

Pacific

Corp.

..................................

United

States

2,675

632,290

Health

Care

Equipment

&

Supplies

1.9%

Abbott

Laboratories

..................................

United

States

2,799

374,898

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

193

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Becton

Dickinson

&

Co.

...............................

United

States

3,150

$

589,585

a

Boston

Scientific

Corp.

...............................

United

States

5,244

511,972

a

Dexcom,

Inc.

.......................................

United

States

2,333

156,988

a

Intuitive

Surgical,

Inc.

................................

United

States

916

409,663

Medtronic

plc

......................................

United

States

2,460

234,290

2,277,396

Health

Care

Providers

&

Services

2.3%

Cencora,

Inc.

......................................

United

States

542

169,391

Cigna

Group

(The)

..................................

United

States

714

205,810

CVS

Health

Corp.

...................................

United

States

3,341

251,878

HCA

Healthcare,

Inc.

.................................

United

States

348

148,318

Humana,

Inc.

......................................

United

States

236

61,400

McKesson

Corp.

....................................

United

States

1,142

882,241

UnitedHealth

Group,

Inc.

..............................

United

States

3,019

1,042,461

2,761,499

Health

Care

REITs

0.5%

Welltower,

Inc.

.....................................

United

States

3,494

622,421

Hotels,

Restaurants

&

Leisure

0.7%

a

Chipotle

Mexican

Grill,

Inc.

,

A

..........................

United

States

6,584

258,027

McDonald's

Corp.

...................................

United

States

1,431

434,866

Starbucks

Corp.

....................................

United

States

2,208

186,797

879,690

Household

Products

0.7%

Procter

&

Gamble

Co.

(The)

...........................

United

States

5,665

870,427

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Vistra

Corp.

........................................

United

States

374

73,274

Industrial

Conglomerates

0.8%

Honeywell

International,

Inc.

...........................

United

States

4,644

977,562

Industrial

REITs

0.4%

Prologis,

Inc.

.......................................

United

States

4,586

525,189

Insurance

2.9%

Allstate

Corp.

(The)

..................................

United

States

5,332

1,144,514

American

International

Group,

Inc.

......................

United

States

8,848

694,922

Aon

plc

,

A

.........................................

United

States

963

343,387

Arch

Capital

Group

Ltd.

...............................

United

States

4,124

374,170

Assured

Guaranty

Ltd.

...............................

United

States

1,309

110,807

Progressive

Corp.

(The)

..............................

United

States

1,569

387,465

Prudential

plc

......................................

Hong

Kong

28,597

400,350

Unum

Group

.......................................

United

States

1,721

133,859

3,589,474

Interactive

Media

&

Services

7.2%

Alphabet,

Inc.

,

A

....................................

United

States

20,325

4,941,007

Meta

Platforms,

Inc.

,

A

...............................

United

States

5,236

3,845,214

8,786,221

Life

Sciences

Tools

&

Services

1.7%

a

Bio-Rad

Laboratories,

Inc.

,

A

...........................

United

States

2,013

564,425

Danaher

Corp.

.....................................

United

States

1,043

206,785

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

194

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

2,765

$

1,341,081

2,112,291

Machinery

1.3%

Fortive

Corp.

.......................................

United

States

10,687

523,556

Ingersoll

Rand,

Inc.

..................................

United

States

3,974

328,332

Otis

Worldwide

Corp.

................................

United

States

7,896

721,931

1,573,819

Media

0.2%

a

Charter

Communications,

Inc.

,

A

........................

United

States

733

201,652

Metals

&

Mining

0.5%

Barrick

Mining

Corp.

.................................

Canada

4,421

144,876

Glencore

plc

.......................................

Australia

101,127

465,753

610,629

Multi-Utilities

0.6%

Ameren

Corp.

......................................

United

States

5,820

607,492

CenterPoint

Energy,

Inc.

..............................

United

States

3,493

135,528

743,020

Oil,

Gas

&

Consumable

Fuels

3.3%

a

Antero

Resources

Corp.

..............................

United

States

4,477

150,248

BP

plc

............................................

United

States

43,106

247,500

Cenovus

Energy,

Inc.

................................

Canada

37,093

629,811

ConocoPhillips

.....................................

United

States

6,930

655,509

Exxon

Mobil

Corp.

...................................

United

States

16,170

1,823,167

Shell

plc

..........................................

United

States

16,406

584,727

4,090,962

Passenger

Airlines

0.2%

Southwest

Airlines

Co.

...............................

United

States

8,748

279,149

Pharmaceuticals

2.4%

Eli

Lilly

&

Co.

......................................

United

States

2,160

1,648,080

Johnson

&

Johnson

.................................

United

States

4,750

880,745

Merck

&

Co.,

Inc.

...................................

United

States

4,557

382,469

2,911,294

Semiconductors

&

Semiconductor

Equipment

14.7%

Analog

Devices,

Inc.

.................................

United

States

7,742

1,902,209

Broadcom,

Inc.

.....................................

United

States

13,756

4,538,242

a

Intel

Corp.

.........................................

United

States

31,523

1,057,597

Marvell

Technology,

Inc.

..............................

United

States

18,535

1,558,237

NVIDIA

Corp.

......................................

United

States

46,801

8,732,131

QUALCOMM,

Inc.

...................................

United

States

920

153,051

17,941,467

Software

10.1%

a

AppLovin

Corp.

,

A

...................................

United

States

535

384,419

Microsoft

Corp.

.....................................

United

States

18,562

9,614,188

Oracle

Corp.

.......................................

United

States

2,531

711,818

a

Palantir

Technologies,

Inc.

,

A

...........................

United

States

8,769

1,599,641

12,310,066

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

195

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialized

REITs

0.9%

American

Tower

Corp.

................................

United

States

5,895

$

1,133,726

Specialty

Retail

1.2%

Home

Depot,

Inc.

(The)

...............................

United

States

2,111

855,356

TJX

Cos.,

Inc.

(The)

.................................

United

States

4,046

584,809

1,440,165

Technology

Hardware,

Storage

&

Peripherals

6.6%

Apple,

Inc.

........................................

United

States

25,245

6,428,134

a

Pure

Storage,

Inc.

,

A

.................................

United

States

11,443

959,038

Seagate

Technology

Holdings

plc

.......................

United

States

3,062

722,816

8,109,988

Textiles,

Apparel

&

Luxury

Goods

0.4%

Levi

Strauss

&

Co.

,

A

................................

United

States

7,145

166,479

NIKE,

Inc.

,

B

.......................................

United

States

643

44,836

a

On

Holding

AG

,

A

...................................

Switzerland

5,138

217,594

428,909

Tobacco

0.7%

Philip

Morris

International,

Inc.

.........................

United

States

4,909

796,240

Trading

Companies

&

Distributors

0.6%

United

Rentals,

Inc.

..................................

United

States

794

758,000

Total

Common

Stocks

(Cost

$

71,131,081

)

....................................

121,011,921

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.0%

†

Calls

-

Over-the-Counter

Equity

Options

0.0%

†

Southwest

Airlines

Co.

,

Counterparty

CITI

,

January

Strike

Price

$

40.00

,

Expires

1/16/26

.............................

154,720

4,937,115

2,094

Total

Options

Purchased

(Cost

$

4,758

)

.......................................

2,094

Short

Term

Investments

2.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

c

U.S.

Treasury

Bills

,

d

2.01

%,

10/02/25

...................................

United

States

200,000

199,978

3.83

%,

1/20/26

...................................

United

States

100,000

98,824

298,802

Total

U.S.

Government

and

Agency

Securities

(Cost

$

298,800

)

..................

298,802

Shares

Management

Investment

Companies

1.3%

e,f

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

1,562,168

1,562,168

Total

Management

Investment

Companies

(Cost

$

1,562,168

)

...................

1,562,168

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

196

At

September

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.6%

Money

Market

Funds

0.6%

e,f

Putnam

Cash

Collateral

Pool,

LLC

,

4.402

%

................

United

States

687,775

$

687,775

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

687,775

)

...........................................................

687,775

Total

Short

Term

Investments

(Cost

$

2,548,743

)

...............................

2,548,745

a

Total

Investments

(Cost

$

73,684,582

)

101.0

%

.................................

$123,562,760

Other

Assets,

less

Liabilities

(

1.0

)

%

.........................................

(1,144,360)

Net

Assets

100.0%

.........................................................

$122,418,400

a

a

a

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

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

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025.

c

The

rate

shown

represents

the

yield

at

period

end.

d

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$34,996,

representing

less

than

0.1%

net

assets.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Canadian

Dollar

....

BOFA

Sell

30,200

22,151

10/15/25

$

436

$

—

Canadian

Dollar

....

CITI

Buy

70,400

51,276

10/15/25

—

(

657

)

Canadian

Dollar

....

CITI

Sell

308,800

226,491

10/15/25

4,458

—

Canadian

Dollar

....

GSCO

Sell

234,300

171,850

10/15/25

3,383

—

Canadian

Dollar

....

HSBK

Buy

168,300

122,708

10/15/25

—

(

1,696

)

Canadian

Dollar

....

HSBK

Sell

31,400

23,052

10/15/25

474

—

Canadian

Dollar

....

JPHQ

Sell

293,400

215,379

10/15/25

4,418

—

Canadian

Dollar

....

MSCO

Buy

134,600

97,986

10/15/25

—

(

1,206

)

Canadian

Dollar

....

MSCO

Sell

110,700

81,193

10/15/25

1,597

—

Canadian

Dollar

....

SSBT

Buy

90,100

65,558

10/15/25

—

(

774

)

Canadian

Dollar

....

SSBT

Sell

1,000

734

10/15/25

15

—

Canadian

Dollar

....

TDOM

Buy

340,200

249,737

10/15/25

—

(

5,125

)

Canadian

Dollar

....

UBSW

Sell

919,500

670,691

10/15/25

9,550

—

Hong

Kong

Dollar

...

BZWS

Buy

1,640,700

210,879

11/19/25

201

—

Hong

Kong

Dollar

...

CITI

Sell

533,300

68,547

11/19/25

—

(

64

)

Hong

Kong

Dollar

...

GSCO

Sell

314,100

40,371

11/19/25

—

(

39

)

Hong

Kong

Dollar

...

MSCO

Sell

1,224,600

157,363

11/19/25

—

(

185

)

British

Pound

......

BOFA

Buy

94,400

128,981

12/17/25

—

(

2,010

)

British

Pound

......

BOFA

Sell

391,800

531,034

12/17/25

4,052

—

British

Pound

......

BZWS

Sell

100,200

135,806

12/17/25

1,035

—

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

197

See

Abbreviations

on

page

240

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

British

Pound

......

GSCO

Sell

234,900

318,375

12/17/25

$

2,428

$

—

British

Pound

......

MSCO

Sell

624,700

844,029

12/17/25

4,215

(

426

)

British

Pound

......

UBSW

Sell

18,700

25,358

12/17/25

206

—

Danish

Krone

......

BOFA

Sell

865,300

136,836

12/17/25

27

—

Euro

.............

BZWS

Buy

13,100

15,449

12/17/25

—

—

Euro

.............

CITI

Sell

20,200

23,822

12/17/25

1

—

Euro

.............

GSCO

Sell

14,500

17,100

12/17/25

—

—

Euro

.............

JPHQ

Sell

85,500

100,823

12/17/25

—

(

7

)

Euro

.............

MSCO

Sell

93,900

110,713

12/17/25

—

(

23

)

Euro

.............

SSBT

Buy

37,800

45,008

12/17/25

—

(

431

)

Euro

.............

SSBT

Sell

39,200

46,219

12/17/25

—

(

9

)

Euro

.............

TDOM

Sell

61,800

72,867

12/17/25

—

(

14

)

Swedish

Krona

.....

MSCO

Sell

3,657,900

394,447

12/17/25

4,017

—

Swiss

Franc

.......

MSCO

Sell

207,500

263,527

12/17/25

447

—

Total

Forward

Exchange

Contracts

...................................................

$40,960

$(12,666)

Net

unrealized

appreciation

(depreciation)

............................................

$28,294

*

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),

September

30,

2025

Putnam

VT

Small

Cap

Growth

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

198

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.3%

Aerospace

&

Defense

6.7%

a

AeroVironment,

Inc.

.................................

United

States

875

$

275,529

a

Kratos

Defense

&

Security

Solutions,

Inc.

.................

United

States

11,210

1,024,258

Leonardo

DRS,

Inc.

.................................

United

States

6,664

302,546

a

Loar

Holdings,

Inc.

..................................

United

States

1,095

87,600

a

Rocket

Lab

Corp.

...................................

United

States

5,445

260,870

VSE

Corp.

........................................

United

States

3,915

650,829

2,601,632

Automobile

Components

0.9%

Patrick

Industries,

Inc.

................................

United

States

3,407

352,386

Banks

2.2%

a

Axos

Financial,

Inc.

..................................

United

States

2,455

207,816

a

Bancorp,

Inc.

(The)

..................................

United

States

8,700

651,543

859,359

Biotechnology

6.6%

a

ADMA

Biologics,

Inc.

.................................

United

States

21,845

320,248

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

1,262

250,898

a

Bridgebio

Pharma,

Inc.

...............................

United

States

4,170

216,590

a

Halozyme

Therapeutics,

Inc.

...........................

United

States

6,130

449,574

a

Insmed,

Inc.

.......................................

United

States

3,200

460,832

a

Madrigal

Pharmaceuticals,

Inc.

.........................

United

States

590

270,609

a

Rhythm

Pharmaceuticals,

Inc.

..........................

United

States

3,305

333,772

a

Soleno

Therapeutics,

Inc.

.............................

United

States

1,733

117,151

a

Xenon

Pharmaceuticals,

Inc.

...........................

Canada

3,396

136,349

2,556,023

Broadline

Retail

0.9%

a

Ollie's

Bargain

Outlet

Holdings,

Inc.

......................

United

States

2,690

345,396

Building

Products

0.3%

CSW

Industrials,

Inc.

.................................

United

States

548

133,027

Capital

Markets

2.8%

Perella

Weinberg

Partners

,

A

...........................

United

States

10,715

228,444

Piper

Sandler

Cos.

..................................

United

States

605

209,929

StepStone

Group,

Inc.

,

A

..............................

United

States

9,935

648,855

1,087,228

Commercial

Services

&

Supplies

1.4%

a

Casella

Waste

Systems,

Inc.

,

A

.........................

United

States

2,971

281,888

a

Clean

Harbors,

Inc.

..................................

United

States

1,195

277,503

559,391

Construction

&

Engineering

7.6%

Comfort

Systems

USA,

Inc.

............................

