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Schedules

of

Investments

(unaudited)

Putnam

VT

Core

Equity

Fund

2

Putnam

VT

Diversified

Income

Fund

8

Putnam

VT

Emerging

Markets

Equity

Fund

37

Putnam

VT

Focused

International

Equity

Fund

41

Putnam

VT

George

Putnam

Balanced

Fund

44

Putnam

VT

Global

Asset

Allocation

Fund

67

Putnam

VT

Global

Health

Care

Fund

123

Putnam

VT

High

Yield

Fund

127

Putnam

VT

Income

Fund

143

Putnam

VT

International

Equity

Fund

175

Putnam

VT

International

Value

Fund

181

Putnam

VT

Large

Cap

Growth

Fund

188

Putnam

VT

Large

Cap

Value

Fund

191

Putnam

VT

Mortgage

Securities

Fund

196

Putnam

VT

Research

Fund

208

Putnam

VT

Small

Cap

Growth

Fund

215

Putnam

VT

Small

Cap

Value

Fund

219

Putnam

VT

Sustainable

Future

Fund

224

Putnam

VT

Sustainable

Leaders

Fund

228

Notes

to

Schedules

of

Investments

232

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

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

98.3%

Aerospace

&

Defense

1.6%

a

Boeing

Co.

(The)

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

United

States

4,954

$

985,995

Northrop

Grumman

Corp.

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

United

States

1,149

783,894

RTX

Corp.

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

United

States

4,447

857,826

2,627,715

Air

Freight

&

Logistics

0.4%

FedEx

Corp.

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

United

States

1,934

688,852

Automobiles

2.3%

General

Motors

Co.

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

United

States

8,985

669,383

a

Tesla,

Inc.

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

United

States

8,274

3,075,860

3,745,243

Banks

5.6%

Bank

of

America

Corp.

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

United

States

46,774

2,280,233

Citigroup,

Inc.

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

United

States

22,230

2,521,104

Fifth

Third

Bancorp

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

United

States

10,101

469,292

Five

Star

Bancorp

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

United

States

8,510

320,997

JPMorgan

Chase

&

Co.

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

United

States

9,200

2,706,272

UMB

Financial

Corp.

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

United

States

6,508

734,037

9,031,935

Beverages

1.7%

Coca-Cola

Co.

(The)

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

United

States

25,808

1,962,698

Keurig

Dr.

Pepper,

Inc.

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

United

States

17,573

462,697

Molson

Coors

Beverage

Co.

,

B

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

United

States

7,057

303,874

2,729,269

Biotechnology

2.0%

AbbVie,

Inc.

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

United

States

7,202

1,566,363

Amgen,

Inc.

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

United

States

1,679

590,756

Regeneron

Pharmaceuticals,

Inc.

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

United

States

844

652,108

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

589

263,012

3,072,239

Broadline

Retail

3.9%

a

Amazon.com,

Inc.

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

United

States

29,067

6,053,784

eBay,

Inc.

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

United

States

3,831

348,698

6,402,482

Building

Products

0.1%

Owens

Corning

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

United

States

1,661

179,753

Capital

Markets

6.0%

Ameriprise

Financial,

Inc.

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

United

States

2,279

1,012,788

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

15,549

1,844,578

BlackRock,

Inc.

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

United

States

1,006

967,480

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

3,597

3,043,026

Jefferies

Financial

Group,

Inc.

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

United

States

2,973

122,696

KKR

&

Co.,

Inc.

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

United

States

5,687

526,048

Morgan

Stanley

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

United

States

3,556

585,211

Raymond

James

Financial,

Inc.

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

United

States

10,749

1,556,348

9,658,175

Chemicals

0.3%

DuPont

de

Nemours,

Inc.

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

United

States

6,775

310,295

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

2,576

$

196,600

506,895

Commercial

Services

&

Supplies

0.2%

Cintas

Corp.

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

United

States

1,604

271,301

Communications

Equipment

1.3%

Cisco

Systems,

Inc.

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

United

States

26,756

2,075,998

Consumer

Staples

Distribution

&

Retail

2.2%

Casey's

General

Stores,

Inc.

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

United

States

821

597,573

Kroger

Co.

(The)

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

United

States

4,509

326,271

Target

Corp.

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

United

States

4,790

580,548

Walmart,

Inc.

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

United

States

16,212

2,014,827

3,519,219

Containers

&

Packaging

0.2%

Amcor

plc

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

United

States

9,611

382,037

Diversified

Consumer

Services

0.3%

ADT,

Inc.

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

United

States

39,782

261,368

Graham

Holdings

Co.

,

B

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

United

States

227

239,998

501,366

Diversified

REITs

0.2%

AH

Realty

Trust,

Inc.

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

United

States

51,672

284,196

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

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

United

States

47,456

1,375,749

Electric

Utilities

2.7%

Constellation

Energy

Corp.

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

United

States

1,572

438,981

NextEra

Energy,

Inc.

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

United

States

9,997

928,521

NRG

Energy,

Inc.

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

United

States

9,798

1,431,880

PG&E

Corp.

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

United

States

85,166

1,496,367

4,295,749

Electrical

Equipment

0.2%

GE

Vernova,

Inc.

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

United

States

303

264,489

Entertainment

1.3%

a

Netflix,

Inc.

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

United

States

6,734

647,474

Universal

Music

Group

NV

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

Netherlands

13,297

258,105

Walt

Disney

Co.

(The)

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

United

States

11,593

1,117,333

2,022,912

Financial

Services

4.3%

Apollo

Global

Management,

Inc.

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

United

States

11,597

1,292,138

a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

6,002

2,876,158

Mastercard,

Inc.

,

A

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

United

States

5,695

2,845,564

a,b

PicS

NV

,

A

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

Brazil

4,071

42,542

7,056,402

Food

Products

0.2%

c

Hershey

Co.

(The)

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

United

States

1,891

393,120

Ground

Transportation

1.1%

Union

Pacific

Corp.

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

United

States

7,053

1,711,199

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)

Health

Care

Equipment

&

Supplies

0.6%

Becton

Dickinson

&

Co.

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

United

States

1,965

$

308,957

a

Boston

Scientific

Corp.

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

United

States

3,530

221,508

a

Medline,

Inc.

,

A

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

United

States

2,024

90,068

Medtronic

plc

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

United

States

3,193

276,673

897,206

Health

Care

Providers

&

Services

3.0%

CVS

Health

Corp.

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

United

States

8,448

606,735

a

Guardian

Pharmacy

Services,

Inc.

,

A

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

United

States

15,124

569,570

HCA

Healthcare,

Inc.

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

United

States

791

374,333

c

McKesson

Corp.

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

United

States

1,832

1,585,340

a

Tenet

Healthcare

Corp.

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

United

States

4,340

819,001

UnitedHealth

Group,

Inc.

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

United

States

3,893

1,053,407

5,008,386

Hotels,

Restaurants

&

Leisure

2.3%

a

Airbnb,

Inc.

,

A

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

United

States

1,329

167,826

Hilton

Worldwide

Holdings,

Inc.

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

United

States

3,835

1,166,147

McDonald's

Corp.

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

United

States

3,393

1,054,511

b

Vail

Resorts,

Inc.

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

United

States

2,248

288,463

a

Viking

Holdings

Ltd.

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

United

States

15,144

1,112,781

3,789,728

Household

Durables

0.8%

a

Mohawk

Industries,

Inc.

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

United

States

2,426

238,864

PulteGroup,

Inc.

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

United

States

10,056

1,182,686

1,421,550

Household

Products

0.9%

Kimberly-Clark

Corp.

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

United

States

3,476

335,330

Procter

&

Gamble

Co.

(The)

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

United

States

8,031

1,159,998

1,495,328

Industrial

Conglomerates

0.5%

Honeywell

International,

Inc.

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

United

States

3,841

868,181

Insurance

0.9%

a

Arch

Capital

Group

Ltd.

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

United

States

11,284

1,083,151

Assured

Guaranty

Ltd.

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

United

States

4,361

355,334

1,438,485

Interactive

Media

&

Services

7.9%

Alphabet,

Inc.

,

C

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

United

States

30,319

8,697,308

Meta

Platforms,

Inc.

,

A

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

United

States

7,365

4,213,737

12,911,045

IT

Services

0.6%

a

Gartner,

Inc.

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

United

States

1,142

180,824

International

Business

Machines

Corp.

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

United

States

3,069

743,895

924,719

Life

Sciences

Tools

&

Services

0.6%

a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

1,310

365,163

Thermo

Fisher

Scientific,

Inc.

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

United

States

1,401

688,634

1,053,797

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

1.4%

Deere

&

Co.

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

United

States

1,072

$

603,858

Otis

Worldwide

Corp.

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

United

States

17,137

1,320,920

b

Snap-on,

Inc.

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

United

States

720

261,518

2,186,296

Media

0.5%

a

Charter

Communications,

Inc.

,

A

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

United

States

1,378

297,483

New

York

Times

Co.

(The)

,

A

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

United

States

6,274

525,322

822,805

Metals

&

Mining

1.2%

Freeport-McMoRan,

Inc.

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

United

States

18,612

1,094,013

Nucor

Corp.

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

United

States

5,278

892,510

1,986,523

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

b

Starwood

Property

Trust,

Inc.

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

United

States

28,119

484,209

Office

REITs

0.1%

Highwoods

Properties,

Inc.

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

United

States

6,901

147,750

Oil,

Gas

&

Consumable

Fuels

3.6%

a

Antero

Resources

Corp.

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

United

States

14,201

602,690

ConocoPhillips

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

United

States

9,449

1,247,268

Exxon

Mobil

Corp.

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

United

States

15,268

2,590,369

c

Permian

Resources

Corp.

,

A

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

United

States

34,417

733,770

Williams

Cos.,

Inc.

(The)

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

United

States

5,926

431,294

5,605,391

Passenger

Airlines

0.8%

Southwest

Airlines

Co.

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

United

States

36,066

1,355,000

Pharmaceuticals

3.7%

AstraZeneca

plc

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

United

Kingdom

2,727

537,819

Eli

Lilly

&

Co.

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

United

States

2,607

2,397,840

Johnson

&

Johnson

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

United

States

7,301

1,784,656

Merck

&

Co.,

Inc.

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

United

States

11,077

1,332,452

6,052,767

Real

Estate

Management

&

Development

1.0%

a

CBRE

Group,

Inc.

,

A

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

United

States

11,054

1,497,375

a

CoStar

Group,

Inc.

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

United

States

4,902

197,747

1,695,122

Semiconductors

&

Semiconductor

Equipment

12.8%

a

Advanced

Micro

Devices,

Inc.

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

United

States

1,816

369,429

Broadcom,

Inc.

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

United

States

13,440

4,159,814

a

Intel

Corp.

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

United

States

7,165

316,191

Lam

Research

Corp.

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

United

States

14,026

2,996,795

Micron

Technology,

Inc.

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

United

States

1,247

421,287

NVIDIA

Corp.

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

United

States

66,071

11,522,782

Qnity

Electronics,

Inc.

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

United

States

3,204

369,678

QUALCOMM,

Inc.

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

United

States

5,458

702,881

20,858,857

Software

6.9%

a

Adobe,

Inc.

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

United

States

1,097

266,659

a

Intapp,

Inc.

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

United

States

4,436

113,961

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

21,706

$

8,034,910

Oracle

Corp.

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

United

States

6,860

1,009,175

a

Palantir

Technologies,

Inc.

,

A

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

United

States

3,274

478,921

Salesforce,

Inc.

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

United

States

4,576

854,202

a

ServiceNow,

Inc.

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

United

States

1,516

158,498

a

Tyler

Technologies,

Inc.

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

United

States

1,091

373,537

11,289,863

Specialized

REITs

0.6%

Gaming

and

Leisure

Properties,

Inc.

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

United

States

22,038

977,826

Specialty

Retail

1.5%

Best

Buy

Co.,

Inc.

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

United

States

7,221

463,588

Home

Depot,

Inc.

(The)

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

United

States

1,720

565,691

Lowe's

Cos.,

Inc.

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

United

States

6,294

1,487,146

2,516,425

Technology

Hardware,

Storage

&

Peripherals

6.2%

Apple,

Inc.

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

United

States

39,974

10,145,002

Textiles,

Apparel

&

Luxury

Goods

0.2%

NIKE,

Inc.

,

B

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

United

States

5,284

279,101

Trading

Companies

&

Distributors

0.5%

United

Rentals,

Inc.

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

United

States

1,071

780,288

Total

Common

Stocks

(Cost

$

67,329,385

)

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

159,787,945

Management

Investment

Companies

0.9%

Capital

Markets

0.9%

b

State

Street

Industrial

Select

Sector

SPDR

ETF

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

United

States

8,805

1,424,033

Total

Management

Investment

Companies

(Cost

$

1,237,438

)

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

1,424,033

Total

Long

Term

Investments

(Cost

$

68,566,823

)

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

161,211,978

a

Short

Term

Investments

1.3%

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

,

3.47

%,

4/23/26

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

United

States

50,000

49,889

e

3.58

%,

7/16/26

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

United

States

300,000

296,839

346,728

Total

U.S.

Government

and

Agency

Securities

(Cost

$

346,784

)

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

346,728

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

255.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.1%

Money

Market

Funds

1.1%

f,g

Putnam

Cash

Collateral

Pool,

LLC

,

3.882

%

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

United

States

1,805,715

$

1,805,715

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

1,805,715

)

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

1,805,715

Total

Short

Term

Investments

(Cost

$

2,152,499

)

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

2,152,443

a

Total

Investments

(Cost

$

70,719,322

)

100.5

%

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

$163,364,421

Options

Written

(

0.1

)

%

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

(140,154)

Other

Assets,

less

Liabilities

(

0.4

)

%

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

(640,826)

Net

Assets

100.0%

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

$162,583,441

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.1)%

Calls

-

Over-the-Counter

Equity

Options

(0.1)%

Hershey

Co.

(The)

,

Counterparty

CITI

,

June

Strike

Price

$

230.00

,

Expires

6/18/26

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

219,420

45,615,224

(

4,796

)

McKesson

Corp.

,

Counterparty

MSCO

,

May

Strike

Price

$

980.00

,

Expires

5/15/26

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

471,380

407,913,397

(

3,203

)

Permian

Resources

Corp.

,

Counterparty

GSCO

,

June

Strike

Price

$

18.00

,

Expires

6/18/26

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

612,396

13,056,283

(

132,155

)

(

140,154

)

Total

Options

Written

(Premiums

received

$

65,027

)

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

$

(

140,154

)

#

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.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2026.

c

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

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

March

31,

2026,

the

value

of

this

security

pledged

amounted

to

$155,346,

representing

0.1%

of

net

assets.

f

See

Note

4

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),

March

31,

2026

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

2.9%

Aerospace

&

Defense

0.0%

†

a

AeroVironment,

Inc.

,

Senior

Note

,

0.45%

,

7/15/30

...........

United

States

20,000

$

19,620

b

BWX

Technologies,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

11/01/30

United

States

20,000

20,760

40,380

Automobile

Components

0.1%

Patrick

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

12/01/28

........

United

States

25,000

43,387

Automobiles

0.0%

†

Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625

%

,

3/15/29

........

United

States

36,000

38,633

Biotechnology

0.3%

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note,

1%,

9/15/27

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

United

States

12,000

15,408

a,b

Senior

Note,

144A,

3.05%,

9/15/28

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

United

States

30,000

27,863

b

Bridgebio

Pharma,

Inc.

,

Senior

Note

,

144A,

0.75

%

,

2/01/33

....

United

States

9,000

8,939

b

Cytokinetics,

Inc.

,

Senior

Note

,

144A,

1.75

%

,

10/01/31

.......

United

States

31,000

39,583

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

1

%

,

8/15/28

.......

United

States

42,000

53,844

b

Ionis

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

12/01/30

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

United

States

120,000

125,325

270,962

Broadline

Retail

0.1%

b

Etsy,

Inc.

,

Senior

Note

,

144A,

1

%

,

6/15/30

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

United

States

61,000

58,987

Capital

Markets

0.0%

†

a,b

Coinbase

Global,

Inc.

,

Senior

Note

,

144A,

3.41%

,

10/01/32

....

United

States

30,000

24,127

b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

9/01/28

.....

United

States

21,000

20,391

b

WisdomTree,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

8/15/30

.......

United

States

20,000

21,840

66,358

Construction

&

Engineering

0.1%

Fluor

Corp.

,

Senior

Note

,

1.125

%

,

8/15/29

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

United

States

41,000

50,645

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

26,000

38,454

Diversified

REITs

0.1%

b

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875

%

,

11/15/29

...

United

States

75,000

79,585

Electric

Utilities

0.3%

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

3

%

,

3/01/27

United

States

43,000

59,716

PG&E

Corp.

,

Senior

Secured

Note

,

4.25

%

,

12/01/27

.........

United

States

46,000

47,666

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875

%

,

3/15/28

......

United

States

58,000

68,020

175,402

Electrical

Equipment

0.1%

b

Bloom

Energy

Corp.

,

Senior

Note

,

144A,

Zero

Cpn

.,

11/15/30

..

United

States

61,000

65,105

Electronic

Equipment,

Instruments

&

Components

0.1%

b

Avnet,

Inc.

,

Senior

Note

,

144A,

1.75

%

,

9/01/30

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

United

States

20,000

21,720

Itron

,

Inc.

,

Senior

Note

,

1.375

%

,

7/15/30

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

United

States

59,000

59,442

a,b

Mirion

Technologies,

Inc.

,

Senior

Note

,

144A,

0.89%

,

10/01/31

.

United

States

35,000

33,338

b

OSI

Systems,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

2/01/31

........

United

States

30,000

30,690

145,190

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)

Energy

Equipment

&

Services

0.0%

†

b

Liberty

Energy,

Inc.

,

Senior

Note,

144A,

Zero

Cpn

.,

3/01/31

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

United

States

20,000

$

21,930

Senior

Note,

144A,

Zero

Cpn

.,

3/01/32

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

United

States

9,000

9,169

31,099

Entertainment

0.2%

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25

%

,

8/15/27

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

United

States

59,000

68,204

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

3.125%,

1/15/29

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

United

States

21,000

31,952

Senior

Note,

2.875%,

1/15/30

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

United

States

47,000

50,760

150,916

Financial

Services

0.1%

Global

Payments,

Inc.

,

Senior

Note

,

1.5

%

,

3/01/31

..........

United

States

53,000

46,802

Food

Products

0.1%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

45,000

48,803

Ground

Transportation

0.1%

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875

%

,

12/01/28

..

United

States

58,000

69,846

Health

Care

Equipment

&

Supplies

0.1%

Dexcom,

Inc.

,

Senior

Note

,

0.375

%

,

5/15/28

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

United

States

74,000

68,246

b

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

3

%

,

2/01/29

...

United

States

24,000

25,716

93,962

Health

Care

REITs

0.1%

b

Welltower

OP

LLC

,

Senior

Note,

144A,

2.75%,

5/15/28

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

United

States

33,000

68,524

Senior

Note,

144A,

3.125%,

7/15/29

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

United

States

32,000

50,730

119,254

Hotels,

Restaurants

&

Leisure

0.1%

a,b

DoorDash

,

Inc.

,

Senior

Note

,

144A,

2.23%

,

5/15/30

..........

United

States

61,000

55,693

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

0.875

%

,

4/15/30

.........

United

States

25,000

26,007

81,700

Household

Durables

0.0%

†

Meritage

Homes

Corp.

,

Senior

Note

,

1.75

%

,

5/15/28

.........

United

States

42,000

40,656

Household

Products

0.0%

†

Spectrum

Brands,

Inc.

,

Senior

Note

,

3.375

%

,

6/01/29

........

United

States

21,000

21,012

IT

Services

0.3%

Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375

%

,

9/01/27

.....

United

States

54,000

62,694

b

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

6/15/30

.......

United

States

40,000

45,430

Snowflake,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

10/01/27

...........

United

States

64,000

75,712

183,836

Life

Sciences

Tools

&

Services

0.1%

Repligen

Corp.

,

Senior

Note

,

1

%

,

12/15/28

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

United

States

48,000

46,896

Machinery

0.0%

†

b

JBT

Marel

Corp.

,

Senior

Note

,

144A,

0.375

%

,

9/15/30

........

United

States

21,000

20,402

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

$

37,331

Office

REITs

0.0%

†

b

Boston

Properties

LP

,

Senior

Note

,

144A,

2

%

,

10/01/30

.......

United

States

30,000

27,375

Oil,

Gas

&

Consumable

Fuels

0.0%

†

b

Crescent

Energy

Co.

,

Senior

Note

,

144A,

2.75

%

,

3/15/31

.....

United

States

19,000

21,859

Real

Estate

Management

&

Development

0.0%

†

b

Compass,

Inc.

,

Senior

Note

,

144A,

0.25

%

,

4/15/31

..........

United

States

30,000

25,185

Semiconductors

&

Semiconductor

Equipment

0.2%

a,b

Microchip

Technology,

Inc.

,

Senior

Note

,

144A,

0.6%

,

2/15/30

..

United

States

122,000

119,225

MKS,

Inc.

,

Senior

Note

,

1.25

%

,

6/01/30

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

United

States

42,000

69,489

b

Nova

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn

.,

9/15/30

...........

Israel

21,000

32,370

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5

%

,

3/01/29

........

United

States

33,000

32,340

253,424

Software

0.3%

Box,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/29

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

United

States

39,000

35,841

a

Datadog,

Inc.

,

Senior

Note

,

0.83%

,

12/01/29

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

United

States

53,000

51,423

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

11/01/29

.......

United

States

56,000

55,895

a,b

IREN

Ltd.

,

Senior

Note

,

144A,

6.12%

,

7/01/31

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

Australia

10,000

7,321

Nutanix,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/29

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

United

States

42,000

37,989

a,b

Rubrik,

Inc.

,

Senior

Note

,

144A,

3.53%

,

6/15/30

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

United

States

37,000

31,977

b

Terawulf

,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

5/01/32

........

United

States

93,000

96,293

Workiva,

Inc.

,

Senior

Note

,

1.25

%

,

8/15/28

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

United

States

25,000

23,469

340,208

Specialty

Retail

0.0%

†

Burlington

Stores,

Inc.

,

1.25

%

,

12/15/27

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

United

States

22,000

36,410

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

4,000

5,414

41,824

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

9,000

42,759

Total

Convertible

Bonds

(Cost

$2,672,808)

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

2,818,237

Corporate

Bonds

31.6%

Aerospace

&

Defense

1.3%

ATI,

Inc.

,

Senior

Note,

4.875%,

10/01/29

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

United

States

265,000

261,668

Senior

Note,

7.25%,

8/15/30

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

United

States

15,000

15,565

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

8,000

7,531

Senior

Note,

2.7%,

2/01/27

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

United

States

92,000

90,733

Senior

Note,

6.298%,

5/01/29

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

United

States

267,000

280,382

b

Honeywell

Aerospace,

Inc.

,

Senior

Note

,

144A,

4.3

%

,

3/16/31

..

United

States

125,000

123,690

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6

%

,

6/15/28

........

United

States

250,000

250,246

b

TransDigm

,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

90,000

92,277

Senior

Secured

Note,

144A,

6.625%,

3/01/32

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

United

States

35,000

35,739

Senior

Secured

Note,

144A,

6.25%,

1/31/34

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

United

States

15,000

15,178

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)

b

TransDigm,

Inc.,

(continued)

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

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

United

States

40,000

$

40,554

1,213,563

Automobiles

0.2%

b

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625

%

,

11/24/27

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

Germany

200,000

190,655

Banks

1.9%

Bank

of

America

Corp.

,

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

285,000

292,863

L,

Sub.

Bond,

4.183%,

11/25/27

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

United

States

135,000

134,580

Citigroup,

Inc.

,

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

275,000

271,939

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565

%

,

8/26/30

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

Canada

200,000

199,228

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

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

United

States

540,000

545,196

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264

%

,

12/11/26

..

Canada

95,000

95,654

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

265,000

271,117

1,810,577

Biotechnology

0.3%

AbbVie,

Inc.

,

Senior

Note

,

4.125

%

,

3/15/31

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

United

States

85,000

83,785

b

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

12/15/32

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

Denmark

200,000

205,191

288,976

Broadline

Retail

0.3%

Amazon.com,

Inc.

,

Senior

Note,

4.1%,

11/20/30

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

United

States

65,000

64,265

Senior

Note,

4.25%,

3/13/31

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

United

States

90,000

89,357

b

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

11/15/32

....

United

States

100,000

100,839

254,461

Building

Products

0.6%

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

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

United

States

10,000

9,924

Senior

Secured

Note,

144A,

6.125%,

7/31/32

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

United

States

35,000

34,917

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

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

United

States

115,000

110,213

b

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

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

United

States

45,000

45,664

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

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

United

States

255,000

263,154

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

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

United

States

80,000

80,112

Senior

Note,

144A,

6.25%,

8/01/33

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

United

States

70,000

69,280

613,264

Capital

Markets

1.3%

Ares

Capital

Corp.

,

Senior

Note

,

7

%

,

1/15/27

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

United

States

270,000

273,715

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

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

United

States

265,000

269,049

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)

Morgan

Stanley

,

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

405,000

$

409,570

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

60,000

59,009

Senior

Note,

4.708%

to

3/11/31,

FRN

thereafter,

3/12/32

....

United

States

85,000

84,446

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

65,000

65,736

1,161,525

Chemicals

0.5%

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

25,000

25,196

b,c

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45

%

,

11/15/29

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

Mexico

200,000

121,730

Celanese

US

Holdings

LLC

,

Senior

Bond

,

7.379

%

,

7/15/32

....

United

States

4,000

4,179

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

65,000

41,909

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

135,000

139,063

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

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

United

States

265,000

261,564

593,641

Commercial

Services

&

Supplies

1.0%

b,c

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875

%

,

2/05/33

.....

Brazil

200,000

30,750

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

118,000

117,369

b

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note,

144A,

9.29%,

4/15/29

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

United

States

10,000

10,036

Senior

Secured

Note,

144A,

9.5%,

2/15/33

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

United

States

30,000

29,145

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

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

United

States

175,000

177,277

b

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25

%

,

2/15/29

...

Sweden

285,000

EUR

328,945

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

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

United

States

25,000

26,012

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

240,000

243,300

962,834

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Note

,

5

%

,

4/15/29

...........

United

States

135,000

136,857

Construction

&

Engineering

0.0%

†

b

Arcosa

,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

30,000

30,762

Consumer

Finance

1.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625

%

,

9/10/29

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

Ireland

200,000

199,667

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

85,000

83,482

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

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

United

States

250,000

261,875

b

FirstCash

,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

213,000

217,360

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8

%

,

3/05/27

.......

United

States

200,000

201,151

b

Gabx

Leasing

LLC

,

Senior

Note

,

144A,

4.625

%

,

4/15/31

......

United

States

100,000

98,611

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.2

%

,

10/27/28

United

States

35,000

34,648

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

260,000

272,992

1,369,786

Containers

&

Packaging

0.2%

AptarGroup,

Inc.

,

Senior

Note

,

4.75

%

,

3/30/31

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

United

States

60,000

59,495

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)

Containers

&

Packaging

(continued)

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

115,000

$

108,943

168,438

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Note

,

4.95

%

,

2/15/30

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

United

States

275,000

274,665

Diversified

Telecommunication

Services

0.8%

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25

%

,

12/15/30

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

United

States

140,000

144,368

AT&T,

Inc.

,

Senior

Note

,

4.1

%

,

2/15/28

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

United

States

275,000

273,736

b

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125

%

,

2/15/31

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

United

States

45,000

45,857

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

2/01/32

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

United

States

250,000

226,241

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125

%

,

11/15/30

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

United

States

35,000

36,305

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/30

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

United

States

75,000

79,299

805,806

Electric

Utilities

1.9%

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

6

%

,

12/01/28

....

United

States

130,000

135,540

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

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

United

States

130,000

132,152

b

NRG

Energy,

Inc.

,

Senior

Bond,

144A,

6.25%,

11/01/34

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

United

States

230,000

232,021

Senior

Bond,

144A,

6%,

1/15/36

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

United

States

105,000

104,108

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1

%

,

1/15/29

......

United

States

130,000

134,562

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25

%

,

7/01/30

.........

United

States

275,000

271,514

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

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

United

States

170,000

175,191

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875

%

,

7/15/29

United

States

295,000

281,868

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

155,000

151,408

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

120,000

124,265

Senior

Secured

Note,

144A,

4.7%,

1/31/31

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

United

States

65,000

63,990

1,806,619

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

Senior

Note

,

3.9

%

,

11/15/28

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

United

States

75,000

74,459

Energy

Equipment

&

Services

0.2%

b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

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

United

States

35,000

35,583

Senior

Note,

144A,

6.5%,

10/01/33

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

United

States

50,000

50,575

b

Transocean

International

Ltd.

,

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

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

United

States

126,000

131,432

217,590

Entertainment

0.3%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

210,000

216,542

b,d

OAK-Eagle

Acquireco

,

Inc.

,

Senior

Note,

144A,

8.75%,

7/01/34

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

United

States

40,000

41,902

Senior

Secured

Note,

144A,

7.25%,

7/01/33

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

United

States

35,000

36,286

294,730

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)

Financial

Services

0.4%

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5

%

,

10/01/30

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

United

States

35,000

$

33,404

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

225,000

242,936

b

Osaic

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/01/32

United

States

35,000

35,030

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

120,000

121,439

432,809

Food

Products

0.2%

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

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

United

States

115,000

117,657

b

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75

%

,

2/11/33

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

United

States

30,000

30,338

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Note

,

3

%

,

2/02/29

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

United

States

73,000

70,069

McCormick

&

Co.,

Inc.

,

Senior

Note

,

4.15

%

,

2/15/29

.........

United

States

35,000

34,667

252,731

Ground

Transportation

0.4%

b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/28

........

United

Kingdom

200,000

197,323

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

2/06/28

......

South

Africa

200,000

207,154

404,477

Health

Care

Equipment

&

Supplies

0.5%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

4.15%,

12/15/28

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

United

States

55,000

54,651

Senior

Note,

4.8%,

8/14/29

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

United

States

135,000

136,250

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

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

United

States

250,000

241,980

432,881

Health

Care

Providers

&

Services

0.9%

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

110,000

113,440

Senior

Bond,

1.875%,

2/28/31

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

United

States

40,000

34,935

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

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

United

States

110,000

112,783

Senior

Note,

144A,

6.75%,

7/15/33

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

United

States

15,000

15,272

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

295,000

286,058

Tenet

Healthcare

Corp.

,

b

Senior

Note,

144A,

6%,

11/15/33

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

United

States

50,000

50,632

Senior

Secured

Note,

6.75%,

5/15/31

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

United

States

260,000

265,909

879,029

Health

Care

REITs

0.2%

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

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

United

States

155,000

157,263

Health

Care

Technology

0.2%

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

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

United

States

155,000

157,595

Hotel

&

Resort

REITs

0.3%

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

6.5%,

4/01/32

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

United

States

120,000

122,261

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

40,000

40,759

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

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

United

States

110,000

111,194

274,214

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)

Hotels,

Restaurants

&

Leisure

2.0%

b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

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

Canada

190,000

$

178,686

Airbnb,

Inc.

,

Senior

Note

,

4.65

%

,

3/16/31

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

United

States

45,000

44,918

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

130,000

123,717

b

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

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

United

States

131,000

132,681

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

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

United

States

120,000

119,185

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

45,000

45,381

b

Carnival

plc

,

Senior

Note

,

144A,

4.125

%

,

7/15/31

...........

United

States

100,000

EUR

112,712

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

9/15/33

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

United

States

115,000

114,572

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.25

%

,

9/15/33

..........

United

States

120,000

116,524

b

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

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

United

States

40,000

39,922

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

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

United

States

50,000

50,505

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

72,000

73,625

Senior

Note,

144A,

6%,

2/01/33

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

United

States

143,000

144,464

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625

%

,

12/01/31

...

United

States

165,000

154,224

Viking

Cruises

Ltd.

,

b

Senior

Note,

144A,

9.125%,

7/15/31

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

United

States

230,000

242,760

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

230,000

241,223

1,935,099

Household

Durables

0.5%

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

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

United

States

276,000

274,082

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8

%

,

11/01/29

.....

United

States

145,000

141,162

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

120,000

116,313

531,557

Independent

Power

and

Renewable

Electricity

Producers

0.4%

b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

200,000

205,388

Constellation

Energy

Generation

LLC

,

Senior

Note,

5.6%,

3/01/28

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

United

States

130,000

132,958

Senior

Note,

4.4%,

1/15/31

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

United

States

40,000

39,495

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25

%

,

10/01/30

........

United

States

45,000

44,438

422,279

Insurance

1.0%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

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

United

States

120,000

120,639

b

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

12/31/32

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

United

States

80,000

83,063

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583

%

,

1/09/29

.

United

States

130,000

131,242

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4

%

,

1/13/28

.......

United

States

130,000

132,380

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4

%

,

9/23/27

..

United

States

150,000

149,097

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

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

Canada

115,000

116,987

b

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9

%

,

6/13/28

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

United

States

135,000

136,738

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)

Insurance

(continued)

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

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

United

States

175,000

$

179,117

1,049,263

Interactive

Media

&

Services

0.3%

Alphabet,

Inc.

,

Senior

Note,

4.1%,

11/15/30

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

United

States

145,000

144,057

Senior

Note,

4.1%,

2/15/31

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

United

States

115,000

114,226

258,283

IT

Services

0.1%

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

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

United

States

145,000

126,591

Leisure

Products

0.2%

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

4/01/29

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

United

States

155,000

149,952

Life

Sciences

Tools

&

Services

0.1%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

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

United

States

75,000

75,018

Machinery

0.2%

b

ESAB

Corp.

,

Senior

Note

,

144A,

5.625

%

,

4/01/31

...........

United

States

85,000

85,808

b

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

65,000

65,484

151,292

Media

0.8%

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

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

United

States

170,000

178,025

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note,

144A,

5.75%,

8/01/28

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

United

States

68,000

67,287

Senior

Secured

Note,

144A,

7.375%,

9/01/31

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

United

States

92,000

93,979

b

Nexstar

Media,

Inc.

,

d

Senior

Note,

144A,

7.25%,

4/15/34

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

United

States

85,000

85,343

Senior

Secured

Note,

144A,

6.5%,

9/15/33

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

United

States

80,000

80,658

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Secured

Note

,

144A,

7.375

%

,

2/15/31

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

United

States

44,000

45,904

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

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

United

States

160,000

162,800

713,996

Metals

&

Mining

0.4%

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

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

United

States

55,000

53,284

Senior

Note,

144A,

7.625%,

1/15/34

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

United

States

30,000

29,338

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

158,000

146,250

b

Novelis

Corp.

,

Senior

Note

,

144A,

6.875

%

,

1/30/30

..........

United

States

113,000

114,068

342,940

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

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

United

States

110,000

111,758

Oil,

Gas

&

Consumable

Fuels

3.4%

b

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6

%

,

6/13/28

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

Norway

150,000

153,059

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375

%

,

3/01/30

..

United

States

145,000

145,810

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

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

United

States

105,000

109,858

Energy

Transfer

LP

,

Senior

Bond

,

5.25

%

,

4/15/29

...........

United

States

270,000

275,056

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

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

United

States

35,000

$

35,245

Senior

Note,

144A,

4.25%,

2/15/30

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

United

States

155,000

149,022

Senior

Note,

144A,

5.5%,

10/15/30

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

United

States

51,000

50,621

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

6.875

%

,

5/15/34

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

United

States

255,000

249,637

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

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

Kazakhstan

280,000

283,438

Kinder

Morgan,

Inc.

,

Senior

Note

,

5

%

,

2/01/29

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

United

States

165,000

167,514

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

265,000

266,130

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

200,000

200,665

b

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

200,000

111,000

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

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

Canada

135,000

135,909

b

Sunoco

LP

,

Senior

Note,

144A,

6.25%,

7/01/33

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

United

States

116,000

116,598

Senior

Note,

144A,

5.625%,

7/15/34

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

United

States

20,000

19,708

Targa

Resources

Corp.

,

Senior

Note,

6.15%,

3/01/29

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

United

States

130,000

135,463

Senior

Note,

4.35%,

4/15/31

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

United

States

50,000

48,963

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

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

United

States

125,000

122,315

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

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

United

States

260,000

270,529

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

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

United

States

15,000

16,821

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

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

United

States

40,000

42,392

Senior

Secured

Note,

144A,

7.5%,

5/01/33

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

United

States

15,000

16,497

Senior

Secured

Note,

144A,

6.5%,

1/15/34

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

United

States

25,000

26,077

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

......

United

States

16,000

16,134

3,164,461

Paper

&

Forest

Products

0.1%

b

Magnera

Corp.

,

Senior

Secured

Note

,

144A,

4.75

%

,

11/15/29

..

United

States

130,000

117,497

Passenger

Airlines

0.3%

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

110,000

113,627

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

147,000

144,322

257,949

Personal

Care

Products

0.3%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

250,000

243,314

Pharmaceuticals

1.2%

Novartis

Capital

Corp.

,

Senior

Note,

4.1%,

11/05/30

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

United

States

215,000

212,672

Senior

Note,

4.4%,

3/18/31

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

United

States

170,000

170,001

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

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

United

States

285,000

301,548

Royalty

Pharma

plc

,

Senior

Note

,

4.45

%

,

3/25/31

...........

United

States

160,000

158,077

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

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

Israel

249,000

278,673

1,120,971

Professional

Services

0.1%

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

100,000

101,862

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)

Semiconductors

&

Semiconductor

Equipment

0.3%

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9

%

,

1/25/30

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

United

States

200,000

$

207,083

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

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

United

States

20,000

20,248

Senior

Secured

Note,

144A,

5.75%,

8/15/32

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

United

States

35,000

35,085

262,416

Software

0.5%

Oracle

Corp.

,

Senior

Note,

4.55%,

2/04/29

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

United

States

210,000

207,387

Senior

Note,

4.45%,

9/26/30

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

United

States

60,000

57,836

Senior

Note,

4.95%,

2/04/31

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

United

States

115,000

112,560

Salesforce,

Inc.

,

Senior

Note

,

4.5

%

,

3/15/28

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

United

States

120,000

120,072

497,855

Specialized

REITs

0.3%

American

Tower

Corp.

,

Senior

Note

,

2.75

%

,

1/15/27

.........

United

States

275,000

271,571

Specialty

Retail

0.3%

b

Dick's

Sporting

Goods,

Inc.

,

Senior

Note

,

144A,

4

%

,

10/01/29

..

United

States

245,000

238,491

Technology

Hardware,

Storage

&

Peripherals

0.2%

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

5.875%,

7/15/30

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

United

States

95,000

96,625

Senior

Note,

144A,

9.625%,

12/01/32

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

United

States

92,000

102,330

198,955

Textiles,

Apparel

&

Luxury

Goods

0.5%

b

Beach

Acquisition

Bidco

LLC

,

e

Senior

Note,

144A,

PIK,

10%,

7/15/33

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

United

States

210,809

219,884

Senior

Secured

Note,

144A,

5.25%,

7/15/32

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

United

States

100,000

EUR

111,139

b

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/31

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

United

States

170,000

153,136

484,159

Tobacco

0.4%

BAT

Capital

Corp.

,

Senior

Bond,

4.906%,

4/02/30

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

United

Kingdom

35,000

35,387

Senior

Note,

6.343%,

8/02/30

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

United

Kingdom

95,000

101,438

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

..

United

States

270,000

275,564

412,389

Trading

Companies

&

Distributors

0.7%

Air

Lease

Corp.

,

Senior

Note

,

5.85

%

,

12/15/27

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

United

States

300,000

306,364

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

United

States

135,000

137,210

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

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

United

States

95,000

98,247

Secured

Note,

144A,

8.625%,

5/15/32

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

United

States

20,000

20,900

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

35,000

35,595

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

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

United

States

130,000

132,713

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4

%

,

7/15/30

..

United

States

51,000

48,480

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/33

.

United

States

30,000

30,589

810,098

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

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

1.1%

T-Mobile

USA,

Inc.

,

Senior

Note,

2.05%,

2/15/28

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

United

States

145,000

$

139,136

Senior

Note,

3.375%,

4/15/29

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

United

States

545,000

528,294

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25

%

,

1/31/31

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

United

Kingdom

135,000

EUR

137,966

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

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

United

Kingdom

200,000

210,118

1,015,514

Total

Corporate

Bonds

(Cost

$

30,298,200)

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

30,325,737

Senior

Floating

Rate

Interests

5.0%

f

Aerospace

&

Defense

0.2%

TransDigm

,

Inc.,

First

Lien,

CME

Term

Loan,

J,

6.168%,

(1-month

SOFR

+

2.5%),

2/28/31

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

United

States

83,304

83,409

TransDigm

,

Inc.,

First

Lien,

CME

Term

Loan,

N,

6.16%,

(3-month

SOFR

+

2.5%),

2/14/33

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

United

States

45,349

45,423

128,832

a

a

a

a

a

a

Air

Freight

&

Logistics

0.1%

f

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

6.7%,

(3-month

SOFR

+

3%),

3/18/30

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

United

States

55,925

55,927

Automobile

Components

0.0%

†

f

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan,

6.423%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

35,298

35,253

Biotechnology

0.1%

d,f

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.174%,

(12-month

SOFR

+

1.75%),

1/28/33

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

United

States

40,896

40,845

Broadline

Retail

0.1%

f

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

5.95%,

(3-month

SOFR

+

2.25%),

9/29/32

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

Netherlands

59,438

59,002

f

Building

Products

0.3%

Advanced

Drainage

Systems,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.241%,

(12-month

SOFR

+

1.75%),

2/11/33

........

United

States

46,222

46,497

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.122%,

(6-month

SOFR

+

2.25%),

8/04/31

.

United

States

113,541

113,482

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

5.918%,

(1-month

SOFR

+

2.25%),

3/19/29

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

United

States

117,301

117,334

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan,

6.668%,

(1-month

SOFR

+

3%),

3/30/29

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

United

States

14,540

14,552

291,865

a

a

a

a

a

a

f

Chemicals

0.2%

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.417%,

(3-month

SOFR

+

3.75%),

4/06/29

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

United

States

128,992

124,451

d

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan,

6.918%,

(1-month

SOFR

+

3.25%),

2/18/30

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

Luxembourg

60,000

52,613

177,064

a

a

a

a

a

a

f

Commercial

Services

&

Supplies

0.3%

Clean

Harbors,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.168%,

(1-month

SOFR

+

1.5%),

10/11/32

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

United

States

44,705

45,080

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)

f

Commercial

Services

&

Supplies

(continued)

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.423%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

103,008

$

103,169

Garda

World

Security

Corp.,

First

Lien,

Fifteenth

Additional

CME

Term

Loan,

6.422%,

(3-month

SOFR

+

2.75%),

2/01/29

.....