United

States

1,200

990,216

a

Construction

Partners,

Inc.

,

A

..........................

United

States

4,380

556,260

a

Dycom

Industries,

Inc.

................................

United

States

1,465

427,428

a

IES

Holdings,

Inc.

...................................

United

States

1,265

503,027

a,b

Legence

Corp.

,

A

...................................

United

States

8,559

263,703

a

Sterling

Infrastructure,

Inc.

............................

United

States

585

198,713

2,939,347

Construction

Materials

1.4%

Eagle

Materials,

Inc.

.................................

United

States

810

188,763

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Growth

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

199

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Construction

Materials

(continued)

a

Knife

River

Corp.

...................................

United

States

4,520

$

347,452

536,215

Consumer

Finance

1.1%

a

Dave,

Inc.

.........................................

United

States

455

90,704

a

Enova

International,

Inc.

..............................

United

States

2,768

318,569

409,273

Consumer

Staples

Distribution

&

Retail

0.1%

a

BJ's

Wholesale

Club

Holdings,

Inc.

......................

United

States

620

57,815

Diversified

Consumer

Services

3.0%

a

Adtalem

Global

Education,

Inc.

.........................

United

States

3,808

588,146

a

Stride,

Inc.

........................................

United

States

3,760

560,014

1,148,160

Electrical

Equipment

1.0%

a

Bloom

Energy

Corp.

,

A

...............................

United

States

4,575

386,908

Electronic

Equipment,

Instruments

&

Components

4.8%

Advanced

Energy

Industries,

Inc.

.......................

United

States

3,517

598,382

a

Fabrinet

..........................................

Thailand

1,315

479,475

a

Itron,

Inc.

.........................................

United

States

4,805

598,511

a

Mirion

Technologies,

Inc.

,

A

............................

United

States

8,735

203,176

1,879,544

Energy

Equipment

&

Services

1.4%

Archrock,

Inc.

......................................

United

States

11,245

295,856

CES

Energy

Solutions

Corp.

...........................

Canada

39,340

265,433

561,289

Financial

Services

0.7%

Mr.

Cooper

Group,

Inc.

...............................

United

States

1,235

260,326

Health

Care

Equipment

&

Supplies

2.8%

a

Integer

Holdings

Corp.

...............................

United

States

2,545

262,975

a

Merit

Medical

Systems,

Inc.

............................

United

States

7,100

590,933

a

UFP

Technologies,

Inc.

...............................

United

States

1,145

228,542

1,082,450

Health

Care

Providers

&

Services

6.2%

Encompass

Health

Corp.

.............................

United

States

6,755

858,020

b

Ensign

Group,

Inc.

(The)

..............................

United

States

4,215

728,225

a

GeneDx

Holdings

Corp.

,

A

.............................

United

States

2,010

216,557

a

Hims

&

Hers

Health,

Inc.

..............................

United

States

4,955

281,048

a

RadNet,

Inc.

.......................................

United

States

4,165

317,415

2,401,265

Health

Care

Technology

1.1%

a

Doximity,

Inc.

,

A

....................................

United

States

5,980

437,437

Hotels,

Restaurants

&

Leisure

2.2%

a

Brinker

International,

Inc.

.............................

United

States

1,215

153,916

a

Planet

Fitness,

Inc.

,

A

................................

United

States

2,985

309,843

Texas

Roadhouse,

Inc.

,

A

.............................

United

States

2,300

382,145

845,904

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

200

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Household

Durables

1.4%

Installed

Building

Products,

Inc.

.........................

United

States

2,130

$

525,386

Insurance

1.5%

Kinsale

Capital

Group,

Inc.

............................

United

States

650

276,419

a

Skyward

Specialty

Insurance

Group,

Inc.

..................

United

States

6,165

293,207

569,626

Interactive

Media

&

Services

0.3%

a

Grindr,

Inc.

........................................

Singapore

6,551

98,396

Life

Sciences

Tools

&

Services

0.8%

a

Medpace

Holdings,

Inc.

...............................

United

States

615

316,208

Machinery

5.8%

Crane

Co.

.........................................

United

States

1,990

366,438

Federal

Signal

Corp.

.................................

United

States

4,775

568,177

JBT

Marel

Corp.

....................................

United

States

415

58,287

a

RBC

Bearings,

Inc.

..................................

United

States

1,786

697,058

a

SPX

Technologies,

Inc.

...............................

United

States

3,082

575,656

2,265,616

Marine

Transportation

1.0%

a

Kirby

Corp.

........................................

United

States

4,449

371,269

Metals

&

Mining

1.9%

Carpenter

Technology

Corp.

...........................

United

States

3,053

749,634

Oil,

Gas

&

Consumable

Fuels

0.9%

a,b

Centrus

Energy

Corp.

,

A

..............................

United

States

1,140

353,480

Personal

Care

Products

0.2%

a

BellRing

Brands,

Inc.

.................................

United

States

1,895

68,883

Pharmaceuticals

0.8%

a

Axsome

Therapeutics,

Inc.

............................

United

States

2,325

282,371

a

LENZ

Therapeutics,

Inc.

..............................

United

States

275

12,810

295,181

Professional

Services

3.7%

a

Huron

Consulting

Group,

Inc.

..........................

United

States

5,080

745,591

a

Parsons

Corp.

......................................

United

States

3,565

295,610

a

Verra

Mobility

Corp.

,

A

................................

United

States

15,168

374,650

1,415,851

Real

Estate

Management

&

Development

2.2%

Colliers

International

Group,

Inc.

........................

Canada

3,005

469,978

FirstService

Corp.

...................................

Canada

2,035

387,728

857,706

Semiconductors

&

Semiconductor

Equipment

7.0%

a,b

Camtek

Ltd.

.......................................

Israel

4,300

451,715

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

4,905

714,217

a

Nova

Ltd.

.........................................

Israel

3,035

970,168

a

Rambus,

Inc.

......................................

United

States

3,100

323,020

a

SiTime

Corp.

.......................................

United

States

835

251,594

2,710,714

Software

9.3%

a

ACI

Worldwide,

Inc.

..................................

United

States

12,675

668,860

a

Agilysys,

Inc.

.......................................

United

States

3,150

331,538

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Growth

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

201

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

a

AvePoint,

Inc.

......................................

United

States

11,600

$

174,116

a

Clearwater

Analytics

Holdings,

Inc.

,

A

....................

United

States

8,070

145,421

a

Commvault

Systems,

Inc.

.............................

United

States

1,870

353,019

a

Descartes

Systems

Group,

Inc.

(The)

....................

Canada

6,410

604,014

a,b

Life360,

Inc.

.......................................

United

States

890

94,607

Pegasystems,

Inc.

...................................

United

States

6,740

387,550

a

Q2

Holdings,

Inc.

...................................

United

States

4,740

343,129

a

Varonis

Systems,

Inc.

,

B

..............................

United

States

3,375

193,961

a

Vertex,

Inc.

,

A

......................................

United

States

12,655

313,717

3,609,932

Specialty

Retail

2.8%

a

Aritzia,

Inc.

........................................

Canada

5,955

360,201

a

Boot

Barn

Holdings,

Inc.

..............................

United

States

2,555

423,415

Murphy

USA,

Inc.

...................................

United

States

820

318,373

1,101,989

Technology

Hardware,

Storage

&

Peripherals

1.2%

a

IonQ,

Inc.

.........................................

United

States

7,280

447,720

Trading

Companies

&

Distributors

2.3%

Applied

Industrial

Technologies,

Inc.

.....................

United

States

2,194

572,744

FTAI

Aviation

Ltd.

...................................

United

States

1,805

301,182

873,926

Total

Common

Stocks

(Cost

$

25,510,810

)

....................................

38,071,892

Rights

Rights

0.0%

†

Biotechnology

0.0%

†

a,c

Blueprint

Medicines

Corp.,

CVR

,

5/29/25

..................

United

States

961

442

Total

Rights

(Cost

$

442

)

....................................................

442

Total

Long

Term

Investments

(Cost

$

25,511,252

)

..............................

38,072,334

a

Short

Term

Investments

6.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

2.0%

d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

780,928

780,928

Total

Management

Investment

Companies

(Cost

$

780,928

)

.....................

780,928

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

202

See

Abbreviations

on

page

240

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

4.3%

Money

Market

Funds

4.3%

d,e

Putnam

Cash

Collateral

Pool,

LLC

,

4.402

%

................

United

States

1,659,975

$

1,659,975

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

1,659,975

)

..........................................................

1,659,975

Total

Short

Term

Investments

(Cost

$

2,440,903

)

...............................

2,440,903

a

Total

Investments

(Cost

$

27,952,155

)

104.6

%

.................................

$40,513,237

Other

Assets,

less

Liabilities

(

4.6

)

%

.........................................

(1,781,420)

Net

Assets

100.0%

.........................................................

$38,731,817

a

a

a

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

d

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Small

Cap

Value

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

203

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.2%

Aerospace

&

Defense

0.9%

a

V2X,

Inc.

..........................................

United

States

16,395

$

952,386

Automobile

Components

2.6%

a

Holley,

Inc.

........................................

United

States

414,702

1,302,164

Standard

Motor

Products,

Inc.

..........................

United

States

37,400

1,526,668

2,828,832

Banks

18.9%

a

Avidbank

Holdings,

Inc.

...............................

United

States

36,952

942,276

a,b

Avidia

Bancorp,

Inc.

.................................

United

States

22,533

336,643

a

Axos

Financial,

Inc.

..................................

United

States

16,300

1,379,795

a

Bancorp,

Inc.

(The)

..................................

United

States

13,240

991,544

b

Bank

OZK

.........................................

United

States

21,000

1,070,580

Business

First

Bancshares,

Inc.

.........................

United

States

45,100

1,064,811

a

Coastal

Financial

Corp.

...............................

United

States

10,670

1,154,174

ConnectOne

Bancorp,

Inc.

............................

United

States

51,509

1,277,938

Five

Star

Bancorp

...................................

United

States

38,135

1,227,947

Metropolitan

Bank

Holding

Corp.

........................

United

States

17,420

1,303,364

Mid

Penn

Bancorp,

Inc.

...............................

United

States

33,600

962,304

MidWestOne

Financial

Group,

Inc.

......................

United

States

26,395

746,715

NBT

Bancorp,

Inc.

...................................

United

States

17,700

739,152

Northrim

BanCorp,

Inc.

...............................

United

States

49,600

1,074,336

b

OFG

Bancorp

......................................

United

States

26,800

1,165,532

Popular,

Inc.

.......................................

United

States

9,900

1,257,399

SouthState

Bank

Corp.

...............................

United

States

9,800

968,926

a

Third

Coast

Bancshares,

Inc.

..........................

United

States

23,300

884,701

UMB

Financial

Corp.

.................................

United

States

8,800

1,041,480

Valley

National

Bancorp

..............................

United

States

108,800

1,153,280

20,742,897

Biotechnology

3.6%

a

BioMarin

Pharmaceutical,

Inc.

..........................

United

States

9,400

509,104

a

Janux

Therapeutics,

Inc.

..............................

United

States

12,746

311,512

a

MiMedx

Group,

Inc.

..................................

United

States

157,700

1,100,746

a

Ultragenyx

Pharmaceutical,

Inc.

........................

United

States

22,300

670,784

a

Veracyte,

Inc.

......................................

United

States

40,113

1,377,079

3,969,225

Building

Products

4.2%

AZZ,

Inc.

..........................................

United

States

8,500

927,605

Griffon

Corp.

.......................................

United

States

12,300

936,645

Insteel

Industries,

Inc.

................................

United

States

29,200

1,119,528

a

Resideo

Technologies,

Inc.

............................

United

States

37,442

1,616,746

4,600,524

Chemicals

3.1%

a

Arq,

Inc.

..........................................

United

States

153,300

1,097,628

Huntsman

Corp.

....................................

United

States

63,100

566,638

a

Ingevity

Corp.

......................................

United

States

17,800

982,382

Tronox

Holdings

plc

.................................

United

States

180,700

726,414

3,373,062

Commercial

Services

&

Supplies

1.9%

Pitney

Bowes,

Inc.

..................................

United

States

122,600

1,398,866

Steelcase,

Inc.

,

A

...................................

United

States

41,800

718,960

2,117,826

Communications

Equipment

2.5%

a

Aviat

Networks,

Inc.

.................................

United

States

49,778

1,141,410

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

204

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Communications

Equipment

(continued)

a

Extreme

Networks,

Inc.

...............................

United

States

51,000

$

1,053,150

a

Ribbon

Communications,

Inc.

..........................

United

States

152,168

578,238

2,772,798

Construction

&

Engineering

1.4%

a

Fluor

Corp.

........................................

United

States

16,400

689,948

a

Tutor

Perini

Corp.

...................................

United

States

12,400

813,316

1,503,264

Construction

Materials

0.8%

b

Titan

America

SA

...................................

Belgium

59,808

893,531

Consumer

Finance

1.8%

a

Encore

Capital

Group,

Inc.

............................

United

States

23,800

993,412

Jefferson

Capital,

Inc.

................................

United

States

55,022

949,680

1,943,092

Consumer

Staples

Distribution

&

Retail

0.2%

a

Chefs'

Warehouse,

Inc.

(The)

..........................

United

States

4,700

274,151

Containers

&

Packaging

1.5%

a

O-I

Glass,

Inc.

......................................

United

States

66,000

856,020

Silgan

Holdings,

Inc.

.................................

United

States

17,700

761,277

1,617,297

Diversified

Consumer

Services

1.9%

a,b

McGraw

Hill,

Inc.

....................................

United

States

52,472

658,524

Perdoceo

Education

Corp.

............................

United

States

37,300

1,404,718

2,063,242

Diversified

REITs

1.5%

Alpine

Income

Property

Trust,

Inc.

.......................

United

States

47,069

666,968

b

Broadstone

Net

Lease,

Inc.

............................

United

States

54,000

964,980

1,631,948

Electric

Utilities

0.7%

Portland

General

Electric

Co.

..........................

United

States

18,400

809,600

Electronic

Equipment,

Instruments

&

Components

0.9%

Vishay

Intertechnology,

Inc.

............................

United

States

68,100

1,041,930

Financial

Services

2.1%

a

Onity

Group,

Inc.

....................................

United

States

19,800

791,208

Walker

&

Dunlop,

Inc.

................................

United

States

17,980

1,503,488

2,294,696

Ground

Transportation

1.7%

Covenant

Logistics

Group,

Inc.

,

A

.......................

United

States

39,700

859,902

a,b

Proficient

Auto

Logistics,

Inc.

...........................

United

States

150,090

1,034,120

1,894,022

Health

Care

Providers

&

Services

4.3%

Concentra

Group

Holdings

Parent,

Inc.