Canada

107,463

106,926

PG

Polaris

BidCo

SARL,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan,

5.95%,

(3-month

SOFR

+

2.25%),

3/26/31

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

Luxembourg

49,377

49,452

304,627

a

a

a

a

a

a

f

Containers

&

Packaging

0.1%

Graham

Packaging

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.918%,

(1-month

SOFR

+

2.25%),

1/26/33

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

United

States

16,741

16,598

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.668%,

(1-month

SOFR

+

3%),

9/30/32

.........

United

States

64,132

63,598

80,196

a

a

a

a

a

a

Distributors

0.0%

†

f

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

7.672%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

19,506

19,005

Electrical

Equipment

0.1%

f

Pinnacle

Buyer

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.161%,

(3-month

SOFR

+

2.5%),

10/01/32

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

United

States

37,895

37,984

f

Entertainment

0.1%

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3,

6.418%,

(1-month

SOFR

+

2.75%),

3/01/28

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

France

44,418

44,571

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.537%,

(1-month

SOFR

+

2.75%),

3/13/28

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

United

States

98,958

93,361

137,932

a

a

a

a

a

a

Financial

Services

0.1%

f

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.2%,

(3-month

SOFR

+

3.5%),

8/16/32

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

United

States

119,284

117,793

Food

Products

0.1%

f

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

5.877%,

(6-month

SOFR

+

2.25%),

9/30/32

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

United

States

129,675

127,415

Ground

Transportation

0.1%

f

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.422%,

(3-month

SOFR

+

1.75%),

4/10/31

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

United

States

78,800

78,513

f

Health

Care

Equipment

&

Supplies

0.1%

Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

1/15/31

.........

United

States

124,094

124,521

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

19,636

19,687

144,208

a

a

a

a

a

a

f

Health

Care

Providers

&

Services

0.2%

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.172%,

(3-month

SOFR

+

4.5%),

4/16/32

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

United

States

59,850

49,675

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.168%,

(1-month

SOFR

+

2.5%),

2/21/31

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

United

States

117,609

117,793

167,468

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)

f

Hotels,

Restaurants

&

Leisure

0.4%

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

5.918%,

(1-month

SOFR

+

2.25%),

2/06/31

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

United

States

132,300

$

128,827

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.918%,

(1-month

SOFR

+

3.25%),

1/29/29

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

United

States

18,730

18,402

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.422%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

63,538

62,997

IRB

Holding

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan,

B,

6.176%,

(1-month

SOFR

+

2.5%),

12/16/30

.......

United

States

151,885

151,695

361,921

a

a

a

a

a

a

Household

Durables

0.1%

f

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.7%,

(3-month

SOFR

+

3%),

1/16/32

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

Netherlands

106,899

106,576

Insurance

0.1%

f

CRC

Insurance

Group

LLC,

First

Lien,

CME

Term

Loan,

B,

6.422%,

(3-month

SOFR

+

2.75%),

5/06/31

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

United

States

130,000

128,497

IT

Services

0.1%

f

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3,

6.2%,

(3-month

SOFR

+

2.5%),

2/03/31

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

United

States

48,788

48,140

f

Machinery

0.3%

Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

7

CME

Term

Loan,

6.161%,

(3-month

SOFR

+

2.5%),

3/15/30

..........

United

States

211,299

211,431

Columbus

McKinnon

Corp.,

First

Lien,

Initial

CME

Term

Loan,

7.2%,

(3-month

SOFR

+

3.5%),

2/03/33

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

United

States

16,623

16,581

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1,

6.377%,

(6-month

SOFR

+

2.75%),

4/30/30

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

Germany

76,090

76,338

304,350

a

a

a

a

a

a

f

Media

0.2%

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.787%,

(1-month

SOFR

+

4%),

8/23/28

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

United

States

55,000

55,220

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.178%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

117,202

117,681

172,901

a

a

a

a

a

a

f

Oil,

Gas

&

Consumable

Fuels

0.3%

CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

12/31/32

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

United

States

153,344

152,793

Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.268%,

(1-month

SOFR

+

3.5%),

11/19/29

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

United

States

129,332

129,655

282,448

a

a

a

a

a

a

f

Passenger

Airlines

0.3%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan,

6.418%,

(3-month

SOFR

+

2.75%),

5/28/32

.....

United

States

9,925

9,852

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

5.918%,

(3-month

SOFR

+

2.25%),

4/20/28

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

United

States

203,868

202,339

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

6.45%,

(3-month

SOFR

+

2.75%),

2/14/31

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

Canada

98,000

95,463

307,654

a

a

a

a

a

a

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

Senior

Floating

Rate

Interests

(continued)

f

Pharmaceuticals

0.2%

Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

4/23/31

.....

United

States

109,171

$

108,761

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.181%,

(1-month

SOFR

+

2.5%),

12/04/31

.....

United

States

129,350

128,402

237,163

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.1%

f

Altar

Bidco

,

Inc.,

First

Lien,

CME

Term

Loan,

6.608%,

(12-month

SOFR

+

3.1%),

2/01/29

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

United

States

107,326

106,857

f

Software

0.5%

EverCommerce

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

5.923%,

(1-month

SOFR

+

2.25%),

7/07/31

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

United

States

129,323

126,197

Proofpoint,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

6.7%,

(3-month

SOFR

+

3%),

8/31/28

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

United

States

136,155

132,014

d

Tuple

US

Bidco

LLC,

First

Lien,

USD

CME

Term

Loan,

B1,

7.385%,

(6-month

SOFR

+

3.75%),

1/14/33

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

United

States

64,095

62,332

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.167%,

(3-month

SOFR

+

2.5%),

2/10/31

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

United

States

118,206

113,116

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.673%,

(1-month

SOFR

+

2%),

10/22/29

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

United

States

54,052

53,985

487,644

a

a

a

a

a

a

Specialty

Retail

0.2%

f

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

6.918%,

(1-month

SOFR

+

3.25%),

10/19/29

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

United

States

170,870

164,741

Trading

Companies

&

Distributors

0.0%

†

f

DXP

Enterprises,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.918%,

(1-month

SOFR

+

3.25%),

10/11/30

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

United

States

32,338

32,560

Water

Utilities

0.0%

†

f

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.421%,

(1-month

SOFR

+

2.75%),

10/01/32

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

United

States

25,855

25,984

Total

Senior

Floating

Rate

Interests

(Cost

$4,807,192)

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

4,771,365

Foreign

Government

and

Agency

Securities

9.5%

b

Angola

Government

Bond

,

Senior

Bond

,

144A,

8.75

%

,

4/14/32

.

Angola

220,000

213,910

b

Argentina

Provincia

de

Cordoba

,

Senior

Note

,

144A,

8.6

%

,

2/03/35

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

Argentina

60,000

57,375

b

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6

%

,

2/02/31

Armenia

200,000

178,096

b

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95

%

,

1/22/35

.

Benin

210,000

EUR

214,073

Brazil

Government

Bond

,

Senior

Bond

,

3.875

%

,

6/12/30

......

Brazil

590,000

563,686

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

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

Bulgaria

60,000

58,023

Senior

Note,

Reg

S,

3.625%,

9/05/32

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

Bulgaria

100,000

EUR

115,816

b

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95

%

,

7/07/32

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

Cameroon

190,000

EUR

189,947

Chile

Government

Bond

,

Senior

Note

,

4.85

%

,

1/22/29

........

Chile

200,000

202,650

Colombia

Government

Bond

,

Senior

Bond,

8%,

11/14/35

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

Colombia

273,000

286,388

Senior

Note,

4.5%,

11/26/30

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

Colombia

110,000

EUR

123,173

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

2/19/31

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

Costa

Rica

200,000

204,894

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

Foreign

Government

and

Agency

Securities

(continued)

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

6%,

7/19/28

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

Dominican

Republic

210,000

$

211,953

Senior

Bond,

Reg

S,

4.875%,

9/23/32

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

Dominican

Republic

230,000

212,497

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5

%

,

8/17/30

.

Mexico

280,000

281,820

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

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

Colombia

120,000

106,722

b

Egypt

Government

Bond

,

Senior

Note

,

144A,

8.625

%

,

2/04/30

.

Egypt

200,000

207,041

b

El

Salvador

Government

Bond

,

Senior

Bond,

144A,

7.65%,

6/15/35

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

El

Salvador

110,000

107,836

Senior

Bond,

Reg

S,

8.625%,

2/28/29

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

El

Salvador

100,000

104,399

b,g

Electricite

de

France

SA

,

Junior

Sub

.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

200,000

231,659

b

Gabon

Government

Bond

,

Senior

Bond

,

Reg

S,

6.625

%

,

2/06/31

Gabon

230,000

192,657

b

Ghana

Government

Bond

,

Senior

Bond

,

144A,

5

%

,

7/03/35

....

Ghana

100,000

85,543

b

Guatemala

Government

Bond

,

Senior

Bond

,

Reg

S,

6.6

%

,

6/13/36

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

Guatemala

420,000

442,050

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

200,000

200,720

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

....

Iraq

165,000

160,728

b

Istanbul

Metropolitan

Municipality

,

Senior

Note

,

Reg

S,

10.5

%

,

12/06/28

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

Turkiye

200,000

214,128

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

4.875

%

,

1/30/32

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

Ivory

Coast

300,000

EUR

324,037

b

Jordan

Government

Bond

,

Senior

Note

,

Reg

S,

7.5

%

,

1/13/29

..

Jordan

200,000

205,645

Mexico

Government

Bond

,

Senior

Bond

,

2.659

%

,

5/24/31

.....

Mexico

200,000

177,030

b

Nigeria

Government

Bond

,

Senior

Bond

,

144A,

8.631

%

,

1/13/36

Nigeria

200,000

208,526

b

North

Macedonia

Government

Bond

,

Senior

Note

,

144A,

4.75

%

,

1/21/34

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

North

Macedonia

140,000

EUR

153,809

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849

%

,

6/28/33

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

Paraguay

470,000

436,278

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

260,000

237,536

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

103,000

100,890

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

250,000

241,752

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

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

Romania

270,000

EUR

300,641

Senior

Note,

144A,

3%,

2/27/27

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

Romania

280,000

274,777

b

Serbia

Government

Bond

,

Senior

Note

,

Reg

S,

6.25

%

,

5/26/28

.

Serbia

260,000

265,522

South

Africa

Government

Bond

,

Senior

Bond

,

5.875

%

,

4/20/32

.

South

Africa

200,000

199,416

b

Suriname

Government

Bond

,

Senior

Bond

,

144A,

8.5

%

,

11/06/35

Suriname

200,000

206,371

Turkiye

Government

Bond

,

Senior

Note,

9.125%,

7/13/30

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

Turkiye

400,000

436,942

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9

%

,

2/28/32

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

Uzbekistan

200,000

209,058

Total

Foreign

Government

and

Agency

Securities

(Cost

$8,896,751)

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

9,146,014

U.S.

Government

and

Agency

Securities

0.1%

h

U.S.

Treasury

Notes

,

0.625

%,

11/30/27

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

United

States

133,000

126,179

Total

U.S.

Government

and

Agency

Securities

(Cost

$126,179)

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

126,179

Asset-Backed

Securities

2.4%

Financial

Services

2.4%

b,f

Black

Diamond

CLO

Ltd.

,

2024-1A

,

D1

,

144A,

FRN

,

8.118

%

,

(

3-month

SOFR

+

4.45

%

),

10/25/37

.

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

Jersey

260,000

260,537

b

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18

%

,

9/27/55

.

...

United

States

108,000

104,975

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265

%

,

7/25/55

.

.........

United

States

121,039

121,015

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

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

f

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.153

%

,

(

1-month

SOFR

+

0.474

%

),

5/25/36

.

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

United

States

504,940

$

101,987

b

Lendbuzz

Securitization

Trust

,

2026-1A,

C,

144A,

5.74%,

9/15/31

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

United

States

49,107

49,288

2026-1A,

D,

144A,

6.86%,

2/15/33

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

United

States

73,661

74,293

b

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

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

United

States

153,000

128,727

b

PK

Alift

Loan

Funding

7

LP

,

2025-2

,

A

,

144A,

4.75

%

,

3/15/43

.

..

United

States

235,871

235,052

b

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968

%

,

2/25/56

.

.........

United

States

379,063

376,240

b

SF

ABS

Issuer

LLC

,

2025-1A

,

A2

,

144A,

5.377

%

,

11/25/55

.

....

United

States

208,000

203,961

b

Stack

Infrastructure

Issuer

LLC

,

2026-1A

,

A2

,

144A,

5

%

,

3/27/56

.

United

States

216,000

208,282

b

VCAT

LLC

,

2026-NPL1

,

A1

,

144A,

5.101

%

,

1/25/56

.

.........

United

States

94,318

93,861

f

WaMu

Asset-Backed

Certificates

Trust

,

2006-HE2,

A3,

FRN,

4.093%,

(1-month

SOFR

+

0.414%),

5/25/36

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

United

States

321,633

254,484

2007-HE4,

1A,

FRN,

3.963%,

(1-month

SOFR

+

0.284%),

7/25/47

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

United

States

97,428

74,324

2,287,026

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$2,473,137)

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

2,287,026

Commercial

Mortgage-Backed

Securities

8.0%

Financial

Services

8.0%

i

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.192

%

,

9/15/48

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

United

States

106,768

105,734

BANK

,

b

2018-BN11,

D,

144A,

3%,

3/15/61

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

United

States

80,000

67,726

i,j

2024-BNK48,

XA,

IO,

FRN,

1.144%,

10/15/57

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

United

States

2,661,980

205,454

i,j

BANK5

Trust

,

2024-5YR10,

XA,

IO,

FRN,

1.188%,

10/15/57

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

United

States

4,131,004

148,976

2024-5YR12,

XA,

IO,

FRN,

0.497%,

12/15/57

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

United

States

4,354,488

72,466

b,i

Barclays

Commercial

Mortgage

Trust

,

2019-C5,

F,

144A,

FRN,

2.552%,

11/15/52

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

United

States

336,000

210,887

j

2019-C5,

XF,

IO,

144A,

FRN,

1.25%,

11/15/52

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

United

States

1,000,000

38,133

i,j

BBCMS

Mortgage

Trust

,

2022-C14,

XA,

IO,

FRN,

0.682%,

2/15/55

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

United

States

2,884,147

86,345

2024-5C29,

XA,

IO,

FRN,

1.598%,

9/15/57

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

United

States

4,813,599

229,182

2024-C26,

XA,

IO,

FRN,

1.013%,

5/15/57

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

United

States

1,588,677

108,023

Benchmark

Mortgage

Trust

,

b

2018-B1,

D,

144A,

2.75%,

1/15/51

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

United

States

284,000

111,722

i

2018-B6,

B,

FRN,

4.586%,

10/10/51

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

United

States

103,000

97,927

i,j

2024-V10,

XA,

IO,

FRN,

1.305%,

9/15/57

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

United

States

3,820,593

148,896

i,j

2024-V11,

XA,

IO,

FRN,

0.56%,

11/15/57

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

United

States

6,573,707

122,338

2026-V21,

AS,

5.506%,

3/15/31

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

United

States

213,000

215,682

i,j

2026-V21,

XA,

IO,

FRN,

1.648%,

11/15/30

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

United

States

1,065,000

67,159

i,j

BMO

Mortgage

Trust

,

2024-5C6

,

XA

,

IO,

FRN

,

1.353

%

,

9/15/57

United

States

3,409,301

132,578

b,i

BX

Trust

,

2025-ARIA

,

C

,

144A,

FRN

,

5.517

%

,

12/13/42

.......

United

States

200,000

199,615

i

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

243,000

222,901

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839

%

,

12/10/54

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

United

States

234,000

232,629

Citigroup

Commercial

Mortgage

Trust

,

b,i

2015-GC27,

D,

144A,

FRN,

4.379%,

2/10/48

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

United

States

218,328

213,740

i

2015-GC33,

C,

FRN,

4.336%,

9/10/58

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

United

States

115,000

100,251

2015-GC33,

D,

3.172%,

9/10/58

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

United

States

63,000

38,745

COMM

Mortgage

Trust

,

b,c,i

2012-CR3,

F,

144A,

FRN,

4.75%,

10/15/45

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

United

States

169,087

8,859

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

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

COMM

Mortgage

Trust,

(continued)

2012-CR4,

AM,

3.251%,

10/15/45

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

United

States

184,000

$

178,651

2013-CR12,

AM,

4.3%,

10/10/46

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

United

States

57,807

55,451

i

2014-CR14,

C,

FRN,

3.133%,

2/10/47

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

United

States

98,000

96,098

i

2014-CR16,

C,

FRN,

4.724%,

4/10/47

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

United

States

283,000

271,923

b,i

2014-CR17,

D,

144A,

FRN,

4.535%,

5/10/47

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

United

States

182,000

154,431

i

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

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

United

States

91,374

90,220

i

2015-CR22,

B,

FRN,

3.926%,

3/10/48

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

United

States

105,132

101,039

i

2015-CR27,

C,

FRN,

4.392%,

10/10/48

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

United

States

5,975

5,727

i

2015-DC1,

B,

FRN,

4.035%,

2/10/48

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

United

States

264,000

253,229

i

GS

Mortgage

Securities

Trust

,

b

2013-GC13,

AS,

144A,

FRN,

3.856%,

7/10/46

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

United

States

65,838

65,359

2014-GC24,

B,

FRN,

4.297%,

9/10/47

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

United

States

98,063

94,961

b,i

IRV

Trust

,

2025-200P

,

C

,

144A,

FRN

,

5.73

%

,

3/14/47

........

United

States

147,000

145,975

i

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b

2007-CB20,

E,

144A,

FRN,

9.049%,

2/12/51

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

United

States

6,339

8,957

2013-LC11,

D,

FRN,

3.607%,

4/15/46

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

United

States

27,124

204

i

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

D,

FRN,

3.859%,

7/15/45

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

United

States

140,000

133,269

b

2014-C18,

D,

144A,

FRN,

4.474%,

2/15/47

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

United

States

152,000

139,255

2014-C23,

B,

FRN,

4.537%,

9/15/47

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

United

States

98,910

97,856

i

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.755

%

,

6/15/51

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

United

States

123,000

113,044

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

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

United

States

240,000

237,816

b,i

MAD

Commercial

Mortgage

Trust

,

2025-11MD

,

D

,

144A,

FRN

,

5.935

%

,

10/15/42

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

United

States

140,000

142,398

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10,

B,

FRN,

3.951%,

7/15/46

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

United

States

176,224

167,533

b

2013-C10,

D,

144A,

FRN,

3.951%,

7/15/46

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

United

States

230,000

191,860

b

2013-C12,

D,

144A,

FRN,

4.601%,

10/15/46

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

United

States

123,000

117,682

2015-C22,

C,

FRN,

3.97%,

4/15/48

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

United

States

163,000

142,481

i

Morgan

Stanley

Capital

I

Trust

,

2016-UB11,

C,

FRN,

3.691%,

8/15/49

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

United

States

192,000

189,596

2018-H3,

C,

FRN,

4.858%,

7/15/51

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

United

States

125,000

119,764

i,j

Real

Estate

Asset

Liquidity

Trust

,

2024-RONA

,

X

,

IO,

FRN

,

1.051

%

,

12/12/41

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

Canada

5,289,678

CAD

103,010

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055

%

,

10/10/48

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

United

States

261,000

259,838

b,c

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

472,775

56

b,i

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.217

%

,

7/10/36

.........

United

States

99,000

98,684

b,i

VRTX

Trust

,

2025-HQ

,

C

,

144A,

FRN

,

5.921

%

,

8/05/42

.......

United

States

174,000

173,740

Wells

Fargo

Commercial

Mortgage

Trust

,

b,i

2013-LC12,

D,

144A,

FRN,

3.744%,

7/15/46

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

United

States

293,000

200,702

b

2014-LC16,

D,

144A,

3.938%,

8/15/50

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

United

States

229,590

27,778

2015-C31,

D,

3.852%,

11/15/48

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

United

States

74,000

67,142

b

2016-C33,

D,

144A,

3.123%,

3/15/59

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

United

States

99,059

96,892

i,j

2019-C52,

XA,

IO,

FRN,

1.563%,

8/15/52

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

United

States

1,760,647

71,378

b,i

WFRBS

Commercial

Mortgage

Trust

,

2013-C15

,

D

,

144A,

FRN

,

4.152

%

,

8/15/46

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

United

States

149,260

105,228

7,705,195

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$7,694,963)

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

7,705,195

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

Mortgage-Backed

Securities

60.6%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

54.3%

FNMA,

30

Year,

5%,

1/01/49

-

5/01/49

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

United

States

27,932

$

28,037

k

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/56

.....

United

States

1,000,000

840,937

k

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

4/25/56

.....

United

States

20,500,000

19,704,864

k

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/56

......

United

States

7,500,000

7,376,417

k

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

4/25/56

.....

United

States

22,000,000

22,132,717

k

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

4/25/56

......

United

States

1,000,000

1,019,484

k

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

4/25/56

.....

United

States

1,000,000

1,034,660

52,137,116

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

6.3%

GNMA

II,

Single-family,

30

Year,

3.5%,

10/20/49

-

11/20/49

....

United

States

40,524

36,764

GNMA

II,

Single-family,

30

Year,

5%,

5/20/49

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

United

States

30,274

30,334

k

GNMA

II,

Single-family,

30

Year,

5%,

4/15/56

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

United

States

3,000,000

2,971,610

GNMA

II,

Single-family,

30

Year,

5.5%,

5/20/49

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

United

States

11,979

12,304

k

GNMA

II,

Single-family,

30

Year,

5.5%,

4/15/56

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

United

States

3,000,000

3,019,575

6,070,587

Total

Mortgage-Backed

Securities

(Cost

$58,410,038)

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

58,207,703

Residential

Mortgage-Backed

Securities

6.4%

Financial

Services

6.4%

b

A&D

Mortgage

Trust

,

2023-NQM4,

A1,

144A,

7.472%,

9/25/68

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

United

States

221,198

223,144

2024-NQM1,

A1,

144A,

6.195%,

2/25/69

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

United

States

90,193

90,653

Alternative

Loan

Trust

,

f

2005-38,

A1,

FRN,

5.359%,

(12-month

average

of

1-year

CMT

+

1.5%),

9/25/35

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

United

States

172,238

162,177

f

2005-65CB,

2A1,

FRN,

4.218%,

(

1-month

SOFR

+

0.539%),

12/25/35

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

United

States

241,697

144,035

f

2006-OA10,

4A1,

FRN,

4.173%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

719,576

642,080

i

2006-OA7,

1A1,

FRN,

3.036%,

6/25/46

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

United

States

448,375

420,346

f

2006-OA7,

1A2,

FRN,

4.799%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

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

United

States

113,257

112,798

f

2007-OH1,

A1D,

FRN,

4.003%,

(1-month

SOFR

+

0.324%),

4/25/47

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

United

States

57,101

51,082

i

Bear

Stearns

ALT-A

Trust

,

2005-8

,

21A1

,

FRN

,

4.902

%

,

10/25/35

United

States

96,551

80,470

b,f

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

3.973

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

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

United

States

82,705

73,205

b,f

FHLMC

STACR

REMIC

Trust

,

2020-DNA3,

B2,

144A,

FRN,

13.126%,

(

30-day

SOFR

Average

+

9.464%),

6/25/50

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

United

States

237,000

304,951

2020-DNA4,

B2,

144A,

FRN,

13.776%,

(30-day

SOFR

Average

+

10.114%),

8/25/50

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

United

States

135,000

178,531

b,f

FHLMC

STACR

Trust

,

2018-DNA3,

B2,

144A,

FRN,

11.526%,

(

30-day

SOFR

Average

+

7.864%),

9/25/48

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

United

States

389,000

443,050

2018-HQA2,

B2,

144A,

FRN,

14.776%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

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

United

States

333,000

404,852

i

First

Horizon

Alternative

Mortgage

Securities

Trust

,

2006-AA6

,

2A1

,

FRN

,

4.919

%

,

11/25/36

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

United

States

191,798

129,692

f

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C03,

1B,

FRN,

15.526%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

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

United

States

492,452

495,951

2016-C05,

2B,

FRN,

14.526%,

(30-day

SOFR

Average

+

10.864%),

1/25/29

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

United

States

88,261

90,761

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

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

f

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2020-R01,

1B1,

144A,

FRN,

7.026%,

(30-day

SOFR

Average

+

3.364%),

1/25/40

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

United

States

155,000

$

157,168

b

2020-SBT1,

1B1,

144A,

FRN,

10.526%,

(30-day

SOFR

Average

+

6.864%),

2/25/40

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

United

States

500,000

521,466

b

2020-SBT1,

1M2,

144A,

FRN,

7.426%,

(30-day

SOFR

Average

+

3.764%),

2/25/40

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

United

States

276,000

282,331

b

2022-R02,

2B1,

144A,

FRN,

8.162%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

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

United

States

148,000

151,879

b

2026-R01,

2M2,

144A,

FRN,

5.012%,

(30-day

SOFR

Average

+

1.35%),

1/25/46

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

United

States

98,000

98,154

f

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.103

%

,

(

1-month

SOFR

+

0.424

%

),

5/25/37

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

United

States

107,680

59,703

f

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.311

%

,

(

1-month

SOFR

+

0.634

%

),

5/19/35

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

United

States

168,353

43,783

b

MFA

Trust

,

2025-NQM3

,

A1

,

144A,

5.261

%

,

8/25/70

.........

United

States

91,934

91,901

b,f

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.264

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

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

United

States

109,702

105,135

f

MortgageIT

Trust

,

2005-3

,

M2

,

FRN

,

4.588

%

,

(

1-month

SOFR

+

0.909

%

),

8/25/35

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

United

States

18,371

18,053

b

PRET

LLC

,

2026-NPL1

,

A1

,

144A,

5.18

%

,

1/25/56

..........

United

States

98,429

97,705

b

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185

%

,

2/25/31

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

United

States

144,131

142,720

f

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1

,

2A1

,

FRN

,

4.153

%

,

(

1-month

SOFR

+

0.474

%

),

1/25/37

.........

United

States

152,892

139,428

b,i

Towd

Point

Mortgage

Trust

,

2019-2

,

A2

,

144A,

FRN

,

3.75

%

,

12/25/58

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

United

States

202,000

183,079

6,140,283

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$5,526,021)

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

6,140,283

Agency

Commercial

Mortgage-Backed

Securities

10.7%

Financial

Services

10.7%

j

FHLMC

,

304,

C37,

IO,

3.5%,

12/15/27

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

United

States

6,754

94

4000,

PI,

IO,

4.5%,

1/15/42

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

United

States

97,188

12,443

4077,

IK,

IO,

5%,

7/15/42

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

United

States

199,763

41,448

4105,

HI,

IO,

3.5%,

7/15/41

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

United

States

99,186

4,357

f

4839,

WS,

IO,

FRN,

2.313%,

(-1

x

30-day

SOFR

Average

+

5.986%),

8/15/56

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

United

States

1,496,083

203,080

f

4945,

SL,

IO,

FRN,

2.274%,

(-1

x

30-day

SOFR

Average

+

5.936%),

1/25/50

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

United

States

1,310,050

153,527

f

5002,

SJ,

IO,

FRN,

2.324%,

(-1

x

30-day

SOFR

Average

+

5.986%),

7/25/50

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

United

States

1,699,477

198,258

f

5011,

SA,

IO,

FRN,

2.474%,

(-1

x

30-day

SOFR

Average

+

6.136%),

9/25/50

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

United

States

1,771,964

221,675

5024,

HI,

IO,

4.5%,

10/25/50

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

United

States

1,818,003

428,080

5093,

YI,

IO,

4.5%,

12/25/50

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

United

States

1,296,943

305,841

5134,

IC,

IO,

4%,

8/25/51

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

United

States

2,360,721

463,949

5349,

IB,

IO,

4%,

12/15/46

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

United

States

1,280,224

267,758

b,f

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN3

,

M2

,

144A,

FRN

,

7.662

%

,

(

30-day

SOFR

Average

+

4

%

),

11/25/51

.

United

States

460,000

476,894

j

FNMA

,

f

2010-35,

SG,

IO,

FRN,

2.624%,

(-1

x

30-day

SOFR

Average

+

6.286%),

4/25/40

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

United

States

173,740

18,806

2012-127,

BI,

IO,

4.5%,

11/25/42

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

United

States

80,216

16,207

2015-30,

IO,

5.5%,

5/25/45

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

United

States

542,028

70,009

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)

j

FNMA,

(continued)

f

2015-42,

LS,

IO,

FRN,

2.424%,

(-1

x

30-day

SOFR

Average

+

6.086%),

6/25/45

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

United

States

758,090

$

55,954

2016-3,

NI,

IO,

6%,

2/25/46

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

United

States

343,084

47,232

f

2017-32,

SA,

IO,

FRN,

2.374%,

(-1

x

30-day

SOFR

Average

+

6.036%),

5/25/47

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

United

States

1,991,718

214,184

f

2018-20,

SB,

IO,

FRN,

2.474%,

(-1

x

30-day

SOFR

Average

+

6.136%),

3/25/48

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

United

States

966,468

89,518

f

2018-38,

SA,

IO,

FRN,

2.424%,

(-1

x

30-day

SOFR

Average

+

6.086%),

6/25/48

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

United

States

1,323,992

154,011

f

2019-43,

JS,

IO,

FRN,

2.274%,

(-1

x

30-day

SOFR

Average

+

5.936%),

8/25/49

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

United

States

869,263

85,307

2020-76,

BI,

IO,

4.5%,

11/25/50

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

United

States

1,684,452

383,445

374,

6,

IO,

5.5%,

8/25/36

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

United

States

32,952

5,260

378,

19,

IO,

5%,

Strip,

6/25/35

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

United

States

85,341

11,258

b,f

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.026%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

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

United

States

251,310

255,401

2020-01,

M10,

144A,

FRN,

7.526%,

(

30-day

SOFR

Average

+

3.864%),

3/25/50

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

United

States

462,602

470,527

j

GNMA

,

2012-128,

IA,

IO,

3.5%,

10/20/42

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

United

States

607,466

96,773

2012-140,

IC,

IO,

3.5%,

11/20/42

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

United

States

519,312

82,937

2012-146,

IO,

5%,

12/20/42

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

United

States

331,459

68,650

2013-34,

IH,

IO,

4.5%,

3/20/43

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

United

States

483,092

88,539

i

2013-H08,

CI,

IO,

FRN,

1.526%,

2/20/63

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

United

States

447,356

15,216

f

2014-119,

SA,

IO,

FRN,

1.81%,

(-1

x

1-month

SOFR

+

5.486%),

8/20/44

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

United

States

440,783

40,924

f

2014-60,

SD,

IO,

FRN,

2.39%,

(-1

x

1-month

SOFR

+

6.066%),

4/20/44

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

United

States

1,036,111

122,383

2014-76,

IO,

5%,

5/20/44

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

United

States

196,952

39,997

i

2014-H21,

BI,

IO,

FRN,

1.578%,

10/20/64

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

United

States

465,463

12,604

2015-64,

YI,

IO,

4%,

11/20/44

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

United

States

259,898

37,249

2015-79,

GI,

IO,

5%,

10/20/39

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

United

States

132,434

26,617

i

2015-H10,

BI,

IO,

FRN,

2.734%,

4/20/65

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

United

States

386,195

18,077

i

2015-H23,

BI,

IO,

FRN,

1.803%,

9/20/65

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

United

States

453,669

12,090

i

2015-H25,

AI,

IO,

FRN,

1.711%,

9/20/65

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

United

States

663,247

13,074

i

2015-H25,

EI,

IO,

FRN,

1.914%,

10/20/65

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

United

States

180,812

7,243

2016-42,

IO,

5%,

2/20/46

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

United

States

348,503

67,221

i

2016-H03,

AI,

IO,

FRN,

1.957%,

1/20/66

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

United

States

406,113

17,073

i

2016-H03,

DI,

IO,

FRN,

1.878%,

12/20/65

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

United

States

234,304

7,167

i

2016-H06,

DI,

IO,

FRN,

2.222%,

7/20/65

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

United

States

535,667

19,739

i

2016-H09,

BI,

IO,

FRN,

2.6%,

4/20/66

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

United

States

673,602

26,239

i

2016-H10,

AI,

IO,

FRN,

1.762%,

4/20/66

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

United

States

734,156

21,053

i

2016-H22,

AI,

IO,

FRN,

2.735%,

10/20/66

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

United

States

424,401

22,315

i

2016-H23,

NI,

IO,

FRN,

2.729%,

10/20/66

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

United

States

1,407,134

69,351

i

2016-H24,

CI,

IO,

FRN,

1.702%,

10/20/66

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

United

States

338,990

8,923

i

2016-H24,

JI,

IO,

FRN,

2.701%,

11/20/66

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

United

States

532,767

34,151

2017-26,

MI,

IO,

5%,

11/20/39

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

United

States

631,879

116,055

2017-42,

IC,

IO,

4.5%,

8/20/41

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

United

States

268,920

51,776

i

2017-H02,

BI,

IO,

FRN,

2.293%,

1/20/67

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

United

States

432,384

16,460

i

2017-H06,

BI,

IO,

FRN,

2.405%,

2/20/67

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

United

States

478,861

17,052

i

2017-H08,

NI,

IO,

FRN,

1.92%,

3/20/67

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

United

States

692,181

25,146

i

2017-H09,

IO,

FRN,

1.86%,

4/20/67

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

United

States

849,203

24,745

i

2017-H10,

MI,

IO,

FRN,

1.785%,

4/20/67

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

United

States

1,033,852

28,361

i

2017-H11,

DI,

IO,

FRN,

2.06%,

5/20/67

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

United

States

554,701

26,252

i

2017-H12,

QI,

IO,

FRN,

2.263%,

5/20/67

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

United

States

567,904

21,922

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

GNMA,

(continued)

i

2017-H16,

IG,

IO,

FRN,

1.793%,

7/20/67

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

United

States

812,926

$

20,487

i

2017-H16,

JI,

IO,

FRN,

2.276%,

8/20/67

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

United

States

1,034,053

42,509

2018-127,

IC,

IO,

5%,

10/20/44

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

United

States

648,061

125,928

f

2018-139,

SA,

IO,

FRN,

2.36%,

(-1

x

1-month

SOFR

+

6.036%),

10/20/48

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

United

States

838,910

104,068

2018-94,

AI,

IO,

4.5%,

7/20/48

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

United

States

851,673

174,896

i

2018-H05,

BI,

IO,

FRN,

1.736%,

2/20/68

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

United

States

1,028,850

42,873

f

2019-152,

ES,

IO,

FRN,

2.26%,

(-1

x

1-month

SOFR

+

5.936%),

12/20/49

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

United

States

738,846

83,621

f

2019-83,

SY,

IO,

FRN,

2.31%,

(-1

x

1-month

SOFR

+

5.986%),

7/20/49

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

United

States

1,240,617

145,503

f

2019-89,

PS,

IO,

FRN,

2.31%,

(-1

x

1-month

SOFR

+

5.986%),

7/20/49

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

United

States

1,724,854

201,787

f

2019-96,

SY,

IO,

FRN,

2.31%,

(-1

x

1-month

SOFR

+

5.986%),

8/20/49

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

United

States

2,909,421

348,800

2020-167,

PI,

IO,

3.5%,

11/20/50

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

United

States

2,163,616

495,489

f

2020-63,

AS,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

8/20/43

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

United

States

1,428,958

160,625

f

2020-63,

PS,

IO,

FRN,

2.31%,

(-1

x

1-month

SOFR

+

5.986%),

4/20/50

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

United

States

1,783,596

222,891

f

2020-97,

QS,

IO,

FRN,

2.36%,

(-1

x

1-month

SOFR

+

6.036%),

7/20/50

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

United

States

1,802,523

241,541

f

2021-116,

ES,

IO,

FRN,

2.413%,

(-1

x

1-month

SOFR

+

6.086%),

11/20/47

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

United

States

2,161,549

237,982

2021-156,

IO,

3.5%,

7/20/51

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

United

States

2,606,050

492,624

2021-59,

IP,

IO,

3%,

4/20/51

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

United

States

2,309,740

388,427

f

2021-59,

SQ,

IO,

FRN,

2.51%,

(-1

x

1-month

SOFR

+

6.186%),

4/20/51

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

United

States

1,501,171

192,211

f

2021-77,

SM,

IO,

FRN,

2.51%,

(-1

x

1-month

SOFR

+

6.186%),

5/20/51

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

United

States

1,972,159

262,998

f

2021-98,

SK,

IO,

FRN,

2.51%,

(-1

x

1-month

SOFR

+

6.186%),

6/20/51

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

United

States

1,364,726

182,585

i

2024-32,

IO,

FRN,

0.7%,

6/16/63

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

United

States

3,092,335

158,420

10,284,162

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$10,349,067)

.......

10,284,162

Total

Long

Term

Investments

(Cost

$131,254,356)

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

131,811,901

a

Short

Term

Investments

20.6%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.3%

a,l

U.S.

Treasury

Bills

,

3.47%,

4/23/26

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

United

States

100,000

99,778

3.58%,

7/16/26

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

United

States

200,000

197,893

297,671

Total

U.S.

Government

and

Agency

Securities

(Cost

$297,704)

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

297,671

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

20.3%

m,n

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

.......

United

States

19,484,020

$

19,484,020

Total

Management

Investment

Companies

(Cost

$19,484,020)

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

19,484,020

Total

Short

Term

Investments

(Cost

$19,781,724

)

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

19,781,691

a

Total

Investments

(Cost

$151,036,080)

157.8%

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

$151,593,592

TBA

Sale

Commitments

(42.0)%

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

(40,392,589)

Other

Assets,

less

Liabilities

(15.8)%

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

(15,120,502)

Net

Assets

100.0%

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

$96,080,501

a

a

a

Principal

Amount

*

o

TBA

Sale

Commitments

(42.0)%

Mortgage-Backed

Securities

(42.0)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(42.0)%

Uniform

Mortgage-Backed

Securities

,

4.5%,

TBA,

4/25/56

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

United

States

(13,500,000)

(12,948,184)

5%,

TBA,

4/25/56

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

United

States

(10,500,000)

(10,335,499)

5.5%,

TBA,

4/25/56

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

United

States

(17,000,000)

(17,108,906)

(40,392,589)

Total

TBA

Sale

Commitments

(Proceeds

$(40,564,395))

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

$(40,392,589)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

The

rate

shown

represents

the

yield

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$35,386,559,

representing

36.8%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

Perpetual

security

with

no

stated

maturity

date.

h

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

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

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

and

TBA

securities.

At

March

31,

2026,

the

aggregate

value

of

these

securi-

ties

pledged

amounted

to

$253,145,

representing

0.3%

of

net

assets.

m

See

Note

4

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.

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

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

Euro-

Bobl

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

Short

12

$

1,601,037

6/08/26

$

23,282

U.S.

Treasury

10

Year

Ultra

Notes

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

Short

11

1,248,672

6/18/26

28,170

U.S.

Treasury

2

Year

Notes

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

Short

41

8,505,258

6/30/26

62,082

Total

Futures

Contracts

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

$113,534

*

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

Sell

61,500

41,101

4/15/26

$

—

$

(1,324)

Australian

Dollar

....

HSBK

Sell

147,700

98,683

4/15/26

—

(3,206)

Australian

Dollar

....

JPHQ

Sell

482,800

322,588

4/15/26

—

(10,464)

Australian

Dollar

....

MSCO

Buy

23,400

16,433

4/15/26

—

(291)

Australian

Dollar

....

MSCO

Sell

775,200

517,947

4/15/26

—

(16,813)

Australian

Dollar

....

UBSW

Sell

17,200

11,491

4/15/26

—

(

374)

Australian

Dollar

....

WPAC

Sell

8,000

5,345

4/15/26

—

(174)

Canadian

Dollar

....

BZWS

Sell

67,700

48,867

4/15/26

172

—

Canadian

Dollar

....

GSCO

Sell

5,900

4,259

4/15/26

15

—

Canadian

Dollar

....

HSBK

Sell

166,200

121,766

4/15/26

2,223

—

Canadian

Dollar

....

JPHQ

Sell

157,000

113,305

4/15/26

379

—

Canadian

Dollar

....

TDOM

Buy

200

146

4/15/26

—

(2)

Canadian

Dollar

....

TDOM

Sell

708,000

510,859

4/15/26

1,616

—

Canadian

Dollar

....

UBSW

Sell

13,900

10,032

4/15/26

35

—

New

Zealand

Dollar

.

BOFA

Sell

14,000

8,048

4/15/26

—

(1)

New

Zealand

Dollar

.

MSCO

Sell

745,600

428,594

4/15/26

—

(55)

New

Zealand

Dollar

.

UBSW

Sell

53,000

30,464

4/15/26

—

(6)

Japanese

Yen

......

BOFA

Buy

44,868,200

291,549

5/20/26

—

(7,626)

Japanese

Yen

......

GSCO

Buy

66,603,400

432,785

5/20/26

—

(11,323)

Japanese

Yen

......

HSBK

Buy

24,283,700

158,081

5/20/26

—

(4,415)

Japanese

Yen

......

JPHQ

Buy

38,176,700

248,059

5/20/26

—

(6,480)

Japanese

Yen

......

SSBT

Buy

51,952,400

337,574

5/20/26

—

(

8,823)

Japanese

Yen

......

TDOM

Buy

415,300

2,699

5/20/26

—

(71)

British

Pound

......

HSBK

Sell

299,200

397,051

6/17/26

1,122

—

Euro

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

BOFA

Sell

52,000

59,961

6/17/26

—

(355)

Euro

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

CITI

Sell

171,000

197,174

6/17/26

—

(1,172)

Euro

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

HSBK

Sell

2,428,800

2,800,370

6/17/26

—

(16,835)

Euro

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

MSCO

Buy

2,100

2,421

6/17/26

15

—

Euro

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

UBSW

Buy

114,200

132,092

6/17/26

370

—

Norwegian

Krone

...

MSCO

Sell

3,272,000

336,231

6/17/26

—

(1,466)

Swedish

Krona

.....

MSCO

Sell

3,895,300

417,761

6/17/26

4,687

—

Swiss

Franc

.......

TDOM

Buy

204,000

261,841

6/17/26

—

(4,558)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

At

March

31,

2026,

the

Fund

had

the

following forward

premium

swap

options 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)

Swiss

Franc

.......