...................

United

States

35,300

738,829

a

DocGo,

Inc.

.......................................

United

States

145,900

198,424

a

LifeStance

Health

Group,

Inc.

..........................

United

States

211,800

1,164,900

a

Option

Care

Health,

Inc.

..............................

United

States

29,300

813,368

a,b

Quipt

Home

Medical

Corp.

............................

United

States

253,200

660,852

a

RadNet,

Inc.

.......................................

United

States

14,820

1,129,432

4,705,805

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

205

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

REITs

1.7%

American

Healthcare

REIT,

Inc.

.........................

United

States

21,100

$

886,411

b

Healthcare

Realty

Trust,

Inc.

,

A

.........................

United

States

51,600

930,348

1,816,759

Hotels,

Restaurants

&

Leisure

0.8%

b

Aramark

..........................................

United

States

21,500

825,600

Household

Durables

5.5%

a

Cavco

Industries,

Inc.

................................

United

States

1,900

1,103,387

a

Helen

of

Troy

Ltd.

...................................

United

States

32,400

816,480

La-Z-Boy,

Inc.

......................................

United

States

23,700

813,384

Leggett

&

Platt,

Inc.

..................................

United

States

120,100

1,066,488

a

M/I

Homes,

Inc.

.....................................

United

States

5,800

837,752

a

Taylor

Morrison

Home

Corp.

,

A

.........................

United

States

21,200

1,399,412

6,036,903

Insurance

3.1%

a

Abacus

Global

Management,

Inc.

.......................

United

States

164,200

940,866

a

American

Integrity

Insurance

Group,

Inc.

..................

United

States

44,256

987,351

Horace

Mann

Educators

Corp.

.........................

United

States

21,800

984,706

a

Skyward

Specialty

Insurance

Group,

Inc.

..................

United

States

11,605

551,934

3,464,857

Interactive

Media

&

Services

0.9%

a

MediaAlpha,

Inc.

,

A

..................................

United

States

84,900

966,162

Leisure

Products

1.8%

a

MasterCraft

Boat

Holdings,

Inc.

.........................

United

States

50,259

1,078,558

a

Mattel,

Inc.

........................................

United

States

54,100

910,503

1,989,061

Life

Sciences

Tools

&

Services

0.5%

a

Codexis,

Inc.

.......................................

United

States

218,900

534,116

Machinery

3.4%

a

Blue

Bird

Corp.

.....................................

United

States

19,700

1,133,735

Douglas

Dynamics,

Inc.

...............................

United

States

8,900

278,214

a

Gates

Industrial

Corp.

plc

.............................

United

States

45,818

1,137,203

Terex

Corp.

........................................

United

States

22,900

1,174,770

3,723,922

Metals

&

Mining

1.0%

a

Major

Drilling

Group

International,

Inc.

....................

Canada

133,000

1,112,395

Mortgage

Real

Estate

Investment

Trusts

(REITs)

3.3%

b

AGNC

Investment

Corp.

..............................

United

States

56,800

556,072

b

Dynex

Capital,

Inc.

..................................

United

States

71,500

878,735

Ladder

Capital

Corp.

,

A

...............................

United

States

96,012

1,047,491

Rithm

Capital

Corp.

..................................

United

States

99,180

1,129,660

3,611,958

Multi-Utilities

1.5%

b

Algonquin

Power

&

Utilities

Corp.

.......................

Canada

202,300

1,086,351

Unitil

Corp.

........................................

United

States

12,380

592,507

1,678,858

Oil,

Gas

&

Consumable

Fuels

4.1%

a

Antero

Resources

Corp.

..............................

United

States

20,700

694,692

Ardmore

Shipping

Corp.

..............................

Ireland

79,500

943,665

Core

Natural

Resources,

Inc.

..........................

United

States

14,800

1,235,504

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

206

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Magnolia

Oil

&

Gas

Corp.

,

A

...........................

United

States

27,885

$

665,615

Permian

Resources

Corp.

,

A

...........................

United

States

78,213

1,001,126

4,540,602

Passenger

Airlines

0.7%

a

SkyWest,

Inc.

......................................

United

States

7,700

774,774

Pharmaceuticals

1.0%

Perrigo

Co.

plc

.....................................

United

States

50,000

1,113,500

Professional

Services

3.0%

b

Concentrix

Corp.

....................................

United

States

20,300

936,845

a

IBEX

Holdings

Ltd.

..................................

United

States

34,066

1,380,354

ICF

International,

Inc.

................................

United

States

11,100

1,030,080

3,347,279

Real

Estate

Management

&

Development

1.0%

Newmark

Group,

Inc.

,

A

..............................

United

States

59,800

1,115,270

Residential

REITs

0.7%

UMH

Properties,

Inc.

.................................

United

States

49,500

735,075

Retail

REITs

0.9%

Brixmor

Property

Group,

Inc.

...........................

United

States

35,600

985,408

Semiconductors

&

Semiconductor

Equipment

0.9%

a

Ichor

Holdings

Ltd.

..................................

United

States

58,909

1,032,086

Software

0.8%

a

RingCentral,

Inc.

,

A

..................................

United

States

32,400

918,216

Specialty

Retail

3.1%

Camping

World

Holdings,

Inc.

,

A

........................

United

States

74,975

1,183,855

b

J

Jill,

Inc.

.........................................

United

States

51,107

876,485

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

84,800

1,380,544

3,440,884

Textiles,

Apparel

&

Luxury

Goods

1.3%

b

Steven

Madden

Ltd.

.................................

United

States

33,800

1,131,624

a

Unifi,

Inc.

.........................................

United

States

63,239

301,018

1,432,642

Tobacco

0.9%

b

Turning

Point

Brands,

Inc.

.............................

United

States

10,411

1,029,231

Water

Utilities

0.8%

H2O

America

......................................

United

States

17,100

832,770

Total

Common

Stocks

(Cost

$

107,685,546

)

...................................

109,088,456

Short

Term

Investments

10.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

0.7%

c,d

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

793,149

793,149

Total

Management

Investment

Companies

(Cost

$

793,149

)

.....................

793,149

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

207

See

Abbreviations

on

page

240

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

9.6%

Money

Market

Funds

9.6%

c,d

Putnam

Cash

Collateral

Pool,

LLC

,

4.402

%

................

United

States

10,563,455

$

10,563,455

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

10,563,455

)

.........................................................

10,563,455

Total

Short

Term

Investments

(Cost

$

11,356,604

)

..............................

11,356,604

a

Total

Investments

(Cost

$

119,042,150

)

109.5

%

................................

$120,445,060

Other

Assets,

less

Liabilities

(

9.5

)

%

.........................................

(10,452,177)

Net

Assets

100.0%

.........................................................

$109,992,883

a

a

a

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Putnam

VT

Sustainable

Future

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

208

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.1%

Beverages

1.7%

Keurig

Dr

Pepper,

Inc.

................................

United

States

13,089

$

333,900

a

Vita

Coco

Co.,

Inc.

(The)

..............................

United

States

4,800

203,856

537,756

Biotechnology

5.2%

a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

1,616

736,896

a

Argenx

SE

,

ADR

....................................

Netherlands

293

216,105

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

1,534

304,974

a

Merus

NV

.........................................

Netherlands

1,751

164,857

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

412

231,655

1,654,487

Capital

Markets

3.8%

a

Coinbase

Global,

Inc.

,

A

..............................

United

States

786

265,267

KKR

&

Co.,

Inc.

.....................................

United

States

3,265

424,287

TPG,

Inc.

,

A

.......................................

United

States

9,437

542,156

1,231,710

Chemicals

1.3%

Novonesis

Novozymes

,

B

.............................

Denmark

6,604

406,437

Commercial

Services

&

Supplies

1.6%

a

Casella

Waste

Systems,

Inc.

,

A

.........................

United

States

1,383

131,219

Republic

Services,

Inc.

,

A

.............................

United

States

1,627

373,364

504,583

Construction

&

Engineering

3.2%

Badger

Infrastructure

Solutions

Ltd.

......................

Canada

6,821

300,836

Quanta

Services,

Inc.

................................

United

States

1,763

730,622

1,031,458

Consumer

Finance

1.3%

Capital

One

Financial

Corp.

...........................

United

States

1,871

397,737

Consumer

Staples

Distribution

&

Retail

1.0%

a

Sprouts

Farmers

Market,

Inc.

..........................

United

States

2,894

314,867

Containers

&

Packaging

0.7%

International

Paper

Co.

...............................

United

States

4,493

208,475

Diversified

Consumer

Services

2.1%

a

Bright

Horizons

Family

Solutions,

Inc.

....................

United

States

3,954

429,286

a

Duolingo,

Inc.

,

A

....................................

United

States

731

235,265

664,551

Electric

Utilities

3.2%

Constellation

Energy

Corp.

............................

United

States

1,276

419,893

NextEra

Energy,

Inc.

.................................

United

States

1,849

139,581

NRG

Energy,

Inc.

...................................

United

States

2,820

456,699

1,016,173

Electrical

Equipment

4.2%

GE

Vernova,

Inc.

....................................

United

States

648

398,455

Vertiv

Holdings

Co.

,

A

................................

United

States

5,940

896,108

1,294,563

Electronic

Equipment,

Instruments

&

Components

1.4%

a

Trimble,

Inc.

.......................................

United

States

5,434

443,686

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Future

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

209

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Entertainment

1.9%

a

ROBLOX

Corp.

,

A

...................................

United

States

4,411

$

611,012

Financial

Services

3.3%

HA

Sustainable

Infrastructure

Capital,

Inc.

.................

United

States

10,160

311,912

Mastercard,

Inc.

,

A

..................................

United

States

701

398,736

a

Toast,

Inc.

,

A

.......................................

United

States

8,246

301,062

1,011,710

Health

Care

Equipment

&

Supplies

7.0%

a

Dexcom,

Inc.

.......................................

United

States

7,872

529,707

a

Edwards

Lifesciences

Corp.

...........................

United

States

4,123

320,646

a

IDEXX

Laboratories,

Inc.

..............................

United

States

917

585,862

a

Penumbra,

Inc.

.....................................

United

States

1,550

392,646

ResMed,

Inc.

......................................

United

States

1,401

383,496

2,212,357

Health

Care

Technology

1.3%

a

Veeva

Systems,

Inc.

,

A

...............................

United

States

1,361

405,456

Hotels,

Restaurants

&

Leisure

10.1%

a

Black

Rock

Coffee

Bar,

Inc.

,

A

..........................

United

States

22,364

533,605

a

Cava

Group,

Inc.

....................................

United

States

6,016

363,427

a

Chipotle

Mexican

Grill,

Inc.

,

A

..........................

United

States

7,289

285,656

a

First

Watch

Restaurant

Group,

Inc.

......................

United

States

22,810

356,748

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

3,056

792,849

a

Life

Time

Group

Holdings,

Inc.

.........................

United

States

12,200

336,720

a

Viking

Holdings

Ltd.

.................................

United

States

8,269

514,001

3,183,006

Household

Durables

1.0%

DR

Horton,

Inc.

.....................................

United

States

1,810

306,741

Independent

Power

and

Renewable

Electricity

Producers

2.5%

Vistra

Corp.

........................................

United

States

4,019

787,403

Interactive

Media

&

Services

1.4%

a

Pinterest,

Inc.

,

A

....................................

United

States

13,874

446,327

IT

Services

0.8%

Accenture

plc

,

A

....................................

Ireland

1,014

250,053

Leisure

Products

1.1%

Hasbro,

Inc.

.......................................

United

States

4,512

342,235

Life

Sciences

Tools

&

Services

3.4%

a

ICON

plc

..........................................

United

States

1,731

302,925

a

Mettler-Toledo

International,

Inc.

........................

United

States

281

344,958

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

839

406,932

1,054,815

Machinery

3.2%

Federal

Signal

Corp.

.................................

United

States

3,828

455,494

Xylem,

Inc.

........................................

United

States

3,805

561,238

1,016,732

Media

0.6%

a

Trade

Desk,

Inc.

(The)

,

A

..............................

United

States

3,892

190,747

Professional

Services

3.3%

a

Planet

Labs

PBC

...................................

United

States

26,037

337,960

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Future

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

210

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Verisk

Analytics,

Inc.

,

A

...............................

United

States

2,712

$

682,095

1,020,055

Real

Estate

Management

&

Development

1.1%

FirstService

Corp.

...................................

Canada

1,764

336,024

Semiconductors

&

Semiconductor

Equipment

5.5%

ASML

Holding

NV

,

ADR

..............................

Netherlands

516

499,534

Broadcom,

Inc.

.....................................

United

States

1,773

584,930

a

First

Solar,

Inc.

.....................................

United

States

973

214,576

Marvell

Technology,

Inc.

..............................

United

States

4,917

413,372

1,712,412

Software

12.1%

a

AppLovin

Corp.

,

A

...................................

United

States

384

275,919

a

Cadence

Design

Systems,

Inc.

.........................

United

States

874

307,001

Clear

Secure,

Inc.

,

A

.................................

United

States

4,176

139,395

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

282

138,287

a

Datadog,

Inc.

,

A

....................................

United

States

5,267

750,021

a

Gitlab,

Inc.

,

A

......................................

United

States

6,811

307,040

a

Guidewire

Software,

Inc.

..............................

United

States

1,574

361,800

a

HubSpot,

Inc.

......................................

United

States

1,298

607,204

Roper

Technologies,

Inc.

..............................

United

States

589

293,728

a

ServiceNow,

Inc.

....................................

United

States

493

453,698

a

ServiceTitan,

Inc.

,

A

.................................

United

States

1,759

177,360

3,811,453

Specialty

Retail

3.1%

a

Aritzia,

Inc.

........................................

Canada

8,963

542,147

a

Ulta

Beauty,

Inc.

....................................

United

States

781

427,012

969,159

Technology

Hardware,

Storage

&

Peripherals

2.6%

a

Pure

Storage,

Inc.

,

A

.................................

United

States

3,640

305,068

Seagate

Technology

Holdings

plc

.......................

United

States

2,073

489,352

794,420

Textiles,

Apparel

&

Luxury

Goods

2.1%

a

Birkenstock

Holding

plc

...............................

Germany

8,489

384,127

a

On

Holding

AG

,

A

...................................

Switzerland

6,729

284,973

669,100

Total

Common

Stocks

(Cost

$

23,851,495

)

....................................

30,837,700

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Future

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

211

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Short

Term

Investments

1.9%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

1.9%

b,c

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

602,601

$

602,601

Total

Management

Investment

Companies

(Cost

$

602,601

)

.....................

602,601

Total

Short

Term

Investments

(Cost

$

602,601

)

................................

602,601

a

Total

Investments

(Cost

$

24,454,096

)

100.0

%

.................................

$31,440,301

Other

Assets,

less

Liabilities

(0.0)

%

†

.........................................

(15,728)

Net

Assets

100.0%

.........................................................

$31,424,573

a

a

a

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Canadian

Dollar

....

BOFA

Sell

20,300

14,889

10/15/25

$

293

$

—

Canadian

Dollar

....

BZWS

Sell

90,100

66,086

10/15/25

1,302

—

Canadian

Dollar

....

CITI

Sell

284,800

208,889

10/15/25

4,111

—

Canadian

Dollar

....

GSCO

Buy

107,800

79,067

10/15/25

—

(

1,556

)

Canadian

Dollar

....

GSCO

Sell

142,500

103,231

10/15/25

771

—

Canadian

Dollar

....

HSBK

Sell

218,500

160,407

10/15/25

3,301

—

Canadian

Dollar

....

MSCO

Sell

545,500

400,164

10/15/25

7,937

—

Canadian

Dollar

....

TDOM

Sell

112,500

81,453

10/15/25

563

—

Canadian

Dollar

....

UBSW

Sell

311,800

228,890

10/15/25

4,699

—

Canadian

Dollar

....

WPAC

Sell

81,500

59,830

10/15/25

1,229

—

British

Pound

......

BOFA

Sell

16,100

21,821

12/17/25

166

—

British

Pound

......

BZWS

Sell

26,600

36,052

12/17/25

275

—

British

Pound

......

CITI

Sell

117,300

158,985

12/17/25

1,213

—

British

Pound

......

GSCO

Sell

75,700

102,601

12/17/25

782

—

British

Pound

......

HSBK

Sell

26,200

35,511

12/17/25

271

—

British

Pound

......

MSCO

Buy

82,100

111,332

12/17/25

—

(

905

)

British

Pound

......

SSBT

Sell

210,600

285,584

12/17/25

2,321

—

British

Pound

......

TDOM

Buy

107,300

145,197

12/17/25

—

(

875

)

Danish

Krone

......

BOFA

Sell

595,300

94,139

12/17/25

19

—

Danish

Krone

......

CITI

Buy

536,500

84,745

12/17/25

78

—

Danish

Krone

......

CITI

Sell

2,336,700

369,482

12/17/25

36

—

Danish

Krone

......

HSBK

Sell

292,000

46,168

12/17/25

1

—

Danish

Krone

......

JPHQ

Sell

536,700

84,857

12/17/25

2

—

Danish

Krone

......

MSCO

Sell

1,081,400

170,954

12/17/25

—

(

21

)

Danish

Krone

......

UBSW

Sell

26,700

4,221

12/17/25

—

—

Euro

.............

BOFA

Sell

28,600

33,728

12/17/25

—

—

Euro

.............

BZWS

Sell

44,000

51,889

12/17/25

—

—

Euro

.............

CITI

Sell

98,000

115,574

12/17/25

2

—

Euro

.............

GSCO

Sell

118,700

139,786

12/17/25

—

(

197

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Future

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

212

See

A

bbreviations

on

page

240

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

.............

HSBK

Sell

121,100

142,814

12/17/25

$

1

$

—

Euro

.............

JPHQ

Sell

136,100

160,492

12/17/25

—

(

11

)

Euro

.............

MSCO

Sell

76,200

89,844

12/17/25

—

(

19

)

Euro

.............

SSBT

Sell

179,400

211,523

12/17/25

—

(

43

)

Euro

.............

TDOM

Sell

94,000

110,834

12/17/25

—

(

21

)

Swiss

Franc

.......

BZWS

Buy

64,600

81,954

12/17/25

—

(

50

)

Swiss

Franc

.......

JPHQ

Sell

58,300

73,962

12/17/25

46

—

Swiss

Franc

.......

MSCO

Sell

137,600

174,753

12/17/25

296

—

Swiss

Franc

.......

WPAC

Sell

138,500

175,841

12/17/25

242

—

Total

Forward

Exchange

Contracts

...................................................

$29,957

$(3,698)

Net

unrealized

appreciation

(depreciation)

............................................

$26,259

*

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),

September

30,

2025

Putnam

VT

Sustainable

Leaders

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

213

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.1%

Automobiles

0.8%

a

Tesla,

Inc.

.........................................

United

States

16,600

$

7,382,352

Banks

4.6%

Bank

of

America

Corp.

...............................

United

States

263,904

13,614,807

JPMorgan

Chase

&

Co.

...............................

United

States

91,100

28,735,673

42,350,480

Beverages

1.0%

Keurig

Dr

Pepper,

Inc.

................................

United

States

361,690

9,226,712

Biotechnology

2.4%

AbbVie,

Inc.

.......................................

United

States

65,100

15,073,254

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

12,700

7,140,829

22,214,083

Broadline

Retail

5.6%

a

Amazon.com,

Inc.

...................................

United

States

239,800

52,652,886

Capital

Markets

2.7%

KKR

&

Co.,

Inc.

.....................................

United

States

110,200

14,320,490

TPG,

Inc.

,

A

.......................................

United

States

197,458

11,343,962

25,664,452

Chemicals

2.6%

Linde

plc

..........................................

United

States

28,400

13,490,000

Novonesis

Novozymes

,

B

.............................

Denmark

172,129

10,593,513

24,083,513

Commercial

Services

&

Supplies

1.1%

Republic

Services,

Inc.

,

A

.............................

United

States

44,900

10,303,652

Construction

Materials

1.1%

CRH

plc

..........................................

United

States

85,400

10,239,460

Consumer

Finance

1.8%

Capital

One

Financial

Corp.

...........................

United

States

80,400

17,091,432

Consumer

Staples

Distribution

&

Retail

2.4%

Costco

Wholesale

Corp.

..............................

United

States

8,200

7,590,166

Walmart,

Inc.

......................................

United

States

146,300

15,077,678

22,667,844

Containers

&

Packaging

1.0%

Ball

Corp.

.........................................

United

States

184,700

9,312,574

Electric

Utilities

2.8%

Constellation

Energy

Corp.

............................

United

States

41,200

13,557,684

NextEra

Energy,

Inc.

.................................

United

States

160,100

12,085,949

25,643,633

Entertainment

1.3%

Walt

Disney

Co.

(The)

................................

United

States

105,300

12,056,850

Financial

Services

1.9%

Mastercard,

Inc.

,

A

..................................

United

States

31,300

17,803,753

Food

Products

1.2%

Danone

SA

........................................

France

131,425

11,451,490

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Leaders

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

214

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Ground

Transportation

1.0%

Canadian

Pacific

Kansas

City

Ltd.

.......................

Canada

122,100

$

9,093,673

Health

Care

Equipment

&

Supplies

1.7%

Becton

Dickinson

&

Co.

...............................

United

States

25,100

4,697,967

a

Boston

Scientific

Corp.

...............................

United

States

113,000

11,032,190

15,730,157

Hotels,

Restaurants

&

Leisure

2.3%

a

Chipotle

Mexican

Grill,

Inc.

,

A

..........................

United

States

194,800

7,634,212

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

55,199

14,320,829

21,955,041

Household

Durables

1.2%

DR

Horton,

Inc.

.....................................

United

States

63,500

10,761,345

Independent

Power

and

Renewable

Electricity

Producers

0.6%

Vistra

Corp.

........................................

United

States

30,600

5,995,152

Industrial

REITs

0.8%

Prologis,

Inc.

.......................................

United

States

61,100

6,997,172

Interactive

Media

&

Services

4.8%

Alphabet,

Inc.

,

A

....................................

United

States

186,000

45,216,600

IT

Services

0.8%

Accenture

plc

,

A

....................................

Ireland

32,000

7,891,200

Life

Sciences

Tools

&

Services

2.4%

a

Mettler-Toledo

International,

Inc.

........................

United

States

7,100

8,716,031

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

28,700

13,920,074

22,636,105

Machinery

3.2%

Fortive

Corp.

.......................................

United

States

171,800

8,416,482

Ingersoll

Rand,

Inc.

..................................

United

States

159,100

13,144,842

Otis

Worldwide

Corp.

................................

United

States

94,000

8,594,420

30,155,744

Office

REITs

0.7%

BXP,

Inc.

..........................................

United

States

91,700

6,816,978

Personal

Care

Products

1.4%

Unilever

plc

........................................

United

Kingdom

223,265

13,261,146

Pharmaceuticals

4.3%

AstraZeneca

plc

....................................

United

Kingdom

56,538

8,661,684

Eli

Lilly

&

Co.

......................................

United

States

31,400

23,958,200

GSK

plc

..........................................

United

States

323,683

6,950,115

39,569,999

Real

Estate

Management

&

Development

0.7%

FirstService

Corp.

...................................

Canada

33,100

6,305,219

Semiconductors

&

Semiconductor

Equipment

14.4%

ASML

Holding

NV

,

ADR

..............................

Netherlands

13,700

13,262,833

Broadcom,

Inc.

.....................................

United

States

132,000

43,548,120

Marvell

Technology,

Inc.

..............................

United

States

146,400

12,307,848

NVIDIA

Corp.

......................................

United

States

350,700

65,433,606

134,552,407

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Leaders

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

215

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

12.8%

a

Cadence

Design

Systems,

Inc.

.........................

United

States

24,500

$

8,605,870

Microsoft

Corp.

.....................................

United

States

161,000

83,389,950

Roper

Technologies,

Inc.

..............................

United

States

31,100

15,509,259

a

ServiceNow,

Inc.

....................................

United

States

13,000

11,963,640

119,468,719

Specialty

Retail

1.7%

Home

Depot,

Inc.

(The)

...............................

United

States

40,000

16,207,600

Technology

Hardware,

Storage

&

Peripherals

9.4%

Apple,

Inc.

........................................

United

States

296,488

75,494,739

Seagate

Technology

Holdings

plc

.......................

United

States

51,200

12,086,272

87,581,011

Textiles,

Apparel

&

Luxury

Goods

0.6%

a

On

Holding

AG

,

A

...................................

Switzerland

126,100

5,340,335

Total

Common

Stocks

(Cost

$

519,163,154

)

...................................

925,680,769

Principal

Amount

*

U.S.

Government

and

Agency

Securities

0.0%

†

b

U.S.

Treasury

Notes

,

1.625

%,

5/15/31

....................

United

States

186,000

165,660

Total

U.S.

Government

and

Agency

Securities

(Cost

$

165,660

)

..................

165,660

Total

Long

Term

Investments

(Cost

$

519,328,814

)

.............................

925,846,429

a

Short

Term

Investments

0.9%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.6%

c

U.S.

Treasury

Bills

,

2.01

%,

10/02/25

...................................

United

States

2,300,000

2,299,744

3.92

%,

11/06/25

...................................

United

States

2,500,000

2,489,956

3.86

%,

12/04/25

...................................

United

States

100,000

99,308

4,889,008

Total

U.S.

Government

and

Agency

Securities

(Cost

$

4,888,697

)

................

4,889,008

Shares

Management

Investment

Companies

0.3%

d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364

%

.......

United

States

3,053,551

3,053,551

Total

Management

Investment

Companies

(Cost

$

3,053,551

)

...................

3,053,551

Total

Short

Term

Investments

(Cost

$

7,942,248

)

...............................

7,942,559

a

Total

Investments

(Cost

$

527,271,062

)

100.0

%

................................

$933,788,988

Other

Assets,

less

Liabilities

0.0

%

†

..........................................

2,874

Net

Assets

100.0%

.........................................................

$933,791,862

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Leaders

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

216

At

September

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

A

bbreviations

on

page

240

.

*

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

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

c

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Canadian

Dollar

....

JPHQ

Sell

7,187,200

5,275,973

10/15/25

$

108,219

$

—

Canadian

Dollar

....

MSCO

Sell

3,096,400

2,240,117

10/15/25

13,738

—

Canadian

Dollar

....

SSBT

Sell

4,242,900

3,114,670

10/15/25

63,933

—

Canadian

Dollar

....

TDOM

Sell

6,415,400

4,709,467

10/15/25

96,654

—

British

Pound

......

BOFA

Sell

7,507,600

10,175,576

12/17/25

77,643

—

British

Pound

......

BZWS

Sell

1,757,000

2,381,356

12/17/25

18,142

—

British

Pound

......

CITI

Sell

2,370,200

3,212,497

12/17/25

24,511

—

British

Pound

......

GSCO

Buy

1,935,400

2,623,173

12/17/25

—

(

20,006

)

British

Pound

......

HSBK

Sell

1,942,500

2,632,797

12/17/25

20,080

—

British

Pound

......

MSCO

Buy

2,114,600

2,867,518

12/17/25

—

(

23,322

)

British

Pound

......

SSBT

Buy

1,820,400

2,458,458

12/17/25

—

(

9,969

)

British

Pound

......

SSBT

Sell

14,931,400

20,247,740

12/17/25

164,588

—

British

Pound

......

TDOM

Buy

2,840,800

3,844,124

12/17/25

—

(

23,168

)

British

Pound

......

UBSW

Sell

27,400

37,156

12/17/25

302

—

British

Pound

......

WPAC

Sell

1,613,200

2,187,580

12/17/25

17,781

—

Danish

Krone

......

BOFA

Sell

18,850,500

2,980,971

12/17/25

596

—

Danish

Krone

......

HSBK

Sell

32,282,500

5,104,138

12/17/25

84

—

Danish

Krone

......

MSCO

Sell

23,650,700

3,738,847

12/17/25

—

(

468

)

Euro

.............

BOFA

Buy

1,779,900

2,099,054

12/17/25

—

(

17

)

Euro

.............

BZWS

Buy

1,302,600

1,536,152

12/17/25

4

—

Euro

.............

CITI

Sell

2,915,100

3,437,840

12/17/25

62

—

Euro

.............

GSCO

Sell

2,215,100

2,623,170

12/17/25

10,902

—

Euro

.............

HSBK

Sell

2,288,700

2,699,087

12/17/25

23

—

Euro

.............

JPHQ

Sell

2,208,700

2,604,543

12/17/25

—

(

177

)

Euro

.............

MSCO

Sell

7,124,400

8,400,045

12/17/25

—

(

1,761

)

Euro

.............

SSBT

Sell

119,300

140,662

12/17/25

—

(

29

)

Euro

.............

UBSW

Sell

4,043,800

4,767,802

12/17/25

—

(

1,052

)

Euro

.............

WPAC

Sell

939,700

1,107,826

12/17/25

—

(

362

)

Swiss

Franc

.......

SSBT

Sell

2,096,100

2,662,025

12/17/25

4,466

—

Swiss

Franc

.......