UBSW

Buy

508,100

652,222

6/17/26

$

—

$

(11,411)

Total

Forward

Exchange

Contracts

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

$10,634

$(107,245)

Net

unrealized

appreciation

(depreciation)

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

$(96,611)

*

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

3.625%/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

3.625%

288,900

$

13,376

$

(6,698)

(4.125%)/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

4.125%

288,900

13,376

(4,146)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

1,218,400

59,580

(39,304)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

1,218,400

62,382

(45,319)

(2.765%)/3-month

EURIBOR/Mar-28/

(Purchased)

BOFA

3/19/27

/

2.765%

EUR

18,232,000

76,253

2,577

(3.565%)/3-month

EURIBOR/Mar-28/(Written)

BOFA

3/19/27

/

3.565%

EUR

18,232,000

(31,262)

(2,865)

(3.165%)/3-month

EURIBOR/Mar-28/(Written)

BOFA

3/19/27

/

3.165%

EUR

18,232,000

(47,104)

(3,837)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

137,100

17,096

(1,981)

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

137,100

17,096

(1,579)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

608,700

22,096

(20,483)

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

56,400

7,064

(1,309)

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

56,400

7,064

(809)

2.35%/1-day

SOFR/Mar-59/(Purchased)

GSCO

3/12/29

/

2.35%

1,735,300

101,168

(76,425)

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

2,121,400

131,589

(128,029)

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

2,121,400

131,589

354,771

(4.13%)/1-day

SOFR/Dec-57/(Purchased)

JPHQ

12/09/27

/

4.13%

600,000

47,010

(3,463)

4.13%/1-day

SOFR/Dec-57/(Purchased)

JPHQ

12/09/27

/

4.13%

600,000

47,010

(6,627)

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

3,171,600

62,952

(45,052)

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

3,171,600

79,286

(3,554)

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

1,311,400

50,150

(40,406)

(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

1,311,400

50,150

187,105

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

971,300

44,728

(18,359)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

971,300

42,932

(11,187)

(4.2%)/1-day

SOFR/Feb-39/(Purchased)

MCM

2/05/29

/

4.2%

1,160,000

51,620

102

4.2%/1-day

SOFR/Feb-39/(Purchased)

MCM

2/05/29

/

4.2%

1,160,000

51,620

4,351

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

81,200

9,736

480

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

81,200

9,736

(2,969)

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

867,000

69,115

29,965

(2.98%)/6-month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

303,600

31,695

9,474

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

714,100

25,850

(11,656)

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

1,703,900

90,377

130,417

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

1,703,900

90,377

(51,884)

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

March

31,

2026,

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

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

800,600

$

48,572

$

38,908

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

800,600

48,572

(25,802)

Unrealized

appreciation

758,150

Unrealized

(depreciation)

(553,743)

Total

$204,407

*

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

Buy

Protection

c

Traded

Index

iTraxx

Europe

Main

45

....

(1.00)%

Quarterly

6/20/31

3,780,000

EUR

$

(61,403)

$

(55,760)

$

(5,643)

Contracts

to

Sell

Protection

c,d

Traded

Index

CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

4,519,000

243,055

360,830

(117,775)

Non-

Investment

Grade

CDX.NA.HY.46

.

5.00%

Quarterly

6/20/31

2,880,000

132,096

132,096

—

Non-

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

4,350,000

76,535

69,030

7,505

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$390,283

$506,196

$(115,913)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

c

Traded

Index

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

556,000

306,362

225,598

80,764

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

202,000

111,304

11,494

99,810

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

81,000

31,846

30,476

1,370

CMBX.NA.BB.6

.

(5.00)%

Monthly

CITI

5/11/63

544,000

66,055

71,848

(5,793)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

296,000

35,942

34,290

1,652

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

91,000

36,285

39,403

(3,118)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

182,000

49,778

54,702

(4,924)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

329,000

89,985

106,386

(16,401)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

372,000

45,384

46,459

(1,075)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

124,000

24,170

22,506

1,664

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

248,000

51,594

51,997

(403)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

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.BBB-.13

..

(3.00)%

Monthly

JPHQ

12/16/72

321,000

$

66,781

$

62,180

$

4,601

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

95,000

5,985

17,795

(11,810)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

124,000

29,319

22,273

7,046

Contracts

to

Sell

Protection

c,d

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

264,000

(17,026)

(34,776)

17,750

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

111,000

(61,162)

(8,906)

(52,256)

Non-

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

81,000

(31,846)

(34,632)

2,786

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

719,000

(87,304)

(

125,015)

37,711

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

JPHQ

5/11/63

430,000

(52,213)

(221,364)

169,151

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

51,000

(6,193)

(5,703)

(490)

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

283,000

(34,363)

(50,378)

16,015

Non-

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

27,000

(4,948)

(6,138)

1,190

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

3,000

(550)

(

616)

66

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

16,000

(2,932)

(3,637)

705

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

95,000

(5,985)

(6,372)

387

Investment

Grade

Total

OTC

Swap

Contracts

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

$646,268

$299,870

$346,398

Total

Credit

Default

Swap

Contracts

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

$1,036,551

$

806,066

$230,485

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

Diversified

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

At

March

31,

2026,

the

Fund

had

the

following interest

rate 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

3.3%

.....

Annual

3/18/28

55,216,000

$

364,992

$

(44,342)

$

409,334

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.1%

.....

Quarterly

3/18/28

1,080,000

AUD

7,641

4,101

3,540

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.36%

....

Annual

3/18/28

2,745,000

EUR

26,889

(739)

27,628

Receive

Fixed

3.5%

...

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/17/28

9,383,000

(20,787)

(33,692)

12,905

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

6/17/28

948,000

GBP

(5,806)

(7,513)

1,707

Receive

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

3/18/31

60,670,000

(490,233)

(38,642)

(451,591)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.5%

.....

Semi-Annual

3/18/31

292,000

AUD

3,393

307

3,086

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.66%

....

Annual

3/18/31

261,000

EUR

2,858

(1,414)

4,272

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.55%

....

Annual

6/17/31

3,148,000

11,902

17,330

(5,428)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.75%

....

Annual

3/18/36

15,131,000

147,897

100,952

46,945

Receive

Fixed

3.01%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

3/18/36

698,000

EUR

(3,063)

21,164

(24,227)

Receive

Fixed

4.8%

...

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

3/18/36

4,357,000

AUD

(59,446)

818

(60,264)

Receive

Fixed

0.65%

..

Annual

Pay

Floating

1-day

SARON

..........

Annual

6/17/36

537,000

CHF

5,487

1,269

4,218

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

3.3%

.....

Semi-Annual

6/17/36

1,064,000

CAD

(3,094)

4,872

(7,966)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.8%

.....

Annual

6/17/36

8,638,000

59,519

85,833

(26,314)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Diversified

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

See

Abbreviations

on

page

255

.

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

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.4%

.....

Semi-Annual

6/17/36

1,623,000

NZD

$

(1,824)

$

1,470

$

(3,294)

Receive

Floating

3-month

STIBOR

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

Quarterly

Pay

Fixed

3%

......

Annual

6/17/36

715,000

SEK

718

603

115

Receive

Fixed

4.4%

...

Annual

Pay

Floating

1-day

SONIA

...........

Annual

6/17/36

84,000

GBP

(558)

(641)

83

Receive

Floating

6-month

NIBOR

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

Semi-Annual

Pay

Fixed

4.4%

.....

Annual

6/17/36

19,389,000

NOK

4,420

1,714

2,706

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.1%

.....

Annual

3/18/56

830,000

4,849

(2,633)

7,482

Receive

Fixed

3.31%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

3/18/56

460,000

EUR

22,180

11,801

10,379

Receive

Fixed

5%

.....

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

3/18/56

442,000

AUD

(542)

828

(1,370)

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/17/56

2,115,000

(31,608)

(10,976)

(20,632)

Total

Interest

Rate

Swap

Contracts

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

$45,784

$

112,470

$(66,686)

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

Putnam

VT

Emerging

Markets

Equity

Fund

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

91.4%

Aerospace

&

Defense

1.1%

Embraer

SA

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

Brazil

7,400

$

109,932

Hanwha

Aerospace

Co.

Ltd.

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

South

Korea

224

191,006

300,938

Automobiles

2.2%

Kia

Corp.

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

South

Korea

2,222

219,380

Mahindra

&

Mahindra

Ltd.

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

India

13,982

438,567

657,947

Banks

13.3%

Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

41,891

241,012

Al

Rajhi

Bank

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

Saudi

Arabia

12,566

358,215

Bank

Central

Asia

Tbk.

PT

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

Indonesia

450,300

173,942

Bank

of

China

Ltd.

,

H

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

China

1,070,000

683,233

CTBC

Financial

Holding

Co.

Ltd.

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

Taiwan

236,000

383,528

Grupo

Financiero

Banorte

SAB

de

CV

,

O

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

Mexico

26,487

293,761

HSBC

Holdings

plc

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

United

Kingdom

9,200

150,414

ICICI

Bank

Ltd.

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

India

39,677

509,344

KB

Financial

Group,

Inc.

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

South

Korea

5,395

529,630

National

Bank

of

Greece

SA

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

Greece

14,568

225,045

a

NU

Holdings

Ltd.

,

A

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

Brazil

3,236

46,501

OTP

Bank

Nyrt.

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

Hungary

3,232

346,561

3,941,186

Broadline

Retail

3.3%

Alibaba

Group

Holding

Ltd.

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

China

61,700

967,116

Capital

Markets

2.3%

b

HDFC

Asset

Management

Co.

Ltd.

,

144A

,

Reg

S

...........

India

9,661

225,756

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

6,300

317,822

Korea

Investment

Holdings

Co.

Ltd.

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

South

Korea

904

126,119

669,697

Chemicals

0.2%

a

Sasol

Ltd.

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

South

Africa

5,043

66,518

Construction

&

Engineering

1.1%

Larsen

&

Toubro

Ltd.

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

India

8,733

324,673

Construction

Materials

0.8%

UltraTech

Cement

Ltd.

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

India

2,027

231,522

Consumer

Staples

Distribution

&

Retail

0.6%

Raia

Drogasil

SA

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

Brazil

39,700

180,342

Diversified

Consumer

Services

0.5%

a

TAL

Education

Group

,

ADR

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

China

13,572

154,314

Electric

Utilities

0.7%

Korea

Electric

Power

Corp.

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

South

Korea

6,732

191,393

Electrical

Equipment

4.2%

Bizlink

Holding,

Inc.

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

Taiwan

5,000

287,108

Contemporary

Amperex

Technology

Co.

Ltd.

,

A

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

China

3,300

195,248

GE

Vernova

T&D

India

Ltd.

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

India

8,974

347,227

Harbin

Electric

Co.

Ltd.

,

H

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

China

70,000

189,056

Sieyuan

Electric

Co.

Ltd.

,

A

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

China

6,900

204,075

1,222,714

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

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

1.2%

Elite

Material

Co.

Ltd.

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

Taiwan

4,000

$

341,386

Financial

Services

2.1%

a

Aditya

Birla

Capital

Ltd.

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

India

92,828

289,028

FirstRand

Ltd.

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

South

Africa

64,579

330,600

619,628

Health

Care

Providers

&

Services

1.1%

Apollo

Hospitals

Enterprise

Ltd.

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

India

4,223

333,625

Hotels,

Restaurants

&

Leisure

0.5%

Indian

Hotels

Co.

Ltd.

(The)

,

A

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

India

27,007

164,531

Household

Products

0.2%

Unilever

Indonesia

Tbk.

PT

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

Indonesia

501,400

54,301

Independent

Power

and

Renewable

Electricity

Producers

1.6%

NTPC

Ltd.

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

India

118,282

465,864

Insurance

3.0%

China

Pacific

Insurance

Group

Co.

Ltd.

,

H

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

China

88,600

362,870

Powszechny

Zaklad

Ubezpieczen

SA

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

Poland

15,574

271,096

a

Rasan

Information

Technology

Co.

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

Saudi

Arabia

7,607

276,040

910,006

Interactive

Media

&

Services

5.2%

Tencent

Holdings

Ltd.

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

China

24,500

1,545,273

Life

Sciences

Tools

&

Services

1.1%

b

WuXi

AppTec

Co.

Ltd.

,

H

,

144A

,

Reg

S

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

China

21,180

324,381

Machinery

1.1%

Jiangsu

Hengli

Hydraulic

Co.

Ltd.

,

A

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

China

8,400

118,396

a

Samsung

Heavy

Industries

Co.

Ltd.

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

South

Korea

12,623

211,525

329,921

Metals

&

Mining

3.3%

Anglogold

Ashanti

plc

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

Australia

4,054

404,638

China

Hongqiao

Group

Ltd.

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

China

63,000

284,584

Zijin

Mining

Group

Co.

Ltd.

,

H

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

China

58,000

260,913

950,135

Oil,

Gas

&

Consumable

Fuels

2.1%

PetroChina

Co.

Ltd.

,

H

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

China

440,000

603,619

Personal

Care

Products

0.7%

APR

Corp.

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

South

Korea

956

218,130

Real

Estate

Management

&

Development

0.7%

Emaar

Properties

PJSC

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

United

Arab

Emirates

66,145

216,455

Semiconductors

&

Semiconductor

Equipment

19.5%

King

Yuan

Electronics

Co.

Ltd.

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

Taiwan

43,000

367,830

NAURA

Technology

Group

Co.

Ltd.

,

A

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

China

4,575

300,867

SK

Hynix,

Inc.

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

South

Korea

827

469,211

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

80,000

4,626,762

5,764,670

Technology

Hardware,

Storage

&

Peripherals

9.2%

Asia

Vital

Components

Co.

Ltd.

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

Taiwan

4,000

264,198

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Emerging

Markets

Equity

Fund

(continued)

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

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

Samsung

Electronics

Co.

Ltd.

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

South

Korea

19,793

$

2,315,017

Wistron

Corp.

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

Taiwan

37,000

147,135

2,726,350

Transportation

Infrastructure

1.5%

International

Container

Terminal

Services,

Inc.

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

Philippines

39,010

442,270

Water

Utilities

1.7%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

..

Brazil

16,515

504,519

Wireless

Telecommunication

Services

5.3%

Bharti

Airtel

Ltd.

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

India

24,787

471,037

Etihad

Etisalat

Co.

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

Saudi

Arabia

17,722

308,624

Far

EasTone

Telecommunications

Co.

Ltd.

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

Taiwan

77,000

222,405

MTN

Group

Ltd.

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

South

Africa

14,584

170,293

TIM

SA

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

Brazil

72,500

384,345

1,556,704

Total

Common

Stocks

(Cost

$

17,676,057

)

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

26,980,128

Management

Investment

Companies

4.2%

Capital

Markets

4.2%

iShares

Core

MSCI

Emerging

Markets

ETF

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

United

States

17,585

1,226,554

Total

Management

Investment

Companies

(Cost

$

1,224,768

)

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

1,226,554

Preferred

Stocks

2.1%

Banks

2.1%

c

Itau

Unibanco

Holding

SA

,

7

.84

%

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

Brazil

72,974

612,548

Total

Preferred

Stocks

(Cost

$

487,324

)

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

612,548

Total

Long

Term

Investments

(Cost

$

19,388,149

)

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

28,819,230

a

Short

Term

Investments

1.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

1.7%

d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

496,193

496,193

Total

Management

Investment

Companies

(Cost

$

496,193

)

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

496,193

Total

Short

Term

Investments

(Cost

$

496,193

)

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

496,193

a

Total

Investments

(Cost

$

19,884,342

)

99.4

%

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

$29,315,423

Other

Assets,

less

Liabilities

0.6

%

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

190,347

Net

Assets

100.0%

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

$29,505,770

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.

40

See

Abbreviations

on

page

255

.

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$550,137,

representing

1.9%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

4

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),

March

31,

2026

Putnam

VT

Focused

International

Equity

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

41

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

94.8%

Banks

6.3%

AIB

Group

plc

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

Ireland

616,880

$

6,585,264

National

Bank

of

Greece

SA

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

Greece

285,701

4,413,476

10,998,740

Broadline

Retail

3.8%

Alibaba

Group

Holding

Ltd.

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

China

292,600

4,586,356

Prosus

NV

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

China

44,387

2,054,921

6,641,277

Capital

Markets

6.1%

Bolsa

Mexicana

de

Valores

SAB

de

CV

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

Mexico

2,238,835

4,736,742

London

Stock

Exchange

Group

plc

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

United

Kingdom

50,605

5,975,831

10,712,573

Diversified

Telecommunication

Services

4.7%

Cogeco

Communications,

Inc.

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

Canada

88,572

4,495,136

a

Liberty

Global

Ltd.

,

A

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

Belgium

305,167

3,689,469

8,184,605

Entertainment

4.9%

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

78,778

4,614,084

Universal

Music

Group

NV

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

Netherlands

209,155

4,059,870

8,673,954

Financial

Services

2.5%

Edenred

SE

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

France

213,769

4,258,047

Food

Products

1.4%

Otoki

Corp.

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

South

Korea

9,859

2,362,773

Health

Care

Equipment

&

Supplies

2.4%

Sonova

Holding

AG

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

Switzerland

18,809

4,288,705

Health

Care

Technology

2.1%

a,b

M3,

Inc.

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

Japan

365,200

3,748,547

Hotels,

Restaurants

&

Leisure

2.3%

b

FDJ

United

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

France

137,957

4,059,926

Household

Durables

2.5%

a

Berkeley

Group

Holdings

plc

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

United

Kingdom

47,596

2,180,323

Persimmon

plc

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

United

Kingdom

155,227

2,215,928

4,396,251

Industrial

Conglomerates

2.4%

a

SK

Square

Co.

Ltd.

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

South

Korea

12,944

4,261,845

Insurance

2.0%

Admiral

Group

plc

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

United

Kingdom

81,491

3,408,424

Interactive

Media

&

Services

5.1%

Alphabet,

Inc.

,

C

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

United

States

13,818

3,963,831

Rightmove

plc

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

United

Kingdom

844,968

4,834,328

8,798,159

Oil,

Gas

&

Consumable

Fuels

7.9%

Canadian

Natural

Resources

Ltd.

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

Canada

201,647

9,836,651

a

International

Petroleum

Corp.

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

Canada

146,462

3,996,801

13,833,452

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Focused

International

Equity

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

(continued)

Passenger

Airlines

4.4%

Ryanair

Holdings

plc

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

Italy

275,858

$

7,765,913

Personal

Care

Products

1.2%

Unilever

plc

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

United

Kingdom

39,269

2,155,844

Pharmaceuticals

5.1%

AstraZeneca

plc

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

United

Kingdom

19,707

3,853,507

Bayer

AG

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

Germany

108,631

5,027,250

8,880,757

Semiconductors

&

Semiconductor

Equipment

17.1%

ASML

Holding

NV

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

Netherlands

5,601

7,447,967

Japan

Material

Co.

Ltd.

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

Japan

398,700

4,149,193

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

213,000

12,318,754

Tokyo

Electron

Ltd.

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

Japan

23,800

5,913,133

29,829,047

Software

3.8%

Constellation

Software,

Inc.

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

Canada

3,780

6,635,556

Trading

Companies

&

Distributors

6.8%

ITOCHU

Corp.

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

Japan

600,300

7,636,111

MonotaRO

Co.

Ltd.

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

Japan

401,000

4,346,647

11,982,758

Total

Common

Stocks

(Cost

$

124,060,886

)

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

165,877,153

Preferred

Stocks

1.5%

Technology

Hardware,

Storage

&

Peripherals

1.5%

c

Samsung

Electronics

Co.

Ltd.

,

1

.05

%

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

South

Korea

32,557

2,628,118

Total

Preferred

Stocks

(Cost

$

1,318,095

)

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

2,628,118

Total

Long

Term

Investments

(Cost

$

125,378,981

)

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

168,505,271

a

Short

Term

Investments

3.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

2.9%

d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

5,132,410

5,132,410

Total

Management

Investment

Companies

(Cost

$

5,132,410

)

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

5,132,410

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Focused

International

Equity

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

At

March

31,

2026

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Abbreviations

on

page

255

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.8%

Money

Market

Funds

0.8%

d,e

Putnam

Cash

Collateral

Pool,

LLC

,

3.882

%

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

United

States

1,391,526

$

1,391,526

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

1,391,526

)

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

1,391,526

Total

Short

Term

Investments

(Cost

$

6,523,936

)

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

6,523,936

a

Total

Investments

(Cost

$

131,902,917

)

100.0

%

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

$175,029,207

Other

Assets,

less

Liabilities

(0.0)

%

†

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

(39,287)

Net

Assets

100.0%

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

$174,989,920

a

a

a

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2026.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

†

Rounds

to

less

than

0.1%

of

net

assets.

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

45

.

(1.00)%

Quarterly

6/20/31

33,000,000

$

(

131,391

)

$

(

142,283

)

$

10,892

Total

Centrally

Cleared

Swap

Contracts

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

$(131,391)

$(142,283)

$10,892

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),

March

31,

2026

Putnam

VT

George

Putnam

Balanced

Fund

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

62.0%

Aerospace

&

Defense

1.2%

Airbus

SE

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

France

4,600

$

869,736

a

Boeing

Co.

(The)

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

United

States

3,699

736,212

Northrop

Grumman

Corp.

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

United

States

1,360

927,846

RTX

Corp.

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

United

States

6,346

1,224,143

3,757,937

Air

Freight

&

Logistics

0.4%

FedEx

Corp.

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

United

States

3,706

1,320,003

Automobiles

0.6%

General

Motors

Co.

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

United

States

7,167

533,942

a

Tesla,

Inc.

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

United

States

3,153

1,172,128

1,706,070

Banks

1.5%

Bank

of

America

Corp.

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

United

States

20,024

976,170

Citigroup,

Inc.

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

United

States

18,378

2,084,249

JPMorgan

Chase

&

Co.

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

United

States

4,023

1,183,406

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

1,353

281,546

4,525,371

Beverages

1.1%

Coca-Cola

Co.

(The)

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

United

States

26,162

1,989,620

Keurig

Dr.

Pepper,

Inc.

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

United

States

17,809

468,911

PepsiCo,

Inc.

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

United

States

4,136

642,279

3,100,810

Biotechnology

1.2%

AbbVie,

Inc.

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

United

States

6,670

1,450,658

Amgen,

Inc.

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

United

States

982

345,517

Gilead

Sciences,

Inc.

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

United

States

4,292

598,176

Regeneron

Pharmaceuticals,

Inc.

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

United

States

1,322

1,021,430

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

953

425,553

3,841,334

Broadline

Retail

2.6%

a

Amazon.com,

Inc.

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

United

States

37,091

7,724,943

Building

Products

0.3%

Trane

Technologies

plc

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

United

States

2,374

989,341

Capital

Markets

1.4%

BlackRock,

Inc.

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

United

States

836

803,990

Charles

Schwab

Corp.

(The)

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

United

States

12,770

1,200,125

CME

Group,

Inc.

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

United

States

1,961

579,181

KKR

&

Co.,

Inc.

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

United

States

3,922

362,785

Nasdaq,

Inc.

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

United

States

7,335

622,668

TPG,

Inc.

,

A

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

United

States

13,555

549,113

4,117,862

Chemicals

0.6%

Corteva,

Inc.

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

United

States

10,556

883,643

Linde

plc

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

United

States

567

281,096

PPG

Industries,

Inc.

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

United

States

5,638

602,589

1,767,328

Commercial

Services

&

Supplies

0.1%

Cintas

Corp.

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

United

States

2,157

364,835

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)

Communications

Equipment

1.3%

Cisco

Systems,

Inc.

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

United

States

49,399

$

3,832,868

Construction

Materials

0.4%

CRH

plc

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

United

States

12,010

1,262,491

Consumer

Finance

0.6%

Capital

One

Financial

Corp.

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

United

States

9,883

1,802,956

Consumer

Staples

Distribution

&

Retail

1.5%

Costco

Wholesale

Corp.

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

United

States

1,872

1,865,317

a

US

Foods

Holding

Corp.

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

United

States

3,729

343,851

Walmart,

Inc.

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

United

States

19,898

2,472,923

4,682,091

Electric

Utilities

1.2%

Constellation

Energy

Corp.

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

United

States

1,069

298,518

NextEra

Energy,

Inc.

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

United

States

11,022

1,023,723

NRG

Energy,

Inc.

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

United

States

7,850

1,147,199

PPL

Corp.

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

United

States

14,055

536,901

Xcel

Energy,

Inc.

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

United

States

6,916

549,407

3,555,748

Electrical

Equipment

0.5%

GE

Vernova,

Inc.

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

United

States

1,657

1,446,395

Energy

Equipment

&

Services

0.1%

SLB

Ltd.

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

United

States

3,176

163,215

Entertainment

1.6%

a

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

C

...........

United

States

6,294

535,116

a

Live

Nation

Entertainment,

Inc.

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

United

States

5,987

913,077

a

Netflix,

Inc.

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

United

States

13,439

1,292,160

a

Spotify

Technology

SA

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

United

States

1,442

699,240

Walt

Disney

Co.

(The)

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

United

States

15,538

1,497,552

4,937,145

Financial

Services

2.6%

Apollo

Global

Management,

Inc.

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

United

States

7,542

840,330

a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

4,589

2,199,049

Corebridge

Financial,

Inc.

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

United

States

6,315

150,676

Mastercard,

Inc.

,

A

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

United

States

5,277

2,636,706

Visa,

Inc.

,

A

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

United

States

5,418

1,637,536

7,464,297

Ground

Transportation

0.2%

Union

Pacific

Corp.

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

United

States

2,888

700,687

Health

Care

Equipment

&

Supplies

1.1%

Abbott

Laboratories

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

United

States

2,525

259,242

Becton

Dickinson

&

Co.

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

United

States

2,929

460,527

a

Boston

Scientific

Corp.

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

United

States

11,898

746,599

a

Dexcom,

Inc.

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

United

States

5,471

343,579

a

Edwards

Lifesciences

Corp.

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

United

States

3,882

310,871

a

Intuitive

Surgical,

Inc.

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

United

States

1,523

702,088

Medtronic

plc

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

United

States

1,594

138,120

Stryker

Corp.

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

United

States

571

187,625

3,148,651

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)

Health

Care

Providers

&

Services

1.1%

Cardinal

Health,

Inc.

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

United

States

1,410

$

297,947

CVS

Health

Corp.

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

United

States

4,765

342,222

HCA

Healthcare,

Inc.

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

United

States

670

317,071

McKesson

Corp.

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

United

States

1,442

1,247,849

UnitedHealth

Group,

Inc.

..............................

United

States

3,935

1,064,772

3,269,861

Health

Care

REITs

0.3%

Welltower,

Inc.

.....................................

United

States

5,115

1,011,287

Hotels,

Restaurants

&

Leisure

1.3%

a

Airbnb,

Inc.

,

A

......................................

United

States

3,560

449,557

Booking

Holdings,

Inc.

...............................

United

States

94

395,770

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

1,477

449,126

McDonald's

Corp.

...................................

United

States

2,597

807,122

Royal

Caribbean

Cruises

Ltd.

..........................

United

States

1,625

447,167

Starbucks

Corp.

....................................

United

States

3,461

310,071

a

Viking

Holdings

Ltd.

.................................

United

States

4,538

333,452

Yum!

Brands,

Inc.

...................................

United

States

2,426

377,194

3,569,459

Household

Durables

0.1%

PulteGroup,

Inc.

....................................

United

States

2,217

260,741

Household

Products

0.3%

Procter

&

Gamble

Co.

(The)

...........................

United

States

7,013

1,012,958

Industrial

Conglomerates

0.6%

Honeywell

International,

Inc.

...........................

United

States

7,650

1,729,129

Industrial

REITs

0.4%

Prologis,

Inc.

.......................................

United

States

7,877

1,041,182

Insurance

1.7%

Allstate

Corp.

(The)

..................................

United

States

7,256

1,504,459

American

International

Group,

Inc.

......................

United

States

11,140

838,285

Aon

plc

,

A

.........................................

United

States

2,344

756,596

a

Arch

Capital

Group

Ltd.

...............................

United

States

6,051

580,835

Assured

Guaranty

Ltd.

...............................

United

States

2,046

166,708

AXA

SA

...........................................

France

3,882

178,384

Prudential

plc

......................................

Hong

Kong

42,504

590,938

Unum

Group

.......................................

United

States

5,558

405,901

5,022,106

Interactive

Media

&

Services

4.5%

Alphabet,

Inc.

,

A

....................................

United

States

32,440

9,328,446

Meta

Platforms,

Inc.

,

A

...............................

United

States

7,290

4,170,828

13,499,274

IT

Services

0.2%

a

Snowflake,

Inc.

,

A

...................................

United

States

3,990

601,772

Life

Sciences

Tools

&

Services

1.0%

a

Bio-Rad

Laboratories,

Inc.

,

A

...........................

United

States

2,806

782,173

Danaher

Corp.

.....................................

United

States

1,049

198,890

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

3,446

1,693,812

2,674,875

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

0.9%

Fortive

Corp.

.......................................

United

States

15,869

$

877,238

Ingersoll

Rand,

Inc.

..................................

United

States

8,254

661,310

Otis

Worldwide

Corp.

................................

United

States

14,224

1,096,386

2,634,934

Metals

&

Mining

0.3%

Barrick

Mining

Corp.

.................................

Canada

10,984

448,038

Glencore

plc

.......................................

Australia

85,387

646,710

1,094,748

Multi-Utilities

0.5%

Ameren

Corp.

......................................

United

States

7,430

816,706

CenterPoint

Energy,

Inc.

..............................

United

States

11,170

482,097

1,298,803

Oil,

Gas

&

Consumable

Fuels

2.9%

a

Antero

Resources

Corp.

..............................

United

States

8,654

367,276

BP

plc

............................................

United

States

59,080

462,408

Cenovus

Energy,

Inc.

................................

Canada

41,454

1,100,195

ConocoPhillips

.....................................

United

States

13,953

1,841,796

Exxon

Mobil

Corp.

...................................

United

States

24,109

4,090,333

Shell

plc

..........................................

United

States

13,545

627,337

8,489,345

Passenger

Airlines

0.2%

Southwest

Airlines

Co.

...............................

United

States

12,951

486,569

Pharmaceuticals

2.1%

Bristol-Myers

Squibb

Co.

..............................

United

States

7,757

470,462

Eli

Lilly

&

Co.

......................................

United

States

3,045

2,800,700

Johnson

&

Johnson

.................................

United

States

7,331

1,791,990

Merck

&

Co.,

Inc.

...................................

United

States

8,482

1,020,300

Pfizer,

Inc.

.........................................

United

States

8,888

249,575

6,333,027

Real

Estate

Management

&

Development

0.1%

a

CBRE

Group,

Inc.

,

A

.................................

United

States

2,086

282,570

Semiconductors

&

Semiconductor

Equipment

11.0%

a

Advanced

Micro

Devices,

Inc.

..........................

United

States

11,781

2,396,609

Analog

Devices,

Inc.

.................................

United

States

12,549

3,992,339

Broadcom,

Inc.

.....................................

United

States

18,556

5,743,268

Lam

Research

Corp.

.................................

United

States

23,815

5,088,313

Marvell

Technology,

Inc.

..............................

United

States

35,822

3,548,169

NVIDIA

Corp.

......................................

United

States

70,679

12,326,418

33,095,116

Software

4.7%

Microsoft

Corp.

.....................................

United

States

27,408

10,145,619

Oracle

Corp.

.......................................

United

States

16,824

2,474,979

a

Palantir

Technologies,

Inc.

,

A

...........................

United

States

11,174

1,634,533

14,255,131

Specialized

REITs

0.6%

American

Tower

Corp.

................................

United

States

9,770

1,686,107

Specialty

Retail

1.1%

Home

Depot,

Inc.

(The)

...............................

United

States

2,506

824,198

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialty

Retail

(continued)

Lowe's

Cos.,

Inc.

....................................

United

States

2,382

$

562,819

a

O'Reilly

Automotive,

Inc.

..............................

United

States

4,784

441,611

TJX

Cos.,

Inc.

(The)

.................................

United

States

6,674

1,065,838

a

Ulta

Beauty,

Inc.

....................................

United

States

589

307,876

3,202,342

Technology

Hardware,

Storage

&

Peripherals

3.1%

Apple,

Inc.

........................................

United

States

34,374

8,723,777

a

Everpure,

Inc.

,

A

....................................

United

States

9,407

555,389

9,279,166

Textiles,

Apparel

&

Luxury

Goods

0.3%

a

Amer

Sports,

Inc.

...................................

Finland

6,260

206,079

a

On

Holding

AG

,

A

...................................

Switzerland

5,518

187,722

Ralph

Lauren

Corp.

,

A

................................

United

States

781

268,656

662,457

Tobacco

0.4%

Philip

Morris

International,

Inc.

.........................

United

States

6,659

1,100,999

Trading

Companies

&

Distributors

0.2%

United

Rentals,

Inc.

..................................

United

States

1,004

731,474

Total

Common

Stocks

(Cost

$

109,335,627

)

...................................

184,537,810

Principal

Amount

*

Corporate

Bonds

13.1%

Aerospace

&

Defense

0.5%

b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3

%

,

3/26/34

.........

United

Kingdom

200,000

204,916

Boeing

Co.

(The)

,

Senior

Bond

,

2.95

%

,

2/01/30

.........................

United

States

18,000

16,945

Senior

Bond

,

6.125

%

,

2/15/33

........................

United

States

132,000

140,410

Senior

Bond

,

3.6

%

,

5/01/34

..........................

United

States

47,000

42,092

Senior

Bond

,

3.25

%

,

2/01/35

.........................

United

States

26,000

22,299

Senior

Bond

,

3.5

%

,

3/01/39

..........................

United

States

70,000

56,488

Senior

Bond

,

6.875

%

,

3/15/39

........................

United

States

80,000

87,949

Senior

Bond

,

3.375

%

,

6/15/46

........................

United

States

38,000

26,282

Senior

Bond

,

3.9

%

,

5/01/49

..........................

United

States

80,000

58,514

Senior

Bond

,

6.858

%

,

5/01/54

........................

United

States

66,000

72,697

Senior

Bond

,

3.95

%

,

8/01/59

.........................

United

States

55,000

37,987

Senior

Note

,

6.259

%

,

5/01/27

........................

United

States

12,000

12,210

Senior

Note

,

6.298

%

,

5/01/29

........................

United

States

17,000

17,852

b

Honeywell

Aerospace,

Inc.

,

Senior

Bond

,

144A,

4.95

%

,

3/16/36

....................

United

States

85,000

84,370

Senior

Bond

,

144A,

5.732

%

,

3/16/56

...................

United

States

45,000

44,512

Senior

Bond

,

144A,

5.852

%

,

3/16/66

...................

United

States

35,000

34,744

Senior

Note

,

144A,

4.6

%

,

3/16/33

.....................

United

States

40,000

39,553

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

6.75

%

,

1/15/28

.........................

United

States

87,000

90,700

Senior

Bond

,

4.75

%

,

4/15/36

.........................

United

States

5,000

4,863

Senior

Bond

,

5.95

%

,

2/01/37

.........................

United

States

68,000

72,546

Senior

Note

,

3

%

,

1/15/29

...........................

United

States

117,000

112,899

1,280,828

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)

Automobiles

0.1%

b

Hyundai

Capital

America

,

Senior

Bond

,

144A,

6.375

%

,

4/08/30

...................

United

States

14,000

$

14,697

Senior

Note

,

144A,

6.5

%

,

1/16/29

.....................

United

States

120,000

125,306

Senior

Note

,

144A,

5.35

%

,

3/19/29

....................

United

States

67,000

68,241

Senior

Note

,

144A,

4.55

%

,

9/26/29

....................

United

States

35,000

34,862

Senior

Note

,

144A,

5.4

%

,

1/08/31

.....................

United

States

32,000

32,668

Senior

Note

,

144A,

5.4

%

,

6/23/32

.....................

United

States

75,000

76,369

352,143

Banks

1.8%

b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

..............

Australia

200,000

178,981

Banco

Santander

SA

,

Senior

Non-Preferred

Note

,

1.722%

to

9/13/26,

FRN

thereafter

,

9/14/27

......................

Spain

600,000

592,408

Bank

of

America

Corp.

,

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

38,000

38,803

Senior

Bond

,

5.511%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

5,000

5,101

Senior

Note

,

2.551%

to

2/03/27,

FRN

thereafter

,

2/04/28

....

United

States

70,000

68,942

Senior

Note

,

5.162%

to

1/23/30,

FRN

thereafter

,

1/24/31

....

United

States

5,000

5,096

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

185,000

184,651

Sub.

Bond

,

6.11

%

,

1/29/37

..........................

United

States

150,000

157,398

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

502,000

465,236

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

202,109

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

200,000

203,530

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.634%

to

7/02/28,

FRN

thereafter

,

7/03/29

......................

Spain

205,000

205,379

Citigroup,

Inc.

,

c

Junior

Sub.

Bond

,

6.625%

to

2/14/31,

FRN

thereafter

,

Perpetual

.......................................

United

States

100,000

100,143

c

CC

,

Junior

Sub.

Bond

,

7.125%

to

8/14/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

113,000

114,182

c

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

206,000

207,588

Senior

Bond

,

3.668%

to

7/23/27,

FRN

thereafter

,

7/24/28

...

United

States

10,000

9,896

Sub.

Bond

,

4.45

%

,

9/29/27

..........................

United

States

264,000

264,069

Sub.

Bond

,

6.174%

to

5/24/33,

FRN

thereafter

,

5/25/34

.....

United

States

35,000

36,247

Sub.

Bond

,

4.75

%

,

5/18/46

..........................

United

States

255,000

214,982

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837

%

,

3/13/34

.........................................

Australia

215,000

221,803

Fifth

Third

Bancorp

,

Senior

Note

,

4.895%

to

9/05/29,

FRN

thereafter

,

9/06/30

.................................

United

States

10,000

10,043

JPMorgan

Chase

&

Co.

,

c

KK

,

Junior

Sub.

Bond

,

3.65%

to

5/31/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

26,000

25,896

d

W

,

Junior

Sub.

Bond

,

FRN

,

4.914

%

,

(

3-month

SOFR

+

1.262

%

),

5/15/47

.................................

United

States

82,000

72,243

Senior

Bond

,

3.782%

to

1/31/27,

FRN

thereafter

,

2/01/28

...

United

States

324,000

322,434

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

63,000

64,505

Senior

Note

,

5.14%

to

1/23/30,

FRN

thereafter

,

1/24/31

.....

United

States

162,000

165,001

Sub.

Bond

,

5.717%

to

9/13/32,

FRN

thereafter

,

9/14/33

.....

United

States

175,000

181,270

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

45,000

45,588

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

...

United

States

30,000

30,144

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

.....

United

States

345,000

335,833

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)

Banks

(continued)

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

.................................

United

States

122,000

$

125,888

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

213,000

184,226

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421

%

,

7/24/39

.........................

Australia

81,000

72,698

Sub.

Bond

,

2.963

%

,

11/16/40

........................

Australia

75,000

55,779

5,168,092

Beverages

0.0%

†

Keurig

Dr.

Pepper,

Inc.

,

Senior

Bond

,

5.3

%

,

3/15/34

.........

United

States

55,000

54,552

Biotechnology

0.1%

AbbVie,

Inc.

,

Senior

Bond

,

5.05

%

,

3/15/34

.........................

United

States

39,000

39,596

Senior

Bond

,

4.75

%

,

3/15/36

.........................

United

States

20,000

19,630

Senior

Note

,

4.4

%

,

3/15/33

..........................

United

States

65,000

63,828

Amgen,

Inc.

,

Senior

Bond

,

4.663

%

,

6/15/51

........................

United

States

79,000

66,324

Senior

Bond

,

5.65

%

,

3/02/53

.........................

United

States

46,000

44,583

Senior

Bond

,

5.75

%

,

3/02/63

.........................

United

States

84,000

80,860

Senior

Note

,

5.25

%

,

3/02/30

.........................

United

States

92,000

94,491

409,312

Broadline

Retail

0.1%

Amazon.com,

Inc.

,

Senior

Bond

,

4.875

%

,

3/13/36

........................

United

States

77,000

76,328

Senior

Bond

,

5.8

%

,

3/13/56

..........................

United

States

10,000

9,999

Senior

Bond

,

2.7

%

,

6/03/60

..........................

United

States

164,000

89,673

Senior

Bond

,

6.05

%

,

3/13/76

.........................

United

States

67,000

66,659

Senior

Note

,

4.55

%

,

3/13/33

.........................

United

States

50,000

49,533

292,192

Building

Products

0.0%

†

Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25

%

,

9/15/35

............

United

States

55,000

55,024

Capital

Markets

1.0%

Ares

Capital

Corp.

,

Senior

Note

,

7

%

,

1/15/27

..............

United

States

40,000

40,550

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

73,000

71,196

Goldman

Sachs

Group,

Inc.

(The)

,

c

U

,

Junior

Sub.

Bond

,

3.65%

to

8/09/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

25,000

24,795

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

...

United

States

97,000

96,466

Senior

Bond

,

5.065%

to

1/20/36,

FRN

thereafter

,

1/21/37

...

United

States

45,000

44,012

Senior

Note

,

4.153%

to

10/20/28,

FRN

thereafter

,

10/21/29

..

United

States

136,000

134,747

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

...............................

United

States

140,000

142,139

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5

%

,

9/15/26

....

United

States

160,000

159,503

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75

%

,

7/01/29

.........................................

United

States

25,000

24,202

LPL

Holdings,

Inc.

,

Senior

Note

,

6.75

%

,

11/17/28

........................

United

States

67,000

70,236

Senior

Note

,

5.2

%

,

3/15/30

..........................

United

States

106,000

106,829

Morgan

Stanley

,

Senior

Bond

,

5.073%

to

1/29/36,

FRN

thereafter

,

1/30/37

...

United

States

65,000

63,706

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)

Capital

Markets

(continued)

Morgan

Stanley,

(continued)

Senior

Bond

,

5.9%

to

3/12/46,

FRN

thereafter

,

3/13/47

.....

United

States

65,000

$

64,736

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

....

United

States

105,000

106,185

Senior

Note

,

4.994%

to

4/11/28,

FRN

thereafter

,

4/12/29

....

United

States

142,000

143,320

Senior

Note

,

5.23%

to

1/14/30,

FRN

thereafter

,

1/15/31

.....

United

States

65,000

66,014

Senior

Note

,

4.493%

to

1/15/31,

FRN

thereafter

,

1/16/32

....

United

States

65,000

63,926

Senior

Note

,

4.708%

to

3/11/31,

FRN

thereafter

,

3/12/32

....

United

States

95,000

94,381

Sub.

Bond

,

4.35

%

,

9/08/26

..........................

United

States

450,000

450,094

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

20,000

20,498

Sub.

Bond

,

5.942%

to

2/06/34,

FRN

thereafter

,

2/07/39

.....

United

States

99,000

101,246

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625

%

,

9/01/30

............

United

States

235,000

222,235

Nasdaq,

Inc.

,

Senior

Bond

,

5.55

%

,

2/15/34

................

United

States

20,000

20,581

S&P

Global,

Inc.

,

Senior

Bond

,

2.5

%

,

12/01/29

.............

United

States

175,000

164,385

2,495,982

Chemicals

0.1%

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4

%

,

8/05/26

......

United

States

95,000

93,699

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

80,000

51,581

Nutrien

Ltd.

,

Senior

Note

,

4

%

,

12/15/26

...................

Canada

152,000

151,679

296,959

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

,

Senior

Note

,

5

%

,

11/15/29

..........

United

States

210,000

214,606

Waste

Connections,

Inc.

,

Senior

Bond

,

4.25

%

,

12/01/28

........................

United

States

166,000

165,938

Senior

Bond

,

5

%

,

3/01/34

...........................

United

States

66,000

66,461

Senior

Bond

,

4.8

%

,

7/15/36

..........................

United

States

80,000

78,411

Waste

Management,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/29

......

United

States

110,000

111,899

637,315

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.3

%

,

11/15/30

.........................

United

States

27,000

24,356

Senior

Bond

,

5.4

%

,

4/15/34

..........................

United

States

110,000

111,412

Senior

Note

,

4.85

%

,

8/15/30

.........................

United

States

31,000

31,231

166,999

Consumer

Finance

0.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3

%

,

1/30/32

..........................

Ireland

270,000

245,313

Ally

Financial,

Inc.

,

Senior

Bond

,

8

%

,

11/01/31

.............

United

States

84,000

93,290

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

5.75

%

,

11/15/29

...................

Ireland

130,000

133,243

Senior

Note

,

144A,

4.9

%

,

10/10/30

....................

Ireland

135,000

134,128

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.75

%

,

3/09/27

.........................

United

States

142,000

141,193

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

40,000

39,286

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

35,000

38,668

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8

%

,

3/05/27

.......

United

States

200,000

201,151

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

5.45

%

,

9/06/34

.........................

United

States

55,000

54,579

Senior

Note

,

4.2

%

,

10/27/28

.........................

United

States

40,000

39,598

Senior

Note

,

5.8

%

,

1/07/29

..........................

United

States

90,000

92,640

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)

Consumer

Finance

(continued)

General

Motors

Financial

Co.,

Inc.,

(continued)

Senior

Note

,

4.9

%

,

10/06/29

.........................

United

States

61,000

$

61,319

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15

%

,

3/17/30

....................

United

Kingdom

68,000

67,685

Senior

Note

,

144A,

6.5

%

,

3/26/31

.....................

United

Kingdom

90,000

94,298

1,436,391

Consumer

Staples

Distribution

&

Retail

0.2%

b

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8

%

,

2/10/31

.....................

United

States

28,000

24,248

Senior

Note

,

144A,

1.3

%

,

2/10/28

.....................

United

States

232,000

218,934

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55

%

,

7/26/27

....................

Canada

120,000

118,663

Senior

Bond

,

144A,

2.95

%

,

1/25/30

....................

Canada

131,000

123,730

485,575

Containers

&

Packaging

0.1%

AptarGroup,

Inc.

,

Senior

Note

,

4.75

%

,

3/30/31

.............

United

States

70,000

69,411

b

Berry

Global,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

7/15/26

United

States

4,000

4,000

WestRock

MWV

LLC

,

Senior

Bond

,

8.2

%

,

1/15/30

..........................

United

States

140,000

157,133

Senior

Bond

,

7.95

%

,

2/15/31

.........................

United

States

9,000

10,205

240,749

Diversified

Consumer

Services

0.1%

Service

Corp.

International

,

Senior

Bond

,

3.375

%

,

8/15/30

........................

United

States

20,000

18,465

Senior

Note

,

4

%

,

5/15/31

...........................

United

States

165,000

153,917

172,382

Diversified

REITs

0.2%

VICI

Properties

LP

,

Senior

Bond

,

5.75

%

,

4/01/34

.........................

United

States

99,000

99,953

Senior

Note

,

4.75

%

,

2/15/28

.........................

United

States

95,000

95,122

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

....................

United

States

35,000

34,742

Senior

Note

,

144A,

4.5

%

,

1/15/28

.....................

United

States

120,000

119,341

Senior

Note

,

144A,

3.875

%

,

2/15/29

...................

United

States

100,000

97,212

446,370

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

,

Senior

Bond

,

2.25

%

,

2/01/32

.........................

United

States

139,000

121,479

Senior

Bond

,

2.55

%

,

12/01/33

........................

United

States

162,000

137,158

Senior

Bond

,

5.125

%

,

4/30/36

........................

United

States

55,000

54,361

Senior

Bond

,

4.75

%

,

5/15/46

.........................

United

States

12,000

10,093

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125

%

,

11/15/30

........................................

United

States

270,000

280,065

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

198,000

209,388

b

SV

RNO

Property

Owner

1

LLC

,

Senior

Secured

Note

,

144A,

5.875

%

,

3/01/31

...................................

United

States

75,000

74,182

TELUS

Corp.

,

Junior

Sub.

Bond

,

6.625%

to

10/14/30,

FRN

thereafter

,

10/15/55

................................

Canada

194,000

194,202

Verizon

Communications,

Inc.

,

Senior

Bond

,

5.875

%

,

11/30/55

.......................

United

States

40,000

38,936

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)

Diversified

Telecommunication

Services

(continued)

Verizon

Communications,

Inc.,

(continued)

Senior

Bond

,

3.7

%

,

3/22/61

..........................

United

States

117,000

$

78,063

Senior

Note

,

4.75

%

,

1/15/33

.........................

United

States

95,000

93,859

1,291,786

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

153,218

D

,

Junior

Sub.

Bond

,

6.05%

to

3/14/36,

FRN

thereafter

,

3/15/56

.........................................

United

States

50,000

49,575

Senior

Bond

,

5.625

%

,

3/01/33

........................

United

States

51,000

52,725

J

,

Senior

Bond

,

4.3

%

,

12/01/28

.......................

United

States

66,000

65,862

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

48,000

43,031

Appalachian

Power

Co.

,

L

,

Senior

Bond

,

5.8

%

,

10/01/35

......

United

States

57,000

58,802

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.875

%

,

2/01/33

....

United

States

14,000

14,691

DTE

Electric

Co.

,

Senior

Bond

,

5.25

%

,

5/15/35

.........................

United

States

120,000

121,759

A

,

Senior

Bond

,

4.85

%

,

3/01/36

.......................

United

States

65,000

63,809

Duke

Energy

Corp.

,

Senior

Bond

,

5.75

%

,

9/15/33

.........................

United

States

150,000

156,129

Senior

Bond

,

5.8

%

,

6/15/54

..........................

United

States

106,000

101,567

Senior

Note

,

4.85

%

,

1/05/29

.........................

United

States

15,000

15,192

Duke

Energy

Indiana

LLC

,

DDDD

,

Senior

Bond

,

4.95

%

,

3/15/36

United

States

55,000

54,166

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65

%

,

2/01/29

........

United

States

65,000

63,884

b

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

7.5

%

,

10/14/32

........................................

Italy

200,000

225,310

Entergy

Mississippi

LLC

,

Senior

Bond

,

5.05

%

,

4/15/36

.......

United

States

75,000

73,933

Exelon

Corp.

,

Senior

Bond

,

5.625

%

,

6/15/35

........................

United

States

89,000

91,165

Senior

Note

,

5.15

%

,

3/15/29

.........................

United

States

210,000

214,068

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55

%

,

1/15/30

...

United

States

25,000

24,984

Georgia

Power

Co.

,

Senior

Bond

,

4.95

%

,

5/17/33

.........................

United

States

114,000

114,960

Senior

Bond

,

5.25

%

,

3/15/34

.........................

United

States

89,000

90,922

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

110,000

106,040

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.9

%

,

3/15/55

..........................

United

States

55,000

54,029

Senior

Note

,

5.3

%

,

3/15/32

..........................

United

States

175,000

179,305

b

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

2.45

%

,

12/02/27

United

States

114,000

109,848

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

5.75

%

,

3/15/29

.........................................

United

States

55,000

56,981

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

5.9

%

,

6/15/32

..........................

United

States

64,000

66,337

Senior

Bond

,

5.2

%

,

5/01/36

..........................

United

States

10,000

9,750

Senior

Bond

,

4.95

%

,

7/01/50

.........................

United

States

66,000

54,714

Senior

Bond

,

6.75

%

,

1/15/53

.........................

United

States

60,000

62,320

Senior

Note

,

2.1

%

,

8/01/27

..........................

United

States

30,000

29,087

Senior

Note

,

3.3

%

,

12/01/27

.........................

United

States

130,000

127,345

Senior

Note

,

5.55

%

,

5/15/29

.........................

United

States

35,000

35,840

Southern

Co.

(The)

,

Senior

Bond

,

5.7

%

,

3/15/34

..........................

United

States

99,000

102,620

Senior

Note

,

5.5

%

,

3/15/29

..........................

United

States

15,000

15,458

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)

Electric

Utilities

(continued)

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05

%

,

8/15/34

.........................

United

States

104,000

$

103,907

Senior

Bond

,

4.95

%

,

3/15/36

.........................

United

States

125,000

121,903

C

,

Senior

Bond

,

4.9

%

,

9/15/35

.......................

United

States

145,000

141,937

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

..............

United

States

58,000

57,029

Senior

Secured

Bond

,

144A,

6.95

%

,

10/15/33

............

United

States

95,000

103,440

Senior

Secured

Bond

,

144A,

6

%

,

4/15/34

...............

United

States

119,000

122,420

Senior

Secured

Bond

,

144A,

5.25

%

,

10/15/35

............

United

States

45,000

43,734

Senior

Secured

Note

,

144A,

3.7

%

,

1/30/27

..............

United

States

120,000

119,052

Senior

Secured

Note

,

144A,

4.6

%

,

10/15/30

.............

United

States

65,000

63,742

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.6

%

,

4/15/35

..............

United

States

170,000

172,843

3,909,433

Electrical

Equipment

0.1%

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

........................................

United

States

278,000

273,958

Vertiv

Holdings

Co.

,

Senior

Bond

,

4.85

%

,

3/15/36

.........................

United

States

110,000

107,006

Senior

Bond

,

5.8

%

,

3/15/56

..........................

United

States

25,000

24,050

405,014

Entertainment

0.1%

b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375

%

,

11/15/29

..........

United

States

227,000

234,502

Financial

Services

0.0%

†

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

95,000

92,790

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875

%

,

4/15/45

..............

United

States

38,000

32,505

125,295

Food

Products

0.4%

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Note

,

3

%

,

2/02/29

...........................

United

States

135,000

129,579

Senior

Note

,

6.75

%

,

3/15/34

.........................

United

States

122,000

134,258

Senior

Note

,

5.95

%

,

4/20/35

.........................

United

States

40,000

41,563

Kellanova

,

Senior

Bond

,

4.5

%

,

4/01/46

..........................

United

States

17,000

14,450

B

,

Senior

Bond

,

7.45

%

,

4/01/31

.......................

United

States

20,000

22,560

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

6.875

%

,

1/26/39

........................

United

States

40,000

43,279

Senior

Bond

,

4.625

%

,

10/01/39

.......................

United

States

40,000

35,295

Senior

Bond

,

5

%

,

6/04/42

...........................

United

States

135,000

118,815

b

Mars,

Inc.

,

Senior

Bond

,

144A,

5.65

%

,

5/01/45

....................

United

States

65,000

64,225

Senior

Bond

,

144A,

5.7

%

,

5/01/55

.....................

United

States

125,000

121,969

Senior

Bond

,

144A,

5.8

%

,

5/01/65

.....................

United

States

30,000

29,457

Senior

Note

,

144A,

4.6

%

,

3/01/28

.....................

United

States

255,000

256,639

Senior

Note

,

144A,

4.65

%

,

4/20/31

....................

United

States

10,000

10,074

Senior

Note

,

144A,

5

%

,

3/01/32

......................

United

States

15,000

15,182

Senior

Note

,

144A,

5.2

%

,

3/01/35

.....................

United

States

105,000

106,038

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5

%

,

3/01/32

...........

United

States

75,000

68,154

1,211,537

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)

Ground

Transportation

0.1%

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.55

%

,

3/15/56

United

States

60,000

$

58,220

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond

,

144A,

3.4

%

,

11/15/26

....................

United

States

86,000

85,394

Senior

Note

,

144A,

4.4

%

,

7/01/27

.....................

United

States

260,000

259,205

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3

%

,

4/03/29

.........................................

Ireland

225,000

228,489

631,308

Health

Care

Equipment

&

Supplies

0.1%

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

.........................................

United

States

145,000

140,349

Health

Care

Providers

&

Services

0.4%

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

...

United

States

115,000

118,596

Senior

Bond

,

1.875

%

,

2/28/31

........................

United

States

45,000

39,302

Senior

Bond

,

4.78

%

,

3/25/38

.........................

United

States

52,000

47,948

HCA,

Inc.

,

Senior

Bond

,

5.6

%

,

4/01/34

..........................

United

States

56,000

57,207

Senior

Bond

,

6

%

,

4/01/54

...........................

United

States

76,000

73,419

Senior

Note

,

3.625

%

,

3/15/32

........................

United

States

33,000

30,677

Senior

Note

,

4.6

%

,

11/15/32

.........................

United

States

60,000

58,382

Humana,

Inc.

,

Senior

Note

,

5.75

%

,

3/01/28

................

United

States

130,000

132,603

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.849

%

,

5/08/29

.........................................

United

States

200,000

203,961

UnitedHealth

Group,

Inc.

,

Senior

Note

,

5.3

%

,

6/15/35

........

United

States

220,000

224,538

986,633

Hotels,

Restaurants

&

Leisure

0.4%

Airbnb,

Inc.

,

Senior

Bond

,

5.25

%

,

3/16/36

.........................

United

States

25,000

25,035

Senior

Note

,

4.65

%

,

3/16/31

.........................

United

States

50,000

49,908

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125

%

,

5/01/29

...................

United

States

160,000

158,913

Senior

Note

,

144A,

5.75

%

,

3/15/30

....................

United

States

164,000

165,390

Senior

Note

,

144A,

5.75

%

,

8/01/32

....................

United

States

135,000

135,125

Senior

Secured

Note

,

144A,

4

%

,

8/01/28

................

United

States

338,000

330,188

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.25

%

,

6/30/29

.........................

United

States

80,000

81,272

Senior

Note

,

5.375

%

,

12/15/31

.......................

United

States

55,000

55,689

Marriott

International,

Inc.

,

Senior

Note

,

4.5

%

,

5/01/33

........

United

States

70,000

67,664

1,069,184

Household

Durables

0.0%

†

DR

Horton,

Inc.

,

Senior

Bond

,

5

%

,

10/15/34

...............

United

States

30,000

29,620

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.........................

United

States

64,000

63,761

Senior

Bond

,

3.8

%

,

11/01/29

.........................

United

States

75,000

73,015

166,396

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

210,770

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125

%

,

1/15/34

........................

United

States

57,000

60,849

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)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Constellation

Energy

Generation

LLC,

(continued)

Senior

Bond

,

6.5

%

,

10/01/53

.........................

United

States

141,000

$

149,758

Senior

Bond

,

5.75

%

,

3/15/54

.........................

United

States

57,000

55,332

Senior

Note

,

5.6

%

,

3/01/28

..........................

United

States

185,000

189,209

Senior

Note

,

4.4

%

,

1/15/31

..........................

United

States

50,000

49,369

Southern

Power

Co.

,

B

,

Senior

Bond

,

4.9

%

,

10/01/35

.......................

United

States

45,000

43,543

A

,

Senior

Note

,

4.25

%

,

10/01/30

......................

United

States

25,000

24,688

783,518

Insurance

0.3%

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85

%

,

12/15/29

......

United

States

60,000

60,677

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.526

%

,

7/11/31

..................

United

States

132,000

132,134

Secured

Note

,

144A,

5.322

%

,

11/13/31

.................

United

States

101,000

99,914

Senior

Secured

Bond

,

144A,

5.543

%

,

8/22/35

............

United

States

80,000

78,588

Athene

Holding

Ltd.

,

Senior

Bond

,

5.875

%

,

1/15/34

........................

United

States

54,000

53,817

Senior

Bond

,

6.25

%

,

4/01/54

.........................

United

States

38,000

34,906

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

4.3

%

,

5/15/43

..........................

United

States

79,000

69,287

Senior

Bond

,

2.85

%

,

10/15/50

........................

United

States

28,000

17,591

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.9

%

,

6/23/30

..........................

United

States

120,000

119,920

Senior

Note

,

5.25

%

,

6/23/32

.........................

United

States

43,000

42,947

CNA

Financial

Corp.

,

Senior

Bond

,

5.125

%

,

2/15/34

.........

United

States

76,000

74,855

b

CNO

Global

Funding

,

Secured

Note

,

144A,

4.95

%

,

9/09/29

....

United

States

20,000

20,115

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

95,000

95,453

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

95,000

95,429

b

Massachusetts

Mutual

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

3.729

%

,

10/15/70

..................................

United

States

165,000

103,543

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

7.875

%

,

12/15/37

........................................

United

States

400,000

432,826

b

Teachers

Insurance

&

Annuity

Association

of

America

,

Sub.

Bond

,

144A,

6.85

%

,

12/16/39

..............................

United

States

38,000

42,641

1,574,643

IT

Services

0.0%

†

b

Beignet

Investor

LLC

,

Senior

Secured

Bond

,

144A,

6.581

%

,

5/30/49

.........................................

United

States

28,000

28,810

Leisure

Products

0.1%

Brunswick

Corp.

,

Senior

Bond

,

2.4

%

,

8/18/31

..........................

United

States

82,000

71,137

Senior

Note

,

5.85

%

,

3/18/29

.........................

United

States

70,000

71,645

142,782

Life

Sciences

Tools

&

Services

0.0%

†

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

69,000

69,017

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

4.902

%

,

2/12/36

...

United

States

60,000

59,597

128,614

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)

Machinery

0.0%

†

Oshkosh

Corp.

,

Senior

Bond

,

4.6

%

,

5/15/28

..........................

United

States

99,000

$

98,977

Senior

Bond

,

3.1

%

,

3/01/30

..........................

United

States

19,000

17,860

116,837

Media

0.3%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.85

%

,

12/01/35

.................

United

States

60,000

59,048

Senior

Secured

Bond

,

3.5

%

,

6/01/41

...................

United

States

55,000

38,607

Senior

Secured

Bond

,

3.7

%

,

4/01/51

...................

United

States

5,000

3,098

Senior

Secured

Note

,

2.25

%

,

1/15/29

..................

United

States

55,000

51,415

Omnicom

Group,

Inc.

,

Senior

Note

,

4.65

%

,

10/01/28

.........

United

States

197,000

197,480

Paramount

Global

,

Senior

Bond

,

4.2

%

,

6/01/29

..........................

United

States

47,000

44,896

Senior

Note

,

3.7

%

,

6/01/28

..........................

United

States

23,000

22,256

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375

%

,

7/15/33

...................................

United

States

290,000

328,525

745,325

Metals

&

Mining

0.3%

b

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

5

%

,

3/21/33

...

South

Africa

200,000

197,015

b

Glencore

Finance

Canada

Ltd.

,

Senior

Bond

,

144A,

6

%

,

11/15/41

Australia

5,000

5,084

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5

%

,

9/01/30

.....................

Australia

244,000

221,961

Senior

Bond

,

144A,

5.634

%

,

4/04/34

...................

Australia

127,000

130,028

e

Senior

Bond

,

144A,

5.508

%

,

4/01/36

...................

Australia

90,000

90,236

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

4.875

%

,

3/14/30

.....

Australia

150,000

152,399

796,723

Multi-Utilities

0.1%

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

38,000

32,206

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

.................................

United

States

75,000

74,368

DTE

Energy

Co.

,

Senior

Bond

,

5.85

%

,

6/01/34

.............

United

States

66,000

69,132

NiSource,

Inc.

,

Senior

Note

,

5.2

%

,

7/01/29

................

United

States

145,000

147,921

Public

Service

Enterprise

Group,

Inc.

,

Senior

Note

,

4.9

%

,

3/15/30

United

States

125,000

126,290

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

71,000

67,425

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

60,000

59,179

576,521

Oil,

Gas

&

Consumable

Fuels

0.4%

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

7.2

%

,

1/15/32

.

Canada

127,000

141,310

Cheniere

Energy

Partners

LP

,

Senior

Bond

,

3.25

%

,

1/31/32

....

United

States

66,000

60,173

b

Cheniere

Energy,

Inc.

,

Senior

Bond

,

144A,

5.2

%

,

7/30/36

.....

United

States

20,000

19,804

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

66,000

69,106

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8

%

,

1/15/35

..........................

United

States

47,000

48,765

Senior

Bond

,

5.65

%

,

10/15/54

........................

United

States

18,000

16,966

Enbridge,

Inc.

,

Senior

Bond

,

4.25

%

,

12/01/26

..............

Canada

42,000

41,989

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Energy

Transfer

LP

,

c

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

.......................................

United

States

257,000

$

257,230

Senior

Bond

,

6.5

%

,

2/01/42

..........................

United

States

18,000

18,781

Senior

Note

,

5.25

%

,

7/01/29

.........................

United

States

30,000

30,662

Occidental

Petroleum

Corp.

,

Senior

Bond

,

7.5

%

,

5/01/31

......

United

States

131,000

145,866

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

...............

United

States

100,000

98,966

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

..................................

Canada

115,000

115,774

Targa

Resources

Corp.

,

Senior

Note

,

4.35

%

,

4/15/31

........

United

States

55,000

53,859

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

5

%

,

1/15/28

...........................

United

States

130,000

129,981

Senior

Bond

,

4.875

%

,

2/01/31

........................

United

States

58,000

57,931

b

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Bond

,

144A,

5.1

%

,

3/15/36

....................................

United

States

70,000

69,409

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

1/15/30

...................................

United

States

235,000

240,490

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

..........................

United

States

66,000

66,555

Senior

Note

,

4.9

%

,

8/01/30

..........................

United

States

65,000

65,078

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

89,000

90,985

1,839,680

Paper

&

Forest

Products

0.1%

b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

2.1

%

,

4/30/27

.......

United

States

200,000

195,445

Passenger

Airlines

0.1%

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

150,000

148,540

Personal

Care

Products

0.1%

Kenvue,

Inc.

,

Senior

Note

,

4.85

%

,

5/22/32

.........................

United

States

35,000

35,387

Senior

Note

,

4.9

%

,

3/22/33

..........................

United

States

198,000

199,650

235,037

Pharmaceuticals

0.4%

Merck

&

Co.,

Inc.

,

Senior

Bond

,

4.75

%

,

12/04/35

........................

United

States

55,000

53,993

Senior

Note

,

4.45

%

,

12/04/32

........................

United

States

35,000

34,772

Novartis

Capital

Corp.

,

Senior

Bond

,

4.9

%

,

3/18/36

..........................

United

States

75,000

74,850

Senior

Bond

,

5.7

%

,

3/18/56

..........................

United

States

40,000

40,314

Senior

Note

,

4.1

%

,

11/05/30

.........................

United

States

240,000

237,401

Senior

Note

,

4.6

%

,

3/18/33

..........................

United

States

60,000

59,762

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

.........................

United

States

118,000

117,585

Senior

Note

,

4.45

%

,

5/19/28

.........................

United

States

74,000

74,451

Royalty

Pharma

plc

,

Senior

Bond

,

5.4

%

,

9/02/34

..........................

United

States

99,000

99,863

Senior

Bond

,

5.2

%

,

9/25/35

..........................

United

States

80,000

78,984

Senior

Note

,

2.2

%

,

9/02/30

..........................

United

States

85,000

76,580

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Bond

,

4.1

%

,

10/01/46

...................................

Israel

120,000

89,100

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)

Pharmaceuticals

(continued)

Viatris,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

75,000

$

72,745

Wyeth

LLC

,

Senior

Bond

,

5.95

%

,

4/01/37

.................

United

States

48,000

50,905

Zoetis,

Inc.

,

Senior

Bond

,

3

%

,

9/12/27

...........................

United

States

90,000

88,510

Senior

Bond

,

2

%

,

5/15/30

...........................

United

States

37,000

33,617

Senior

Bond

,

5

%

,

8/17/35

...........................

United

States

275,000

272,870

1,556,302

Semiconductors

&

Semiconductor

Equipment

0.6%

Analog

Devices,

Inc.

,

Senior

Note

,

5.05

%

,

4/01/34

..........

United

States

109,000

111,239

Broadcom,

Inc.

,

Senior

Bond

,

4.15

%

,

11/15/30

........................

United

States

144,000

141,803

Senior

Bond

,

4.95

%

,

1/15/36

.........................

United

States

50,000

49,331

Senior

Bond

,

5.7

%

,

1/15/56

..........................

United

States

10,000

9,955

b

Senior

Bond

,

144A,

3.187

%

,

11/15/36

..................

United

States

68,000

56,858

b

Senior

Bond

,

144A,

4.926

%

,

5/15/37

...................

United

States

175,000

169,852

Senior

Note

,

3.459

%

,

9/15/26

........................

United

States

305,000

304,358

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

6.15

%

,

1/25/32

.............

United

States

200,000

208,946

Senior

Secured

Note

,

144A,

5.9

%

,

1/25/33

..............

United

States

200,000

205,791

Intel

Corp.

,

Senior

Bond

,

4.15

%

,

8/05/32

..................

United

States

200,000

190,776

Marvell

Technology,

Inc.

,

Senior

Note

,

5.75

%

,

2/15/29

.........................

United

States

100,000

103,264

Senior

Note

,

4.75

%

,

7/15/30

.........................

United

States

5,000

5,019

Senior

Note

,

5.95

%

,

9/15/33

.........................

United

States

94,000

99,518

1,656,710

Software

0.4%

Oracle

Corp.

,

Senior

Bond

,

5.7

%

,

2/04/36

..........................

United

States

120,000

115,431

Senior

Bond

,

3.65

%

,

3/25/41

.........................

United

States

106,000

75,511

Senior

Bond

,

6.7

%

,

2/04/56

..........................

United

States

40,000

37,153

Senior

Note

,

4.45

%

,

9/26/30

.........................

United

States

70,000

67,475

Senior

Note

,

4.8

%

,

9/26/32

..........................

United

States

90,000

85,738

Salesforce,

Inc.

,

Senior

Note

,

5.2

%

,

3/15/33

...............

United

States

145,000

144,794

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

188,000

163,190

Synopsys,

Inc.

,

Senior

Bond

,

5.15

%

,

4/01/35

...............

United

States

235,000

235,533

924,825

Specialized

REITs

0.4%

American

Tower

Corp.

,

Senior

Bond

,

3.125

%

,

1/15/27

........................

United

States

230,000

227,562

Senior

Bond

,

2.9

%

,

1/15/30

..........................

United

States

130,000

122,122

Senior

Bond

,

2.7

%

,

4/15/31

..........................

United

States

122,000

110,757

Senior

Note

,

2.75

%

,

1/15/27

.........................

United

States

66,000

65,177

Senior

Note

,

4.9

%

,

3/15/30

..........................

United

States

115,000

116,079

Senior

Note

,

4.7

%

,

12/15/32

.........................

United

States

40,000

39,321

Crown

Castle,

Inc.

,

Senior

Bond

,

3.65

%

,

9/01/27

.........................

United

States

66,000

65,230

Senior

Bond

,

3.8

%

,

2/15/28

..........................

United

States

134,000

132,126

Senior

Bond

,

4.75

%

,

5/15/47

.........................

United

States

28,000

23,380

Senior

Note

,

4.9

%

,

9/01/29

..........................

United

States

20,000

20,117

EPR

Properties

,

Senior

Bond

,

4.5

%

,

6/01/27

...............

United

States

32,000

31,873

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

Corporate

Bonds

(continued)

Specialized

REITs

(continued)

Equinix,

Inc.

,

Senior

Bond

,

3.2

%

,

11/18/29

................

United

States

194,000

$

184,759

1,138,503

Specialty

Retail

0.1%

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15

%

,

1/15/32

.........................

United

States

110,000

100,022

Senior

Bond

,

4.1

%

,

1/15/52

..........................

United

States

90,000

63,805

163,827

Technology

Hardware,

Storage

&

Peripherals

0.1%

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55

%

,

10/15/29

........................

United

States

64,000

63,698

Senior

Note

,

4.85

%

,

10/15/31

........................

United

States

74,000

73,519

137,217

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Tapestry,

Inc.

,

Senior

Bond

,

3.05

%

,

3/15/32

.........................

United

States

32,000

28,997

Senior

Note

,

5.1

%

,

3/11/30

..........................

United

States

61,000

61,654

90,651

Tobacco

0.2%

BAT

Capital

Corp.

,

Senior

Bond

,

4.39

%

,

8/15/37

.........................

United

Kingdom

77,000

70,001

Senior

Note

,

4.625

%

,

3/22/33

........................

United

Kingdom

285,000

279,048

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

........................

United

States

191,000

194,936

Senior

Note

,

4.375

%

,

4/30/30

........................

United

States

95,000

94,519

Senior

Note

,

4.75

%

,

11/01/31

........................

United

States

70,000

70,345

708,849

Trading

Companies

&

Distributors

0.1%

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

...................

United

States

135,000

137,210

Senior

Note

,

144A,

5.125

%

,

4/10/30

...................

United

States

135,000

135,762

272,972

Water

Utilities

0.0%

†

Essential

Utilities,

Inc.

,

Senior

Bond

,

5.125

%

,

3/15/36

........

United

States

75,000

73,982

Wireless

Telecommunication

Services

0.3%

Rogers

Communications,

Inc.

,

Senior

Bond

,

8.75

%

,

5/01/32

.........................

Canada

9,000

10,462

Senior

Note

,

3.8

%

,

3/15/32

..........................

Canada

77,000

71,908

Sub.

Bond

,

7.125%

to

4/14/35,

FRN

thereafter

,

4/15/55

.....

Canada

80,000

81,914

NC5

,

Sub.

Bond

,

7%

to

4/14/30,

FRN

thereafter

,

4/15/55

....

Canada

155,000

155,708

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.05

%

,

7/15/33

.........................

United

States

21,000

21,153

Senior

Bond

,

4.95

%

,

11/15/35

........................

United

States

50,000

49,107

Senior

Bond

,

5

%

,

2/15/36

...........................

United

States

110,000

108,382

Senior

Note

,

3.75

%

,

4/15/27

.........................

United

States

229,000

227,626

Senior

Note

,

3.875

%

,

4/15/30

........................

United

States

6,000

5,845

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

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Note

,

6.7

%

,

12/15/33

.........................

United

States

50,000

$

55,081

787,186

Total

Corporate

Bonds

(Cost

$

39,337,550

)

....................................

38,985,801

U.S.

Government

and

Agency

Securities

13.6%

U.S.

Treasury

Bonds

,

4.625

%,

2/15/40

..................................

United

States

2,260,000

2,259,470

3.25

%,

5/15/42

...................................

United

States

2,610,000

2,151,313

f

2.75

%,

8/15/42

...................................

United

States

3,030,000

2,318,187

3

%,

2/15/49

.....................................

United

States

2,080,000

1,519,781

2.875

%,

5/15/49

..................................

United

States

370,000

263,162

1.875

%,

2/15/51

..................................

United

States

3,780,000

2,099,672

2.25

%,

2/15/52

...................................

United

States

460,000

277,375

2.875

%,

5/15/52

..................................

United

States

1,030,000

714,542

3

%,

8/15/52

.....................................

United

States

390,000

277,334

3.625

%,

2/15/53

..................................

United

States

1,350,000

1,083,797

4.75

%,

8/15/55

...................................

United

States

590,000

575,066

U.S.

Treasury

Notes

,

4.125

%,

2/28/27

..................................

United

States

570,000

571,912

3.875

%,

5/31/27

..................................

United

States

890,000

890,660

1.25

%,

9/30/28

...................................

United

States

3,360,000

3,155,972

3.75

%,

12/31/28

..................................

United

States

290,000

289,462

2.375

%,

3/31/29

..................................

United

States

9,780,000

9,380,968

4.125

%,

3/31/29

..................................

United

States

250,000

252,119

4.25

%,

6/30/29

...................................

United

States

1,070,000

1,083,208

4

%,

7/31/29

.....................................

United

States

3,170,000

3,184,612

4.375

%,

5/15/34

..................................

United

States

1,000,000

1,010,684

3.875

%,

8/15/34

..................................

United

States

2,850,000

2,777,915

4.25

%,

11/15/34

..................................

United

States

1,610,000

1,609,843

4.25

%,

5/15/35

...................................

United

States

2,720,000

2,713,253

Total

U.S.

Government

and

Agency

Securities

(Cost

$

41,707,104

)

...............

40,460,307

Asset-Backed

Securities

0.0%

Consumer

Staples

Distribution

&

Retail

0.0%

†

b

CVS

Pass-Through

Trust

,

144A,

7.507

%

,

1/10/32

..............................

United

States

73,582

77,717

2013

,

144A,

4.704

%

,

1/10/36

.........................

United

States

8,612

8,133

85,850

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

82,194

)

.................................

85,850

Commercial

Mortgage-Backed

Securities

0.2%

Financial

Services

0.2%

Benchmark

Mortgage

Trust

,

2019-B12

,

A2

,

3.001

%

,

8/15/52

...

United

States

228,946

224,818

g

Citigroup

Commercial

Mortgage

Trust

,

2014-GC21

,

C

,

FRN

,

4.78

%

,

5/10/47

...................................

United

States

22,688

22,429

CSAIL

Commercial

Mortgage

Trust

,

2019-C17

,

AS

,

3.278

%

,

9/15/52

.........................................

United

States

170,000

154,855

b

,h

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

220,229

26

Wells

Fargo

Commercial

Mortgage

Trust

,

2017-C40

,

A4

,

3.581

%

,

10/15/50

........................................

United

States

133,000

131,155

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b

,g

,h

WFRBS

Commercial

Mortgage

Trust

,

2011-C3

,

D

,

144A,

FRN

,

5.415

%

,

3/15/44

...................................

United

States

20,645

$

7,587

540,870

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

649,638

)

.................

540,870

Mortgage-Backed

Securities

10.2%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.5%

FHLMC

Pool,

30

Year

,

2.5

%,

1/01/52

.....................

United

States

831,624

714,589

FHLMC

Pool,

30

Year

,

5.5

%,

9/01/53

-

11/01/53

............

United

States

694,428

704,049

1,418,638

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

7.0%

FNMA,

15

Year

,

2.5

%,

2/01/36

.........................

United

States

123,319

116,774

FNMA,

30

Year

,

2

%,

10/01/50

..........................

United

States

1,836,329

1,496,869

FNMA,

30

Year

,

2

%,

4/01/52

...........................

United

States

869,526

708,190

FNMA,

30

Year

,

2.5

%,

10/01/50

-

4/01/52

.................

United

States

2,061,859

1,757,973

FNMA,

30

Year

,

3

%,

6/01/46

-

8/01/51

....................

United

States

1,478,472

1,327,276

FNMA,

30

Year

,

3.5

%,

11/01/49

-

12/01/49

................

United

States

562,662

522,379

FNMA,

30

Year

,

4

%,

9/01/52

-

5/01/53

....................

United

States

834,894

795,377

FNMA,

30

Year

,

4.5

%,

2/01/49

.........................

United

States

403,842

397,265

FNMA,

30

Year

,

5

%,

8/01/33

-

10/01/52

...................

United

States

778,332

772,498

FNMA,

30

Year

,

5.5

%,

7/01/33

-

9/01/53

..................

United

States

122,926

125,204

FNMA,

30

Year

,

6

%,

10/01/53

..........................

United

States

759,226

778,247

i

Uniform

Mortgage-Backed

Securities

,

1.5

%

,

TBA,

4/25/41

.....

United

States

500,000

449,636

i

Uniform

Mortgage-Backed

Securities

,

2

%

,

TBA,

4/25/41

......

United

States

700,000

644,092

i

Uniform

Mortgage-Backed

Securities

,

2

%

,

TBA,

4/25/56

......

United

States

2,600,000

2,094,828

i

Uniform

Mortgage-Backed

Securities

,

2.5

%,

TBA,

4/25/41

-

4/25/56

.........................................

United

States

1,100,000

935,433

i

Uniform

Mortgage-Backed

Securities

,

3

%

,

TBA,

4/25/56

......

United

States

570,000

500,740

i

Uniform

Mortgage-Backed

Securities

,

3.5

%

,

TBA,

4/25/56

.....

United

States

850,000

779,347

i

Uniform

Mortgage-Backed

Securities

,

4

%

,

TBA,

4/25/56

......

United

States

380,000

358,628

i

Uniform

Mortgage-Backed

Securities

,

4.5

%,

TBA,

4/25/41

-

4/25/56

.........................................

United

States

540,000

522,338

i

Uniform

Mortgage-Backed

Securities

,

5

%,

TBA,

4/25/41

-

4/25/56

United

States

600,000

596,036

i

Uniform

Mortgage-Backed

Securities

,

5.5

%

,

TBA,

4/25/56

.....

United

States

1,350,000

1,356,429

i

Uniform

Mortgage-Backed

Securities

,

6

%

,

TBA,

4/25/56

......

United

States

1,700,000

1,733,123

i

Uniform

Mortgage-Backed

Securities

,

6.5

%

,

TBA,

4/25/56

.....

United

States

2,000,000

2,069,320

20,838,002

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

2.7%

GNMA

II,

30

Year

,

3.5

%,

5/20/52

........................

United

States

892,830

820,435

i

GNMA

II,

Single-family,

30

Year

,

2

%,

4/15/56

...............

United

States

1,100,000

908,961

GNMA

II,

Single-family,

30

Year

,

2.5

%,

2/20/53

.............

United

States

831,054

717,777

i

GNMA

II,

Single-family,

30

Year

,

2.5

%,

4/15/56

.............

United

States

230,000

197,908

GNMA

II,

Single-family,

30

Year

,

3

%,

7/20/46

-

11/20/46

.......

United

States

1,757,174

1,594,047

GNMA

II,

Single-family,

30

Year

,

3.5

%,

11/20/47

............

United

States

82,251

76,246

i

GNMA

II,

Single-family,

30

Year

,

4

%,

4/15/56

...............

United

States

500,000

468,444

GNMA

II,

Single-family,

30

Year

,

4.5

%,

3/20/49

.............

United

States

348,635

337,208

i

GNMA

II,

Single-family,

30

Year

,

4.5

%,

4/15/56

.............

United

States

150,000

144,932

i

GNMA

II,

Single-family,

30

Year

,

5

%,

4/15/56

...............

United

States

800,000

792,429

GNMA

II,

Single-family,

30

Year

,

5.5

%,

4/20/54

.............

United

States

946,009

962,445

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

i

GNMA

II,

Single-family,

30

Year

,

6

%,

4/15/56

...............

United

States

1,000,000

$

1,016,963

8,037,795

Total

Mortgage-Backed

Securities

(Cost

$

31,053,073

)

..........................

30,294,435

Municipal

Bonds

0.4%

California

0.2%

California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.19

%

,

6/01/37

......

United

States

120,000

112,483

City

of

Orange

,

Revenue

,

2021

,

Refunding

,

2.65

%

,

6/01/34

....

United

States

55,000

47,193

City

of

Pomona

,

Revenue

,

2020

BJ

,

3.716

%

,

8/01/40

........

United

States

35,000

30,206

County

of

Fresno

,

Revenue

,

2004

A

,

NATL

Insured

,

4.64

%,

8/15/32

.........................................

United

States

70,000

52,431

County

of

Tulare

,

Revenue

,

2018

,

4.445

%

,

6/01/37

..........

United

States

110,000

105,025

State

of

California

,

GO

,

4.35

%

,

11/01/32

...............................

United

States

150,000

149,654

GO

,

7.5

%

,

4/01/34

.................................

United

States

30,000

34,488

531,480

Florida

0.1%

State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526

%

,

7/01/34

......

United

States

110,000

115,350

Georgia

0.0%

†

Georgia

Higher

Education

Facilities

Authority

,

University

System

of

Georgia

,

Revenue

,

2026

A

,

5.273

%

,

1/01/40

...........

United

States

25,000

25,061

Illinois

0.0%

†

j

State

of

Illinois

,

GO

,

2026

A

,

4.954

%

,

4/01/33

..............

United

States

100,000

101,575

New

Jersey

0.0%

†

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2010

B

,

6.561

%

,

12/15/40

.............

United

States

20,000

22,142

New

York

0.0%

†

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2026

F-2

,

4.66

%

,

2/01/36

....................

United

States

80,000

79,276

Ohio

0.0%

†

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2020

A

,

ETM,

2.833

%

,

1/01/38

...................................

United

States

60,000

50,745

Pennsylvania

0.1%

Pennsylvania

Economic

Development

Financing

Authority

,

Revenue

,

2025

,

5.689

%

,

6/01/54

......................

United

States

80,000

80,548

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

5.002

%

,

11/01/38

.........

United

States

125,000

123,662

204,210

Texas

0.0%

†

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

2009

B

,

6.718

%

,

1/01/49

.............

United

States

55,000

60,090

Total

Municipal

Bonds

(Cost

$

1,195,078

)

.....................................

1,189,929

Total

Long

Term

Investments

(Cost

$

223,360,264

)

.............................

296,095,002

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.

64

Short

Term

Investments

5.9%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.0%

†

f,k

U.S.

Treasury

Bills

,

3

.58

%

,

7/16/26

......................

United

States

100,000

$

98,947

Total

U.S.

Government

and

Agency

Securities

(Cost

$

98,956

)

...................

98,947

Shares

Management

Investment

Companies

5.9%

l,m

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

17,594,691

17,594,691

Total

Management

Investment

Companies

(Cost

$

17,594,691

)

..................

17,594,691

Total

Short

Term

Investments

(Cost

$

17,693,647

)

..............................

17,693,638

a

Total

Investments

(Cost

$

241,053,911

)

105.4

%

................................

$313,788,640

TBA

Sale

Commitments

(

0.4

)

%

..............................................

(

1,081,272

)

Other

Assets,

less

Liabilities

(

5.0

)

%

.........................................

(15,171,123)

Net

Assets

100.0%

.........................................................

$297,536,245

a

a

a

Principal

Amount

*

n

TBA

Sale

Commitments

(0.4)%

Mortgage-Backed

Securities

(0.4)%

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(0.4)%

GNMA

II,

Single-family,

30

Year

,

3

%

,

4/15/56

......................................

United

States

(800,000)

(

714,325

)

3.5

%

,

4/15/56

....................................

United

States

(400,000)

(

366,947

)

(1,081,272)

Total

TBA

Sale

Commitments

(Proceeds

$

(

1,087,047

)

)

.........................

$(1,081,272)

*

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$10,358,997,

representing

3.5%

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

and

TBA

securities.

At

March

31,

2026,

the

aggregate

value

of

these

securities

pledged

amounted

to

$261,016,

representing

0.1%

of

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.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

65

At

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

j

Security

purchased

on

a

when-issued

basis.

k

The

rate

shown

represents

the

yield

at

period

end.

l

See

Note

4

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.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

S&P

500

E-Mini

Index

.........................