WPAC

Sell

1,746,100

2,216,862

12/17/25

3,053

—

Total

Forward

Exchange

Contracts

...................................................

$624,781

$(80,331)

Net

unrealized

appreciation

(depreciation)

............................................

$544,450

*

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

217

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

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,

nineteen

of

which

are

included

in

this

report

(Funds).

The

Funds

follow the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Shares

of

the

Funds

are

generally

sold

only

to

insurance

company

separate

accounts

to

fund

the

benefits

of

variable

life

insurance

policies

or

variable

annuity

contracts.

2. Financial

Instrument

Valuation

The

Funds’

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

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

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

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities,

exchange

traded

funds,

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

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

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

Funds’

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

4

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

Funds’

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

Funds’ net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

218

Quarterly

Schedules

of

Investments

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

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

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

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

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

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

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

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

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

Funds for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

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

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows: 

    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      

a  

a  

a  

a  

a  

a  

a  

Putnam

VT

Core

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$78,709

$19,184,269

$(17,828,321)

$—

$—

$1,434,657

1,434,657

$45,353

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$1,652,595

$39,156,867

$(36,579,522)

$—

$—

$4,229,940

4,229,940

$68,539

Total

Affiliated

Securities

...

$1,731,304

$58,341,136

$(54,407,843)

$—

$—

$5,664,597

$113,892

2. Financial

Instrument

Valuation

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

219

Quarterly

Schedules

of

Investments

    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

Putnam

VT

Diversified

Income

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$30,062,336

$16,503,480

$(25,649,978)

$—

$—

$20,915,838

20,915,838

$827,321

Total

Affiliated

Securities

...

$30,062,336

$16,503,480

$(25,649,978)

$—

$—

$20,915,838

$827,321

Putnam

VT

Emerging

Markets

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$937,774

$6,877,334

$(6,703,511)

$—

$—

$1,111,597

1,111,597

$22,299

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$296,925

$9,301,512

$(9,353,887)

$—

$—

$244,550

244,550

$16,207

Total

Affiliated

Securities

...

$1,234,699

$16,178,846

$(16,057,398)

$—

$—

$1,356,147

$38,506

Putnam

VT

Focused

International

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$14,678,980

$30,342,541

$(40,583,487)

$—

$—

$4,438,034

4,438,034

$261,822

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$1,542,236

$14,280,318

$(15,822,554)

$—

$—

$—

—

$73,122

Total

Affiliated

Securities

...

$16,221,216

$44,622,859

$(56,406,041)

$—

$—

$4,438,034

$334,944

Putnam

VT

George

Putnam

Balanced

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$11,961,050

$61,472,151

$(59,014,237)

$—

$—

$14,418,964

14,418,964

$484,391

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

220

Quarterly

Schedules

of

Investments

    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

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$2,820,250

$11,078,028

$(13,898,278)

$—

$—

$—

—

$28,990

Total

Affiliated

Securities

...

$14,781,300

$72,550,179

$(72,912,515)

$—

$—

$14,418,964

$513,381

Putnam

VT

Global

Asset

Allocation

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$12,768,794

$17,676,470

$(21,751,598)

$—

$—

$8,693,666

8,693,666

$363,558

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$—

$112,175

$(112,175)

$—

$—

$—

—

$14

Total

Affiliated

Securities

...

$12,768,794

$17,788,645

$(21,863,773)

$—

$—

$8,693,666

$363,572

Putnam

VT

Global

Health

Care

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$4,794,115

$38,762,996

$(41,364,566)

$—

$—

$2,192,545

2,192,545

$120,173

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$653,250

$8,015,868

$(8,669,118)

$—

$—

$—

—

$9,305

Total

Affiliated

Securities

...

$5,447,365

$46,778,864

$(50,033,684)

$—

$—

$2,192,545

$129,478

Putnam

VT

High

Yield

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$4,598,400

$46,659,109

$(46,516,828)

$—

$—

$4,740,681

4,740,681

$184,995

Total

Affiliated

Securities

...

$4,598,400

$46,659,109

$(46,516,828)

$—

$—

$4,740,681

$184,995

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

221

Quarterly

Schedules

of

Investments

    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

Putnam

VT

Income

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$14,594,739

$31,084,411

$(36,924,151)

$—

$—

$8,754,999

8,754,999

$451,677

Total

Affiliated

Securities

...

$14,594,739

$31,084,411

$(36,924,151)

$—

$—

$8,754,999

$451,677

Putnam

VT

International

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$5,187,560

$76,844,490

$(77,848,210)

$—

$—

$4,183,840

4,183,840

$170,346

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$915,345

$9,856,746

$(10,772,091)

$—

$—

$—

—

$23,590

Total

Affiliated

Securities

...

$6,102,905

$86,701,236

$(88,620,301)

$—

$—

$4,183,840

$193,936

Putnam

VT

International

Value

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$5,697,734

$85,607,942

$(79,283,840)

$—

$—

$12,021,836

12,021,836

$263,038

Total

Affiliated

Securities

...

$5,697,734

$85,607,942

$(79,283,840)

$—

$—

$12,021,836

$263,038

Putnam

VT

Large

Cap

Growth

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$12,377,369

$179,170,786

$(181,755,748)

$—

$—

$9,792,407

9,792,407

$485,149

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$—

$85,466,841

$(75,444,111)

$—

$—

$10,022,730

10,022,730

$131,876

Total

Affiliated

Securities

...

$12,377,369

$264,637,627

$(257,199,859)

$—

$—

$19,815,137

$617,025

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

222

Quarterly

Schedules

of

Investments

    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

Putnam

VT

Large

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$70,849,030

$187,627,895

$(201,914,036)

$—

$—

$56,562,889

56,562,889

$1,667,599

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$2,775,825

$230,353,106

$(195,682,181)

$—

$—

$37,446,750

37,446,750

$225,459

Total

Affiliated

Securities

...

$73,624,855

$417,981,001

$(397,596,217)

$—

$—

$94,009,639

$1,893,058

Putnam

VT

Mortgage

Securities

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$2,732,792

$12,277,097

$(11,026,274)

$—

$—

$3,983,615

3,983,615

$66,731

Total

Affiliated

Securities

...

$2,732,792

$12,277,097

$(11,026,274)

$—

$—

$3,983,615

$66,731

Putnam

VT

Research

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$2,753,082

$17,821,602

$(19,012,516)

$—

$—

$1,562,168

1,562,168

$85,495

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$1,389,335

$5,990,641

$(6,692,201)

$—

$—

$687,775

687,775

$10,954

Total

Affiliated

Securities

...

$4,142,417

$23,812,243

$(25,704,717)

$—

$—

$2,249,943

$96,449

Putnam

VT

Small

Cap

Growth

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$314,756

$6,268,528

$(5,802,356)

$—

$—

$780,928

780,928

$19,113

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

223

Quarterly

Schedules

of

Investments

4. Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

    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

Putnam

VT

Small

Cap

Growth

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$356,305

$8,910,880

$(7,607,210)

$—

$—

$1,659,975

1,659,975

$19,576

Total

Affiliated

Securities

...

$671,061

$15,179,408

$(13,409,566)

$—

$—

$2,440,903

$38,689

Putnam

VT

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$220,452

$19,495,009

$(18,922,312)

$—

$—

$793,149

793,149

$20,206

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.402%

.............

$4,405,130

$58,031,107

$(51,872,782)

$—

$—

$10,563,455

10,563,455

$182,987

Total

Affiliated

Securities

...

$4,625,582

$77,526,116

$(70,795,094)

$—

$—

$11,356,604

$203,193

Putnam

VT

Sustainable

Future

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$875,294

$5,609,477

$(5,882,170)

$—

$—

$602,601

602,601

$23,454

Total

Affiliated

Securities

...

$875,294

$5,609,477

$(5,882,170)

$—

$—

$602,601

$23,454

Putnam

VT

Sustainable

Leaders

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$16,840,271

$104,258,571

$(118,045,291)

$—

$—

$3,053,551

3,053,551

$458,619

Total

Affiliated

Securities

...

$16,840,271

$104,258,571

$(118,045,291)

$—

$—

$3,053,551

$458,619

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

224

Quarterly

Schedules

of

Investments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

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

September

30,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Putnam

VT

Core

Equity

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

2,509,330

$

—

$

—

$

2,509,330

Air

Freight

&

Logistics

...................

585,988

—

—

585,988

Automobiles

..........................

4,338,706

—

—

4,338,706

Banks

...............................

9,272,732

—

—

9,272,732

Beverages

...........................

2,917,439

—

—

2,917,439

Biotechnology

.........................

3,040,815

—

—

3,040,815

Broadline

Retail

.......................

6,971,111

—

—

6,971,111

Building

Products

......................

234,541

—

—

234,541

Capital

Markets

........................

11,002,140

—

—

11,002,140

Chemicals

...........................

894,093

—

—

894,093

Commercial

Services

&

Supplies

...........

328,416

—

—

328,416

Communications

Equipment

..............

1,911,655

—

—

1,911,655

Consumer

Staples

Distribution

&

Retail

......

4,300,218

—

—

4,300,218

Containers

&

Packaging

.................

392,542

—

—

392,542

Distributors

...........................

86,153

—

—

86,153

Diversified

Consumer

Services

............

632,293

—

—

632,293

Diversified

REITs

......................

361,709

—

—

361,709

Diversified

Telecommunication

Services

.....

1,338,294

—

—

1,338,294

Electric

Utilities

........................

4,297,815

—

—

4,297,815

Entertainment

.........................

2,350,751

731,597

—

3,082,348

Financial

Services

......................

8,922,646

—

—

8,922,646

Food

Products

........................

257,007

—

—

257,007

Ground

Transportation

..................

1,731,410

—

—

1,731,410

Health

Care

Equipment

&

Supplies

.........

872,060

—

—

872,060

Health

Care

Providers

&

Services

..........

5,067,624

—

—

5,067,624

Hotels,

Restaurants

&

Leisure

.............

3,419,843

—

—

3,419,843

Household

Durables

....................

1,377,852

—

—

1,377,852

Household

Products

....................

1,305,257

—

—

1,305,257

Industrial

Conglomerates

................

855,472

—

—

855,472

Insurance

............................

1,696,850

—

—

1,696,850

Interactive

Media

&

Services

..............

13,471,438

—

—

13,471,438

IT

Services

...........................

1,818,973

—

—

1,818,973

Life

Sciences

Tools

&

Services

............

962,017

—

—

962,017

Machinery

............................

2,302,719

—

—

2,302,719

Media

...............................

949,588

—

—

949,588

Metals

&

Mining

.......................

1,442,563

—

—

1,442,563

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

445,801

—

—

445,801

Office

REITs

..........................

353,743

—

—

353,743

Oil,

Gas

&

Consumable

Fuels

.............

3,833,041

—

—

3,833,041

Passenger

Airlines

.....................

1,191,775

—

—

1,191,775

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

225

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Core

Equity

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Personal

Care

Products

.................

$

66,933

$

—

$

—

$

66,933

Pharmaceuticals

.......................

5,118,124

—

—

5,118,124

Real

Estate

Management

&

Development

....

2,152,054

—

—

2,152,054

Semiconductors

&

Semiconductor

Equipment

.

21,223,893

—

—

21,223,893

Software

.............................

15,938,508

—

—

15,938,508

Specialized

REITs

......................

1,139,661

—

—

1,139,661

Specialty

Retail

........................

2,946,750

—

—

2,946,750

Technology

Hardware,

Storage

&

Peripherals

.

10,551,103

—

—

10,551,103

Textiles,

Apparel

&

Luxury

Goods

..........

146,258

—

—

146,258

Trading

Companies

&

Distributors

..........

1,020,532

—

—

1,020,532

Management

Investment

Companies

.........

2,822,268

—

—

2,822,268

Short

Term

Investments

...................

1,434,657

4,527,864

—

5,962,521

Total

Investments

in

Securities

...........

$174,605,161

$5,259,461

a

$—

$179,864,622

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$—

$59,611

$—

$59,611

Total

Other

Financial

Instruments

.........

$—

$59,611

$—

$59,611

Putnam

VT

Diversified

Income

Fund

Assets:

Investments

in

Securities:

Convertible

Bonds

.......................

—

3,156,033

—

3,156,033

Corporate

Bonds

........................

—

29,394,804

—

29,394,804

Senior

Floating

Rate

Interests

...............

—

5,907,973

—

5,907,973

Foreign

Government

and

Agency

Securities

....

—

10,472,806

—

10,472,806

U.S.

Government

and

Agency

Securities

.......

—

124,830

—

124,830

Asset-Backed

Securities

...................

—

1,790,851

—

1,790,851

Commercial

Mortgage-Backed

Securities

......

—

8,611,960

—

8,611,960

Mortgage-Backed

Securities

................

—

21,937,709

—

21,937,709

Residential

Mortgage-Backed

Securities

.......

—

8,519,579

—

8,519,579

Agency

Commercial

Mortgage-Backed

Securities

—

10,082,711

—

10,082,711

Short

Term

Investments

...................

20,915,838

996,002

—

21,911,840

Total

Investments

in

Securities

...........

$20,915,838

$100,995,258

$—

$121,911,096

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$64,527

$—

$64,527

Forward

Premium

Swap

Option

Contracts

.....

—

677,867

—

677,867

Futures

Contracts

.......................

6,458

—

—

6,458

Swap

Contracts

.........................

—

1,176,625

—

1,176,625

Total

Other

Financial

Instruments

.........

$6,458

$1,919,019

$—

$1,925,477

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

4,958,402

$

—

$

4,958,402

Forward

Exchange

Contracts

...............

—

16,893

—

16,893

Forward

Premium

Swap

Option

Contracts

......

—

587,876

—

587,876

Futures

Contracts

........................

11,530

—

—

11,530

Swap

Contracts

.........................

—

627,795

—

627,795

Total

Other

Financial

Instruments

.........

$11,530

$6,190,966

$—

$6,202,496

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

226

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Emerging

Markets

Equity

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Automobiles

..........................

$

—

$

494,050

$

—

$

494,050

Banks

...............................

316,729

4,048,472

—

4,365,201

Broadline

Retail

.......................

462,355

1,335,138

—

1,797,493

Capital

Markets

........................

—

327,012

—

327,012

Communications

Equipment

..............

—

207,487

—

207,487

Construction

&

Engineering

...............

—

227,908

—

227,908

Construction

Materials

..................

—

278,830

—

278,830

Electric

Utilities

........................

—

271,708

—

271,708

Electrical

Equipment

....................

—

15,094

—

15,094

Electronic

Equipment,

Instruments

&

Components

........................