Long

2

$

657,075

6/18/26

$

(

16,176

)

Total

Futures

Contracts

......................................................................

$(16,176)

*

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

57,320

4/15/26

$

282

$

—

Canadian

Dollar

....

BZWS

Sell

511,200

369,514

4/15/26

1,823

—

Canadian

Dollar

....

CITI

Buy

265,000

190,273

4/15/26

333

—

Canadian

Dollar

....

CITI

Sell

1,161,400

847,051

4/15/26

11,690

—

Canadian

Dollar

....

GSCO

Buy

128,600

92,954

4/15/26

—

(

456

)

Canadian

Dollar

....

HSBK

Buy

168,200

121,713

4/15/26

—

(

732

)

Canadian

Dollar

....

JPHQ

Sell

364,300

263,318

4/15/26

1,288

—

Canadian

Dollar

....

MSCO

Buy

432,500

312,964

4/15/26

—

(

1,879

)

Canadian

Dollar

....

SSBT

Buy

185,700

134,372

4/15/26

—

(

804

)

Canadian

Dollar

....

TDOM

Buy

341,900

247,388

4/15/26

—

(

1,470

)

Canadian

Dollar

....

UBSW

Buy

56,900

41,701

4/15/26

—

(

775

)

Canadian

Dollar

....

UBSW

Sell

758,000

548,482

4/15/26

3,275

—

Canadian

Dollar

....

WPAC

Sell

561,500

405,868

4/15/26

1,998

—

Hong

Kong

Dollar

...

BZWS

Buy

2,734,400

350,909

5/13/26

—

(

1,364

)

Hong

Kong

Dollar

...

GSCO

Sell

343,500

44,085

5/13/26

175

—

Hong

Kong

Dollar

...

HSBK

Sell

2,399,800

307,951

5/13/26

1,179

—

British

Pound

......

BOFA

Buy

50,400

66,718

6/17/26

—

(

24

)

British

Pound

......

BZWS

Sell

392,300

519,301

6/17/26

173

—

British

Pound

......

GSCO

Sell

433,300

573,572

6/17/26

189

—

British

Pound

......

HSBK

Buy

97,200

129,276

6/17/26

—

(

651

)

British

Pound

......

JPHQ

Sell

155,200

206,871

6/17/26

1,496

—

British

Pound

......

MSCO

Sell

834,600

1,112,089

6/17/26

7,668

—

British

Pound

......

SSBT

Buy

57,100

75,945

6/17/26

—

(

385

)

British

Pound

......

UBSW

Buy

25,800

34,315

6/17/26

—

(

174

)

Danish

Krone

......

HSBK

Sell

1,489,400

230,121

6/17/26

—

(

1,240

)

Euro

.............

BOFA

Sell

68,400

78,623

6/17/26

—

(

715

)

Euro

.............

BZWS

Buy

21,900

25,173

6/17/26

229

—

Euro

.............

CITI

Sell

30,600

35,174

6/17/26

—

(

320

)

Euro

.............

GSCO

Sell

352,400

405,066

6/17/26

—

(

3,688

)

Euro

.............

MSCO

Sell

138,500

160,093

6/17/26

—

(

556

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

66

See

A

bbreviations

on

page

255

.

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

.............

SSBT

Sell

23,600

27,221

6/17/26

$

—

$

(

153

)

Euro

.............

UBSW

Sell

75,600

87,199

6/17/26

—

(

491

)

Swedish

Krona

.....

MSCO

Sell

6,288,600

676,288

6/17/26

9,418

—

Swiss

Franc

.......

MSCO

Sell

349,500

448,246

6/17/26

7,460

—

Total

Forward

Exchange

Contracts

...................................................

$48,676

$(15,877)

Net

unrealized

appreciation

(depreciation)

............................................

$32,799

*

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),

March

31,

2026

Putnam

VT

Global

Asset

Allocation

Fund

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

76.5%

Aerospace

&

Defense

1.9%

a

AeroVironment,

Inc.

.................................

United

States

10

$

1,830

Airbus

SE

.........................................

France

675

127,624

a

Astronics

Corp.

.....................................

United

States

296

19,752

a

Boeing

Co.

(The)

...................................

United

States

252

50,156

Curtiss-Wright

Corp.

.................................

United

States

86

58,576

a

Firefly

Aerospace,

Inc.

................................

United

States

596

16,968

General

Dynamics

Corp.

..............................

United

States

526

180,534

General

Electric

Co.

.................................

United

States

915

259,650

a

Kratos

Defense

&

Security

Solutions,

Inc.

.................

United

States

64

4,513

Leonardo

DRS,

Inc.

.................................

United

States

1,243

55,338

Leonardo

SpA

......................................

Italy

219

14,896

Lockheed

Martin

Corp.

...............................

United

States

1,267

765,762

Moog,

Inc.,

A

.......................................

United

States

22

6,438

Northrop

Grumman

Corp.

.............................

United

States

102

69,588

RTX

Corp.

........................................

United

States

351

67,708

Thales

SA

.........................................

France

289

84,748

a

V2X,

Inc.

..........................................

United

States

156

10,686

1,794,767

Air

Freight

&

Logistics

0.3%

Expeditors

International

of

Washington,

Inc.

...............

United

States

413

59,154

FedEx

Corp.

.......................................

United

States

215

76,579

Hub

Group,

Inc.,

A

...................................

United

States

315

11,353

United

Parcel

Service,

Inc.,

B

..........................

United

States

594

58,438

205,524

Automobile

Components

0.2%

a

Adient

plc

.........................................

United

States

474

9,580

Aisin

Corp.

........................................

Japan

3,800

53,535

BorgWarner,

Inc.

....................................

United

States

1,118

60,663

Dana,

Inc.

.........................................

United

States

930

31,294

a

Gentherm,

Inc.

.....................................

United

States

166

4,611

Sumitomo

Electric

Industries

Ltd.

.......................

Japan

400

22,728

Visteon

Corp.

......................................

United

States

276

25,146

207,557

Automobiles

1.2%

Ford

Motor

Co.

.....................................

United

States

4,762

54,953

General

Motors

Co.

..................................

United

States

769

57,290

Subaru

Corp.

......................................

Japan

1,300

20,945

a

Tesla,

Inc.

.........................................

United

States

2,574

956,884

Toyota

Motor

Corp.

..................................

Japan

1,200

24,945

1,115,017

Banks

3.7%

AIB

Group

plc

......................................

Ireland

5,032

53,717

Amalgamated

Financial

Corp.

..........................

United

States

316

12,283

Ameris

Bancorp

....................................

United

States

69

5,381

Associated

Banc-Corp.

...............................

United

States

191

4,939

a

Axos

Financial,

Inc.

..................................

United

States

336

28,590

Banco

Bilbao

Vizcaya

Argentaria

SA

.....................

Spain

4,332

93,569

Banco

de

Sabadell

SA

...............................

Spain

5,683

20,358

Banco

Santander

SA

.................................

Spain

16,362

183,430

Bank

Hapoalim

BM

..................................

Israel

3,498

82,151

Bank

Leumi

Le-Israel

BM

.............................

Israel

5,031

112,507

Bank

of

America

Corp.

...............................

United

States

3,562

173,648

Bank

of

Hawaii

Corp.

................................

United

States

182

13,513

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

...................

United

States

287

15,062

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)

Banks

(continued)

Banner

Corp.

......................................

United

States

81

$

4,915

Barclays

plc

.......................................

United

Kingdom

23,127

121,035

BNP

Paribas

SA

....................................

France

312

29,722

BOC

Hong

Kong

Holdings

Ltd.

.........................

China

3,000

16,551

CaixaBank

SA

......................................

Spain

978

11,724

Cathay

General

Bancorp

..............................

United

States

533

26,575

Central

Pacific

Financial

Corp.

.........................

United

States

294

9,396

Citigroup,

Inc.

......................................

United

States

8,012

908,641

Citizens

Financial

Group,

Inc.

..........................

United

States

964

57,811

Credit

Agricole

SA

...................................

France

1,219

22,752

a

Customers

Bancorp,

Inc.

..............................

United

States

366

25,404

Danske

Bank

A/S

...................................

Denmark

1,424

70,178

Enterprise

Financial

Services

Corp.

......................

United

States

248

13,419

Erste

Group

Bank

AG

................................

Austria

551

59,522

Financial

Institutions,

Inc.

.............................

United

States

156

4,947

First

Bancorp

......................................

United

States

1,275

27,234

First

Financial

Corp.

.................................

United

States

77

4,866

First

Horizon

Corp.

..................................

United

States

2,537

57,742

First

Merchants

Corp.

................................

United

States

64

2,479

Flushing

Financial

Corp.

..............................

United

States

536

8,233

Hancock

Whitney

Corp.

...............................

United

States

355

22,574

Hanmi

Financial

Corp.

................................

United

States

301

7,934

Heritage

Commerce

Corp.

.............................

United

States

476

5,940

Hilltop

Holdings,

Inc.

.................................

United

States

547

19,594

Hope

Bancorp,

Inc.

..................................

United

States

663

7,406

HSBC

Holdings

plc

..................................

United

Kingdom

14,475

237,717

Independent

Bank

Corp.

..............................

United

States

185

6,160

Intesa

Sanpaolo

SpA

.................................

Italy

10,700

64,713

JPMorgan

Chase

&

Co.

...............................

United

States

292

85,895

Lloyds

Banking

Group

plc

.............................

United

Kingdom

105,977

131,352

Mercantile

Bank

Corp.

................................

United

States

96

4,848

Metropolitan

Bank

Holding

Corp.

........................

United

States

66

5,497

Mitsubishi

UFJ

Financial

Group,

Inc.

.....................

Japan

5,800

98,217

National

Bank

Holdings

Corp.,

A

........................

United

States

462

18,092

NatWest

Group

plc

..................................

United

Kingdom

15,048

111,475

Northrim

BanCorp,

Inc.

...............................

United

States

212

4,851

Northwest

Bancshares,

Inc.

............................

United

States

393

4,987

a

NU

Holdings

Ltd.,

A

..................................

Brazil

1,986

28,539

OFG

Bancorp

......................................

United

States

343

13,878

Origin

Bancorp,

Inc.

.................................

United

States

140

5,804

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

282

58,681

Popular,

Inc.

.......................................

United

States

444

59,571

Preferred

Bank

.....................................

United

States

59

5,351

Shore

Bancshares,

Inc.

...............................

United

States

267

4,988

Simmons

First

National

Corp.,

A

........................

United

States

600

11,670

SmartFinancial,

Inc.

.................................

United

States

62

2,423

Southern

Missouri

Bancorp,

Inc.

........................

United

States

85

5,435

a

Third

Coast

Bancshares,

Inc.

..........................

United

States

113

4,275

Towne

Bank

.......................................

United

States

143

4,815

Trustmark

Corp.

....................................

United

States

462

19,469

UniCredit

SpA

......................................

Italy

1,595

114,431

United

Community

Banks,

Inc.

.........................

United

States

157

4,944

Univest

Financial

Corp.

...............................

United

States

188

6,441

US

Bancorp

.......................................

United

States

1,211

62,984

Valley

National

Bancorp

..............................

United

States

439

5,391

WaFd,

Inc.

........................................

United

States

156

4,898

Wells

Fargo

&

Co.

...................................

United

States

842

67,032

Westamerica

BanCorp

...............................

United

States

105

5,476

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)

Banks

(continued)

WSFS

Financial

Corp.

................................

United

States

83

$

5,433

Zions

Bancorp

NA

...................................

United

States

1,039

59,867

3,681,342

Beverages

1.0%

a

Boston

Beer

Co.,

Inc.

(The),

A

..........................

United

States

250

57,600

Carlsberg

A/S,

B

....................................

Denmark

375

46,588

Coca-Cola

Co.

(The)

.................................

United

States

839

63,806

Coca-Cola

Consolidated,

Inc.

..........................

United

States

284

54,454

Coca-Cola

HBC

AG

.................................

Italy

1,097

61,793

a

Monster

Beverage

Corp.

..............................

United

States

4,304

311,868

PepsiCo,

Inc.

......................................

United

States

2,032

315,549

911,658

Biotechnology

2.0%

AbbVie,

Inc.

.......................................

United

States

253

55,025

a

ACADIA

Pharmaceuticals,

Inc.

.........................

United

States

1,111

24,731

a

ADMA

Biologics,

Inc.

.................................

United

States

304

2,739

a

Alkermes

plc

.......................................

United

States

955

33,769

a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

180

59,557

Amgen,

Inc.

.......................................

United

States

157

55,240

a

Amicus

Therapeutics,

Inc.

.............................

United

States

369

5,336

a

AnaptysBio,

Inc.

....................................

United

States

404

22,406

a

Arrowhead

Pharmaceuticals,

Inc.

.......................

United

States

618

38,749

a

BioCryst

Pharmaceuticals,

Inc.

.........................

United

States

3,138

29,874

a

Capricor

Therapeutics,

Inc.

............................

United

States

216

6,566

a

Corvus

Pharmaceuticals,

Inc.

..........................

United

States

287

4,199

a

Enanta

Pharmaceuticals,

Inc.

..........................

United

States

414

5,229

a

Exelixis,

Inc.

.......................................

United

States

5,998

257,254

a

Genmab

A/S

.......................................

Denmark

42

11,312

a

ImmunityBio,

Inc.

...................................

United

States

3,488

26,753

a

Incyte

Corp.

.......................................

United

States

3,991

375,633

a

Inhibrx

Biosciences,

Inc.

..............................

United

States

309

20,774

a

Insmed,

Inc.

.......................................

United

States

413

67,534

a

Ironwood

Pharmaceuticals,

Inc.,

A

.......................

United

States

3,646

12,797

a

Kodiak

Sciences,

Inc.

................................

United

States

211

8,043

a

Mineralys

Therapeutics,

Inc.

...........................

United

States

576

15,604

a

Monte

Rosa

Therapeutics,

Inc.

.........................

United

States

1,198

19,707

a

Natera,

Inc.

........................................

United

States

315

62,997

a

Neurocrine

Biosciences,

Inc.

...........................

United

States

826

108,817

a

Olema

Pharmaceuticals,

Inc.

...........................

United

States

305

4,548

a

Praxis

Precision

Medicines,

Inc.

........................

United

States

17

5,477

a

Precigen,

Inc.

......................................

United

States

4,941

19,122

a

Protagonist

Therapeutics,

Inc.

..........................

United

States

342

36,047

a

PTC

Therapeutics,

Inc.

...............................

United

States

70

4,769

a

Puma

Biotechnology,

Inc.

.............................

United

States

1,033

6,601

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

716

553,210

a

Rhythm

Pharmaceuticals,

Inc.

..........................

United

States

300

26,091

a

Rigel

Pharmaceuticals,

Inc.

............................

United

States

169

4,570

a

Stoke

Therapeutics,

Inc.

..............................

United

States

703

22,890

a

Tango

Therapeutics,

Inc.

..............................

United

States

671

14,037

a

Travere

Therapeutics,

Inc.

.............................

United

States

807

23,976

a

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

132

58,943

a

Zymeworks,

Inc.

....................................

United

States

340

8,514

2,119,440

Broadline

Retail

2.8%

a

Amazon.com,

Inc.

...................................

United

States

11,096

2,310,964

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)

Broadline

Retail

(continued)

eBay,

Inc.

.........................................

United

States

636

$

57,889

a

Etsy,

Inc.

..........................................

United

States

1,069

53,429

Next

plc

..........................................

United

Kingdom

134

22,639

Prosus

NV

........................................

China

2,259

104,581

2,549,502

Building

Products

0.2%

Allegion

plc

........................................

United

States

385

55,937

Apogee

Enterprises,

Inc.

..............................

United

States

138

4,629

Cie

de

Saint-Gobain

SA

..............................

France

420

34,774

a

Gibraltar

Industries,

Inc.

..............................

United

States

116

4,625

a

Janus

International

Group,

Inc.

.........................

United

States

863

4,444

a

Modine

Manufacturing

Co.

............................

United

States

23

4,984

a

Resideo

Technologies,

Inc.

............................

United

States

207

6,978

Trane

Technologies

plc

...............................

United

States

148

61,678

UFP

Industries,

Inc.

..................................

United

States

319

29,386

207,435

Capital

Markets

3.1%

3i

Group

plc

.......................................

United

Kingdom

1,933

62,998

Affiliated

Managers

Group,

Inc.

.........................

United

States

203

56,170

Ameriprise

Financial,

Inc.

.............................

United

States

126

55,994

Bank

of

New

York

Mellon

Corp.

(The)

....................

United

States

560

66,433

Charles

Schwab

Corp.

(The)

...........................

United

States

603

56,670

CME

Group,

Inc.

....................................

United

States

183

54,049

Goldman

Sachs

Group,

Inc.

(The)

.......................

United

States

1,032

873,062

Hong

Kong

Exchanges

&

Clearing

Ltd.

...................

Hong

Kong

400

20,179

Interactive

Brokers

Group,

Inc.,

A

.......................

United

States

868

58,217

Invesco

Ltd.

.......................................

United

States

2,445

59,389

Janus

Henderson

Group

plc

...........................

United

States

1,128

57,945

Morgan

Stanley

.....................................

United

States

389

64,018

Nomura

Holdings,

Inc.

................................

Japan

10,700

84,252

Northern

Trust

Corp.

.................................

United

States

447

62,388

Raymond

James

Financial,

Inc.

.........................

United

States

174

25,193

State

Street

Corp.

...................................

United

States

5,329

674,438

Stifel

Financial

Corp.

.................................

United

States

791

58,471

a

StoneX

Group,

Inc.

..................................

United

States

420

33,873

UBS

Group

AG

.....................................

Switzerland

3,894

151,840

Virtu

Financial,

Inc.,

A

................................

United

States

1,412

62,100

Virtus

Investment

Partners,

Inc.

.........................

United

States

69

9,270

2,646,949

Chemicals

1.3%

Air

Liquide

SA

......................................

France

324

66,970

Asahi

Kasei

Corp.

...................................

Japan

1,100

10,763

Avient

Corp.

.......................................

United

States

201

7,296

a

Axalta

Coating

Systems

Ltd.

...........................

United

States

2,038

56,453

Balchem

Corp.

.....................................

United

States

134

22,710

Cabot

Corp.

.......................................

United

States

77

5,799

CF

Industries

Holdings,

Inc.

...........................

United

States

3,480

451,843

DuPont

de

Nemours,

Inc.

.............................

United

States

641

29,358

Ecolab,

Inc.

........................................

United

States

221

58,790

a

Ingevity

Corp.

......................................

United

States

102

7,265

Innospec,

Inc.

......................................

United

States

136

9,931

a

Intrepid

Potash,

Inc.

.................................

United

States

188

8,041

Linde

plc

..........................................

United

States

136

67,423

Mativ

Holdings,

Inc.

..................................

United

States

534

4,646

Minerals

Technologies,

Inc.

............................

United

States

313

22,198

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)

Chemicals

(continued)

NewMarket

Corp.

...................................

United

States

91

$

58,326

a

Perimeter

Solutions,

Inc.

..............................

United

States

1,089

26,593

PPG

Industries,

Inc.

.................................

United

States

528

56,433

a

Rayonier

Advanced

Materials,

Inc.

.......................

United

States

752

8,325

Sherwin-Williams

Co.

(The)

............................

United

States

171

54,814

Solstice

Advanced

Materials,

Inc.

.......................

United

States

1,305

99,389

1,133,366

Commercial

Services

&

Supplies

0.2%

Brink's

Co.

(The)

....................................

United

States

273

28,291

a

Cimpress

plc

.......................................

Ireland

67

4,891

a

CoreCivic,

Inc.

.....................................

United

States

271

5,125

HNI

Corp.

.........................................

United

States

119

3,973

a

OPENLANE,

Inc.

...................................

United

States

187

5,451

Republic

Services,

Inc.,

A

.............................

United

States

252

55,193

Veralto

Corp.

.......................................

United

States

584

51,637

154,561

Communications

Equipment

0.9%

a

Arista

Networks,

Inc.

.................................

United

States

2,098

257,592

a

BK

Technologies

Corp.

...............................

United

States

67

5,000

a

Calix,

Inc.

.........................................

United

States

302

14,795

a

Ciena

Corp.

.......................................

United

States

716

277,973

Cisco

Systems,

Inc.

.................................

United

States

737

57,184

a

Extreme

Networks,

Inc.

...............................

United

States

1,892

28,531

a

NETGEAR,

Inc.

.....................................

United

States

774

16,904

a

NetScout

Systems,

Inc.

...............................

United

States

207

6,581

Telefonaktiebolaget

LM

Ericsson,

B

......................

Sweden

4,092

46,650

Ubiquiti,

Inc.

.......................................

United

States

78

61,643

a

Viavi

Solutions,

Inc.

..................................

United

States

340

11,315

a

Vistance

Networks,

Inc.

...............................

United

States

272

4,950

789,118

Construction

&

Engineering

0.4%

ACS

Actividades

de

Construccion

y

Servicios

SA

............

Spain

872

106,345

Argan,

Inc.

........................................

United

States

73

39,759

Comfort

Systems

USA,

Inc.

............................

United

States

46

63,434

a

Dycom

Industries,

Inc.

................................

United

States

19

6,438

a

NWPX

Infrastructure,

Inc.

.............................

United

States

63

4,905

Primoris

Services

Corp.

...............................

United

States

258

36,904

a

Sterling

Infrastructure,

Inc.

............................

United

States

106

43,171

Tutor

Perini

Corp.

...................................

United

States

405

31,262

Vinci

SA

..........................................

France

927

139,142

471,360

Construction

Materials

0.1%

Holcim

AG

........................................

United

States

1,202

99,360

Consumer

Finance

0.4%

Ally

Financial,

Inc.

...................................

United

States

1,519

59,590

American

Express

Co.

...............................

United

States

193

58,379

Bread

Financial

Holdings,

Inc.

..........................

United

States

404

30,256

Capital

One

Financial

Corp.

...........................

United

States

309

56,371

a

Enova

International,

Inc.

..............................

United

States

176

23,906

a

LendingClub

Corp.

..................................

United

States

1,819

26,048

PROG

Holdings,

Inc.

.................................

United

States

490

14,058

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)

Consumer

Finance

(continued)

Synchrony

Financial

.................................

United

States

868

$

59,041

327,649

Consumer

Staples

Distribution

&

Retail

0.8%

Andersons,

Inc.

(The)

................................

United

States

93

6,676

Costco

Wholesale

Corp.

..............................

United

States

104

103,629

Dollar

General

Corp.

.................................

United

States

589

69,932

a

Dollar

Tree,

Inc.

....................................

United

States

578

63,297

Koninklijke

Ahold

Delhaize

NV

..........................

Netherlands

2,071

96,445

a

Maplebear,

Inc.

.....................................

United

States

2,389

89,492

Target

Corp.

.......................................

United

States

479

58,055

Tesco

plc

.........................................

United

Kingdom

1,310

8,233

a

United

Natural

Foods,

Inc.

.............................

United

States

179

8,066

Walmart,

Inc.

......................................

United

States

1,630

202,576

706,401

Containers

&

Packaging

0.3%

Avery

Dennison

Corp.

................................

United

States

329

56,812

Ball

Corp.

.........................................

United

States

925

54,677

Crown

Holdings,

Inc.

.................................

United

States

547

54,837

Greif,

Inc.,

A

.......................................

United

States

78

5,231

a

O-I

Glass,

Inc.

......................................

United

States

413

4,341

175,898

Distributors

0.0%

†

a

GigaCloud

Technology,

Inc.,

A

..........................

United

States

169

7,669

Gold.com,

Inc.

.....................................

United

States

152

6,092

13,761

Diversified

Consumer

Services

0.1%

ADT,

Inc.

..........................................

United

States

8,834

58,039

a

Coursera,

Inc.

......................................

United

States

3,988

23,210

a

Frontdoor,

Inc.

.....................................

United

States

89

4,705

a

Laureate

Education,

Inc.

..............................

United

States

903

31,461

Perdoceo

Education

Corp.

............................

United

States

168

6,251

a

Udemy,

Inc.

........................................

United

States

2,226

10,284

133,950

Diversified

REITs

0.0%

†

American

Assets

Trust,

Inc.

............................

United

States

278

5,118

Broadstone

Net

Lease,

Inc.

............................

United

States

278

5,079

10,197

Diversified

Telecommunication

Services

1.3%

AT&T,

Inc.

.........................................

United

States

27,881

808,270

a

Bandwidth,

Inc.,

A

...................................

United

States

413

7,360

Comcast

Corp.,

A

...................................

United

States

1,814

52,080

Deutsche

Telekom

AG

................................

Germany

4,521

168,738

IDT

Corp.,

B

.......................................

United

States

195

9,574

a

Lumen

Technologies,

Inc.

.............................

United

States

719

4,997

Telstra

Group

Ltd.

...................................

Australia

16,491

60,878

Verizon

Communications,

Inc.

..........................

United

States

1,133

56,877

1,168,774

Electric

Utilities

1.0%

American

Electric

Power

Co.,

Inc.

.......................

United

States

440

57,675

Constellation

Energy

Corp.

............................

United

States

182

50,823

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)

Electric

Utilities

(continued)

b

Duke

Energy

Corp.

..................................

United

States

438

$

57,352

Edison

International

.................................

United

States

1,067

78,083

Enel

SpA

.........................................

Italy

1,237

13,524

Eversource

Energy

..................................

United

States

779

53,969

Exelon

Corp.

.......................................

United

States

1,173

57,500

a

Hawaiian

Electric

Industries,

Inc.

........................

United

States

163

2,419

Kansai

Electric

Power

Co.,

Inc.

(The)

....................

Japan

5,200

86,456

NRG

Energy,

Inc.

...................................

United

States

387

56,556

a

Oklo,

Inc.,

A

.......................................

United

States

78

3,868

PG&E

Corp.

.......................................

United

States

3,799

66,748

Portland

General

Electric

Co.

..........................

United

States

231

12,190

Southern

Co.

(The)

..................................

United

States

650

62,738

TXNM

Energy,

Inc.

..................................

United

States

81

4,735

Xcel

Energy,

Inc.

....................................

United

States

702

55,767

720,403

Electrical

Equipment

1.9%

ABB

Ltd.

..........................................

Switzerland

2,055

167,088

Allient,

Inc.

........................................

United

States

213

12,586

AMETEK,

Inc.

......................................

United

States

279

59,806

a

Bloom

Energy

Corp.,

A

...............................

United

States

509

68,964

EnerSys

..........................................

United

States

205

35,613

Fujikura

Ltd.

.......................................

Japan

600

16,501

GE

Vernova,

Inc.

....................................

United

States

720

628,488

Mitsubishi

Electric

Corp.

..............................

Japan

3,800

124,287

a

Nextpower,

Inc.,

A

...................................

United

States

364

43,880

a

Nidec

Corp.

.......................................

Japan

3,900

49,523

a

Power

Solutions

International,

Inc.

.......................

United

States

192

11,689

Rockwell

Automation,

Inc.

.............................

United

States

160

57,421

Vertiv

Holdings

Co.,

A

................................

United

States

1,723

431,749

a

Vicor

Corp.

........................................

United

States

95

15,295

1,722,890

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Advanced

Energy

Industries,

Inc.

.......................

United

States

137

44,211

a

Arlo

Technologies,

Inc.

...............................

United

States

872

12,409

a

Daktronics,

Inc.

.....................................

United

States

112

2,190

a

Fabrinet

..........................................

Thailand

14

7,301

a

Insight

Enterprises,

Inc.

...............................

United

States

65

4,356

a

Itron,

Inc.

.........................................

United

States

305

27,337

a

Kimball

Electronics,

Inc.

..............................

United

States

209

4,951

a

nLight,

Inc.

........................................

United

States

400

22,808

a

Ouster,

Inc.

........................................

United

States

883

16,221

a

Sanmina

Corp.

.....................................

United

States

54

7,001

a

ScanSource,

Inc.

...................................

United

States

133

4,828

a

TTM

Technologies,

Inc.

...............................

United

States

414

40,332

193,945

Energy

Equipment

&

Services

0.9%

Baker

Hughes

Co.,

A

.................................

United

States

968

59,096

a

Forum

Energy

Technologies,

Inc.

........................

United

States

376

22,056

Halliburton

Co.

.....................................

United

States

1,700

66,283

Kodiak

Gas

Services,

Inc.

.............................

United

States

136

7,932

Liberty

Energy,

Inc.,

A

................................

United

States

306

8,813

a

National

Energy

Services

Reunited

Corp.

.................

United

States

621

13,333

a

Oceaneering

International,

Inc.

.........................

United

States

826

29,298

a

Oil

States

International,

Inc.

...........................

United

States

1,891

22,011

Patterson-UTI

Energy,

Inc.

............................

United

States

811

8,783

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)

Energy

Equipment

&

Services

(continued)

a

ProPetro

Holding

Corp.

...............................

United

States

394

$

5,678

SLB

Ltd.

..........................................

United

States

617

31,708

TechnipFMC

plc

....................................

United

Kingdom

7,635

527,808

a

Transocean

Ltd.

....................................

United

States

5,396

35,775

Weatherford

International

plc

...........................

United

States

638

60,342

898,916

Entertainment

1.2%

Cinemark

Holdings,

Inc.

..............................

United

States

325

9,269

a

Netflix,

Inc.

........................................

United

States

9,120

876,888

Nexon

Co.

Ltd.

.....................................

Japan

800

15,069

a

ROBLOX

Corp.,

A

...................................

United

States

912

51,583

a

Spotify

Technology

SA

................................

United

States

383

185,721

Walt

Disney

Co.

(The)

................................

United

States

570

54,937

1,193,467

Financial

Services

1.8%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

189

9,654

a

Berkshire

Hathaway,

Inc.,

B

............................

United

States

278

133,218

Corebridge

Financial,

Inc.

.............................

United

States

2,282

54,449

Equitable

Holdings,

Inc.

...............................

United

States

6,190

229,711

Essent

Group

Ltd.

...................................

United

States

82

4,792

a

Fiserv,

Inc.

........................................

United

States

466

26,003

Investor

AB,

B

......................................

Sweden

3,551

134,493

Jackson

Financial,

Inc.,

A

.............................

United

States

331

34,993

Mastercard,

Inc.,

A

..................................

United

States

2,138

1,068,273

MGIC

Investment

Corp.

...............................

United

States

2,185

57,356

a

NMI

Holdings,

Inc.,

A

.................................

United

States

419

15,717

Pagseguro

Digital

Ltd.,

A

..............................

Brazil

2,666

26,713

a

Payoneer

Global,

Inc.

................................

United

States

1,031

4,980

PayPal

Holdings,

Inc.

................................

United

States

1,232

55,723

PennyMac

Financial

Services,

Inc.

......................

United

States

112

9,789

a

StoneCo

Ltd.,

A

.....................................

Brazil

1,401

19,782

1,885,646

Food

Products

0.5%

Ajinomoto

Co.,

Inc.

..................................

Japan

1,000

28,271

Archer-Daniels-Midland

Co.

...........................

United

States

859

62,441

Associated

British

Foods

plc

...........................

United

Kingdom

2,170

54,320

Calavo

Growers,

Inc.

.................................

United

States

190

4,900

Cal-Maine

Foods,

Inc.

................................

United

States

293

23,191

Dole

plc

..........................................

United

States

1,011

14,447

Ingredion,

Inc.

......................................

United

States

502

56,555

Mondelez

International,

Inc.,

A

..........................

United

States

993

57,237

Nestle

SA

.........................................

United

States

316

30,997

a

Seneca

Foods

Corp.,

A

...............................

United

States

63

9,521

a

Simply

Good

Foods

Co.

(The)

..........................

United

States

160

2,296

Tyson

Foods,

Inc.,

A

.................................

United

States

472

30,241

c

WH

Group

Ltd.,

144A,

Reg

S

..........................

Hong

Kong

85,000

111,727

486,144

Gas

Utilities

0.2%

National

Fuel

Gas

Co.

................................

United

States

701

65,866

New

Jersey

Resources

Corp.

..........................

United

States

523

28,723

Northwest

Natural

Holding

Co.

.........................

United

States

102

5,428

Spire,

Inc.

.........................................

United

States

63

5,704

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)

Gas

Utilities

(continued)

Tokyo

Gas

Co.

Ltd.

..................................

Japan

900

$

42,386

148,107

Ground

Transportation

0.6%

CSX

Corp.

........................................

United

States

1,449

59,481

JB

Hunt

Transport

Services,

Inc.

........................

United

States

351

74,377

a

Lyft,

Inc.,

A

........................................

United

States

4,368

58,094

Norfolk

Southern

Corp.

...............................

United

States

195

55,965

a

Uber

Technologies,

Inc.

...............................

United

States

770

55,386

Union

Pacific

Corp.

..................................

United

States

229

55,560

358,863

Health

Care

Equipment

&

Supplies

0.9%

Abbott

Laboratories

..................................

United

States

528

54,210

a

AtriCure,

Inc.

.......................................

United

States

165

4,707

a

Avanos

Medical,

Inc.

.................................

United

States

404

5,660

a

Axogen,

Inc.

.......................................

United

States

518

17,161

BioMerieux

........................................

France

111

11,859

a

Boston

Scientific

Corp.

...............................

United

States

811

50,890

a

Dexcom,

Inc.

.......................................

United

States

979

61,481

a

Edwards

Lifesciences

Corp.

...........................

United

States

661

52,933

a

Glaukos

Corp.

......................................

United

States

163

17,549

a

Haemonetics

Corp.

..................................

United

States

76

4,283

a

Hologic,

Inc.

.......................................

United

States

783

59,187

Hoya

Corp.

........................................

Japan

800

138,688

a

IDEXX

Laboratories,

Inc.

..............................

United

States

95

53,380

a

Insulet

Corp.

.......................................

United

States

244

51,201

a

Lantheus

Holdings,

Inc.

...............................

United

States

399

30,264

a

LivaNova

plc

.......................................

United

States

311

19,767

Medtronic

plc

......................................

United

States

638

55,283

a

Novocure

Ltd.

......................................

United

States

2,002

21,822

Olympus

Corp.

.....................................

Japan

3,500

33,346

Stryker

Corp.

......................................

United

States

164

53,889

a

Varex

Imaging

Corp.

.................................

United

States

429

4,552

802,112

Health

Care

Providers

&

Services

0.7%

a

AMN

Healthcare

Services,

Inc.

.........................

United

States

847

15,534

Cardinal

Health,

Inc.

.................................

United

States

279

58,955

a

Castle

Biosciences,

Inc.

..............................

United

States

652

16,007

Cencora,

Inc.

......................................

United

States

181

56,859

Cigna

Group

(The)

..................................

United

States

212

56,551

a

Cross

Country

Healthcare,

Inc.

.........................

United

States

244

2,294

CVS

Health

Corp.

...................................

United

States

742

53,290

Fresenius

SE

&

Co.

KGaA

.............................

Germany

160

8,303

a

GeneDx

Holdings

Corp.,

A

.............................

United

States

54

3,468

a

Guardant

Health,

Inc.

................................

United

States

415

38,334

HCA

Healthcare,

Inc.

.................................

United

States

110

52,056

a

HealthEquity,

Inc.

...................................

United

States

61

5,098

a

Hims

&

Hers

Health,

Inc.

..............................

United

States

205

4,256

McKesson

Corp.

....................................

United

States

64

55,383

a

Omada

Health,

Inc.

..................................

United

States

338

4,249

Select

Medical

Holdings

Corp.

..........................

United

States

325

5,294

a

Tenet

Healthcare

Corp.

...............................

United

States

245

46,234

UnitedHealth

Group,

Inc.

..............................

United

States

202

54,659

Universal

Health

Services,

Inc.,

B

.......................

United

States

288

51,543

588,367

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

REITs

0.1%

American

Healthcare

REIT,

Inc.

.........................

United

States

109

$

5,140

CareTrust

REIT,

Inc.

.................................

United

States

964

35,331

LTC

Properties,

Inc.

.................................

United

States

136

5,054

National

Health

Investors,

Inc.

..........................

United

States

66

5,337

Omega

Healthcare

Investors,

Inc.

.......................

United

States

1,214

53,197

Sabra

Health

Care

REIT,

Inc.

..........................

United

States

277

5,327

109,386

Health

Care

Technology

0.6%

a

Doximity,

Inc.,

A

....................................

United

States

2,283

53,194

HealthStream,

Inc.

..................................

United

States

224

4,639

a

Phreesia,

Inc.

......................................

United

States

1,435

12,025

a

Teladoc

Health,

Inc.

.................................

United

States

4,411

24,040

a

Veeva

Systems,

Inc.,

A

...............................

United

States

2,812

493,956

a

Waystar

Holding

Corp.

...............................

United

States

194

4,677

592,531

Hotel

&

Resort

REITs

0.0%

†

Apple

Hospitality

REIT,

Inc.

............................

United

States

400

4,604

DiamondRock

Hospitality

Co.

..........................

United

States

557

5,219

Ryman

Hospitality

Properties,

Inc.

.......................

United

States

234

21,591

Xenia

Hotels

&

Resorts,

Inc.

...........................

United

States

355

5,265

36,679

Hotels,

Restaurants

&

Leisure

1.3%

a

Airbnb,

Inc.,

A

......................................

United

States

5,636

711,714

Aristocrat

Leisure

Ltd.

................................

Australia

2,250

71,517

Booking

Holdings,

Inc.

...............................

United

States

32

134,730

Brightstar

Lottery

plc

.................................

United

States

1,397

17,798

a

Brinker

International,

Inc.

.............................

United

States

230

32,837

Compass

Group

plc

.................................

United

Kingdom

2,503

69,836

a

DoorDash,

Inc.,

A

...................................

United

States

324

48,649

Galaxy

Entertainment

Group

Ltd.

.......................

Macau

2,000

9,040

Golden

Entertainment,

Inc.

............................

United

States

187

4,991

InterContinental

Hotels

Group

plc

.......................

United

States

207

27,298

Las

Vegas

Sands

Corp.

...............................

United

States

1,770

95,368

a

Life

Time

Group

Holdings,

Inc.

.........................

United

States

179

4,822

Monarch

Casino

&

Resort,

Inc.

.........................

United

States

59

5,640

Red

Rock

Resorts,

Inc.,

A

.............................

United

States

82

4,376

a

Viking

Holdings

Ltd.

.................................

United

States

839

61,650

1,300,266

Household

Durables

0.2%

Garmin

Ltd.

........................................

United

States

293

67,979

a

Hovnanian

Enterprises,

Inc.,

A

..........................

United

States

44

4,880

KB

Home

.........................................

United

States

86

4,451

a

M/I

Homes,

Inc.

.....................................

United

States

166

20,327

a

Sonos,

Inc.

........................................

United

States

1,862

24,951

Sony

Group

Corp.

...................................

Japan

1,300

27,096

a

Taylor

Morrison

Home

Corp.,

A

.........................

United

States

463

26,965

Toll

Brothers,

Inc.

...................................

United

States

391

53,360

a

Tri

Pointe

Homes,

Inc.

................................

United

States

654

30,561

260,570

Household

Products

1.1%

Colgate-Palmolive

Co.

...............................

United

States

7,897

673,061

Procter

&

Gamble

Co.

(The)

...........................

United

States

2,035

293,935

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Household

Products

(continued)

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

1,245

$

83,714

1,050,710

Independent

Power

and

Renewable

Electricity

Producers

0.3%

AES

Corp.

(The)

....................................

United

States

4,180

58,896

RWE

AG

..........................................

Germany

1,971

132,607

Vistra

Corp.

........................................

United

States

368

55,321

246,824

Industrial

Conglomerates

0.3%

3M

Co.

...........................................

United

States

377

54,752

CK

Hutchison

Holdings

Ltd.

............................

United

Kingdom

2,500

19,190

Honeywell

International,

Inc.

...........................

United

States

292

66,001

Jardine

Matheson

Holdings

Ltd.

........................

Indonesia

700

50,318

Sekisui

Chemical

Co.

Ltd.

.............................

Japan

1,500

25,183

Smiths

Group

plc

...................................

United

Kingdom

918

28,014

243,458

Industrial

REITs

0.0%

†

LXP

Industrial

Trust

..................................

United

States

101

4,672

Prologis,

Inc.

.......................................

United

States

215

28,419

33,091

Insurance

2.6%

Aflac,

Inc.

.........................................

United

States

528

57,927

Allianz

SE

.........................................

Germany

331

139,787

Allstate

Corp.

(The)

..................................

United

States

273

56,604

American

International

Group,

Inc.

......................

United

States

795

59,824

AXA

SA

...........................................

France

246

11,304

Axis

Capital

Holdings

Ltd.

.............................

United

States

1,524

154,549

a

Brighthouse

Financial,

Inc.

............................

United

States

977

58,503

Chubb

Ltd.

........................................

United

States

188

61,275

CNO

Financial

Group,

Inc.

............................

United

States

616

25,293

Daiichi

Life

Group,

Inc.

...............................

Japan

1,200

11,066

Everest

Group

Ltd.

..................................

United

States

176

57,526

Fidelis

Insurance

Holdings

Ltd.

.........................

United

Kingdom

305

5,829

a

Genworth

Financial,

Inc.,

A

............................

United

States

3,292

26,731

Globe

Life,

Inc.

.....................................

United

States

1,029

143,206

Hamilton

Insurance

Group

Ltd.,

B

.......................

United

States

900

26,847

Hanover

Insurance

Group,

Inc.

(The)

.....................

United

States

328

56,859

a

Heritage

Insurance

Holdings,

Inc.

.......................

United

States

780

20,475

Horace

Mann

Educators

Corp.

.........................

United

States

113

4,823

MetLife,

Inc.

.......................................

United

States

3,377

238,821

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

120

75,785

NN

Group

NV

......................................

Netherlands

1,472

114,957

Primerica,

Inc.

......................................

United

States

225

56,358

Progressive

Corp.

(The)

..............................

United

States

282

55,904

Prudential

Financial,

Inc.

..............................

United

States

596

58,223

QBE

Insurance

Group

Ltd.

............................

Australia

4,967

73,297

Reinsurance

Group

of

America,

Inc.

.....................

United

States

292

59,615

RenaissanceRe

Holdings

Ltd.

..........................

United

States

217

64,499

a

SiriusPoint

Ltd.

.....................................

United

States

607

13,075

Talanx

AG

.........................................

Germany

378

46,905

Travelers

Cos.,

Inc.

(The)

.............................

United

States

215

62,711

Unipol

Assicurazioni

SpA

..............................

Italy

925

21,488

Universal

Insurance

Holdings,

Inc.

.......................

United

States

267

9,121

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Insurance

(continued)

Unum

Group

.......................................

United

States

779

$

56,890

1,986,077

Interactive

Media

&

Services

5.0%

Alphabet,

Inc.,

A

....................................

United

States

9,867

2,837,355

a

Cargurus,

Inc.,

A

....................................

United

States

669

22,779

a

EverQuote,

Inc.,

A

...................................

United

States

760

11,719

a,b

fuboTV,

Inc.,

A

......................................

United

States

446

4,219

a

Grindr,

Inc.

........................................

Singapore

404

4,884

LY

Corp.

..........................................

Japan

17,400

41,954

Meta

Platforms,

Inc.,

A

...............................

United

States

2,952

1,688,928

a

Nextdoor

Holdings,

Inc.

...............................

United

States

3,088

4,323

4,616,161

IT

Services

0.2%

a

Fastly,

Inc.,

A

......................................

United

States

211

6,132

Fujitsu

Ltd.

........................................

Japan

600

12,270

a

GoDaddy,

Inc.,

A

....................................

United

States

616

50,925

NEC

Corp.

........................................

Japan

1,900

47,278

a

Snowflake,

Inc.,

A

...................................

United

States

321

48,413

VeriSign,

Inc.

......................................

United

States

239

59,358

224,376

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

..........................

Japan

3,400

83,879

Hasbro,

Inc.

.......................................

United

States

738

69,077

Polaris,

Inc.

........................................

United

States

447

24,362

177,318

Life

Sciences

Tools

&

Services

0.1%

a

10X

Genomics,

Inc.,

A

................................

United

States

1,295

27,493

a

CryoPort,

Inc.

......................................

United

States

305

2,525

a

Medpace

Holdings,

Inc.

...............................

United

States

123

59,063

Mesa

Laboratories,

Inc.

...............................

United

States

190

16,800

105,881

Machinery

1.9%

Alamo

Group,

Inc.

...................................

United

States

28

4,619

Albany

International

Corp.,

A

...........................

United

States

103

5,378

Allison

Transmission

Holdings,

Inc.

......................

United

States

496

58,062

Atmus

Filtration

Technologies,

Inc.

......................

United

States

543

30,826

a

Blue

Bird

Corp.

.....................................

United

States

496

28,168

Caterpillar,

Inc.

.....................................

United

States

1,232

872,823

a

Chart

Industries,

Inc.

.................................

United

States

34

7,030

Cummins,

Inc.

......................................

United

States

140

75,323

Deere

&

Co.

.......................................

United

States

99

55,767

ESCO

Technologies,

Inc.

..............................

United

States

32

9,004

FANUC

Corp.

......................................

Japan

100

3,486

Federal

Signal

Corp.

.................................

United

States

44

4,758

Franklin

Electric

Co.,

Inc.

.............................

United

States

50

4,609

GEA

Group

AG

.....................................

Germany

643

46,115

Graco,

Inc.

........................................

United

States

685

57,985

Hyster-Yale,

Inc.

....................................

United

States

143

4,649

Illinois

Tool

Works,

Inc.

...............................

United

States

104

27,070

Kennametal,

Inc.

....................................

United

States

177

6,395

Komatsu

Ltd.

......................................

Japan

900

35,839

Lincoln

Electric

Holdings,

Inc.

..........................

United

States

252

62,768

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

(continued)

a

Microvast

Holdings,

Inc.

..............................

United

States

2,305

$

3,457

Mueller

Water

Products,

Inc.,

A

.........................

United

States

223

6,130

PACCAR,

Inc.

......................................

United

States

481

55,556

Parker-Hannifin

Corp.

................................

United

States

63

56,400

Pentair

plc

........................................

United

States

628

54,705

a

Proto

Labs,

Inc.

.....................................

United

States

150

8,553

Schindler

Holding

AG

................................

Switzerland

184

60,608

a

SPX

Technologies,

Inc.

...............................

United

States

25

4,998

Tennant

Co.

.......................................

United

States

76

5,046

Terex

Corp.

........................................

United

States

83

4,905

Watts

Water

Technologies,

Inc.,

A

.......................

United

States

122

35,415

Worthington

Enterprises,

Inc.

..........................

United

States

97

5,058

Yangzijiang

Shipbuilding

Holdings

Ltd.

....................

China

27,500

81,686

1,783,191

Marine

Transportation

0.1%

Matson,

Inc.

.......................................

United

States

202

33,116

SITC

International

Holdings

Co.

Ltd.

.....................

China

11,000

48,164

81,280

Media

0.1%

a

Ibotta,

Inc.,

A

.......................................

United

States

237

7,103

Informa

plc

........................................

United

Kingdom

1,718

17,255

a

Magnite,

Inc.

.......................................

United

States

259

3,077

New

York

Times

Co.

(The),

A

...........................

United

States

721

60,369

a

PubMatic,

Inc.,

A

....................................

United

States

906

7,411

95,215

Metals

&

Mining

0.6%

a

Alpha

Metallurgical

Resources,

Inc.

......................

United

States

26

5,337

ArcelorMittal

SA

....................................

Luxembourg

525

27,227

BHP

Group

Ltd.,

(AUD

Traded)

.........................

Australia

4,713

170,528

BHP

Group

Ltd.,

(GBP

Traded)

.........................

Australia

297

10,765

a

Boliden

AB

........................................

Sweden

442

23,171

a

Century

Aluminum

Co.

...............................

United

States

89

5,223

a

Coeur

Mining,

Inc.

...................................

United

States

1,011

18,976

Commercial

Metals

Co.

...............................

United

States

87

5,344

a

Constellium

SE,

A

...................................

United

States

1,171

28,783

Fortescue

Ltd.

......................................

Australia

7,335

104,814

Freeport-McMoRan,

Inc.

..............................

United

States

1,349

79,294

Glencore

plc

.......................................

Australia

8,319

63,007

Hecla

Mining

Co.

...................................

United

States

2,123

39,551

Norsk

Hydro

ASA

...................................

Norway

2,306

24,578

Rio

Tinto

plc

.......................................

Australia

1,094

101,495

SunCoke

Energy,

Inc.

................................

United

States

820

5,338

713,431

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

Chimera

Investment

Corp.

.............................

United

States

392

4,920

Ladder

Capital

Corp.,

A

...............................

United

States

473

4,621

MFA

Financial,

Inc.

..................................

United

States

566

5,422

Rithm

Capital

Corp.

..................................

United

States

5,996

56,842

71,805

Multi-Utilities

0.7%

Ameren

Corp.

......................................

United

States

520

57,158

Avista

Corp.

.......................................

United

States

515

20,672

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Multi-Utilities

(continued)

Black

Hills

Corp.

....................................

United

States

365

$

25,335

CMS

Energy

Corp.

..................................

United

States

751

58,263

Consolidated

Edison,

Inc.

.............................

United

States

516

58,401

DTE

Energy

Co.

....................................

United

States

387

56,587

Engie

SA

.........................................

France

2,764

89,077

Northwestern

Energy

Group,

Inc.

.......................

United

States

78

5,143

Public

Service

Enterprise

Group,

Inc.

....................

United

States

731

59,174

WEC

Energy

Group,

Inc.

..............................

United

States

501

58,001

487,811

Office

REITs

0.0%

†

COPT

Defense

Properties

.............................

United

States

163

4,988

Empire

State

Realty

Trust,

Inc.,

A

.......................

United

States

897

4,664

9,652

Oil,

Gas

&

Consumable

Fuels

2.5%

Antero

Midstream

Corp.

..............................

United

States

2,520

57,456

California

Resources

Corp.

............................

United

States

109

7,545

Cheniere

Energy,

Inc.

................................

United

States

2,433

690,388

Chevron

Corp.

.....................................

United

States

371

76,760

ConocoPhillips

.....................................

United

States

495

65,340

Coterra

Energy,

Inc.

.................................

United

States

1,865

65,536

Delek

US

Holdings,

Inc.

..............................

United

States

118

5,318

Devon

Energy

Corp.

.................................

United

States

1,301

65,466

DHT

Holdings,

Inc.

..................................

United

States

387

7,070

Dorian

LPG

Ltd.

....................................

United

States

195

6,669

ENEOS

Holdings,

Inc.

................................

Japan

8,700

78,388

Eni

SpA

..........................................

Italy

1,002

28,491

Equinor

ASA

.......................................

Norway

2,950

125,683

Exxon

Mobil

Corp.

...................................

United

States

443

75,159

a

Gulfport

Energy

Corp.

................................

United

States

25

5,289

HF

Sinclair

Corp.

...................................

United

States

1,167

72,809

Inpex

Corp.

........................................

Japan

4,400

130,150

Kinder

Morgan,

Inc.

..................................

United

States

1,896

63,573

Marathon

Petroleum

Corp.

............................

United

States

314

76,673

Murphy

Oil

Corp.

....................................

United

States

443

18,274

a

Par

Pacific

Holdings,

Inc.

.............................

United

States

100

6,264

Peabody

Energy

Corp.

...............................

United

States

858

28,271

Repsol

SA

.........................................

Spain

1,261

35,495

Scorpio

Tankers,

Inc.

.................................

Monaco

390

29,118

Shell

plc

..........................................

United

States

274

12,690

Teekay

Corp.

Ltd.

...................................

United

States

1,526

18,632

Teekay

Tankers

Ltd.,

A

...............................

Canada

372

27,275

TotalEnergies

SE

...................................

France

2,270

208,327

Valero

Energy

Corp.

.................................

United

States

362

89,443

Williams

Cos.,

Inc.

(The)

..............................

United

States

965

70,233

World

Kinect

Corp.

..................................

United

States

204

4,706

2,252,491

Paper

&

Forest

Products

0.0%

†

Sylvamo

Corp.

.....................................

United

States

110

4,646

Passenger

Airlines

0.5%

Delta

Air

Lines,

Inc.

..................................

United

States

980

65,150

International

Consolidated

Airlines

Group

SA

...............

United

Kingdom

14,822

70,350

a

Joby

Aviation,

Inc.

...................................

United

States

1,706

14,092

Qantas

Airways

Ltd.

.................................

Australia

12,137

71,296

Ryanair

Holdings

plc

.................................

Italy

2,659

74,856

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Passenger

Airlines

(continued)

a

SkyWest,

Inc.

......................................

United

States

324

$

29,753

a

Sun

Country

Airlines

Holdings,

Inc.

......................

United

States

516

8,524

a

United

Airlines

Holdings,

Inc.

...........................

United

States

600

55,242

389,263

Pharmaceuticals

4.1%

a

Arvinas,

Inc.

.......................................

United

States

1,846

19,568

AstraZeneca

plc

....................................

United

Kingdom

238

46,538

Bristol-Myers

Squibb

Co.

..............................

United

States

5,607

340,065

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

1,000

55,149

a

Corcept

Therapeutics,

Inc.

............................

United

States

1,631

65,746

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

4,000

71,563

Eli

Lilly

&

Co.

......................................

United

States

1,052

967,598

Galderma

Group

AG

.................................

Switzerland

347

68,197

GSK

plc

..........................................

United

States

4,272

117,674

Ipsen

SA

..........................................

France

304

56,813

Johnson

&

Johnson

.................................

United

States

242

59,154

a

Maze

Therapeutics,

Inc.

..............................

United

States

500

14,925

Merck

&

Co.,

Inc.

...................................

United

States

8,246

991,911

Novartis

AG

.......................................

United

States

1,546

237,302

Novo

Nordisk

A/S,

B

.................................

Denmark

1,686

61,698

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

900

63,874

Pfizer,

Inc.

.........................................

United

States

2,140

60,091

Roche

Holding

AG

..................................

United

States

131

52,281

Sanofi

SA

.........................................

United

States

843

81,408

a

Supernus

Pharmaceuticals,

Inc.

........................

United

States

484

25,018

3,456,573

Professional

Services

0.3%

Automatic

Data

Processing,

Inc.

........................

United

States

326

66,237

Broadridge

Financial

Solutions,

Inc.

......................

United

States

293

47,607

a

IBEX

Holdings

Ltd.

..................................

United

States

198

5,310

Korn

Ferry

........................................

United

States

207

13,031

a

Legalzoom.com,

Inc.

.................................

United

States

2,217

12,570

Leidos

Holdings,

Inc.

.................................

United

States

309

48,056

Maximus,

Inc.

......................................

United

States

65

4,167

a

Paylocity

Holding

Corp.

...............................

United

States

482

52,075

Recruit

Holdings

Co.

Ltd.

.............................

Japan

1,600

69,712

a

Upwork,

Inc.

.......................................

United

States

2,140

23,454

Verisk

Analytics,

Inc.,

A

...............................

United

States

264

50,094

392,313

Real

Estate

Management

&

Development

0.2%

a

CBRE

Group,

Inc.,

A

.................................

United

States

423

57,300

a

Cushman

&

Wakefield

Ltd.

............................

United

States

2,303

28,235

a

Jones

Lang

LaSalle,

Inc.

..............................

United

States

194

59,038

Kennedy-Wilson

Holdings,

Inc.

.........................

United

States

533

5,767

150,340

Residential

REITs

0.5%

Invitation

Homes,

Inc.

................................

United

States

12,016

298,598

Mid-America

Apartment

Communities,

Inc.

................

United

States

428

52,267

Sun

Communities,

Inc.

...............................

United

States

424

53,407

404,272

Retail

REITs

0.5%

Alexander's,

Inc.

....................................

United

States

21

4,960

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Retail

REITs

(continued)

Brixmor

Property

Group,

Inc.

...........................

United

States

1,926

$

55,469

CBL

&

Associates

Properties,

Inc.

.......................

United

States

189

7,263

Kite

Realty

Group

Trust

...............................

United

States

223

5,475

Simon

Property

Group,

Inc.

............................

United

States

2,145

400,107

SITE

Centers

Corp.

..................................

United

States

1,920

10,368

Tanger,

Inc.

........................................

United

States

147

4,995

Urban

Edge

Properties

...............................

United

States

259

5,175

493,812

Semiconductors

&

Semiconductor

Equipment

8.7%

a

Advanced

Micro

Devices,

Inc.

..........................

United

States

301

61,232

Advantest

Corp.

....................................

Japan

200

27,601

a

Ambarella,

Inc.

.....................................

United

States

508

26,149

Applied

Materials,

Inc.

................................

United

States

250

85,448

ASML

Holding

NV

...................................

Netherlands

266

353,715

Broadcom,

Inc.

.....................................

United

States

3,121

965,981

a

CEVA,

Inc.

........................................

United

States

120

2,242

a

Cirrus

Logic,

Inc.

....................................

United

States

461

66,670

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

463

43,462

a

FormFactor,

Inc.

....................................

United

States

58

5,625

a

Impinj,

Inc.

........................................

United

States

155

15,918

a

Kioxia

Holdings

Corp.

................................

Japan

900

117,540

KLA

Corp.

.........................................

United

States

44

64,786

Kulicke

&

Soffa

Industries,

Inc.

.........................

Singapore

73

4,798

Lam

Research

Corp.

.................................

United

States

4,400

940,104

a

MaxLinear,

Inc.,

A

...................................

United

States

356

6,191

Micron

Technology,

Inc.

...............................

United

States

189

63,852

a

Navitas

Semiconductor

Corp.,

A

........................

United

States

555

4,867

NVIDIA

Corp.

......................................

United

States

25,966

4,528,470

QUALCOMM,

Inc.

...................................

United

States

5,081

654,331

a

Rambus,

Inc.

......................................

United

States

381

32,777

a

Rigetti

Computing,

Inc.

...............................

United

States

141

1,980

SCREEN

Holdings

Co.

Ltd.

............................

Japan

800

47,661

a

Semtech

Corp.

.....................................

United

States

66

5,075

a

Silicon

Laboratories,

Inc.

..............................

United

States

23

4,787

8,131,262

Software

4.6%

a

ACI

Worldwide,

Inc.

..................................

United

States

229

9,391

a

Adobe,

Inc.

........................................

United

States

2,938

714,169

a

Alarm.com

Holdings,

Inc.

.............................

United

States

98

4,233

a

Appian

Corp.,

A

.....................................

United

States

187

4,509

a

Arteris,

Inc.

........................................

United

States

1,074

17,657

a

Atlassian

Corp.,

A

...................................

United

States

692

47,229

a

Autodesk,

Inc.

......................................

United

States

1,496

358,142

a

Blend

Labs,

Inc.,

A

..................................

United

States

5,616

9,547

a

Cadence

Design

Systems,

Inc.

.........................

United

States

188

52,240

a

Cerence,

Inc.

......................................

United

States

690

4,354

a

Commvault

Systems,

Inc.

.............................

United

States

179

13,942

a

Crowdstrike

Holdings,

Inc.,

A

...........................

United

States

131

51,144

a

Daily

Journal

Corp.

..................................

United

States

9

4,341

a

DocuSign,

Inc.,

A

...................................

United

States

1,188

56,323

a

Dropbox,

Inc.,

A

....................................

United

States

2,259

51,324

a

Fortinet,

Inc.

.......................................

United

States

347

28,357

InterDigital,

Inc.

.....................................

United

States

105

31,710

Intuit,

Inc.

.........................................

United

States

120

51,886

a

LiveRamp

Holdings,

Inc.

..............................

United

States

680

18,034

a

Manhattan

Associates,

Inc.

............................

United

States

380

50,586

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

Microsoft

Corp.

.....................................

United

States

6,437

$

2,382,784

a

Nice

Ltd.

..........................................

Israel

597

65,914

OneSpan,

Inc.

......................................

United

States

444

4,675

Oracle

Corp.

Japan

..................................

Japan

200

10,847

a

PagerDuty,

Inc.

.....................................

United

States

2,462

15,289

Pegasystems,

Inc.

...................................

United

States

1,225

52,136

a

Q2

Holdings,

Inc.

...................................

United

States

122

5,771

a

Rapid7,

Inc.

.......................................

United

States

1,185

6,529

RingCentral,

Inc.,

A

..................................

United

States

1,378

51,248

a

Rubrik,

Inc.,

A

......................................

United

States

1,013

49,607

Salesforce,

Inc.

.....................................

United

States

286

53,388

SAP

SE

..........................................

Germany

628

107,063

a

SEMrush

Holdings,

Inc.,

A

.............................

United

States

444

5,301

a

ServiceNow,

Inc.

....................................

United

States

460

48,093

a

Teradata

Corp.

.....................................

United

States

1,955

50,107

a

Weave

Communications,

Inc.

..........................

United

States

977

4,514

a

Workday,

Inc.,

A

....................................

United

States

383

49,759

a

Workiva,

Inc.,

A

.....................................

United

States

77

4,592

a

Zoom

Communications,

Inc.,

A

.........................

United

States

746

59,971

4,606,706

Specialized

REITs

0.5%

American

Tower

Corp.

................................

United

States

951

164,124

EPR

Properties

.....................................

United

States

1,042

52,058

Farmland

Partners,

Inc.

...............................

United

States

458

5,143

Outfront

Media,

Inc.

.................................

United

States

1,100

29,150

Public

Storage

.....................................

United

States

189

51,196

VICI

Properties,

Inc.,

A

...............................

United

States

6,026

164,630

466,301

Specialty

Retail

0.5%

a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

344

31,431

American

Eagle

Outfitters,

Inc.

.........................

United

States

436

7,281

a

AutoZone,

Inc.

.....................................

United

States

18

60,800

Avolta

AG

.........................................

Switzerland

237

14,210

Buckle,

Inc.

(The)

...................................

United

States

95

4,784

a

Chewy,

Inc.,

A

......................................

United

States

2,276

61,452

Fast

Retailing

Co.

Ltd.

................................

Japan

100

39,511

Home

Depot,

Inc.

(The)

...............................

United

States

157

51,636

a

O'Reilly

Automotive,

Inc.

..............................

United

States

613

56,586

Ross

Stores,

Inc.

...................................

United

States

373

80,803

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

480

6,648

TJX

Cos.,

Inc.

(The)

.................................

United

States

848

135,426

a

Ulta

Beauty,

Inc.

....................................

United

States

91

47,567

a

Urban

Outfitters,

Inc.

.................................

United

States

117

7,412

a

Victoria's

Secret

&

Co.

...............................

United

States

525

24,339

629,886

Technology

Hardware,

Storage

&

Peripherals

4.7%

Apple,

Inc.

........................................

United

States

16,429

4,169,516

a

Everpure,

Inc.,

A

....................................

United

States

950

56,088

a

IonQ,

Inc.

.........................................

United

States

795

22,920

a

Sandisk

Corp.

......................................

United

States

129

81,959

4,330,483

Textiles,

Apparel

&

Luxury

Goods

0.3%

Asics

Corp.

........................................

Japan

1,600

43,016

Carter's,

Inc.

.......................................

United

States

581

20,777

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

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

G-III

Apparel

Group

Ltd.

..............................

United

States

227

$

6,288

Hermes

International

SCA

.............................

France

27

51,148

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

13

7,106

Pandora

A/S

.......................................

Denmark

415

29,662

Tapestry,

Inc.

......................................

United

States

448

63,217

221,214

Tobacco

0.7%

Imperial

Brands

plc

..................................

United

Kingdom

2,621

106,276

Philip

Morris

International,

Inc.

.........................

United

States

3,385

559,676

665,952

Trading

Companies

&

Distributors

0.3%

AerCap

Holdings

NV

.................................

Ireland

400

54,872

Bunzl

plc

..........................................

United

Kingdom

323

9,724

McGrath

RentCorp

..................................

United

States

55

6,065

Mitsubishi

Corp.

....................................

Japan

900

30,875

Mitsui

&

Co.

Ltd.

....................................

Japan

3,900

150,745

a

NPK

International,

Inc.

...............................

United

States

380

5,506

257,787

Transportation

Infrastructure

0.0%

†

c

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

908

26,784

Water

Utilities

0.0%

†

American

States

Water

Co.

............................

United

States

72

5,445

California

Water

Service

Group

.........................

United

States

109

4,942

10,387

Wireless

Telecommunication

Services

0.2%

KDDI

Corp.

........................................

Japan

7,600

129,403

Vodafone

Group

plc

.................................

United

Kingdom

60,680

91,527

220,930

Total

Common

Stocks

(Cost

$43,644,272)

....................................

70,959,561

Convertible

Preferred

Stocks

0.1%

Aerospace

&

Defense

0.0%

†

Boeing

Co.

(The),

6%

................................

United

States

131

8,499

Financial

Services

0.0%

†

Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

113

6,606

Software

0.1%

Oracle

Corp.,

D,

6.5%

................................

United

States

197

8,867

Total

Convertible

Preferred

Stocks

(Cost

$21,901)

.............................

23,972

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

7,395

Energy

Equipment

&

Services

0.0%

†

Nabors

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

6/15/29

.........

United

States

5,000

4,555

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

Convertible

Bonds

(continued)

Food

Products

0.0%

†

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

.............

United

States

7,000

$

7,591

Oil,

Gas

&

Consumable

Fuels

0.0%

†

c

Crescent

Energy

Co.

,

Senior

Note

,

144A,

2.75

%

,

3/15/31

.....

United

States

5,000

5,753

Software

0.0%

†

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

11/01/29

.......

United

States

12,000

11,977

Total

Convertible

Bonds

(Cost

$36,121)

......................................

37,271

Corporate

Bonds

13.6%

Aerospace

&

Defense

0.7%

ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

5,000

4,945

Senior

Note,

5.875%,

12/01/27

.......................

United

States

15,000

15,007

Senior

Note,

4.875%,

10/01/29

.......................

United

States

5,000

4,937

Senior

Note,

7.25%,

8/15/30

.........................

United

States

10,000

10,377

c

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

10,000

10,190

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

5,000

5,108

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

3,000

2,824

Senior

Bond,

6.125%,

2/15/33

........................

United

States

90,000

95,734

Senior

Bond,

6.875%,

3/15/39

........................

United

States

10,000

10,994

Senior

Bond,

5.875%,

2/15/40

........................

United

States

5,000

5,026

Senior

Note,

2.7%,

2/01/27

..........................

United

States

13,000

12,821

Senior

Note,

6.259%,

5/01/27

........................

United

States

7,000

7,123

Senior

Note,

6.298%,

5/01/29

........................

United

States

70,000

73,508

Senior

Note,

5.15%,

5/01/30

.........................

United

States

20,000

20,342

c

Bombardier,

Inc.

,

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

10,000

10,648

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

5,000

5,170

c

Honeywell

Aerospace,

Inc.

,

Senior

Note

,

144A,

4.3

%

,

3/16/31

..

United

States

5,000

4,948

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

.........................

United

States

35,000

36,488

Senior

Note,

3%,

1/15/29

...........................

United

States

57,000

55,002

Senior

Note,

4.85%,

10/15/31

........................

United

States

15,000

15,177

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

5,000

4,980

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

5,000

5,102

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

20,000

19,052

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6

%

,

6/15/28

........

United

States

35,000

35,034

c

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

10,000

10,253

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

5,000

5,106

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

15,000

15,008

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

5,000

5,059

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

10,000

10,139

516,102

Automobile

Components

0.0%

†

c

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25

%

,

4/15/31

United

States

20,000

20,758

c

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75

%

,

9/15/32

...................................

United

States

10,000

10,086

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)

Automobile

Components

(continued)

c

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

10,000

$

8,937

39,781

Automobiles

0.1%

c

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

2,000

2,100

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

20,000

20,091

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

35,000

36,548

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

8,000

8,148

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

5,000

4,980

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

4,000

4,083

75,950

Banks

2.1%

Banco

Santander

SA

,

Sub.

Bond

,

3.225%

to

8/21/31,

FRN

thereafter

,

11/22/32

................................

Spain

200,000

179,598

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

5,000

4,623

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

195,000

204,617

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

120,000

111,212

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

50,000

49,766

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

204,000

201,873

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

50,000

50,013

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

10,000

8,431

c

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15

%

,

9/19/27

.........................................

Australia

75,000

74,034

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125

%

,

3/09/28

...

United

States

26,000

26,664

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

41,000

35,218

JPMorgan

Chase

&

Co.

,

d

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

17,000

16,932

e

W,

Junior

Sub.

Bond,

FRN,

4.914%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

13,000

11,453

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

150,000

139,801

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

150,000

155,375

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

5,000

5,024

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

70,000

68,140

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

55,000

54,688

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

15,000

15,356

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

60,000

51,895

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

185,000

169,916

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

15,000

15,346

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963

%

,

11/16/40

.......

Australia

25,000

18,593

1,668,568

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)

Biotechnology

0.1%

AbbVie,

Inc.

,

Senior

Note,

4.8%,

3/15/29

..........................

United

States

20,000

$

20,324

Senior

Note,

4.125%,

3/15/31

........................

United

States

5,000

4,929

Amgen,

Inc.

,

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

23,000

22,292

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

10,000

9,626

Senior

Note,

5.15%,

3/02/28

.........................

United

States

30,000

30,453

Senior

Note,

5.25%,

3/02/30

.........................

United

States

57,000

58,543

Biogen,

Inc.

,

Senior

Bond

,

2.25

%

,

5/01/30

.................

United

States

10,000

9,141

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75

%

,

9/15/30

United

States

20,000

17,733

173,041

Broadline

Retail

0.0%

†

Amazon.com,

Inc.

,

Senior

Note,

4.1%,

11/20/30

.........................

United

States

5,000

4,944

Senior

Note,

4.25%,

3/13/31

.........................

United

States

5,000

4,964

c

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625

%

,

6/01/28

.........................................

United

States

12,000

11,739

c

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

15,000

15,322

Senior

Secured

Note,

144A,

6.75%,

11/15/32

............

United

States

15,000

15,126

52,095

Building

Products

0.1%

c

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

7/31/32

...................................

United

States

5,000

4,988

Johnson

Controls

International

plc

,

Senior

Bond

,

4.95

%

,

7/02/64

United

States

65,000

54,936

c

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

5,000

4,792

c

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

.........................................

United

States

10,000

10,148

c

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

..................................

United

States

10,000

10,320

c

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

15,000

15,021

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

10,000

9,897

c

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

10,000

9,432

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

5,000

4,485

124,019

Capital

Markets

1.0%

Ares

Capital

Corp.

,

Senior

Note,

2.15%,

7/15/26

.........................

United

States

24,000

23,803

Senior

Note,

7%,

1/15/27

...........................

United

States

5,000

5,069

Senior

Note,

2.875%,

6/15/27

........................

United

States

26,000

25,320

c

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

10

%

,

8/15/30

..

United

States

5,000

5,317

c

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6

%

,

3/30/31

.........................................

United

States

10,000

8,597

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

7,000

6,827

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

117,000

116,355

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

22,000

21,798

Sub.

Bond,

5.95%,

1/15/27

..........................

United

States

5,000

5,062

Intercontinental

Exchange,

Inc.

,

Senior

Bond

,

1.85

%

,

9/15/32

..

United

States

15,000

12,665

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)

Capital

Markets

(continued)

c

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

35,000

$

34,641

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

5,000

5,077

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5

%

,

9/15/26

....

United

States

10,000

9,969

c

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125

%

,

6/01/44

.........................................

United

States

30,000

26,509

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

16,000

16,773

Senior

Note,

5.2%,

3/15/30

..........................

United

States

15,000

15,117

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

50,000

44,051

Senior

Bond,

5%,

8/05/34

...........................

United

States

15,000

15,001

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

185,000

182,571

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

25,000

25,282

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

5,000

5,047

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

5,000

4,917

Senior

Note,

4.708%

to

3/11/31,

FRN

thereafter,

3/12/32

....

United

States

5,000

4,968

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

40,000

39,770

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

24,000

23,955

c

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625

%

,

9/01/30

............

United

States

30,000

28,370

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

5,000

5,145

Senior

Note,

5.35%,

6/28/28

.........................

United

States

7,000

7,147

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

40,000

37,574

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

9,000

7,850

c

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

10,000

10,113

780,660

Chemicals

0.0%

†

c

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

5,000

5,039

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4

%

,

8/05/26

......

United

States

15,000

14,795

CF

Industries,

Inc.

,

Senior

Bond

,

4.95

%

,

6/01/43

............

United

States

20,000

17,862

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

10,000

6,448

c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

25,000

25,752

c

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

10,000

9,958

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

15,000

14,838

c

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

.........................................

United

States

15,000

14,805

109,497

Commercial

Services

&

Supplies

0.3%

c

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

17,000

16,909

c

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/31

.....

United

States

5,000

5,081

c

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/31

...

United

States

5,000

5,180

c

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125

%

,

6/30/28

United

States

10,000

9,773

c

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.5

%

,

2/15/33

.........................................

United

States

20,000

19,430

Republic

Services,

Inc.

,

Senior

Note

,

5

%

,

11/15/29

..........

United

States

100,000

102,194

c

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

20,000

20,260

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)

Commercial

Services

&

Supplies

(continued)

c

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

5,000

$

5,202

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

30,000

29,458

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

2,000

1,849

Senior

Bond,

5%,

3/01/34

...........................

United

States

10,000

10,070

Waste

Management,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/29

......

United

States

33,000

33,570

c

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

10,000

10,137

c

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

5,000

5,152

274,265

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

5,000

4,510

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

35,000

35,797

Senior

Note,

4.85%,

8/15/30

.........................

United

States

5,000

5,037

c

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

5/30/31

..............

United

States

10,000

9,895

55,239

Construction

&

Engineering

0.0%

†

c

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

5,000

5,127

Consumer

Finance

0.7%

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

34,000

37,760

Senior

Note,

4.75%,

6/09/27

.........................

United

States

25,000

25,054

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

40,000

41,359

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

15,000

15,083

Senior

Note,

4.731%

to

4/24/28,

FRN

thereafter,

4/25/29

....

United

States

30,000

30,197

c

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

37,000

37,923

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

10,000

9,935

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

5,000

4,911

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

92,000

79,344

c

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/30

.........................................

United

States

10,000

10,579

c

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

30,000

30,614

c

Gabx

Leasing

LLC

,

Senior

Note

,

144A,

4.625

%

,

4/15/31

......

United

States

5,000

4,931

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

4.2%,

10/27/28

.........................

United

States

10,000

9,900

Senior

Note,

4.9%,

10/06/29

.........................

United

States

23,000

23,120

c

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15

%

,

3/17/30

.........................................

United

Kingdom

7,000

6,968

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

10,000

9,651

Senior

Note,

7.5%,

5/15/31

..........................

United

States

5,000

5,030

Senior

Note,

7.125%,

11/15/31

.......................

United

States

10,000

9,917

Senior

Note,

6.5%,

3/15/33

..........................

United

States

10,000

9,568

401,844

Consumer

Staples

Distribution

&

Retail

0.2%

c

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3

%

,

2/10/28

............

United

States

24,000

22,648

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)

Consumer

Staples

Distribution

&

Retail

(continued)

c

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

25,000

$

24,722

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

14,000

13,223

c

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

5,000

5,180

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

10,000

9,965

Walmart,

Inc.

,

Senior

Note

,

4.35

%

,

4/28/30

................

United

States

40,000

40,395

116,133

Containers

&

Packaging

0.1%

AptarGroup,

Inc.

,

Senior

Note

,

4.75

%

,

3/30/31

.............

United

States

5,000

4,958

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

23,000

22,524

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

2,000

2,040

c

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

15,000

14,210

c

Graphic

Packaging

International

LLC

,

Senior

Note

,

144A,

3.5

%

,

3/01/29

.........................................

United

States

5,000

4,685

c

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/30

...................

United

States

10,000

9,300

Senior

Secured

Note,

144A,

7.875%,

4/15/30

............

United

States

15,000

15,010

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

30,000

33,671

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

10,000

11,339

117,737

Distributors

0.0%

†

c

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

10,000

9,487

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

10,000

9,820

19,307

Diversified

REITs

0.1%

Equinix

Asia

Financing

Corp.

Pte.

Ltd.

,

Senior

Note

,

4.4

%

,

3/15/31

.........................................

United

States

5,000

4,897

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25

%

,

1/15/32

.........................................

United

States

15,000

13,386

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

30,000

30,038

Senior

Note,

5.125%,

11/15/31

.......................

United

States

30,000

29,798

c

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

...................................

United

States

10,000

9,926

88,045

Diversified

Telecommunication

Services

0.6%

c

APLD

ComputeCo

2

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

3/15/31

.........................................

United

States

15,000

14,900

c

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25

%

,

12/15/30

........................................

United

States

25,000

25,780

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

60,000

50,799

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

77,000

64,759

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

41,000

26,685

Senior

Note,

4.1%,

2/15/28

..........................

United

States

15,000

14,931

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)

Diversified

Telecommunication

Services

(continued)

c

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125

%

,

2/15/31

.........................................

United

States

10,000

$

10,190

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

8,000

7,895

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

60,000

56,970

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

10,000

9,121

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

15,000

13,574

Senior

Note,

144A,

7%,

2/01/33

......................

United

States

5,000

5,019

c

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125

%

,

11/15/30

........................................

United

States

15,000

15,559

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

7,000

5,081

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

19,000

12,471

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75

%

,

6/15/30

.........................................

Germany

73,000

83,866

c

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

5/15/30

...............................

United

States

10,000

10,268

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

21,000

22,208

c

SV

RNO

Property

Owner

1

LLC

,

Senior

Secured

Note

,

144A,

5.875

%

,

3/01/31

...................................

United

States

15,000

14,836

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

65,000

61,907

Senior

Bond,

5.401%,

7/02/37

........................

United

States

76,000

75,759

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

47,000

31,359

Senior

Note,

2.1%,

3/22/28

..........................

United

States

20,000

19,212

c

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/30

........................................

United

States

15,000

15,860

669,009

Electric

Utilities

0.7%

American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3

%

,

12/01/28

........................................

United

States

55,000

54,885

c

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

10,000

8,965

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9

%

,

3/15/36

......

United

States

28,000

29,749

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95

%

,

1/15/33

....

United

States

10,000

10,156

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

55,000

54,193

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

70,000

53,372

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45

%

,

4/01/39

......

United

States

5,000

5,450

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7

%

,

3/15/53

.....

United

States

15,000

14,770

c

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15

%

,

12/15/27

United

States

30,000

30,302

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

5,000

5,083

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

25,000

24,100

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45

%

,

3/15/35

.........................................

United

States

85,000

86,456

c

NRG

Energy,

Inc.

,

d

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

10,000

10,793

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

15,000

15,132

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

20,000

19,830

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

3.75

%

,

4/01/45

.........................................

United

States

75,000

57,771

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

5,000

4,848

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)

Electric

Utilities

(continued)

Pacific

Gas

and

Electric

Co.,

(continued)

Senior

Note,

6.1%,

1/15/29

..........................

United

States

50,000

$

51,755

Senior

Note,

5.55%,

5/15/29

.........................

United

States

25,000

25,600

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

10,000

10,072

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

15,000

14,810

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5

%

,

3/01/40

United

States

25,000

25,080

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

............

United

States

15,000

15,458

c

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

5,000

4,985

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

15,000

15,719

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

10,000

10,355

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

17,000

16,715

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

5,000

5,144

Senior

Secured

Note,

144A,

5.05%,

12/30/26

............

United

States

10,000

10,036

Senior

Secured

Note,

144A,

4.7%,

1/31/31

..............

United

States

5,000

4,922

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6

%

,

10/01/34

...

United

States

17,000

16,754

713,260

Electrical

Equipment

0.0%

†

c

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

........................................

United

States

10,000

9,855

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Amphenol

Corp.

,

Senior

Note

,

3.9

%

,

11/15/28

..............

United

States

5,000

4,964

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25

%

,

2/15/29

..

United

States

15,000

14,290

c

Sensata

Technologies,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

2/15/31

United

States

20,000

18,565

c

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

20,000

19,224

57,043

Energy

Equipment

&

Services

0.2%

c

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

2/01/34

............................

United

States

5,000

4,954

c

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

5,000

5,083

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

10,000

10,366

Senior

Note,

144A,

5.875%,

4/01/31

...................

United

States

5,000

5,028

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

10,000

10,115

c

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

8/15/31

...

United

States

15,000

15,636

c

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

8

%

,

9/30/28

United

States

3,077

3,164

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

15,000

14,421

c

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

17,500

18,254

c

Senior

Secured

Note,

144A,

7.875%,

10/15/32

...........

United

States

5,000

5,346

c

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

8,000

8,158

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

15,000

15,336

115,861

Entertainment

0.2%

Discovery

Global

Holdings,

Inc.

,

Senior

Bond

,

5.05

%

,

3/15/42

..

United

States

10,000

6,613

c

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

5/15/27

....................................

United

States

5,000

5,009

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

10,000

10,406

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)

Entertainment

(continued)

Netflix,

Inc.,

(continued)

c

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

63,000

$

65,082

c,f

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note,

144A,

8.75%,

7/01/34

....................

United

States

10,000

10,476

Senior

Secured

Note,

144A,

7.25%,

7/01/33

.............

United

States

15,000

15,551

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75

%

,

12/01/45

........

United

States

40,000

49,727

162,864

Financial

Services

0.2%

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

20,000

19,535

c

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note,

144A,

6.5%,

10/01/30

....................

United

States

10,000

9,544

Senior

Note,

144A,

6.75%,

12/01/32

...................

United

States

15,000

14,129

c

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

10,000

10,797

c

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

20,000

19,695

c

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

2/15/27

........

Ireland

5,000

5,055

c

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

15,000

15,749

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

15,000

15,649

c

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875

%

,

4/15/45

..............

United

States

30,000

25,662

c

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

35,000

34,580

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

10,000

10,009

c

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875

%

,

11/01/29

..................................

United

States

25,000

24,147

c

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

1/31/30

........

United

States

25,000

25,259

c

Rocket

Cos.,

Inc.

,

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

15,000

15,473

Senior

Note,

144A,

6.375%,

8/01/33

...................

United

States

10,000

10,120

255,403

Food

Products

0.3%

Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2

%

,

4/21/31

.......

United

States

2,000

1,868

c

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

10,000

10,231

c

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75

%

,

2/11/33

....................................

United

States

15,000

15,169

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Bond,

5.5%,

1/15/36

..........................

United

States

50,000

50,054

Senior

Note,

3%,

2/02/29

...........................

United

States

7,000

6,719

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

2,000

1,700

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

6,000

6,768

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

5,000

5,410

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

5,000

4,412

Senior

Note,

3%,

6/01/26

...........................

United

States

19,000

18,955

c

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

5,000

4,940

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

10,000

9,758

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

40,000

40,257

Senior

Note,

144A,

4.8%,

3/01/30

.....................

United

States

40,000

40,429

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

45,000

45,546

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)

Food

Products

(continued)

c

Mars,

Inc.,

(continued)

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

5,000

$

5,049

McCormick

&

Co.,

Inc.

,

Senior

Note

,

4.15

%

,

2/15/29

.........

United

States

5,000

4,952

272,217

Ground

Transportation

0.1%

c

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

.........................................

United

States

5,000

5,169

CSX

Corp.

,

Senior

Bond

,

4.1

%

,

3/15/44

..................

United

States

70,000

57,835

c

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

16,000

15,887

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

10,000

9,970

Ryder

System,

Inc.

,

Senior

Note

,

4.95

%

,

9/01/29

............

United

States

30,000

30,400

c

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

...................................

United

States

20,000

20,560

139,821

Health

Care

Equipment

&

Supplies

0.3%

c

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

........................................

United

States

5,000

5,169

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823

%

,

5/20/30

.......

United

States

37,000

34,512

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4

%

,

11/15/49

....

United

States

15,000

10,538

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

4.15%,

12/15/28

........................

United

States

5,000

4,968

Senior

Note,

4.8%,

8/14/29

..........................

United

States

35,000

35,324

c

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

10,000

9,918

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

30,000

29,038

129,467

Health

Care

Providers

&

Services

0.4%

c

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

20,000

18,863

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

10,000

10,741

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

10,000

10,391

c

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

7/15/32

.........................................

United

States

10,000

10,351

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

15,000

15,469

Senior

Bond,

1.875%,

2/28/31

........................

United

States

5,000

4,367

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

10,000

9,221

Senior

Note,

5%,

9/15/32

...........................

United

States

13,000

13,015

c

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

9/01/32

...........

United

States

30,000

30,759

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

22,000

22,002

Senior

Note,

5.45%,

4/01/31

.........................

United

States

35,000

35,883

Senior

Note,

3.625%,

3/15/32

........................

United

States

45,000

41,832

Humana,

Inc.

,

Senior

Note

,

5.75

%

,

3/01/28

................

United

States

25,000

25,500

Tenet

Healthcare

Corp.

,

c

Senior

Note,

144A,

6%,

11/15/33

......................

United

States

10,000

10,127

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

15,000

15,116

273,637

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

Corporate

Bonds

(continued)

Health

Care

REITs

0.0%

†

c

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

....................

United

States

25,000

$

25,365

Health

Care

Technology

0.0%

†

c

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/30

...

United

States

20,000

18,794

c

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

.............

United

States

30,000

30,502

49,296

Hotel

&

Resort

REITs

0.0%

†

c

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

5,000

5,108

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

10,000

10,189

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

5,000

5,095

Senior

Note,

144A,

5.75%,

3/15/34

....................