—

161,885

—

161,885

Financial

Services

......................

—

154,041

—

154,041

Health

Care

Providers

&

Services

..........

—

321,163

—

321,163

Hotels,

Restaurants

&

Leisure

.............

83,117

479,478

—

562,595

Household

Durables

....................

—

235,557

—

235,557

Household

Products

....................

63,242

—

—

63,242

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

420,431

—

420,431

Industrial

Conglomerates

................

—

220,708

—

220,708

Insurance

............................

—

509,823

—

509,823

Interactive

Media

&

Services

..............

—

3,064,520

—

3,064,520

IT

Services

...........................

—

77,399

—

77,399

Life

Sciences

Tools

&

Services

............

—

209,306

—

209,306

Machinery

............................

—

165,718

—

165,718

Metals

&

Mining

.......................

—

745,582

—

745,582

Oil,

Gas

&

Consumable

Fuels

.............

—

514,929

—

514,929

Personal

Care

Products

.................

—

146,318

—

146,318

Real

Estate

Management

&

Development

....

298,412

—

—

298,412

Semiconductors

&

Semiconductor

Equipment

.

—

4,322,939

—

4,322,939

Specialty

Retail

........................

119,384

—

—

119,384

Technology

Hardware,

Storage

&

Peripherals

.

—

1,705,706

—

1,705,706

Transportation

Infrastructure

..............

—

357,728

—

357,728

Water

Utilities

.........................

365,052

—

—

365,052

Wireless

Telecommunication

Services

.......

899,511

898,854

—

1,798,365

Management

Investment

Companies

.........

990,051

—

—

990,051

Preferred

Stocks

.........................

492,573

—

—

492,573

Short

Term

Investments

...................

1,111,597

244,550

—

1,356,147

Total

Investments

in

Securities

...........

$5,202,023

$22,162,334

b

$—

$27,364,357

Putnam

VT

Focused

International

Equity

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Banks

...............................

—

17,110,592

—

17,110,592

Broadline

Retail

.......................

—

11,775,916

—

11,775,916

Capital

Markets

........................

3,990,821

4,106,802

—

8,097,623

Diversified

Telecommunication

Services

.....

9,772,512

—

—

9,772,512

Entertainment

.........................

—

10,070,490

—

10,070,490

Financial

Services

......................

—

4,502,886

—

4,502,886

Food

Products

........................

3,111,262

—

—

3,111,262

Health

Care

Equipment

&

Supplies

.........

—

3,232,975

—

3,232,975

Health

Care

Technology

.................

—

3,305,653

—

3,305,653

Household

Durables

....................

—

11,565,150

—

11,565,150

Industrial

Conglomerates

................

—

4,119,825

—

4,119,825

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

227

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Focused

International

Equity

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Insurance

............................

$

220,685

$

3,939,001

$

—

$

4,159,686

Interactive

Media

&

Services

..............

6,977,464

4,280,061

—

11,257,525

IT

Services

...........................

—

2,460,241

—

2,460,241

Oil,

Gas

&

Consumable

Fuels

.............

6,905,382

3,087,862

—

9,993,244

Passenger

Airlines

.....................

—

9,346,030

—

9,346,030

Personal

Care

Products

.................

—

2,809,020

—

2,809,020

Pharmaceuticals

.......................

—

7,125,265

—

7,125,265

Semiconductors

&

Semiconductor

Equipment

.

—

26,733,920

—

26,733,920

Software

.............................

4,576,902

—

—

4,576,902

Trading

Companies

&

Distributors

..........

—

8,420,962

—

8,420,962

Preferred

Stocks

.........................

—

3,084,444

—

3,084,444

Short

Term

Investments

...................

4,438,034

—

—

4,438,034

Total

Investments

in

Securities

...........

$39,993,062

$141,077,095

c

$—

$181,070,157

Liabilities:

Other

Financial

Instruments:

Swap

Contracts

.........................

$—

$162,370

$—

$162,370

Total

Other

Financial

Instruments

.........

$—

$162,370

$—

$162,370

Putnam

VT

George

Putnam

Balanced

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

2,198,715

928,032

—

3,126,747

Air

Freight

&

Logistics

...................

1,574,032

—

—

1,574,032

Automobiles

..........................

5,522,345

—

—

5,522,345

Banks

...............................

4,824,058

—

—

4,824,058

Beverages

...........................

2,481,648

—

—

2,481,648

Biotechnology

.........................

3,491,555

—

—

3,491,555

Broadline

Retail

.......................

8,539,516

—

—

8,539,516

Building

Products

......................

799,192

—

—

799,192

Capital

Markets

........................

3,932,181

—

—

3,932,181

Chemicals

...........................

2,110,089

—

—

2,110,089

Commercial

Services

&

Supplies

...........

1,172,212

—

—

1,172,212

Communications

Equipment

..............

3,775,621

—

—

3,775,621

Construction

Materials

..................

1,494,793

—

—

1,494,793

Consumer

Finance

.....................

1,940,218

—

—

1,940,218

Consumer

Staples

Distribution

&

Retail

......

3,997,689

—

—

3,997,689

Diversified

Telecommunication

Services

.....

1,157,303

—

—

1,157,303

Electric

Utilities

........................

3,419,891

—

—

3,419,891

Electrical

Equipment

....................

841,183

—

—

841,183

Entertainment

.........................

5,740,966

—

—

5,740,966

Financial

Services

......................

8,088,885

—

—

8,088,885

Food

Products

........................

387,064

—

—

387,064

Ground

Transportation

..................

980,463

—

—

980,463

Health

Care

Equipment

&

Supplies

.........

3,597,472

—

—

3,597,472

Health

Care

Providers

&

Services

..........

4,352,842

—

—

4,352,842

Health

Care

REITs

.....................

979,770

—

—

979,770

Hotels,

Restaurants

&

Leisure

.............

1,352,647

—

—

1,352,647

Household

Products

....................

1,333,528

—

—

1,333,528

Independent

Power

and

Renewable

Electricity

Producers

..........................

116,376

—

—

116,376

Industrial

Conglomerates

................

1,538,334

—

—

1,538,334

Industrial

REITs

.......................

826,834

—

—

826,834

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

228

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Insurance

............................

$

5,028,284

$

630,772

$

—

$

5,659,056

Interactive

Media

&

Services

..............

13,785,634

—

—

13,785,634

Life

Sciences

Tools

&

Services

............

3,314,976

—

—

3,314,976

Machinery

............................

2,463,997

—

—

2,463,997

Media

...............................

316,096

—

—

316,096

Metals

&

Mining

.......................

230,144

730,807

—

960,951

Multi-Utilities

..........................

1,170,900

—

—

1,170,900

Oil,

Gas

&

Consumable

Fuels

.............

5,095,983

1,305,784

—

6,401,767

Passenger

Airlines

.....................

438,284

—

—

438,284

Pharmaceuticals

.......................

4,600,196

—

—

4,600,196

Semiconductors

&

Semiconductor

Equipment

.

28,360,912

—

—

28,360,912

Software

.............................

19,521,184

—

—

19,521,184

Specialized

REITs

......................

1,778,768

—

—

1,778,768

Specialty

Retail

........................

2,250,385

—

—

2,250,385

Technology

Hardware,

Storage

&

Peripherals

.

12,882,928

—

—

12,882,928

Textiles,

Apparel

&

Luxury

Goods

..........

669,483

—

—

669,483

Tobacco

.............................

1,222,664

—

—

1,222,664

Trading

Companies

&

Distributors

..........

1,162,776

—

—

1,162,776

Corporate

Bonds

........................

—

41,802,706

—

41,802,706

U.S.

Government

and

Agency

Securities

.......

—

45,470,667

—

45,470,667

Asset-Backed

Securities

...................

—

92,528

—

92,528

Commercial

Mortgage-Backed

Securities

......

—

327,700

—

327,700

Mortgage-Backed

Securities

................

—

20,875,696

—

20,875,696

Municipal

Bonds

.........................

—

136,464

—

136,464

Options

Purchased

.......................

—

3,438

—

3,438

Short

Term

Investments

...................

14,418,964

—

—

14,418,964

Total

Investments

in

Securities

...........

$201,279,980

$112,304,594

d

$—

$313,584,574

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$63,793

$—

$63,793

Futures

Contracts

.......................

11,454

—

—

11,454

Total

Other

Financial

Instruments

.........

$11,454

$63,793

$—

$75,247

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$16,971

$—

$16,971

Total

Other

Financial

Instruments

.........

$—

$16,971

$—

$16,971

Putnam

VT

Global

Asset

Allocation

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

1,522,201

304,005

—

1,826,206

Air

Freight

&

Logistics

...................

190,932

—

—

190,932

Automobile

Components

.................

64,797

74,262

—

139,059

Automobiles

..........................

1,721,511

82,958

—

1,804,469

Banks

...............................

1,865,260

1,658,979

—

3,524,239

Beverages

...........................

386,574

71,224

—

457,798

Biotechnology

.........................

1,754,363

51,836

—

1,806,199

Broadline

Retail

.......................

2,727,401

195,732

—

2,923,133

Building

Products

......................

195,667

115,828

—

311,495

Capital

Markets

........................

2,289,731

335,325

—

2,625,056

Chemicals

...........................

951,018

189,610

—

1,140,628

Commercial

Services

&

Supplies

...........

193,504

56,368

—

249,872

Communications

Equipment

..............

679,454

53,105

—

732,559

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

229

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Construction

&

Engineering

...............

$

—

$

116,804

$

—

$

116,804

Construction

Materials

..................

—

157,058

—

157,058

Consumer

Finance

.....................

310,466

—

—

310,466

Consumer

Staples

Distribution

&

Retail

......

1,136,691

144,330

—

1,281,021

Containers

&

Packaging

.................

129,901

—

—

129,901

Diversified

Consumer

Services

............

131,144

—

—

131,144

Diversified

REITs

......................

63,719

—

—

63,719

Diversified

Telecommunication

Services

.....

430,432

98,663

—

529,095

Electric

Utilities

........................

1,033,688

150,621

—

1,184,309

Electrical

Equipment

....................

1,148,773

330,228

—

1,479,001

Electronic

Equipment,

Instruments

&

Components

........................

189,031

—

—

189,031

Energy

Equipment

&

Services

.............

418,057

—

—

418,057

Entertainment

.........................

1,772,342

39,502

—

1,811,844

Financial

Services

......................

2,611,035

183,372

—

2,794,407

Food

Products

........................

311,261

272,251

—

583,512

Gas

Utilities

..........................

65,398

53,338

—

118,736

Ground

Transportation

..................

1,096,070

—

—

1,096,070

Health

Care

Equipment

&

Supplies

.........

672,637

243,804

—

916,441

Health

Care

Providers

&

Services

..........

466,475

46,846

—

513,321

Health

Care

REITs

.....................

65,314

—

—

65,314

Health

Care

Technology

.................

642,578

—

—

642,578

Hotels,

Restaurants

&

Leisure

.............

924,386

258,723

—

1,183,109

Household

Durables

....................

65,741

—

—

65,741

Household

Products

....................

954,143

60,293

—

1,014,436

Independent

Power

and

Renewable

Electricity

Producers

..........................

61,127

20,772

—

81,899

Industrial

Conglomerates

................

126,530

85,266

—

211,796

Insurance

............................

1,655,444

534,637

—

2,190,081

Interactive

Media

&

Services

..............

5,156,681

99,594

—

5,256,275

IT

Services

...........................

336,838

55,687

—

392,525

Leisure

Products

.......................

63,942

49,907

—

113,849

Machinery

............................

616,806

177,315

—

794,121

Marine

Transportation

...................

46,199

—

—

46,199

Media

...............................

125,327

23,720

—

149,047

Metals

&

Mining

.......................

128,755

464,183

—

592,938

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

57,337

—

—

57,337

Multi-Utilities

..........................

197,830

202,908

—

400,738

Oil,

Gas

&

Consumable

Fuels

.............

1,235,538

547,329

—

1,782,867

Paper

&

Forest

Products

.................

59,700

—

—

59,700

Passenger

Airlines

.....................

119,503

211,826

—

331,329

Personal

Care

Products

.................

—

62,537

—

62,537

Pharmaceuticals

.......................

2,377,509

733,066

—

3,110,575

Professional

Services

...................

1,096,293

136,252

—

1,232,545

Real

Estate

Management

&

Development

....

62,866

—

—

62,866

Residential

REITs

......................

373,799

—

—

373,799

Retail

REITs

..........................

653,218

—

—

653,218

Semiconductors

&

Semiconductor

Equipment

.

7,862,594

401,229

—

8,263,823

Software

.............................

6,345,953

172,566

—

6,518,519

Specialized

REITs

......................

319,023

—

—

319,023

Specialty

Retail

........................

1,368,972

119,919

—

1,488,891

Technology

Hardware,

Storage

&

Peripherals

.

4,918,803

—

—

4,918,803

Textiles,

Apparel

&

Luxury

Goods

..........

68,498

237,988

—

306,486

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

230

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Tobacco

.............................

$

629,174

$

124,173

$

—

$

753,347

Trading

Companies

&

Distributors

..........

36,300

227,084

—

263,384

Transportation

Infrastructure

..............

—

56,155

—

56,155

Wireless

Telecommunication

Services

.......

—

89,312

—

89,312

Convertible

Preferred

Stocks

................

31,670

—

—

31,670

Convertible

Bonds

.......................

—

32,948

—

32,948

Corporate

Bonds

........................

—

13,029,323

—

13,029,323

Senior

Floating

Rate

Interests

...............

—

362,801

873

363,674

Foreign

Government

and

Agency

Securities

....

—

298,876

—

298,876

Asset-Backed

Securities

...................

—

70,447

—

70,447

Commercial

Mortgage-Backed

Securities

......

—

483,918

—

483,918

Mortgage-Backed

Securities

................

—

9,026,188

—

9,026,188

Residential

Mortgage-Backed

Securities

.......

—

724,405

—

724,405

Agency

Commercial

Mortgage-Backed

Securities

—

69,487

—

69,487

Short

Term

Investments

...................

8,693,666

1,987,444

—

10,681,110

Total

Investments

in

Securities

...........

$74,007,590

$36,264,327

e

$873

$110,272,790

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$8,276

$—

$8,276

Futures

Contracts

.......................

127,965

—

—

127,965

Swap

Contracts

.........................

—

151,348

—

151,348

Total

Other

Financial

Instruments

.........

$127,965

$159,624

$—

$287,589

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$—

$2,041,934

$—

$2,041,934

Forward

Exchange

Contracts

...............

—

11,453

—

11,453

Futures

Contracts

........................

115,183

—

—

115,183

Swap

Contracts

.........................