United

States

5,000

4,938

c

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

5,000

5,054

30,384

Hotels,

Restaurants

&

Leisure

0.3%

c

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.....................................

Canada

25,000

23,511

Airbnb,

Inc.

,

Senior

Note

,

4.65

%

,

3/16/31

.................

United

States

5,000

4,991

c

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

20,000

19,033

c

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

15,000

14,435

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

5,000

4,606

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

10,000

10,128

c

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

25,000

24,830

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

10,000

10,085

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

10,000

10,129

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

10,000

10,009

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

5,000

5,053

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

25,000

24,422

c

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

4/01/30

.....

United

States

10,000

9,895

c

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.................

United

States

15,000

14,022

c

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

.........................

Canada

10,000

9,762

c

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

9/15/33

.........................................

United

States

25,000

24,907

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75

%

,

1/30/27

............

United

States

22,000

22,197

c

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

11/15/29

........................................

United

States

15,000

15,298

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5

%

,

10/15/32

...

United

States

40,000

36,804

c

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25

%

,

4/15/30

..

United

States

15,000

15,366

c

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

10,000

10,417

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

5,000

4,966

c

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

1/15/27

.

United

States

10,000

9,986

c

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

...................................

United

States

5,000

4,990

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond,

5.375%,

1/15/36

........................

United

States

5,000

4,914

c

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

10,000

10,101

c

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

5,000

5,113

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

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Royal

Caribbean

Cruises

Ltd.,

(continued)

c

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

20,000

$

20,205

c

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

3/01/30

....................

United

States

15,000

12,917

c

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625

%

,

3/15/32

.....

United

States

15,000

15,070

c

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

5,000

5,012

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

15,000

15,832

c

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

.........................

United

States

25,000

26,220

455,226

Household

Durables

0.1%

c

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875

%

,

8/01/33

.........................

United

States

15,000

14,493

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

5,000

4,937

Senior

Note,

1.3%,

10/15/26

.........................

United

States

60,000

59,132

c

K.

Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

5,000

4,951

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

5,000

4,950

c

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

........

United

States

10,000

10,238

c

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

10,000

9,931

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

5,000

5,017

Senior

Note,

144A,

5.75%,

11/15/32

...................

United

States

5,000

5,010

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.....

United

States

12,000

11,955

c

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note,

144A,

4.875%,

9/15/28

...................

United

States

10,000

9,693

Senior

Note,

144A,

6.75%,

1/15/34

....................

United

States

20,000

19,180

159,487

Household

Products

0.0%

†

c

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

10,000

9,522

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

c

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

....................

United

States

5,000

4,561

Senior

Note,

144A,

3.75%,

2/15/31

....................

United

States

5,000

4,633

Senior

Note,

144A,

5.75%,

1/15/34

....................

United

States

10,000

9,834

Constellation

Energy

Generation

LLC

,

Senior

Note,

5.6%,

3/01/28

..........................

United

States

15,000

15,341

Senior

Note,

4.4%,

1/15/31

..........................

United

States

10,000

9,874

c

Senior

Note,

144A,

5%,

2/01/31

......................

United

States

5,000

5,015

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

5,000

4,838

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

20,000

19,750

c

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

.....................

United

States

15,000

15,112

Senior

Note,

144A,

6.25%,

2/01/34

....................

United

States

15,000

14,844

c,d

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

5,000

5,056

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

Corporate

Bonds

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

c,d

Vistra

Corp.,

(continued)

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

15,000

$

15,030

123,888

Industrial

Conglomerates

0.1%

Honeywell

International,

Inc.

,

Senior

Bond

,

3.812

%

,

11/21/47

..

United

States

55,000

41,845

Industrial

REITs

0.0%

†

Prologis

LP

,

Senior

Bond

,

2.25

%

,

4/15/30

.................

United

States

10,000

9,211

Insurance

0.2%

c

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

5,000

4,957

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

5,000

5,027

c

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

20,000

19,367

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

10,000

10,090

c

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note,

144A,

8%,

12/31/32

...............

United

States

10,000

10,383

Senior

Secured

Note,

144A,

8.375%,

2/01/34

............

United

States

20,000

19,431

c

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

20,000

20,118

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

60,000

55,901

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

25,000

25,025

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

29,000

25,434

Senior

Bond,

2.85%,

10/15/50

........................

United

States

10,000

6,283

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

5,000

5,016

Senior

Note,

4.9%,

6/23/30

..........................

United

States

12,000

11,992

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25

%

,

5/30/29

......

United

States

10,000

10,024

c

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

10,000

10,029

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

14,000

14,080

c

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2

%

,

6/24/29

United

States

15,000

15,210

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

5,000

5,023

c

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

...........................

Canada

5,000

5,086

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375

%

,

3/15/29

..

United

States

22,000

22,054

c

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8

%

,

7/27/26

....................................

United

States

15,000

15,072

315,602

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

Senior

Note,

4.1%,

11/15/30

.........................

United

States

10,000

9,935

Senior

Note,

4.1%,

2/15/31

..........................

United

States

5,000

4,966

Meta

Platforms,

Inc.

,

Senior

Bond,

5.625%,

11/15/55

.......................

United

States

15,000

14,071

Senior

Note,

3.5%,

8/15/27

..........................

United

States

40,000

39,719

68,691

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

Corporate

Bonds

(continued)

IT

Services

0.1%

c

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

35,000

$

30,556

c

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

.........................................

United

States

10,000

9,951

40,507

Life

Sciences

Tools

&

Services

0.0%

†

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

6,000

6,001

Machinery

0.0%

†

Caterpillar,

Inc.

,

Senior

Bond

,

5.2

%

,

5/15/35

...............

United

States

25,000

25,621

c

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

1/01/31

......

United

States

5,000

5,256

c

ESAB

Corp.

,

Senior

Note

,

144A,

5.625

%

,

4/01/31

...........

United

States

10,000

10,095

Oshkosh

Corp.

,

Senior

Bond

,

4.6

%

,

5/15/28

...............

United

States

9,000

8,998

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565

%

,

2/15/30

.........

United

States

15,000

13,929

c

Terex

Corp.

,

Senior

Note

,

144A,

5

%

,

5/15/29

...............

United

States

10,000

9,859

73,758

Media

0.4%

c

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25

%

,

3/01/31

...................................

United

States

10,000

9,159

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

10,000

7,399

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

110,000

68,146

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

27,000

25,240

c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

5,000

5,027

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

5,000

5,236

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

15,000

15,896

c

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

10,000

9,990

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

5,000

4,981

c

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

10,216

Discovery

Communications

LLC

,

Senior

Note

,

4.125

%

,

5/15/29

.

United

States

10,000

9,664

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75

%

,

11/30/29

......

United

States

15,000

16,213

c

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875

%

,

8/15/30

..

United

States

20,000

19,435

c

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

15,000

15,013

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

10,000

7,433

c

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

15,000

14,988

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

5,000

4,948

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

10,000

10,215

c

News

Corp.

,

Senior

Bond

,

144A,

5.125

%

,

2/15/32

...........

United

States

4,000

3,913

c

Nexstar

Media,

Inc.

,

Senior

Note,

144A,

4.75%,

11/01/28

...................

United

States

10,000

9,840

f

Senior

Note,

144A,

7.25%,

4/15/34

....................

United

States

20,000

20,081

Senior

Secured

Note,

144A,

6.5%,

9/15/33

..............

United

States

15,000

15,123

Omnicom

Group,

Inc.

,

Senior

Note

,

4.65

%

,

10/01/28

.........

United

States

47,000

47,114

c

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

5,000

4,827

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

5,000

5,217

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

Corporate

Bonds

(continued)

Media

(continued)

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

12,000

$

11,799

Senior

Note,

3.7%,

6/01/28

..........................

United

States

5,000

4,838

c

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

30,000

30,525

c

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

3.875

%

,

9/01/31

....

United

States

15,000

13,632

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125

%

,

2/15/28

.....

United

States

65,000

68,256

c

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375

%

,

8/01/32

...................................

United

States

10,000

10,314

507,677

Metals

&

Mining

0.2%

c

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

1/31/29

..............................

United

States

13,000

12,981

c

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

10,000

9,688

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

5,000

4,890

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

5,000

4,628

Senior

Note,

4.125%,

1/15/30

........................

United

States

5,000

4,767

c

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125

%

,

4/15/32

.........................................

Australia

10,000

10,227

c

Glencore

Funding

LLC

,

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

34,000

30,929

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

15,000

15,358

Senior

Note,

144A,

5.371%,

4/04/29

...................

Australia

10,000

10,211

c

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

4/01/29

....

Canada

15,000

15,003

c

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

7

%

,

4/01/31

......

Australia

5,000

5,114

c

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

15,000

14,201

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

15,000

15,142

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

15,000

14,726

167,865

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

c

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

.........................

United

States

15,000

14,888

Multi-Utilities

0.3%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

..................

United

States

10,000

10,160

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

45,000

38,139

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6

%

,

5/15/28

..........

United

States

45,000

45,149

DTE

Energy

Co.

,

Senior

Note

,

4.95

%

,

7/01/27

..............

United

States

10,000

10,067

NiSource,

Inc.

,

Senior

Bond

,

5.85

%

,

4/01/55

...............

United

States

15,000

14,592

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

15,000

14,245

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

85,000

83,837

216,189

Oil,

Gas

&

Consumable

Fuels

0.8%

c

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

9.75

%

,

2/15/31

.....................

United

States

10,000

10,630

Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75

%

,

11/15/39

.........

Canada

2,000

2,188

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5

%

,

10/01/29

....

United

States

80,000

79,675

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

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

c

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

10,000

$

10,471

c

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25

%

,

10/01/29

........................................

Australia

5,000

4,522

c

Crescent

Energy

Finance

LLC

,

Senior

Note,

144A,

7.875%,

4/15/32

...................

United

States

10,000

10,224

Senior

Note,

144A,

8.375%,

1/15/34

...................

United

States

15,000

15,694

Enbridge,

Inc.

,

Senior

Bond

,

4.25

%

,

12/01/26

..............

Canada

30,000

29,992

Energy

Transfer

LP

,

d

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

86,000

86,077

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

30,000

29,009

Senior

Note,

5.5%,

6/01/27

..........................

United

States

6,000

6,057

c

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75

%

,

4/15/29

.....

United

States

30,000

30,022

c

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

5,000

5,110

Senior

Note,

144A,

4.25%,

2/15/30

....................

United

States

5,000

4,807

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

5,000

4,963

c

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

......................

United

States

5,000

4,863

Senior

Bond,

144A,

6.25%,

4/15/32

....................

United

States

5,000

4,842

Senior

Bond,

144A,

6.875%,

5/15/34

...................

United

States

10,000

9,790

Senior

Note,

144A,

6%,

4/15/30

......................

United

States

5,000

4,870

Senior

Note,

144A,

8.375%,

11/01/33

..................

United

States

10,000

10,441

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

15,000

17,206

Senior

Note,

1.75%,

11/15/26

........................

United

States

10,000

9,846

Senior

Note,

5%,

2/01/29

...........................

United

States

5,000

5,076

c

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

25,000

25,107

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

15,000

16,702

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

35,000

35,772

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

...............

United

States

45,000

44,535

SM

Energy

Co.

,

Senior

Bond

,

6.75

%

,

9/15/26

..............

United

States

10,000

10,012

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

..................................

Canada

20,000

20,135

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375

%

,

10/15/26

...

United

States

30,000

29,855

c

Sunoco

LP

,

Senior

Note,

144A,

5.375%,

7/15/31

...................

United

States

5,000

4,963

Senior

Note,

144A,

6.25%,

7/01/33

....................

United

States

25,000

25,129

Senior

Note,

144A,

5.625%,

7/15/34

...................

United

States

5,000

4,927

Targa

Resources

Corp.

,

Senior

Note

,

4.35

%

,

4/15/31

........

United

States

5,000

4,896

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875

%

,

2/01/31

............

United

States

9,000

8,989

c

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

........................................

United

States

15,000

14,678

c

Venture

Global

LNG,

Inc.

,

d

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

15,000

14,953

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

15,000

16,227

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

10,000

10,405

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

15,000

16,117

c

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

5,000

5,607

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

5,000

5,299

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

c

Venture

Global

Plaquemines

LNG

LLC,

(continued)

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

5,000

$

5,499

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

12,000

12,101

Senior

Note,

4.9%,

8/01/30

..........................

United

States

13,000

13,016

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

16,000

16,357

757,656

Paper

&

Forest

Products

0.0%

†

c

Magnera

Corp.

,

Senior

Secured

Note,

144A,

4.75%,

11/15/29

............

United

States

5,000

4,519

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

10,000

9,267

13,786

Passenger

Airlines

0.0%

†

c

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

833

834

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

10,000

9,952

c

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

15,000

14,854

c

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

15,000

14,727

40,367

Personal

Care

Products

0.0%

†

c

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note,

144A,

6.625%,

7/15/30

...................

United

States

5,000

4,962

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

15,000

14,609

Kenvue,

Inc.

,

Senior

Note

,

4.9

%

,

3/22/33

.................

United

States

26,000

26,217

45,788

Pharmaceuticals

0.5%

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

15,000

13,412

Senior

Note,

4.75%,

2/12/30

.........................

United

States

29,000

29,532

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7

%

,

2/10/45

.............

United

States

50,000

38,957

Novartis

Capital

Corp.

,

Senior

Bond,

4%,

11/20/45

..........................

United

States

80,000

65,768

Senior

Note,

4.1%,

11/05/30

.........................

United

States

15,000

14,838

Senior

Note,

4.4%,

3/18/31

..........................

United

States

10,000

10,000

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

71,000

70,751

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

8,000

7,440

Senior

Note,

4.45%,

5/19/28

.........................

United

States

6,000

6,036

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

20,000

19,746

Senior

Note,

2.2%,

9/02/30

..........................

United

States

20,000

18,019

Viatris,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

25,000

24,248

Zoetis,

Inc.

,

Senior

Bond

,

2

%

,

5/15/30

....................

United

States

9,000

8,177

326,924

Professional

Services

0.1%

c

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

15,000

15,279

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Professional

Services

(continued)

Paychex,

Inc.

,

Senior

Note

,

5.1

%

,

4/15/30

.................

United

States

35,000

$

35,329

50,608

Semiconductors

&

Semiconductor

Equipment

0.3%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.5

%

,

1/15/28

....................................

United

States

90,000

88,944

Broadcom,

Inc.

,

Senior

Note,

3.459%,

9/15/26

........................

United

States

25,000

24,947

Senior

Note,

5.05%,

7/12/29

.........................

United

States

10,000

10,208

Senior

Note,

5.05%,

4/15/30

.........................

United

States

10,000

10,195

Senior

Note,

4.2%,

10/15/30

.........................

United

States

5,000

4,944

Intel

Corp.

,

Senior

Bond

,

4.15

%

,

8/05/32

..................

United

States

55,000

52,463

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75

%

,

7/15/30

........

United

States

10,000

10,038

c

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

5,000

5,062

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

5,000

5,012

211,813

Software

0.1%

Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3

%

,

9/10/29

....

United

States

25,000

24,926

c

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

5,000

4,828

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

5,000

4,883

c

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

15,000

12,409

Oracle

Corp.

,

Senior

Bond,

5.375%,

7/15/40

........................

United

States

35,000

30,668

Senior

Bond,

4%,

11/15/47

..........................

United

States

37,000

24,512

Senior

Note,

4.55%,

2/04/29

.........................

United

States

10,000

9,876

Senior

Note,

4.45%,

9/26/30

.........................

United

States

5,000

4,820

Senior

Note,

4.95%,

2/04/31

.........................

United

States

10,000

9,788

c

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

......

United

States

10,000

9,012

Salesforce,

Inc.

,

Senior

Note

,

4.5

%

,

3/15/28

...............

United

States

5,000

5,003

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

30,000

26,041

Synopsys,

Inc.

,

Senior

Note

,

4.85

%

,

4/01/30

...............

United

States

20,000

20,152

c

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/31

......

United

States

15,000

14,673

201,591

Specialized

REITs

0.3%

American

Tower

Corp.

,

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

5,000

4,539

Senior

Note,

2.75%,

1/15/27

.........................

United

States

125,000

123,442

Senior

Note,

4.9%,

3/15/30

..........................

United

States

10,000

10,094

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

12,000

11,982

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

34,000

33,603

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

25,000

24,650

Senior

Note,

1.05%,

7/15/26

.........................

United

States

23,000

22,782

Senior

Note,

4.9%,

9/01/29

..........................

United

States

10,000

10,059

c

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/33

.......

United

States

25,000

24,940

c

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/30

..

United

States

20,000

20,007

286,098

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialty

Retail

0.2%

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

.........................

United

States

20,000

$

18,186

c

Senior

Note,

144A,

4%,

10/01/29

.....................

United

States

15,000

14,601

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

20,000

20,152

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

20,000

18,708

71,647

Technology

Hardware,

Storage

&

Peripherals

0.2%

Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

27,000

22,339

Senior

Bond,

4.375%,

5/13/45

........................

United

States

64,000

56,053

Senior

Bond,

3.95%,

8/08/52

.........................

United

States

20,000

15,538

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

34,000

33,840

Senior

Note,

4.85%,

10/15/31

........................

United

States

10,000

9,935

c

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

5,000

4,490

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

10,000

10,171

152,366

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

c

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

3/15/29

.............

United

States

10,000

9,606

Tobacco

0.2%

BAT

Capital

Corp.

,

Senior

Bond,

4.906%,

4/02/30

........................

United

Kingdom

5,000

5,055

Senior

Note,

6.343%,

8/02/30

........................

United

Kingdom

5,000

5,339

Senior

Note,

4.625%,

3/22/33

........................

United

Kingdom

20,000

19,582

Philip

Morris

International,

Inc.

,

Senior

Note,

4.875%,

2/13/29

........................

United

States

60,000

60,905

Senior

Note,

5.125%,

2/15/30

........................

United

States

43,000

43,886

Senior

Note,

4.375%,

4/30/30

........................

United

States

30,000

29,848

Senior

Note,

4.75%,

11/01/31

........................

United

States

15,000

15,074

179,689

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

,

Senior

Note,

5.3%,

6/25/26

..........................

United

States

48,000

48,089

Senior

Note,

5.85%,

12/15/27

........................

United

States

15,000

15,318

Senior

Note,

2.1%,

9/01/28

..........................

United

States

65,000

61,167

c

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5

%

,

7/18/28

............

United

States

15,000

15,560

c

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

10,000

10,342

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

15,000

15,675

c

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

5,000

5,085

c

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75

%

,

5/15/29

United

States

10,000

9,726

c

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

20,000

20,417

c

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125

%

,

3/15/34

.........................................

United

States

10,000

10,138

c

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

5,000

5,096

Senior

Note,

144A,

5.25%,

4/15/31

....................

United

States

5,000

4,982

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

15,000

15,372

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Trading

Companies

&

Distributors

(continued)

c

WESCO

Distribution,

Inc.,

(continued)

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

5,000

$

5,098

242,065

Wireless

Telecommunication

Services

0.3%

Rogers

Communications,

Inc.

,

Senior

Note

,

5

%

,

2/15/29

......

Canada

65,000

65,679

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

10,000

9,225

Senior

Bond,

2.25%,

11/15/31

........................

United

States

60,000

52,755

Senior

Note,

3.75%,

4/15/27

.........................

United

States

78,000

77,532

Senior

Note,

3.375%,

4/15/29

........................

United

States

15,000

14,540

Senior

Note,

3.875%,

4/15/30

........................

United

States

7,000

6,819

Senior

Note,

5.125%,

5/15/32

........................

United

States

10,000

10,147

Senior

Note,

6.7%,

12/15/33

.........................

United

States

15,000

16,524

253,221

Total

Corporate

Bonds

(Cost

$12,906,031)

....................................

12,574,474

Senior

Floating

Rate

Interests

0.4%

g

Aerospace

&

Defense

0.0%

†

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K,

5.923%,

(1-month

SOFR

+

2.25%),

3/22/30

............................

United

States

9,950

9,961

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

N,

6.16%,

(3-month

SOFR

+

2.5%),

2/14/33

.............................

United

States

3,488

3,494

13,455

a

a

a

a

a

a

Air

Freight

&

Logistics

0.0%

†

g

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

6.7%,

(3-month

SOFR

+

3%),

3/18/30

...............................

United

States

8,906

8,906

Automobile

Components

0.0%

†

g

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.678%,

(3-month

SOFR

+

3.75%),

10/04/28

........

United

States

9,846

9,670

Broadline

Retail

0.0%

†

g

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

5.95%,

(3-month

SOFR

+

2.25%),

9/29/32

.....................

Netherlands

4,572

4,539

Building

Products

0.0%

†

g

Advanced

Drainage

Systems,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.241%,

(12-month

SOFR

+

1.75%),

2/11/33

........

United

States

3,556

3,577

Capital

Markets

0.0%

†

g

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

9,921

9,752

g

Chemicals

0.0%

†

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.417%,

(3-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

9,922

9,573

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.211%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

3,549

3,323

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.417%,

(3-month

SOFR

+

1.75%),

10/29/32

.............

United

States

3,601

3,625

16,521

a

a

a

a

a

a

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Commercial

Services

&

Supplies

0.0%

†

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.423%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

4,682

$

4,690

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

5.414%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

9,950

9,829

14,519

a

a

a

a

a

a

Containers

&

Packaging

0.0%

†

g

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.668%,

(1-month

SOFR

+

3%),

9/30/32

.........

United

States

4,933

4,892

Distributors

0.1%

g

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

7.672%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

13,611

13,261

g

Electric

Utilities

0.0%

†

Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

9/30/31

..............

United

States

9,949

9,937

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/27

................

United

States

6,307

6,321

16,258

a

a

a

a

a

a

g

Entertainment

0.0%

†

Live

Nation

Entertainment,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

5.675%,

(1-month

SOFR

+

2%),

10/21/32

.............

United

States

8,110

8,123

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.537%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

9,922

9,360

17,483

a

a

a

a

a

a

g

Financial

Services

0.0%

†

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

5.38%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

9,950

9,929

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

CME

Term

Loan,

B6,

5.418%,

(1-month

SOFR

+

1.75%),

11/05/32

.....

United

States

3,537

3,536

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.2%,

(3-month

SOFR

+

3.5%),

8/16/32

......................

United

States

8,520

8,414

21,879

a

a

a

a

a

a

g

Food

Products

0.0%

†

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

5.877%,

(6-month

SOFR

+

2.25%),

9/30/32

.....................

United

States

10,287

10,108

TreeHouse

Foods,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.923%,

(1-month

SOFR

+

4.25%),

2/11/33

..............

United

States

2,500

2,492

12,600

a

a

a

a

a

a

g

Health

Care

Equipment

&

Supplies

0.0%

†

Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

1/15/31

.........

United

States

4,697

4,713

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

2,690

2,697

7,410

a

a

a

a

a

a

g

Hotels,

Restaurants

&

Leisure

0.1%

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.418%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

9,499

9,489

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Hotels,

Restaurants

&

Leisure

(continued)

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

5.918%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

9,908

$

9,648

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.918%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

14,744

14,486

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.422%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

9,949

9,865

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

5/03/29

......................

United

States

9,948

9,987

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

11/03/32

United

States

7,082

7,048

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.652%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

4,913

4,846

65,369

a

a

a

a

a

a

Household

Products

0.0%

†

g

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.675%,

(1-month

SOFR

+

2%),

3/19/32

................

United

States

8,831

8,831

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

g

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B,

5.668%,

(1-month

SOFR

+

2%),

11/25/32

.....

United

States

10,551

10,572

IT

Services

0.0%

†

g

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.669%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

9,875

9,814

g

Media

0.1%

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

5.911%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

9,925

9,935

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.787%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

3,031

3,043

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.178%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

14,564

14,623

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

6/28/32

......................

United

States

9,950

9,860

37,461

a

a

a

a

a

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

g

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.925%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

1,985

1,991

Oil,

Gas

&

Consumable

Fuels

0.0%

†

g

CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

12/31/32

...........................

United

States

9,975

9,939

Passenger

Airlines

0.0%

†

g

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

5.918%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

9,950

9,875

g

Pharmaceuticals

0.1%

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

9.918%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

4,963

4,803

Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

4/23/31

.....

United

States

12,838

12,789

17,592

a

a

a

a

a

a

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Professional

Services

0.0%

†

g

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8,

5.673%,

(1-month

SOFR

+

2%),

5/09/31

................

United

States

9,322

$

9,302

g

Software

0.0%

†

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

6.922%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

1,509

1,385

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.423%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

8,821

8,481

9,866

a

a

a

a

a

a

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

g

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.16%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

9,824

7,833

Wireless

Telecommunication

Services

0.0%

†

g

Connect

Finco

SARL,

First

Lien,

Amendment

No.

4

CME

Term

Loan,

8.168%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

4,838

4,855

Total

Senior

Floating

Rate

Interests

(Cost

$382,067)

...........................

378,022

Foreign

Government

and

Agency

Securities

0.2%

Brazil

Government

Bond

,

Senior

Bond

,

8.25

%

,

1/20/34

.......

Brazil

30,000

34,053

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

..............

Colombia

17,000

15,119

c

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625

%

,

2/28/29

.........................................

El

Salvador

10,000

10,440

Mexico

Government

Bond

,

Senior

Bond

,

8.3

%

,

8/15/31

.......

Mexico

30,000

34,928

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

20,000

18,272

Philippines

Government

Bond

,

Senior

Bond

,

9.5

%

,

2/02/30

....

Philippines

20,000

23,457

Poland

Government

Bond

,

4.875

%

,

2/12/30

...............

Poland

30,000

30,682

c

Romania

Government

Bond

,

Senior

Bond

,

144A,

2.875

%

,

5/26/28

Romania

20,000

EUR

22,672

Turkiye

Government

Bond

,

Senior

Bond

,

11.875

%

,

1/15/30

....

Turkiye

10,000

11,871

Uruguay

Government

Bond

,

Senior

Bond

,

4.375

%

,

10/27/27

...

Uruguay

26,667

26,749

Total

Foreign

Government

and

Agency

Securities

(Cost

$229,273)

..............

228,243

Asset-Backed

Securities

0.1%

Consumer

Staples

Distribution

&

Retail

0.1%

CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

1,000

1,009

c

2013,

144A,

4.704%,

1/10/36

.........................

United

States

28,708

27,109

28,118

a

a

a

a

a

a

Financial

Services

0.0%

†

g

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

4.593

%

,

(

1-month

SOFR

+

0.914

%

),

2/25/34

.

...................

United

States

9,620

9,580

g

New

Century

Home

Equity

Loan

Trust

,

2003-4

,

M1

,

FRN

,

4.918

%

,

(

1-month

SOFR

+

1.239

%

),

10/25/33

.

..................

United

States

15,810

15,813

g

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

4.843

%

,

(

1-month

SOFR

+

1.164

%

),

10/25/34

.

..................

United

States

5,659

5,626

31,019

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$59,939)

.................................

59,137

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

0.5%

Financial

Services

0.5%

c

1166

Avenue

of

the

Americas

Commercial

Mortgage

Trust

II

,

2005-C6A

,

A3

,

144A,

5.69

%

,

10/13/37

..................

United

States

12,000

$

12,271

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

C

,

4.178

%

,

5/15/52

.........................................

United

States

10,000

9,126

h

BBCMS

Mortgage

Trust

,

2026-5C40,

AS,

FRN,

5.529%,

2/15/59

.................

United

States

10,000

10,148

2026-5C40,

B,

FRN,

5.78%,

2/15/59

...................

United

States

15,000

15,227

Benchmark

Mortgage

Trust

,

2020-B17,

A2,

2.211%,

3/15/53

.......................

United

States

6,668

6,336

2026-V21,

AS,

5.506%,

3/15/31

.......................

United

States

14,000

14,176

h

CD

Mortgage

Trust

,

2017-CD6

,

B

,

FRN

,

3.911

%

,

11/13/50

.....

United

States

14,000

13,273

h

CFCRE

Commercial

Mortgage

Trust

,

2017-C8

,

B

,

FRN

,

4.199

%

,

6/15/50

.........................................

United

States

14,000

13,590

h

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711

%

,

8/15/50

.........................................

United

States

10,000

9,779

Citigroup

Commercial

Mortgage

Trust

,

2016-C3,

A4,

3.154%,

11/15/49

.......................

United

States

21,000

20,823

2020-GC46,

A2,

2.708%,

2/15/53

......................

United

States

10,691

10,107

h

COMM

Mortgage

Trust

,

2014-CR17,

C,

FRN,

4.471%,

5/10/47

..................

United

States

15,000

14,178

2018-COR3,

AM,

FRN,

4.3%,

5/10/51

..................

United

States

10,000

9,365

c,h,i

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.048

%

,

1/15/49

.........................

United

States

453,893

106

CSAIL

Commercial

Mortgage

Trust

,

h

2015-C1,

B,

FRN,

3.742%,

4/15/50

....................

United

States

20,929

20,186

2016-C6,

AS,

3.346%,

1/15/49

........................

United

States

16,000

15,952

h

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

15,000

14,837

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

13,000

11,842

h,i

2020-C19,

XA,

IO,

FRN,

1.085%,

3/15/53

................

United

States

1,011,930

32,505

h,i

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.589

%

,

12/15/49

....

United

States

602,769

655

h

GS

Mortgage

Securities

Trust

,

2015-GC30

,

B

,

FRN

,

3.887

%

,

5/10/50

.........................................

United

States

9,813

9,550

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2016-

JP3

,

AS

,

3.144

%

,

8/15/49

...........................

United

States

10,000

9,710

h

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18

,

C

,

FRN

,

4.474

%

,

2/15/47

..............................

United

States

10,000

9,775

h

JPMCC

Commercial

Mortgage

Securities

Trust

,

2017-JP5

,

AS

,

FRN

,

3.876

%

,

3/15/50

..............................

United

States

10,000

9,755

h

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

C,

FRN,

4.755%,

6/15/51

....................

United

States

11,000

10,110

i

2018-C8,

XA,

IO,

FRN,

0.587%,

6/15/51

.................

United

States

828,657

8,111

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

c,h

2012-C5,

E,

144A,

FRN,

4.559%,

8/15/45

...............

United

States

5,227

5,204

h

2013-C10,

B,

FRN,

3.951%,

7/15/46

...................

United

States

11,014

10,471

h

2015-C22,

C,

FRN,

3.97%,

4/15/48

....................

United

States

31,000

27,097

2016-C30,

AS,

3.175%,

9/15/49

.......................

United

States

19,000

18,406

h

2016-C32,

AS,

FRN,

3.994%,

12/15/49

.................

United

States

22,000

21,575

h,i

Morgan

Stanley

Capital

I

Trust

,

2018-H3

,

XA

,

IO,

FRN

,

0.78

%

,

7/15/51

.........................................

United

States

1,076,670

15,454

c,h

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.217

%

,

7/10/36

.........

United

States

10,000

9,968

Wells

Fargo

Commercial

Mortgage

Trust

,

h

2015-LC20,

C,

FRN,

4.056%,

4/15/50

..................

United

States

3,683

3,611

c

2016-C33,

D,

144A,

3.123%,

3/15/59

...................

United

States

9,712

9,499

h

2020-C57,

C,

FRN,

4.023%,

8/15/53

...................

United

States

16,000

14,642

c,h

WFRBS

Commercial

Mortgage

Trust

,

j

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

8,056

2,961

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

c,h

WFRBS

Commercial

Mortgage

Trust,

(continued)

2013-C15,

D,

144A,

FRN,

4.152%,

8/15/46

..............

United

States

9,951

$

7,015

457,396

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$471,575)

.................

457,396

Mortgage-Backed

Securities

10.1%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.5%

FHLMC

Pool,

30

Year,

3%,

1/01/48

......................

United

States

485,123

435,529

FHLMC

Pool,

30

Year,

6.5%,

5/01/53

.....................

United

States

9,082

9,396

444,925

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

7.1%

FNMA,

4%,

1/01/57

..................................

United

States

27,646

26,193

FNMA,

30

Year,

2.5%,

7/01/51

.........................

United

States

704,116

593,040

FNMA,

30

Year,

3%,

4/01/46

-

11/01/48

...................

United

States

316,431

284,756

FNMA,

30

Year,

5%,

9/01/52

...........................

United

States

711,200

706,495

k

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

4/25/56

......

United

States

50,000

40,285

k

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/41

.....

United

States

1,000,000

944,954

k

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/56

.....

United

States

2,080,000

1,749,150

k

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

4/25/56

.....

United

States

1,000,000

916,878

k

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/41

......

United

States

30,000

30,224

k

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/56

......

United

States

1,200,000

1,183,633

k

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

4/25/56

......

United

States

100,000

101,949

6,577,557

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

2.5%

GNMA

II,

30

Year,

5.5%,

7/20/53

........................

United

States

383,545

391,962

k

GNMA

II,

Single-family,

30

Year,

2%,

4/15/56

...............

United

States

30,000

24,790

GNMA

II,

Single-family,

30

Year,

3%,

10/20/50

..............

United

States

371,388

332,333

GNMA

II,

Single-family,

30

Year,

3%,

8/20/49

-

4/20/51

.......

United

States

373,042

334,209

k

GNMA

II,

Single-family,

30

Year,

3%,

4/15/56

...............

United

States

1,000,000

892,906

GNMA

II,

Single-family,

30

Year,

5.5%,

6/20/53

-

7/20/53

......

United

States

214,207

218,975

k

GNMA

II,

Single-family,

30

Year,

6%,

4/15/56

...............

United

States

100,000

101,696

GNMA

II,

Single-family,

30

Year,

6.5%,

5/20/37

-

11/20/39

.....

United

States

77,900

83,832

2,380,703

Total

Mortgage-Backed

Securities

(Cost

$9,759,936)

...........................

9,403,185

Residential

Mortgage-Backed

Securities

0.6%

Financial

Services

0.6%

c

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

.

United

States

50,215

50,656

g

Alternative

Loan

Trust

,

2006-OA10,

4A1,

FRN,

4.173%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

53,053

47,339

2006-OA7,

1A2,

FRN,

4.799%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

31,065

30,939

c,g

Chase

Home

Lending

Mortgage

Trust

,

2024-11

,

A11

,

144A,

FRN

,

4.912

%

,

(

30-day

SOFR

Average

+

1.25

%

),

11/25/55

........

United

States

38,161

38,214

h

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

5.691

%

,

5/25/35

.........................................

United

States

3,145

3,118

c,h

Ellington

Financial

Mortgage

Trust

,

2020-2

,

A2

,

144A,

FRN

,

1.486

%

,

10/25/65

..................................

United

States

12,408

11,839

c,g

FHLMC

STACR

REMIC

Trust

,

2022-DNA2,

M1A,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

11,642

11,644

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

110

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

c,g

FHLMC

STACR

REMIC

Trust,

(continued)

2022-DNA5,

M1A,

144A,

FRN,

6.612%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

5,654

$

5,739

2025-DNA1,

A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

26,765

26,729

2025-DNA3,

M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

8,331

8,331

g

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C03,

2M2,

FRN,

9.676%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

1,054

1,058

2016-C05,

2M2,

FRN,

8.226%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

19,448

19,613

2016-C06,

1M2,

FRN,

8.026%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

16,084

16,243

2016-C07,

2M2,

FRN,

8.126%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

39,225

39,938

c

2024-R06,

1A1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

7,725

7,726

c

2025-R02,

1A1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

9,055

9,045

c

2025-R02,

1M1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

6,516

6,515

c

2025-R03,

2A1,

144A,

FRN,

5.112%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

6,498

6,514

c

2025-R04,

1M1,

144A,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

9,531

9,539

c

2025-R06,

1A1,

144A,

FRN,

4.562%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

....................................

United

States

8,994

8,978

c,g

J.P.

Morgan

Mortgage

Trust

,

2025-1

,

A11

,

144A,

FRN

,

4.912

%

,

(

30-day

SOFR

Average

+

1.25

%

),

6/25/55

...............

United

States

44,093

44,207

c,h

RMF

Buyout

Issuance

Trust

,

2020-HB1

,

A1

,

144A,

FRN

,

1.719

%

,

10/25/50

........................................

United

States

34,561

32,609

c,h

Visio

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.521

%

,

8/25/55

........

United

States

117,000

114,470

g

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR9

,

A1C3

,

FRN

,

4.753

%

,

(

1-month

SOFR

+

1.074

%

),

7/25/45

...

United

States

11,900

11,774

562,777

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$557,171)

..................

562,777

Agency

Commercial

Mortgage-Backed

Securities

0.2%

Financial

Services

0.2%

g

FHLMC

,

3065,

DC,

FRN,

8.5%,

(-3

x

30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

5,762

5,955

3408,

EK,

FRN,

10.556%,

(-4

x

30-day

SOFR

Average

+

25.332%),

4/15/37

.................................

United

States

2,513

2,955

5387,

DF,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

3/25/54

.........................................

United

States

14,111

14,231

5393,

FA,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

12/25/53

........................................

United

States

14,897

15,024

5440,

FH,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

7/25/54

.........................................

United

States

20,117

20,237

5446,

DF,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

8/25/54

.........................................

United

States

13,854

13,955

5466,

FG,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

10/25/54

........................................

United

States

24,777

24,833

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

111

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

g

FNMA

,

2024-77,

DF,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

10/25/53

........................................

United

States

2,734

$

2,760

2024-82,

FE,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

........................................

United

States

11,534

11,560

2024-89,

FA,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

16,602

16,743

2025-25,

FB,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

4/25/55

.........................................

United

States

11,182

11,205

2025-41,

FA,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

11,188

11,277

GNMA

,

h,i

2015-H26,

DI,

IO,

FRN,

2.355%,

10/20/65

...............

United

States

35,692

1,804

h,i

2020-103,

IO,

FRN,

0.854%,

1/16/63

...................

United

States

85,425

5,420

g

2024-78,

QF,

FRN,

4.773%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

19,527

19,625

g

2025-169,

FC,

FRN,

4.673%,

(30-day

SOFR

Average

+

1%),

10/20/55

........................................

United

States

9,486

9,520

187,104

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$186,892)

.........

187,104

Municipal

Bonds

0.1%

Alabama

0.0%

†

Alabama

Economic

Settlement

Authority

,

BP

Settlement

Fund

,

Revenue

,

2016

B

,

4.263

%

,

9/15/32

....................

United

States

10,000

9,917

California

0.0%

†

State

of

California

,

GO

,

4.35

%

,

11/01/32

..................

United

States

10,000

9,977

Florida

0.0%

†

State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526

%

,

7/01/34

......

United

States

5,000

5,243

Illinois

0.0%

†

l

State

of

Illinois

,

GO

,

2026

A

,

4.854

%

,

4/01/32

..............

United

States

5,000

5,074

Pennsylvania

0.0%

†

Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

2004

,

NATL

Insured

,

6.55

%

,

10/15/28

United

States

5,000

5,280

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

4.132

%

,

11/01/30

.........

United

States

5,000

4,976

10,256

South

Carolina

0.1%

South

Carolina

Public

Service

Authority

,

Revenue

,

2009

F

,

5.74

%

,

1/01/30

.........................................

United

States

15,000

15,485

Virginia

0.0%

†

Virginia

Commonwealth

University

,

Revenue

,

2020

B

,

Refunding

,

2.124

%

,

11/01/30

..................................

United

States

5,000

4,581

Total

Municipal

Bonds

(Cost

$60,927)

........................................

60,533

Total

Long

Term

Investments

(Cost

$68,316,105)

..............................

94,931,675

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

Short

Term

Investments

4.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.9%

m,n

U.S.

Treasury

Bills

,

3.47%,

4/23/26

...................................

United

States

100,000

$

99,778

3.58%,

7/16/26

...................................

United

States

1,700,000

1,682,088

1,781,866

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,782,149)

................

1,781,866

Shares

Management

Investment

Companies

2.2%

o,p

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

.......

United

States

1,999,395

1,999,395

Total

Management

Investment

Companies

(Cost

$1,999,395)

...................

1,999,395

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Money

Market

Funds

0.0%

†

o,p

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

................

United

States

43,950

43,950

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$43,950)

.............................................................

43,950

Total

Short

Term

Investments

(Cost

$3,825,494

)

...............................

3,825,211

a

Total

Investments

(Cost

$72,141,599)

106.5%

.................................

$98,756,886

TBA

Sale

Commitments

(2.1)%

..............................................

(1,909,546)

Other

Assets,

less

Liabilities

(4.4)%

.........................................

(4,114,918)

Net

Assets

100.0%

.........................................................

$92,732,422

a

a

a

Principal

Amount

*

q

TBA

Sale

Commitments

(2.1)%

Mortgage-Backed

Securities

(2.1)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(0.5)%

Uniform

Mortgage-Backed

Securities

,

4%,

TBA,

4/25/56

..................................

United

States

(50,000)

(47,188)

4.5%,

TBA,

4/25/56

................................

United

States

(300,000)

(289,572)

6.5%,

TBA,

4/25/56

................................

United

States

(100,000)

(103,466)

(440,226)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(1.6)%

GNMA

II,

Single-family,

30

Year

,

5.5%,

4/15/56

....................................

United

States

(1,150,000)

(1,157,504)

6.5%,

4/15/56

....................................

United

States

(300,000)

(311,816)

(1,469,320)

Total

TBA

Sale

Commitments

(Proceeds

$(1,912,875))

.........................

$(1,909,546)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

At

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2026,

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

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2026.

c

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$4,772,120,

representing

5.1%

of

net

assets.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

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

Security

purchased

on

a

when-issued

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

March

31,

2026,

the

aggregate

value

of

these

securities

pledged

amounted

to

$1,702,710,

representing

1.8%

of

net

assets.

o

See

Note

4

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

MSCI

EAFE

Index

............................

Short

19

$

2,756,045

6/19/26

$

29,886

MSCI

Emerging

Markets

Index

..................

Long

48

3,491,040

6/19/26

(107,142)

Russell

2000

E-Mini

Index

......................

Short

22

2,763,420

6/18/26

9,408

S&P

500

E-Mini

Index

.........................

Short

44

14,455,650

6/18/26

400,094

TOPIX

Index

................................

Long

4

883,148

6/11/26

(25,370)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Short

2

222,094

6/18/26

(1,753)

U.S.

Treasury

2

Year

Notes

.....................

Long

29

6,015,914

6/30/26

(41,460)

U.S.

Treasury

5

Year

Notes

.....................

Long

33

3,569,930

6/30/26

(52,106)

U.S.

Treasury

Long

Bonds

.....................

Long

20

2,277,500

6/18/26

(75,439)

U.S.

Treasury

Ultra

Bonds

......................

Long

14

1,631,875

6/18/26

(56,256)

Total

Futures

Contracts

......................................................................

$79,862

*

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

....