—

61,233

—

61,233

Total

Other

Financial

Instruments

.........

$115,183

$2,114,620

$—

$2,229,803

Putnam

VT

Global

Health

Care

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Biotechnology

.........................

25,070,073

2,169,263

—

27,239,336

Health

Care

Equipment

&

Supplies

.........

19,837,487

1,586,421

—

21,423,908

Health

Care

Providers

&

Services

..........

25,369,815

—

—

25,369,815

Life

Sciences

Tools

&

Services

............

8,221,658

—

—

8,221,658

Pharmaceuticals

.......................

30,869,147

22,399,344

—

53,268,491

Options

Purchased

.......................

—

67,659

—

67,659

Short

Term

Investments

...................

2,192,545

—

—

2,192,545

Total

Investments

in

Securities

...........

$111,560,725

$26,222,687

f

$—

$137,783,412

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$64,336

$—

$64,336

Total

Other

Financial

Instruments

.........

$—

$64,336

$—

$64,336

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$—

$34,895

$—

$34,895

Forward

Exchange

Contracts

...............

—

76,853

—

76,853

Total

Other

Financial

Instruments

.........

$—

$111,748

$—

$111,748

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

231

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

High

Yield

Fund

Assets:

Investments

in

Securities:

g

Common

Stocks

.........................

$

570,421

$

—

$

—

$

570,421

Convertible

Preferred

Stocks

................

1,372,143

—

—

1,372,143

Convertible

Bonds

.......................

—

2,358,191

—

2,358,191

Corporate

Bonds

........................

—

120,300,572

—

120,300,572

Senior

Floating

Rate

Interests

...............

—

7,271,000

20,705

7,291,705

Foreign

Government

and

Agency

Securities

....

—

232,045

—

232,045

Short

Term

Investments

...................

4,740,681

199,977

—

4,940,658

Total

Investments

in

Securities

...........

$6,683,245

$130,361,785

$20,705

$137,065,735

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$12,080

$—

$12,080

Total

Other

Financial

Instruments

.........

$—

$12,080

$—

$12,080

Putnam

VT

Income

Fund

Assets:

Investments

in

Securities:

g

Corporate

Bonds

........................

—

59,835,644

—

59,835,644

Senior

Floating

Rate

Interests

...............

—

1,585,104

—

1,585,104

Foreign

Government

and

Agency

Securities

....

—

3,768,153

—

3,768,153

Asset-Backed

Securities

...................

—

16,762,288

—

16,762,288

Commercial

Mortgage-Backed

Securities

......

—

6,385,396

—

6,385,396

Mortgage-Backed

Securities

................

—

36,793,013

—

36,793,013

Residential

Mortgage-Backed

Securities

.......

—

9,827,523

—

9,827,523

Agency

Commercial

Mortgage-Backed

Securities

—

4,823,477

—

4,823,477

Short

Term

Investments

...................

8,754,999

2,186,938

—

10,941,937

Total

Investments

in

Securities

...........

$8,754,999

$141,967,536

$—

$150,722,535

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$663

$—

$663

Forward

Premium

Swap

Option

Contracts

.....

—

50,232

—

50,232

Futures

Contracts

.......................

432,769

—

—

432,769

Swap

Contracts

.........................

—

177,603

—

177,603

Total

Other

Financial

Instruments

.........

$432,769

$228,498

$—

$661,267

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$—

$12,319,137

$—

$12,319,137

Forward

Premium

Swap

Option

Contracts

......

—

198,180

—

198,180

Futures

Contracts

........................

10,552

—

—

10,552

Swap

Contracts

.........................

—

367,940

—

367,940

Total

Other

Financial

Instruments

.........

$10,552

$12,885,257

$—

$12,895,809

Level

1

Level

2

Level

3

Total

Putnam

VT

International

Equity

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Australia

.............................

$

—

$

4,861,254

$

—

$

4,861,254

Austria

...............................

—

1,285,601

—

1,285,601

Canada

..............................

2,395,269

—

—

2,395,269

China

...............................

—

8,640,102

—

8,640,102

Denmark

.............................

—

4,142,939

—

4,142,939

France

...............................

—

30,058,868

—

30,058,868

Germany

.............................

—

13,337,429

—

13,337,429

Greece

..............................

—

4,517,615

—

4,517,615

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

232

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

International

Equity

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Hong

Kong

...........................

$

—

$

14,470,693

$

—

$

14,470,693

India

................................

1,244,880

—

—

1,244,880

Indonesia

............................

1,458,585

—

—

1,458,585

Italy

.................................

3,297,045

10,415,401

—

13,712,446

Japan

...............................

251,293

51,777,308

—

52,028,601

Netherlands

...........................

—

20,315,447

—

20,315,447

South

Korea

..........................

—

4,284,669

—

4,284,669

Spain

................................

—

7,907,862

—

7,907,862

Taiwan

...............................

—

4,647,848

—

4,647,848

United

Arab

Emirates

....................

—

5,118,717

—

5,118,717

United

Kingdom

........................

3,697,769

27,796,712

—

31,494,481

United

States

..........................

5,567,950

33,840,484

—

39,408,434

Preferred

Stocks

........................

—

5,766,086

—

5,766,086

Short

Term

Investments

...................

4,183,840

996,393

—

5,180,233

Total

Investments

in

Securities

...........

$22,096,631

$254,181,428

h

$—

$276,278,059

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$718,458

$—

$718,458

Total

Other

Financial

Instruments

.........

$—

$718,458

$—

$718,458

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$475,693

$—

$475,693

Total

Other

Financial

Instruments

.........

$—

$475,693

$—

$475,693

Level

1

Level

2

Level

3

Total

Putnam

VT

International

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

7,933,235

$

—

$

7,933,235

Air

Freight

&

Logistics

...................

—

2,564,562

—

2,564,562

Automobiles

..........................

—

1,316,367

—

1,316,367

Banks

...............................

—

73,716,012

—

73,716,012

Beverages

...........................

4,507,752

2,729,880

—

7,237,632

Biotechnology

.........................

—

2,229,848

—

2,229,848

Broadline

Retail

.......................

—

1,334,565

—

1,334,565

Building

Products

......................

—

4,208,808

—

4,208,808

Capital

Markets

........................

—

3,899,064

—

3,899,064

Chemicals

...........................

—

1,762,745

—

1,762,745

Construction

Materials

..................

—

7,061,197

—

7,061,197

Consumer

Staples

Distribution

&

Retail

......

3,219,623

4,658,938

—

7,878,561

Diversified

REITs

......................

—

2,052,641

—

2,052,641

Diversified

Telecommunication

Services

.....

—

8,348,938

—

8,348,938

Electric

Utilities

........................

—

5,254,865

—

5,254,865

Electrical

Equipment

....................

—

3,310,044

—

3,310,044

Food

Products

........................

—

2,907,530

—

2,907,530

Health

Care

Equipment

&

Supplies

.........

—

4,784,155

—

4,784,155

Hotels,

Restaurants

&

Leisure

.............

—

2,080,663

—

2,080,663

Household

Durables

....................

2,427,657

3,748,570

—

6,176,227

Industrial

Conglomerates

................

—

5,051,019

—

5,051,019

Industrial

REITs

.......................

—

2,562,444

—

2,562,444

Insurance

............................

142,281

27,680,076

—

27,822,357

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

233

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

International

Value

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Machinery

............................

$

—

$

7,935,333

$

—

$

7,935,333

Metals

&

Mining

.......................

282,196

5,267,000

—

5,549,196

Multi-Utilities

..........................

—

3,856,354

—

3,856,354

Oil,

Gas

&

Consumable

Fuels

.............

5,033,528

13,350,670

—

18,384,198

Passenger

Airlines

.....................

—

4,589,982

—

4,589,982

Personal

Care

Products

.................

—

4,952,059

—

4,952,059

Pharmaceuticals

.......................

—

14,483,334

—

14,483,334

Semiconductors

&

Semiconductor

Equipment

.

—

3,136,926

—

3,136,926

Specialty

Retail

........................

—

1,532,102

—

1,532,102

Textiles,

Apparel

&

Luxury

Goods

..........

—

4,082,129

—

4,082,129

Tobacco

.............................

—

4,236,930

—

4,236,930

Trading

Companies

&

Distributors

..........

—

14,346,019

—

14,346,019

Wireless

Telecommunication

Services

.......

—

4,883,386

—

4,883,386

U.S.

Government

and

Agency

Securities

.......

—

131,267

—

131,267

Short

Term

Investments

...................

12,021,836

497,221

—

12,519,057

Total

Investments

in

Securities

...........

$27,634,873

$268,476,878

i

$—

$296,111,751

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$407,373

$—

$407,373

Futures

Contracts

.......................

1,949

—

—

1,949

Total

Other

Financial

Instruments

.........

$1,949

$407,373

$—

$409,322

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$339,754

$—

$339,754

Total

Other

Financial

Instruments

.........

$—

$339,754

$—

$339,754

Putnam

VT

Large

Cap

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

29,760,833

—

—

29,760,833

Automobiles

..........................

56,219,279

—

—

56,219,279

Biotechnology

.........................

13,558,519

—

—

13,558,519

Broadline

Retail

.......................

73,957,544

—

—

73,957,544

Building

Products

......................

10,903,446

—

—

10,903,446

Capital

Markets

........................

18,401,443

—

—

18,401,443

Chemicals

...........................

9,095,558

—

—

9,095,558

Commercial

Services

&

Supplies

...........

16,527,549

—

—

16,527,549

Communications

Equipment

..............

8,090,694

—

—

8,090,694

Construction

Materials

..................

13,398,389

—

—

13,398,389

Consumer

Finance

.....................

8,382,029

—

—

8,382,029

Electric

Utilities

........................

7,961,849

—

—

7,961,849

Electrical

Equipment

....................

16,401,228

—

—

16,401,228

Entertainment

.........................

50,643,129

—

—

50,643,129

Financial

Services

......................

64,895,230

—

—

64,895,230

Ground

Transportation

..................

11,438,908

—

—

11,438,908

Health

Care

Equipment

&

Supplies

.........

28,150,646

—

—

28,150,646

Hotels,

Restaurants

&

Leisure

.............

31,669,805

—

—

31,669,805

Interactive

Media

&

Services

..............

97,770,223

—

—

97,770,223

IT

Services

...........................

8,216,944

—

—

8,216,944

Life

Sciences

Tools

&

Services

............

—

9,704,617

—

9,704,617

Machinery

............................

2,768,424

—

—

2,768,424

Pharmaceuticals

.......................

44,315,803

6,457,277

—

50,773,080

Real

Estate

Management

&

Development

....

23,938,373

—

—

23,938,373

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

234

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Large

Cap

Growth

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Semiconductors

&

Semiconductor

Equipment

.

$

275,830,523

$

—

$

—

$

275,830,523

Software

.............................

268,703,774

—

—

268,703,774

Specialized

REITs

......................

11,717,865

—

—

11,717,865

Technology

Hardware,

Storage

&

Peripherals

.

124,113,792

—

—

124,113,792

Short

Term

Investments

...................

9,792,407

10,022,730

—

19,815,137

Total

Investments

in

Securities

...........

$1,336,624,206

$26,184,624

j

$—

$1,362,808,830

Putnam

VT

Large

Cap

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

78,194,875

—

—

78,194,875

Air

Freight

&

Logistics

...................

31,609,859

—

—

31,609,859

Automobiles

..........................

46,458,225

—

—

46,458,225

Banks

...............................

206,968,946

—

—

206,968,946

Beverages

...........................

52,128,316

—

—

52,128,316

Biotechnology

.........................

57,600,719

—

—

57,600,719

Broadline

Retail

.......................

56,164,908

—

—

56,164,908

Building

Products

......................

35,975,530

—

—

35,975,530

Capital

Markets

........................

144,349,902

—

—

144,349,902

Chemicals

...........................

75,438,611

—

—

75,438,611

Communications

Equipment

..............

52,030,194

—

—

52,030,194

Construction

Materials

..................

36,344,448

—

—

36,344,448

Consumer

Finance

.....................

52,228,568

—

—

52,228,568

Consumer

Staples

Distribution

&

Retail

......

81,637,855

—

—

81,637,855

Containers

&

Packaging

.................

9,289,734

—

—

9,289,734

Electric

Utilities

........................

96,597,816

—

—

96,597,816

Financial

Services

......................

26,302,567

—

—

26,302,567

Health

Care

Equipment

&

Supplies

.........

29,924,552

—

—

29,924,552

Health

Care

Providers

&

Services

..........

83,701,041

—

—

83,701,041

Hotels,

Restaurants

&

Leisure

.............

28,027,822

—

—

28,027,822

Household

Durables

....................

49,957,825

—

—

49,957,825

Household

Products

....................

38,885,127

—

—

38,885,127

Industrial

Conglomerates

................

28,230,576

—

—

28,230,576

Industrial

REITs

.......................

21,793,958

—

—

21,793,958

Insurance

............................

60,026,686

—

—

60,026,686

Interactive

Media

&

Services

..............

75,210,278

—

—

75,210,278

IT

Services

...........................

26,844,876

—

—

26,844,876

Life

Sciences

Tools

&

Services

............

43,774,510

—

—

43,774,510

Machinery

............................

41,891,668

—

—

41,891,668

Media

...............................

24,115,145

—

—

24,115,145

Metals

&

Mining

.......................

26,251,515

—

—

26,251,515

Office

REITs

..........................

18,393,041

—

—

18,393,041

Oil,

Gas

&

Consumable

Fuels

.............

104,068,478

26,639,539

—

130,708,017

Passenger

Airlines

.....................

32,448,577

—

—

32,448,577

Pharmaceuticals

.......................

52,441,192

29,187,029

—

81,628,221

Semiconductors

&

Semiconductor

Equipment

.

36,393,316

—

—

36,393,316

Software

.............................

64,371,344

—

—

64,371,344

Specialized

REITs

......................

8,824,988

—

—

8,824,988

Technology

Hardware,

Storage

&

Peripherals

.

50,588,602

—

—

50,588,602

Textiles,

Apparel

&

Luxury

Goods

..........

5,333,630

—

—

5,333,630

Tobacco

.............................

56,713,554

—

—

56,713,554

Trading

Companies

&

Distributors

..........

28,509,966

—

—

28,509,966

Wireless

Telecommunication

Services

.......

37,633,887

—

—

37,633,887

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

235

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Large

Cap

Value

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

U.S.

Government

and

Agency

Securities

.......

$

—

$

199,733

$

—

$

199,733

Short

Term

Investments

...................

56,562,889

42,433,313

—

98,996,202

Total

Investments

in

Securities

...........

$2,270,240,116

$98,459,614

k

$—

$2,368,699,730

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$420,730

$—

$420,730

Total

Other

Financial

Instruments

.........

$—

$420,730

$—

$420,730

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$17,398

$—

$17,398

Total

Other

Financial

Instruments

.........

$—

$17,398

$—

$17,398

Putnam

VT

Mortgage

Securities

Fund

Assets:

Investments

in

Securities:

Asset-Backed

Securities

...................

—

798,362

—

798,362

Commercial

Mortgage-Backed

Securities

......

—

7,282,001

—

7,282,001

Mortgage-Backed

Securities

................

—

35,093,092

—

35,093,092

Residential

Mortgage-Backed

Securities

.......

—

5,309,643

—

5,309,643

Agency

Commercial

Mortgage-Backed

Securities

—

7,798,574

—

7,798,574

Short

Term

Investments

...................

3,983,615

1,592,830

—

5,576,445

Total

Investments

in

Securities

...........

$3,983,615

$57,874,502

$—

$61,858,117

Other

Financial

Instruments:

Forward

Premium

Swap

Option

Contracts

.....

$—

$91,515

$—

$91,515

Futures

Contracts

.......................

3,592

—

—

3,592

Swap

Contracts

.........................

—

105,084

—

105,084

Total

Other

Financial

Instruments

.........

$3,592

$196,599

$—

$200,191

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

1,033,540

$

—

$

1,033,540

Forward

Premium

Swap

Option

Contracts

......

—

281,323

—

281,323

Futures

Contracts

........................

102,728

—

—

102,728

Swap

Contracts

.........................

—

137,554

—

137,554

Total

Other

Financial

Instruments

.........

$102,728

$1,452,417

$—

$1,555,145

Putnam

VT

Research

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

1,400,073

589,887

—

1,989,960

Air

Freight

&

Logistics

...................

990,638

—

—

990,638

Automobiles

..........................

3,500,457

—

—

3,500,457

Banks

...............................

3,067,823

—

—

3,067,823

Beverages

...........................

1,620,628

—

—

1,620,628

Biotechnology

.........................

2,204,441

—

—

2,204,441

Broadline

Retail

.......................

5,442,482

—

—

5,442,482

Building

Products

......................

520,699

—

—

520,699

Capital

Markets

........................

2,506,481

—

—

2,506,481

Chemicals

...........................

1,344,692

—

—

1,344,692

Commercial

Services

&

Supplies

...........

759,183

—

—

759,183

Communications

Equipment

..............

2,376,774

—

—

2,376,774

Construction

Materials

..................

952,006

—

—

952,006

Consumer

Finance

.....................

1,236,578

—

—

1,236,578

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

236

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Research

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Consumer

Staples

Distribution

&

Retail

......

$

2,561,496

$

—

$

—

$

2,561,496

Diversified

Telecommunication

Services

.....

737,572

—

—

737,572

Electric

Utilities

........................

2,165,318

—

—

2,165,318

Electrical

Equipment

....................

542,957

—

—

542,957

Entertainment

.........................

3,653,731

—

—

3,653,731

Financial

Services

......................

5,148,556

—

—

5,148,556

Food

Products

........................

252,629

—

—

252,629

Ground

Transportation

..................

632,290

—

—

632,290

Health

Care

Equipment

&

Supplies

.........

2,277,396

—

—

2,277,396

Health

Care

Providers

&

Services

..........

2,761,499

—

—

2,761,499

Health

Care

REITs

.....................

622,421

—

—

622,421

Hotels,

Restaurants

&

Leisure

.............

879,690

—

—

879,690

Household

Products

....................

870,427

—

—

870,427

Independent

Power

and

Renewable

Electricity

Producers

..........................

73,274

—

—

73,274

Industrial

Conglomerates

................

977,562

—

—

977,562

Industrial

REITs

.......................

525,189

—

—

525,189

Insurance

............................

3,189,124

400,350

—

3,589,474

Interactive

Media

&

Services

..............

8,786,221

—

—

8,786,221

Life

Sciences

Tools

&

Services

............

2,112,291

—

—

2,112,291

Machinery

............................

1,573,819

—

—

1,573,819

Media

...............................

201,652

—

—

201,652

Metals

&

Mining

.......................

144,876

465,753

—

610,629

Multi-Utilities

..........................

743,020

—

—

743,020

Oil,

Gas

&

Consumable

Fuels

.............

3,258,735

832,227

—

4,090,962

Passenger

Airlines

.....................

279,149

—

—

279,149

Pharmaceuticals

.......................

2,911,294

—

—

2,911,294

Semiconductors

&

Semiconductor

Equipment

.

17,941,467

—

—

17,941,467

Software

.............................

12,310,066

—

—

12,310,066

Specialized

REITs

......................

1,133,726

—

—

1,133,726

Specialty

Retail

........................

1,440,165

—

—

1,440,165

Technology

Hardware,

Storage

&

Peripherals

.

8,109,988

—

—

8,109,988

Textiles,

Apparel

&

Luxury

Goods

..........

428,909

—

—

428,909

Tobacco

.............................

796,240

—

—

796,240

Trading

Companies

&

Distributors

..........

758,000

—

—

758,000

Options

Purchased

.......................

—

2,094

—

2,094

Short

Term

Investments

...................

1,562,168

986,577

—

2,548,745

Total

Investments

in

Securities

...........

$120,285,872

$3,276,888

l

$—

$123,562,760

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$40,960

$—

$40,960

Total

Other

Financial

Instruments

.........

$—

$40,960

$—

$40,960

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$12,666

$—

$12,666

Total

Other

Financial

Instruments

.........

$—

$12,666

$—

$12,666

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

237

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Small

Cap

Growth

Fund

Assets:

Investments

in

Securities:

g

Common

Stocks

.........................

$

38,071,892

$

—

$

—

$

38,071,892

Rights

.................................

—

—

442

442

Short

Term

Investments

...................

780,928

1,659,975

—

2,440,903

Total

Investments

in

Securities

...........

$38,852,820

$1,659,975

$442

$40,513,237

Putnam

VT

Small

Cap

Value

Fund

Assets:

Investments

in

Securities:

g

Common

Stocks

.........................

109,088,456

—

—

109,088,456

Short

Term

Investments

...................

793,149

10,563,455

—

11,356,604

Total

Investments

in

Securities

...........

$109,881,605

$10,563,455

$—

$120,445,060

Putnam

VT

Sustainable

Future

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Beverages

...........................

537,756

—

—

537,756

Biotechnology

.........................

1,654,487

—

—

1,654,487

Capital

Markets

........................

1,231,710

—

—

1,231,710

Chemicals

...........................

—

406,437

—

406,437

Commercial

Services

&

Supplies

...........

504,583

—

—

504,583

Construction

&

Engineering

...............

1,031,458

—

—

1,031,458

Consumer

Finance

.....................

397,737

—

—

397,737

Consumer

Staples

Distribution

&

Retail

......

314,867

—

—

314,867

Containers

&

Packaging

.................

208,475

—

—

208,475

Diversified

Consumer

Services

............

664,551

—

—

664,551

Electric

Utilities

........................

1,016,173

—

—

1,016,173

Electrical

Equipment

....................

1,294,563

—

—

1,294,563

Electronic

Equipment,

Instruments

&

Components

........................

443,686

—

—

443,686

Entertainment

.........................

611,012

—

—

611,012

Financial

Services

......................

1,011,710

—

—

1,011,710

Health

Care

Equipment

&

Supplies

.........

2,212,357

—

—

2,212,357

Health

Care

Technology

.................

405,456

—

—

405,456

Hotels,

Restaurants

&

Leisure

.............

3,183,006

—

—

3,183,006

Household

Durables

....................

306,741

—

—

306,741

Independent

Power

and

Renewable

Electricity

Producers

..........................

787,403

—

—

787,403

Interactive

Media

&

Services

..............

446,327

—

—

446,327

IT

Services

...........................

250,053

—

—

250,053

Leisure

Products

.......................

342,235

—

—

342,235

Life

Sciences

Tools

&

Services

............

1,054,815

—

—

1,054,815

Machinery

............................

1,016,732

—

—

1,016,732

Media

...............................

190,747

—

—

190,747

Professional

Services

...................

1,020,055

—

—

1,020,055

Real

Estate

Management

&

Development

....

336,024

—

—

336,024

Semiconductors

&

Semiconductor

Equipment

.

1,712,412

—

—

1,712,412

Software

.............................

3,811,453

—

—

3,811,453

Specialty

Retail

........................

969,159

—

—

969,159

Technology

Hardware,

Storage

&

Peripherals

.

794,420

—

—

794,420

Textiles,

Apparel

&

Luxury

Goods

..........

669,100

—

—

669,100

Short

Term

Investments

...................

602,601

—

—

602,601

Total

Investments

in

Securities

...........

$31,033,864

$406,437

m

$—

$31,440,301

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

238

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Sustainable

Future

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$29,957

$—

$29,957

Total

Other

Financial

Instruments

.........

$—

$29,957

$—

$29,957

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$

—

$

3,698

$

—

$

3,698

Total

Other

Financial

Instruments

.........

$—

$3,698

$—

$3,698

Putnam

VT

Sustainable

Leaders

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Automobiles

..........................

7,382,352

—

—

7,382,352

Banks

...............................

42,350,480

—

—

42,350,480

Beverages

...........................

9,226,712

—

—

9,226,712

Biotechnology

.........................

22,214,083

—

—

22,214,083

Broadline

Retail

.......................

52,652,886

—

—

52,652,886

Capital

Markets

........................

25,664,452

—

—

25,664,452

Chemicals

...........................

13,490,000

10,593,513

—

24,083,513

Commercial

Services

&

Supplies

...........

10,303,652

—

—

10,303,652

Construction

Materials

..................

10,239,460

—

—

10,239,460

Consumer

Finance

.....................

17,091,432

—

—

17,091,432

Consumer

Staples

Distribution

&

Retail

......

22,667,844

—

—

22,667,844

Containers

&

Packaging

.................

9,312,574

—

—

9,312,574

Electric

Utilities

........................

25,643,633

—

—

25,643,633

Entertainment

.........................

12,056,850

—

—

12,056,850

Financial

Services

......................

17,803,753

—

—

17,803,753

Food

Products

........................

—

11,451,490

—

11,451,490

Ground

Transportation

..................

9,093,673

—

—

9,093,673

Health

Care

Equipment

&

Supplies

.........

15,730,157

—

—

15,730,157

Hotels,

Restaurants

&

Leisure

.............

21,955,041

—

—

21,955,041

Household

Durables

....................

10,761,345

—

—

10,761,345

Independent

Power

and

Renewable

Electricity

Producers

..........................

5,995,152

—

—

5,995,152

Industrial

REITs

.......................

6,997,172

—

—

6,997,172

Interactive

Media

&

Services

..............

45,216,600

—

—

45,216,600

IT

Services

...........................

7,891,200

—

—

7,891,200

Life

Sciences

Tools

&

Services

............

22,636,105

—

—

22,636,105

Machinery

............................

30,155,744

—

—

30,155,744

Office

REITs

..........................

6,816,978

—

—

6,816,978

Personal

Care

Products

.................

—

13,261,146

—

13,261,146

Pharmaceuticals

.......................

23,958,200

15,611,799

—

39,569,999

Real

Estate

Management

&

Development

....

6,305,219

—

—

6,305,219

Semiconductors

&

Semiconductor

Equipment

.

134,552,407

—

—

134,552,407

Software

.............................

119,468,719

—

—

119,468,719

Specialty

Retail

........................

16,207,600

—

—

16,207,600

Technology

Hardware,

Storage

&

Peripherals

.

87,581,011

—

—

87,581,011

Textiles,

Apparel

&

Luxury

Goods

..........

5,340,335

—

—

5,340,335

U.S.

Government

and

Agency

Securities

.......

—

165,660

—

165,660

Short

Term

Investments

...................

3,053,551

4,889,008

—

7,942,559

Total

Investments

in

Securities

...........

$877,816,372

$55,972,616

n

$—

$933,788,988

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$624,781

$—

$624,781

Total

Other

Financial

Instruments

.........

$—

$624,781

$—

$624,781

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

239

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

Level

1

Level

2

Level

3

Total

Putnam

VT

Sustainable

Leaders

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$80,331

$—

$80,331

Total

Other

Financial

Instruments

.........

$—

$80,331

$—

$80,331

a

Includes

foreign

securities

valued

at

$731,597,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

foreign

securities

valued

at

$21,917,784,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$141,077,095,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

d

Includes

foreign

securities

valued

at

$3,595,395,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

e

Includes

foreign

securities

valued

at

$10,178,490,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

f

Includes

foreign

securities

valued

at

$26,155,028,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

g

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

h

Includes

foreign

securities

valued

at

$253,185,035,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

i

Includes

foreign

securities

valued

at

$267,848,390,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

j

Includes

foreign

securities

valued

at

$16,161,894,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

k

Includes

foreign

securities

valued

at

$55,826,568,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

l

Includes

foreign

securities

valued

at

$2,288,217,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

m

Includes

foreign

securities

valued

at

$406,437,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

n

Includes

foreign

securities

valued

at

$50,917,948,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

4. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

240

Quarterly

Schedules

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MCM

Mizuho

Capital

Markets

LLC

MLCO

Merrill

Lynch

International

&

Co.

MSCO

Morgan

Stanley

NATW

Natwest

Markets

plc

SSBT

State

Street

Bank

and

Trust

Co.

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Cu

r

rency

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

USD

United

States

Dollar

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CMBX.NA.

Series

number

CMBX

North

America

Index

Selected

Portfolio

ADR

American

Depositary

Receipt

AUD

BBR

Australian

Bank

Bill

Rate

CLO

Collateralized

Loan

Obligation

CME

Chicago

Mercantile

Exchange

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

CORRA

Canadian

Overnight

Repo

Rate

Average

CVR

Contingent

Value

Right

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Inter-Bank

Offer

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

IO

Interest

Only

NIBOR

Norwegian

Interbank

Offered

Rate

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SARON

Swiss

Average

Rate

Overnight

SOFR

Secured

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Index

Average

STACR

Structured

Agency

Credit

Risk

STIBOR

Stockholm

Interbank

Offered

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

REPO_CORRA

.................

2.56%

1-day

SARON

.......................

(0.05)%

1-day

SOFR

........................

4.24%

1-day

SONIA

........................

3.97%

3-month

AUD

BBR

...................

3.58%

3-month

STIBOR

....................

1.89%

6-month

AUD

BBR

...................

3.75%

6-month

EURIBOR

...................

2.10%

6-month

NIBOR

.....................

4.23%

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.