BOFA

Buy

38,900

25,990

4/15/26

$

844

$

—

Australian

Dollar

....

BZWS

Buy

72,900

48,706

4/15/26

1,583

—

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

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

....

CITI

Buy

38,500

25,724

4/15/26

$

835

$

—

Australian

Dollar

....

GSCO

Buy

75,100

50,658

4/15/26

1,399

(250)

Australian

Dollar

....

MSCO

Buy

76,500

51,824

4/15/26

1,152

(204)

Australian

Dollar

....

MSCO

Sell

36,000

25,319

4/15/26

485

—

Australian

Dollar

....

SSBT

Buy

42,700

28,696

4/15/26

760

—

Australian

Dollar

....

TDOM

Sell

224,400

150,804

4/15/26

—

(3,995)

Australian

Dollar

....

UBSW

Buy

37,000

24,864

4/15/26

660

—

Australian

Dollar

....

WPAC

Buy

98,700

65,943

4/15/26

2,143

—

Canadian

Dollar

....

BOFA

Buy

1,204,900

882,942

4/15/26

—

(16,293)

Canadian

Dollar

....

MSCO

Buy

100

72

4/15/26

—

—

Canadian

Dollar

....

WPAC

Buy

28,300

20,456

4/15/26

—

(101)

Israeli

New

Shekel

..

BOFA

Sell

36,300

11,532

4/15/26

—

(21)

Israeli

New

Shekel

..

BZWS

Sell

3,500

1,112

4/15/26

—

(2)

Israeli

New

Shekel

..

GSCO

Sell

644,100

204,624

4/15/26

—

(366)

Israeli

New

Shekel

..

HSBK

Buy

93,200

29,704

4/15/26

—

(43)

Israeli

New

Shekel

..

UBSW

Sell

38,600

12,304

4/15/26

20

—

New

Zealand

Dollar

.

MSCO

Buy

14,300

8,273

4/15/26

—

(52)

Chinese

Yuan

......

MSCO

Sell

1,212,500

175,922

5/13/26

—

(661)

Hong

Kong

Dollar

...

BZWS

Buy

47,900

6,147

5/13/26

—

(24)

Hong

Kong

Dollar

...

CITI

Buy

18,800

2,412

5/13/26

—

(9)

Hong

Kong

Dollar

...

GSCO

Buy

945,300

121,316

5/13/26

—

(475)

Hong

Kong

Dollar

...

HSBK

Buy

14,700

1,886

5/13/26

—

(7)

Hong

Kong

Dollar

...

HSBK

Sell

1,786,400

228,651

5/13/26

291

—

Hong

Kong

Dollar

...

MSCO

Buy

26,300

3,375

5/13/26

—

(13)

Hong

Kong

Dollar

...

SSBT

Buy

24,400

3,132

5/13/26

—

(13)

Hong

Kong

Dollar

...

UBSW

Sell

78,200

10,034

5/13/26

38

—

Japanese

Yen

......

BOFA

Buy

10,912,800

70,111

5/13/26

—

(1,090)

Japanese

Yen

......

BZWS

Buy

8,700

56

5/13/26

—

(1)

Japanese

Yen

......

CITI

Sell

64,018,600

409,195

5/13/26

4,292

—

Japanese

Yen

......

HSBK

Sell

2,089,400

13,424

5/13/26

209

—

Japanese

Yen

......

JPHQ

Sell

38,067,300

244,576

5/13/26

3,809

—

Japanese

Yen

......

MSCO

Buy

61,893,100

396,530

5/13/26

19

(5,089)

Japanese

Yen

......

SSBT

Buy

2,588,000

16,627

5/13/26

—

(258)

Japanese

Yen

......

UBSW

Buy

8,398,600

54,537

5/13/26

—

(1,418)

Singapore

Dollar

....

BOFA

Buy

7,100

5,621

5/13/26

—

(82)

Singapore

Dollar

....

BZWS

Buy

3,300

2,612

5/13/26

—

(38)

Singapore

Dollar

....

CITI

Buy

1,600

1,258

5/13/26

—

(9)

Singapore

Dollar

....

HSBK

Buy

1,400

1,117

5/13/26

—

(25)

Singapore

Dollar

....

HSBK

Sell

4,800

3,800

5/13/26

55

—

Singapore

Dollar

....

MSCO

Buy

26,200

20,743

5/13/26

—

(303)

Singapore

Dollar

....

SSBT

Buy

165,000

130,620

5/13/26

—

(1,896)

British

Pound

......

BOFA

Buy

19,000

25,152

6/17/26

—

(9)

British

Pound

......

BZWS

Buy

90,600

119,930

6/17/26

—

(40)

British

Pound

......

CITI

Sell

298,400

395,008

6/17/26

137

—

British

Pound

......

GSCO

Sell

150,000

198,559

6/17/26

65

—

British

Pound

......

HSBK

Sell

36,400

48,412

6/17/26

244

—

British

Pound

......

JPHQ

Sell

138,500

184,611

6/17/26

1,335

—

British

Pound

......

MSCO

Buy

18,100

24,131

6/17/26

—

(179)

British

Pound

......

MSCO

Sell

157,300

209,599

6/17/26

1,445

—

British

Pound

......

SSBT

Buy

91,400

121,565

6/17/26

—

(616)

British

Pound

......

TDOM

Buy

26,200

34,847

6/17/26

—

(177)

Danish

Krone

......

BOFA

Buy

425,700

65,548

6/17/26

580

—

Danish

Krone

......

CITI

Sell

364,200

56,083

6/17/26

—

(491)

Danish

Krone

......

HSBK

Buy

14,600

2,256

6/17/26

12

—

Danish

Krone

......

JPHQ

Sell

48,100

7,451

6/17/26

—

(20)

Danish

Krone

......

MSCO

Buy

20,500

3,177

6/17/26

7

—

Danish

Krone

......

MSCO

Sell

179,100

27,733

6/17/26

—

(88)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

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)

Danish

Krone

......

SSBT

Sell

163,700

25,293

6/17/26

$

—

$

(136)

Danish

Krone

......

UBSW

Buy

36,200

5,594

6/17/26

29

—

Euro

.............

BOFA

Buy

175,800

202,084

6/17/26

1,829

—

Euro

.............

BZWS

Sell

7,600

8,736

6/17/26

—

(79)

Euro

.............

CITI

Sell

48,800

56,094

6/17/26

—

(510)

Euro

.............

GSCO

Sell

43,600

50,116

6/17/26

—

(456)

Euro

.............

HSBK

Sell

168,000

193,773

6/17/26

—

(1,093)

Euro

.............

MSCO

Buy

43,400

50,215

6/17/26

125

—

Euro

.............

MSCO

Sell

107,000

123,682

6/17/26

—

(429)

Euro

.............

SSBT

Buy

188,400

217,309

6/17/26

1,219

—

Euro

.............

TDOM

Sell

303,400

349,973

6/17/26

—

(1,945)

Euro

.............

UBSW

Sell

37,000

42,677

6/17/26

—

(240)

Norwegian

Krone

...

BOFA

Buy

19,000

1,949

6/17/26

12

—

Norwegian

Krone

...

BZWS

Buy

18,800

1,944

6/17/26

—

(4)

Norwegian

Krone

...

CITI

Buy

2,000

205

6/17/26

1

—

Norwegian

Krone

...

GSCO

Buy

9,700

995

6/17/26

6

—

Norwegian

Krone

...

HSBK

Buy

30,000

3,095

6/17/26

1

—

Norwegian

Krone

...

JPHQ

Sell

1,947,900

201,360

6/17/26

321

—

Norwegian

Krone

...

MSCO

Buy

302,800

31,300

6/17/26

—

(48)

Norwegian

Krone

...

UBSW

Sell

70,300

7,255

6/17/26

—

(1)

Swedish

Krona

.....

BZWS

Buy

765,800

81,725

6/17/26

—

(516)

Swedish

Krona

.....

CITI

Buy

4,900

523

6/17/26

—

(3)

Swedish

Krona

.....

GSCO

Buy

13,400

1,429

6/17/26

—

(8)

Swedish

Krona

.....

HSBK

Buy

1,103,800

118,550

6/17/26

—

(1,498)

Swedish

Krona

.....

MSCO

Sell

157,400

16,927

6/17/26

236

—

Swedish

Krona

.....

SSBT

Buy

314,700

33,798

6/17/26

—

(426)

Swedish

Krona

.....

TDOM

Buy

160,600

17,249

6/17/26

—

(218)

Swedish

Krona

.....

WPAC

Sell

3,145,900

335,586

6/17/26

1,981

—

Swiss

Franc

.......

BOFA

Buy

67,600

86,444

6/17/26

—

(1,188)

Swiss

Franc

.......

BZWS

Buy

16,100

20,590

6/17/26

—

(285)

Swiss

Franc

.......

GSCO

Sell

7,300

9,336

6/17/26

129

—

Swiss

Franc

.......

HSBK

Buy

2,200

2,817

6/17/26

—

(42)

Swiss

Franc

.......

JPHQ

Buy

5,300

6,801

6/17/26

—

(117)

Swiss

Franc

.......

MSCO

Buy

31,600

40,537

6/17/26

—

(684)

Swiss

Franc

.......

SSBT

Sell

50,500

64,657

6/17/26

967

—

Total

Forward

Exchange

Contracts

...................................................

$29,275

$(44,284)

Net

unrealized

appreciation

(depreciation)

............................................

$(15,009)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

At

March

31,

2026,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

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

Europe

Main

45

....

(1.00)%

Quarterly

6/20/31

80,000

EUR

$

(1,190)

$

(1,180)

$

(10)

Contracts

to

Sell

Protection

c,d

Traded

Index

CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

448,000

24,095

35,771

(11,676)

Non-

Investment

Grade

CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

5,350,000

96,597

121,788

(25,191)

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

990,000

17,418

15,846

1,572

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$136,920

$172,225

$(35,305)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

c

Traded

Index

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

21,000

1,323

3,801

(2,478)

CMBX.NA.BBB-.6

(3.00)%

Monthly

JPHQ

5/11/63

22,000

1,386

4,906

(3,520)

Contracts

to

Sell

Protection

c,d

Traded

Index

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

43,000

(2,70

9

)

(2,593)

(11

6

)

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$—

$6,114

$(6,114)

Total

Credit

Default

Swap

Contracts

....................................

$136,920

$

178,339

$(41,419)

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

117

At

March

31,

2026,

the

Fund

had

the

following interest

rate 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

3.3%

.....

Annual

3/18/28

153,000

$

1,011

$

(103)

$

1,114

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.32%

....

Annual

3/18/28

1,751,000

10,901

(2,278)

13,179

Receive

Fixed

3.3%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/28

1,833,000

(12,116)

220

(12,336)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.47%

....

Annual

3/18/31

795,000

5,698

(1,776)

7,474

Receive

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/31

620,000

(5,010)

(49)

(4,961)

Receive

Fixed

3.57%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

6/17/31

90,000

(259)

(265)

6

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

1,130,000

(11,045)

832

(11,877)

Receive

Fixed

3.77%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

671,000

(5,442)

548

(5,990)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.12%

....

Annual

3/18/56

140,000

336

1,044

(708)

Receive

Fixed

4.1%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/56

603,000

(3,523)

(5,951)

2,428

Receive

Fixed

4.07%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

6/17/56

8,000

(92)

(24)

(68)

Total

Interest

Rate

Swap

Contracts

.................................

$(19,541)

$

(7,802)

$(11,739)

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

At

March

31,

2026,

the

Fund

had

the

following total

return swap

contracts

outstanding.

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

GSIIPGDL

Index

#

.....................

0%

At

Maturity

GSCO

7/14/26

3,808,572

$

(87,656)

BCFTUSAL

Index

#

....................

0%

At

Maturity

BZWS

3/11/27

2,850,734

(52,598)

Short

b

GSIIPGSS

Index

#

.....................

0%

At

Maturity

GSCO

7/14/26

3,503,379

150,116

IBOXIG

Index

#

.......................

1-day

SOFR

Quarterly

JPHQ

12/20/26

300,000

262

BCFTUSAS

Index

#

....................

0%

At

Maturity

BZWS

3/11/27

2,845,035

85,525

Total

Return

Swap

Contracts

....................................................................

$95,649

*

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

(

GSIIPGDL

)

OF

COMMON

STOCKS

Chevron

Corp.

Energy

136

$

28,202

0.76%

Idemitsu

Kosan

Co.

Ltd.

Energy

2,901

28,113

0.76%

Eni

SpA

Energy

977

27,983

0.75%

Endesa

SA

Utilities

662

27,538

0.74%

AT&T,

Inc.

Communication

Services

917

26,593

0.72%

Iberdrola

SA

Utilities

1,130

25,697

0.69%

ConocoPhillips

Energy

189

24,900

0.67%

Tokyo

Gas

Co.

Ltd.

Utilities

530

24,697

0.67%

BP

plc

Energy

3,085

24,664

0.67%

Altria

Group,

Inc.

Consumer

Staples

372

24,555

0.66%

PepsiCo,

Inc.

Consumer

Staples

158

24,477

0.66%

Graco,

Inc.

Industrials

288

24,387

0.66%

NN

Group

NV

Financials

311

24,029

0.65%

Lockheed

Martin

Corp.

Industrials

39

23,637

0.64%

Telia

Co.

AB

Communication

Services

4,614

23,365

0.63%

George

Weston

Ltd.

Consumer

Staples

325

22,865

0.62%

Deutsche

Telekom

AG

Communication

Services

620

22,841

0.62%

Airbnb,

Inc.

Consumer

Discretionary

180

22,736

0.61%

ENEOS

Holdings,

Inc.

Energy

2,534

22,469

0.61%

VICI

Properties,

Inc.

Real

Estate

821

22,438

0.61%

WH

Group

Ltd.

Consumer

Staples

17,037

22,295

0.60%

Allegion

plc

Industrials

149

21,705

0.59%

Inpex

Corp.

Energy

733

21,565

0.58%

Sandvik

AB

Industrials

575

21,559

0.58%

Hartford

Insurance

Group,

Inc.

(The)

Financials

159

21,446

0.58%

Colgate-Palmolive

Co.

Consumer

Staples

248

21,158

0.57%

Veralto

Corp.

Industrials

238

21,057

0.57%

TotalEnergies

SE

Energy

222

20,739

0.56%

Power

Assets

Holdings

Ltd.

Utilities

2,571

20,022

0.54%

Secom

Co.

Ltd.

Industrials

514

19,504

0.53%

Telenor

ASA

Communication

Services

1,098

19,190

0.52%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

119

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(GSIIPGDL)

OF

COMMON

STOCKS

(continued)

Holcim

AG

Materials

233

$

18,819

0.51%

SS&C

Technologies

Holdings,

Inc.

Industrials

276

18,670

0.50%

Automatic

Data

Processing,

Inc.

Industrials

91

18,465

0.50%

AMETEK,

Inc.

Industrials

86

18,384

0.50%

Chubu

Electric

Power

Co.,

Inc.

Utilities

1,112

18,042

0.49%

Bristol-Myers

Squibb

Co.

Health

Care

297

18,002

0.49%

Avery

Dennison

Corp.

Materials

104

17,934

0.48%

Fortum

OYJ

Utilities

700

17,639

0.48%

Cie

Financiere

Richemont

SA

Consumer

Discretionary

102

17,576

0.47%

Simon

Property

Group,

Inc.

Real

Estate

94

17,497

0.47%

Eiffage

SA

Industrials

114

17,280

0.47%

QIAGEN

NV

Health

Care

429

17,174

0.46%

National

Grid

plc

Utilities

1,023

17,123

0.46%

E.ON

SE

Utilities

775

16,939

0.46%

Bouygues

SA

Industrials

296

16,845

0.45%

Exxon

Mobil

Corp.

Energy

98

16,662

0.45%

Canadian

Utilities

Ltd.

Utilities

473

16,550

0.45%

iA

Financial

Corp.,

Inc.

Financials

150

16,540

0.45%

National

Bank

of

Canada

Financials

128

16,526

0.45%

A

BASKET

(

BCFTUSAL

)

OF

COMMON

STOCKS

Valero

Energy

Corp.

Energy

166

41,061

1.47%

Cheniere

Energy,

Inc.

Energy

143

40,604

1.45%

Cirrus

Logic,

Inc.

Information

Technology

268

38,743

1.38%

Edison

International

Utilities

507

37,131

1.33%

GE

Vernova,

Inc.

Industrials

42

36,830

1.31%

Regeneron

Pharmaceuticals,

Inc.

Health

Care

46

35,476

1.27%

Allison

Transmission

Holdings,

Inc.

Industrials

302

35,371

1.26%

Johnson

Controls

International

plc

Industrials

270

35,310

1.26%

Virtu

Financial,

Inc.

Financials

794

34,924

1.25%

Exelixis,

Inc.

Health

Care

813

34,875

1.25%

Freeport-McMoRan,

Inc.

Materials

593

34,874

1.25%

State

Street

Corp.

Financials

271

34,270

1.22%

Curtiss-Wright

Corp.

Industrials

50

34,043

1.22%

Lam

Research

Corp.

Information

Technology

159

33,989

1.21%

Axis

Capital

Holdings

Ltd.

Financials

331

33,581

1.20%

General

Motors

Co.

Consumer

Discretionary

431

32,074

1.15%

MGIC

Investment

Corp.

Financials

1,156

30,350

1.08%

NRG

Energy,

Inc.

Utilities

205

29,965

1.07%

Natera,

Inc.

Health

Care

150

29,937

1.07%

Unum

Group

Financials

409

29,896

1.07%

Spotify

Technology

SA

Communication

Services

62

29,892

1.07%

Affiliated

Managers

Group,

Inc.

Financials

107

29,627

1.06%

Arista

Networks,

Inc.

Information

Technology

241

29,553

1.06%

Cadence

Design

Systems,

Inc.

Information

Technology

104

28,906

1.03%

AutoNation,

Inc.

Consumer

Discretionary

144

28,090

1.00%

Synchrony

Financial

Financials

402

27,350

0.98%

Booking

Holdings,

Inc.

Consumer

Discretionary

6

26,124

0.93%

Toll

Brothers,

Inc.

Consumer

Discretionary

191

26,097

0.93%

American

International

Group,

Inc.

Financials

344

25,885

0.92%

Netflix,

Inc.

Communication

Services

269

25,830

0.92%

QUALCOMM,

Inc.

Information

Technology

197

25,432

0.91%

Textron,

Inc.

Industrials

281

24,567

0.88%

Manhattan

Associates,

Inc.

Information

Technology

180

23,924

0.85%

eBay,

Inc.

Consumer

Discretionary

260

23,626

0.84%

Applied

Materials,

Inc.

Information

Technology

67

22,870

0.82%

Boyd

Gaming

Corp.

Consumer

Discretionary

278

22,861

0.82%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(BCFTUSAL)

OF

COMMON

STOCKS

(continued)

Pegasystems,

Inc.

Information

Technology

535

$

22,751

0.81%

Sandisk

Corp.

Information

Technology

36

22,618

0.81%

Everpure,

Inc.

Information

Technology

374

22,108

0.79%

Ventas,

Inc.

Real

Estate

270

22,060

0.79%

Equitable

Holdings,

Inc.

Financials

582

21,611

0.77%

Ciena

Corp.

Information

Technology

55

21,343

0.76%

Ulta

Beauty,

Inc.

Consumer

Discretionary

39

20,562

0.73%

Millicom

International

Cellular

SA

Communication

Services

274

20,544

0.73%

Hologic,

Inc.

Health

Care

266

20,097

0.72%

Gap,

Inc.

(The)

Consumer

Discretionary

804

19,460

0.69%

Vornado

Realty

Trust

Real

Estate

734

19,076

0.68%

DoorDash,

Inc.

Consumer

Discretionary

127

19,040

0.68%

MGM

Resorts

International

Consumer

Discretionary

499

18,485

0.66%

NVR,

Inc.

Consumer

Discretionary

3

18,413

0.66%

A

BASKET

(

GSIIPGSS

)

OF

COMMON

STOCKS

Aker

BP

ASA

Energy

753

27,905

0.82%

Shell

plc

Energy

578

27,326

0.81%

Diamondback

Energy,

Inc.

Energy

134

26,519

0.78%

Woodside

Energy

Group

Ltd.

Energy

1,091

26,195

0.77%

Entergy

Corp.

Utilities

231

25,977

0.77%

Canadian

Natural

Resources

Ltd.

Energy

524

25,473

0.75%

PPL

Corp.

Utilities

628

23,987

0.71%

Southern

Co.

(The)

Utilities

248

23,968

0.71%

CenterPoint

Energy,

Inc.

Utilities

555

23,957

0.71%

Orange

SA

Communication

Services

1,162

23,658

0.70%

Walmart,

Inc.

Consumer

Staples

190

23,596

0.70%

ONEOK,

Inc.

Energy

254

22,981

0.68%

Dominion

Energy,

Inc.

Utilities

372

22,977

0.68%

Cellnex

Telecom

SA

Communication

Services

714

22,806

0.67%

American

Water

Works

Co.,

Inc.

Utilities

166

22,571

0.67%

Singapore

Telecommunications

Ltd.

Communication

Services

5,476

20,970

0.62%

Tourmaline

Oil

Corp.

Energy

422

20,153

0.59%

Duke

Energy

Corp.

Utilities

154

20,107

0.59%

Enbridge,

Inc.

Energy

371

20,039

0.59%

AvalonBay

Communities,

Inc.

Real

Estate

122

19,972

0.59%

Ferrovial

SE

Industrials

308

19,666

0.58%

Wilmar

International

Ltd.

Consumer

Staples

6,560

19,575

0.58%

Realty

Income

Corp.

Real

Estate

318

19,482

0.57%

Zurich

Insurance

Group

AG

Financials

28

19,475

0.57%

Waste

Connections,

Inc.

Industrials

120

19,426

0.57%

Visa,

Inc.

Financials

64

19,377

0.57%

Starbucks

Corp.

Consumer

Discretionary

213

19,050

0.56%

Swiss

Life

Holding

AG

Financials

18

18,913

0.56%

Ingersoll

Rand,

Inc.

Industrials

227

18,211

0.54%

Hong

Kong

&

China

Gas

Co.

Ltd.

Utilities

20,097

18,200

0.54%

Quanta

Services,

Inc.

Industrials

33

18,184

0.54%

Equifax,

Inc.

Industrials

100

17,933

0.53%

Straumann

Holding

AG

Health

Care

174

17,779

0.52%

Heineken

NV

Consumer

Staples

232

17,755

0.52%

International

Paper

Co.

Materials

488

17,425

0.51%

Snam

SpA

Utilities

2,289

17,286

0.51%

Essity

AB

Consumer

Staples

672

17,131

0.51%

Salmar

ASA

Consumer

Staples

291

16,898

0.50%

Land

Securities

Group

plc

Real

Estate

2,287

16,679

0.49%

Coca-Cola

Co.

(The)

Consumer

Staples

219

16,623

0.49%

British

American

Tobacco

plc

Consumer

Staples

288

16,614

0.49%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(GSIIPGSS)

OF

COMMON

STOCKS

(continued)

Emerson

Electric

Co.

Industrials

127

$

16,610

0.49%

Pernod

Ricard

SA

Consumer

Staples

219

16,197

0.48%

Coca-Cola

Europacific

Partners

plc

Consumer

Staples

179

16,187

0.48%

Xcel

Energy,

Inc.

Utilities

200

15,873

0.47%

Swire

Pacific

Ltd.

Industrials

1,451

15,791

0.47%

EQT

AB

Financials

521

15,657

0.46%

Hermes

International

SCA

Consumer

Discretionary

8

15,619

0.46%

AST

SpaceMobile,

Inc.

Communication

Services

188

15,596

0.46%

Old

Dominion

Freight

Line,

Inc.

Industrials

80

15,550

0.46%

A

BASKET

(

BCFTUSAS

)

OF

COMMON

STOCKS

Diamondback

Energy,

Inc.

Energy

196

38,817

1.42%

Bunge

Global

SA

Consumer

Staples

302

38,428

1.40%

MKS,

Inc.

Information

Technology

164

37,768

1.38%

Dell

Technologies,

Inc.

Information

Technology

229

37,630

1.37%

Monolithic

Power

Systems,

Inc.

Information

Technology

32

35,168

1.28%

DT

Midstream,

Inc.

Energy

256

34,508

1.26%

Coherent

Corp.

Information

Technology

142

33,880

1.24%

Roivant

Sciences

Ltd.

Health

Care

1,215

33,663

1.23%

Lumentum

Holdings,

Inc.

Information

Technology

47

32,754

1.20%

Micron

Technology,

Inc.

Information

Technology

92

31,139

1.14%

Kinsale

Capital

Group,

Inc.

Financials

91

31,122

1.14%

Royal

Gold,

Inc.

Materials

122

31,106

1.14%

Entegris,

Inc.

Information

Technology

264

30,980

1.13%

Royal

Caribbean

Cruises

Ltd.

Consumer

Discretionary

109

29,910

1.09%

BWX

Technologies,

Inc.

Industrials

139

28,418

1.04%

Albemarle

Corp.

Materials

157

28,268

1.03%

Oracle

Corp.

Information

Technology

188

27,588

1.01%

Ross

Stores,

Inc.

Consumer

Discretionary

127

27,557

1.01%

Take-Two

Interactive

Software,

Inc.

Communication

Services

138

27,211

0.99%

Synopsys,

Inc.

Information

Technology

66

26,294

0.96%

Loar

Holdings,

Inc.

Industrials

449

25,700

0.94%

Jack

Henry

&

Associates,

Inc.

Financials

161

25,385

0.93%

CH

Robinson

Worldwide,

Inc.

Industrials

147

24,371

0.89%

Marriott

International,

Inc.

Consumer

Discretionary

74

24,270

0.89%

Texas

Instruments,

Inc.

Information

Technology

124

24,146

0.88%

Lithia

Motors,

Inc.

Consumer

Discretionary

96

24,034

0.88%

Domino's

Pizza,

Inc.

Consumer

Discretionary

66

23,535

0.86%

Norwegian

Cruise

Line

Holdings

Ltd.

Consumer

Discretionary

1,248

23,331

0.85%

Blue

Owl

Capital,

Inc.

Financials

2,546

23,246

0.85%

Tyler

Technologies,

Inc.

Information

Technology

67

23,011

0.84%

RPM

International,

Inc.

Materials

221

21,965

0.80%

Quanta

Services,

Inc.

Industrials

39

21,643

0.79%

Brown

&

Brown,

Inc.

Financials

331

21,610

0.79%

Expand

Energy

Corp.

Energy

192

21,036

0.77%

NU

Holdings

Ltd.

Financials

1,448

20,811

0.76%

Somnigroup

International,

Inc.

Consumer

Discretionary

277

20,509

0.75%

Aurora

Innovation,

Inc.

Information

Technology

4,920

20,270

0.74%

Gen

Digital,

Inc.

Information

Technology

1,069

20,138

0.74%

SoFi

Technologies,

Inc.

Financials

1,253

19,896

0.73%

Watsco,

Inc.

Industrials

55

19,883

0.73%

Liberty

Broadband

Corp.

Communication

Services

387

19,462

0.71%

Healthcare

Realty

Trust,

Inc.

Real

Estate

1,122

19,056

0.70%

LPL

Financial

Holdings,

Inc.

Financials

62

18,776

0.69%

Stanley

Black

&

Decker,

Inc.

Industrials

254

18,076

0.66%

Toast,

Inc.

Financials

681

18,066

0.66%

Strategy,

Inc.

Information

Technology

143

17,792

0.65%

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

122

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(BCFTUSAS)

OF

COMMON

STOCKS

(continued)

Ovintiv,

Inc.

Energy

294

$

17,448

0.64%

Equifax,

Inc.

Industrials

97

17,434

0.64%

nVent

Electric

plc

Industrials

146

17,272

0.63%

PTC,

Inc.

Information

Technology

121

17,272

0.63%

See

A

bbreviations

on

page

255

.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

Putnam

VT

Global

Health

Care

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

123

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.8%

Biotechnology

19.3%

AbbVie,

Inc.

.......................................

United

States

39,100

$

8,503,859

Amgen,

Inc.

.......................................

United

States

5,840

2,054,804

a

Argenx

SE

........................................

Netherlands

1,976

1,434,061

a

Ascendis

Pharma

A/S,

ADR

...........................

Denmark

9,264

2,118,955

Gilead

Sciences,

Inc.

................................

United

States

27,600

3,846,612

a

Insmed,

Inc.

.......................................

United

States

8,600

1,406,272

a

Precigen,

Inc.

......................................

United

States

87,700

339,399

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

1,885

1,456,426

a

Revolution

Medicines,

Inc.

.............................

United

States

6,300

612,675

a

Rhythm

Pharmaceuticals,

Inc.

..........................

United

States

11,700

1,017,549

a

United

Therapeutics

Corp.

.............................

United

States

1,520

901,330

a

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

7,080

3,161,503

a

Xenon

Pharmaceuticals,

Inc.

...........................

Canada

13,000

755,950

27,609,395

Health

Care

Equipment

&

Supplies

11.8%

a

Boston

Scientific

Corp.

...............................

United

States

62,470

3,919,992

a

Edwards

Lifesciences

Corp.

...........................

United

States

36,200

2,898,896

Hoya

Corp.

........................................

Japan

10,600

1,837,621

a

Intuitive

Surgical,

Inc.

................................

United

States

12,440

5,734,716

Medtronic

plc

......................................

United

States

23,600

2,044,940

16,436,165

Health

Care

Providers

&

Services

13.4%

Cardinal

Health,

Inc.

.................................

United

States

15,100

3,190,781

CVS

Health

Corp.

...................................

United

States

42,400

3,045,168

HCA

Healthcare,

Inc.

.................................

United

States

4,400

2,082,256

McKesson

Corp.

....................................

United

States

4,060

3,513,362

UnitedHealth

Group,

Inc.

..............................

United

States

25,740

6,964,987

18,796,554

Life

Sciences

Tools

&

Services

5.0%

a

IQVIA

Holdings,

Inc.

.................................

United

States

4,200

716,268

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

12,960

6,370,229

7,086,497

Pharmaceuticals

47.3%

AstraZeneca

plc

....................................

United

Kingdom

35,532

6,947,927

Bristol-Myers

Squibb

Co.

..............................

United

States

50,900

3,087,085

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

23,700

1,307,019

Eli

Lilly

&

Co.

......................................

United

States

16,520

15,194,600

GSK

plc

..........................................

United

States

49,074

1,351,767

Johnson

&

Johnson

.................................

United

States

53,032

12,963,142

Merck

&

Co.,

Inc.

...................................

United

States

58,046

6,982,353

Novartis

AG

.......................................

United

States

48,184

7,395,976

Novo

Nordisk

A/S,

B

.................................

Denmark

21,247

777,523

Roche

Holding

AG

..................................

United

States

9,330

3,723,517

Sanofi

SA

.........................................

United

States

52,352

5,055,624

a

Terns

Pharmaceuticals,

Inc.

...........................

United

States

7,400

390,128

UCB

SA

..........................................

Belgium

5,201

1,567,044

66,743,705

Total

Common

Stocks

(Cost

$87,395,920)

....................................

136,672,316

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Health

Care

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

124

At

March

31,

2026,

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%

†

Boston

Scientific

Corp.,

Counterparty

CITI,

January

Strike

Price

$100.00,

Expires

1/15/27

............................

1,632,500

102,439,375

$

17,378

Total

Options

Purchased

(Cost

$45,057)

......................................

17,378

Short

Term

Investments

3.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

b

U.S.

Treasury

Bills,

3.58%,

7/16/26

......................

United

States

200,000

197,893

Total

U.S.

Government

and

Agency

Securities

(Cost

$197,933)

..................

197,893

Shares

Management

Investment

Companies

2.9%

c,d

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

.......

United

States

4,160,789

4,160,789

Total

Management

Investment

Companies

(Cost

$4,160,789)

...................

4,160,789

Total

Short

Term

Investments

(Cost

$4,358,722

)

...............................

4,358,682

a

Total

Investments

(Cost

$91,799,699)

99.9%

..................................

$141,048,376

Other

Assets,

less

Liabilities

0.1%

...........................................

145,363

Net

Assets

100.0%

.........................................................

$141,193,739

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

The

rate

shown

represents

the

yield

at

period

end.

c

See

Note

4

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

....

CITI

Sell

545,500

385,749

4/15/26

$

9,444

$

—

Australian

Dollar

....

GSCO

Sell

673,600

450,019

4/15/26

—

(14,654)

Australian

Dollar

....

WPAC

Buy

3,366,100

2,248,959

4/15/26

73,093

—

Canadian

Dollar

....

GSCO

Buy

315,300

227,903

4/15/26

—

(1,117)

Canadian

Dollar

....

GSCO

Sell

776,000

565,763

4/15/26

7,609

—

Canadian

Dollar

....

HSBK

Buy

283,300

205,003

4/15/26

—

(1,233)

Canadian

Dollar

....

JPHQ

Sell

33,200

23,997

4/15/26

117

—

Canadian

Dollar

....

MSCO

Sell

269,800

195,231

4/15/26

1,172

—

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Health

Care

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

125

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

....

SSBT

Sell

367,900

266,212

4/15/26

$

1,592

$

—

Israeli

New

Shekel

..

BOFA

Buy

867,100

275,455

4/15/26

505

—

Israeli

New

Shekel

..

GSCO

Buy

883,800

280,774

4/15/26

502

—

New

Zealand

Dollar

.

TDOM

Buy

405,700

234,718

4/15/26

—

(1,479)

Japanese

Yen

......

BOFA

Sell

14,906,100

95,767

5/13/26

1,489

—

Japanese

Yen

......

BZWS

Buy

142,887,400

917,967

5/13/26

—

(14,237)

Japanese

Yen

......

GSCO

Buy

206,224,100

1,322,807

5/13/26

—

(

18,487)

Japanese

Yen

......

HSBK

Sell

57,904,300

375,919

5/13/26

9,687

—

Japanese

Yen

......

JPHQ

Buy

41,195,500

264,674

5/13/26

—

(4,122)

Japanese

Yen

......

SSBT

Sell

129,570,100

832,418

5/13/26

12,917

—

Japanese

Yen

......

TDOM

Buy

63,127,400

405,510

5/13/26

—

(6,244)

Japanese

Yen

......

UBSW

Buy

118,696,800

762,559

5/13/26

—

(11,829)

British

Pound

......

BOFA

Buy

1,763,300

2,334,212

6/17/26

—

(848)

British

Pound

......

BZWS

Sell

307,300

406,784

6/17/26

135

—

British

Pound

......

CITI

Buy

697,700

923,584

6/17/26

—

(321)

British

Pound

......

GSCO

Sell

2,158,200

2,856,874

6/17/26

941

—

British

Pound

......

MSCO

Buy

211,200

281,420

6/17/26

—

(1,940)

British

Pound

......

SSBT

Buy

399,300

531,081

6/17/26

—

(2,689)

British

Pound

......

TDOM

Sell

96,900

128,880

6/17/26

653

—

British

Pound

......

UBSW

Sell

210,800

280,369

6/17/26

1,418

—

Danish

Krone

......

BOFA

Buy

2,952,400

454,600

6/17/26

4,021

—

Danish

Krone

......

CITI

Buy

3,265,300

509,128

6/17/26

—

(1,901)

Danish

Krone

......

CITI

Sell

4,508,000

694,190

6/17/26

—

(6,076)

Danish

Krone

......

GSCO

Sell

5,329,800

820,626

6/17/26

—

(7,297)

Danish

Krone

......

HSBK

Sell

7,675,300

1,185,878

6/17/26

—

(6,391)

Danish

Krone

......

JPHQ

Sell

612,000

94,809

6/17/26

—

(258)

Danish

Krone

......

MSCO

Buy

488,400

75,626

6/17/26

241

—

Danish

Krone

......

SSBT

Sell

6,654,000

1,028,104

6/17/26

—

(5,518)

Danish

Krone

......

UBSW

Buy

16,951,500

2,627,257

6/17/26

6,502

(540)

Euro

.............

BOFA

Sell

3,054,500

3,511,025

6/17/26

—

(31,939)

Euro

.............

CITI

Sell

680,700

789,827

6/17/26

272

—

Euro

.............

GSCO

Buy

246,000

282,765

6/17/26

2,575

—

Euro

.............

HSBK

Sell

222,700

256,865

6/17/26

—

(1,449)

Euro

.............

JPHQ

Buy

303,500

351,022

6/17/26

1,013

—

Euro

.............

MSCO

Buy

1,077,300

1,245,256

6/17/26

4,322

—

Euro

.............

SSBT

Buy

807,100

930,947

6/17/26

5,222

—

Euro

.............

TDOM

Sell

1,861,900

2,147,711

6/17/26

—

(11,937)

Euro

.............

UBSW

Buy

2,700,400

3,114,709

6/17/26

17,530

—

Euro

.............

WPAC

Buy

938,000

1,078,186

6/17/26

9,816

—

Swedish

Krona

.....

GSCO

Buy

1,355,900

144,642

6/17/26

—

(856)

Swiss

Franc

.......

BOFA

Sell

846,400

1,082,340

6/17/26

14,868

—

Swiss

Franc

.......

CITI

Sell

1,563,300

1,999,089

6/17/26

27,471

—

Swiss

Franc

.......

GSCO

Buy

463,100

592,260

6/17/26

—

(8,203)

Swiss

Franc

.......

HSBK

Buy

1,932,800

2,474,747

6/17/26

—

(37,118)

Swiss

Franc

.......

JPHQ

Buy

335,300

430,264

6/17/26

—

(7,387)

Swiss

Franc

.......

JPHQ

Sell

211,200

265,813

6/17/26

—

(550)

Swiss

Franc

.......

MSCO

Buy

612,200

785,168

6/17/26

—

(13,067)

Swiss

Franc

.......

SSBT

Buy

163,300

209,078

6/17/26

—

(

3,126)

Swiss

Franc

.......

UBSW

Buy

1,247,200

1,596,900

6/17/26

—

(23,944)

Total

Forward

Exchange

Contracts

...................................................

$215,127

$(246,757)

Net

unrealized

appreciation

(depreciation)

............................................

$(31,630)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Global

Health

Care

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

126

See

Abbreviations

on

page

255

.

*

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),

March

31,

2026

Putnam

VT

High

Yield

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.5%

Commercial

Services

&

Supplies

0.1%

GFL

Environmental,

Inc.

..............................

United

States

4,430

$

184,819

Diversified

Telecommunication

Services

0.1%

a

Altice

France

SA

....................................

France

4,005

68,165

Hotels,

Restaurants

&

Leisure

0.3%

a

Viking

Holdings

Ltd.

.................................

United

States

5,800

426,184

Total

Common

Stocks

(Cost

$

333,408

)

.......................................

679,168

Convertible

Preferred

Stocks

0.9%

Aerospace

&

Defense

0.2%

Boeing

Co.

(The)

,

6

%

................................

United

States

4,518

293,128

Electric

Utilities

0.3%

NextEra

Energy,

Inc.

,

7.299

%

..........................

United

States

7,375

412,853

Financial

Services

0.2%

Apollo

Global

Management,

Inc.

,

6.75

%

..................

United

States

3,581

209,345

Software

0.2%

Oracle

Corp.

,

D

,

6.5

%

................................

United

States

6,882

309,759

Total

Convertible

Preferred

Stocks

(Cost

$

1,117,557

)

..........................

1,225,085

Principal

Amount

*

Convertible

Bonds

1.6%

Consumer

Staples

Distribution

&

Retail

0.2%

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

200,000

295,800

Energy

Equipment

&

Services

0.1%

Nabors

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

6/15/29

.........

United

States

155,000

141,205

Entertainment

0.2%

Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

3.125

%

,

1/15/29

..

United

States

195,000

296,693

Food

Products

0.2%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

.............

United

States

243,000

263,534

Health

Care

REITs

0.2%

b

Welltower

OP

LLC

,

Senior

Note

,

144A,

2.75

%

,

5/15/28

.......

United

States

153,000

317,704

Oil,

Gas

&

Consumable

Fuels

0.2%

b

Crescent

Energy

Co.

,

Senior

Note

,

144A,

2.75

%

,

3/15/31

.....

United

States

235,000

270,367

Software

0.3%

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

11/01/29

.......

United

States

366,000

365,314

Technology

Hardware,

Storage

&

Peripherals

0.2%

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

53,000

251,800

Total

Convertible

Bonds

(Cost

$

1,698,564

)

...................................

2,202,417

Corporate

Bonds

89.1%

Aerospace

&

Defense

3.5%

ATI,

Inc.

,

Senior

Bond

,

5.125

%

,

10/01/31

.......................

United

States

240,000

237,348

Senior

Note

,

5.875

%

,

12/01/27

.......................

United

States

435,000

435,210

Senior

Note

,

4.875

%

,

10/01/29

.......................

United

States

90,000

88,868

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

ATI,

Inc.,

(continued)

Senior

Note

,

7.25

%

,

8/15/30

.........................

United

States

335,000

$

347,614

b

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

3/15/30

...................

United

States

270,000

275,143

Senior

Note

,

144A,

6.25

%

,

3/15/33

....................

United

States

210,000

214,534

Boeing

Co.

(The)

,

Senior

Bond

,

5.875

%

,

2/15/40

............

United

States

210,000

211,090

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

2/01/29

.....................

Canada

175,000

181,840

Senior

Note

,

144A,

8.75

%

,

11/15/30

...................

Canada

260,000

276,846

Senior

Note

,

144A,

7

%

,

6/01/32

......................

Canada

20,000

20,782

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5

%

,

2/15/32

...............................

Italy

540,000

538,005

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6

%

,

6/15/28

........

United

States

545,000

545,536

b

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

12/15/30

...........

United

States

290,000

297,335

Senior

Secured

Note

,

144A,

7.125

%

,

12/01/31

...........

United

States

70,000

72,338

Senior

Secured

Note

,

144A,

6

%

,

1/15/33

................

United

States

440,000

440,243

Senior

Secured

Note

,

144A,

6.25

%

,

1/31/34

.............

United

States

95,000

96,126

Senior

Sub.

Note

,

144A,

6.75

%

,

1/31/34

................

United

States

340,000

344,711

4,623,569

Automobile

Components

1.5%

b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25

%

,

4/15/31

United

States

560,000

581,229

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75

%

,

9/15/32

...................................

United

States

290,000

292,503

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

410,000

366,429

b

Forvia

SE

,

Senior

Note

,

144A,

6.75

%

,

9/15/33

..............

France

330,000

322,395

b

,c

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

7.75

%

,

11/15/30

.........

Germany

255,000

259,404

Senior

Secured

Note

,

144A,

PIK,

8

%

,

11/15/32

...........

Germany

230,000

235,807

2,057,767

Automobiles

0.3%

b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125

%

,

7/17/35

...

Japan

385,000

396,450

Banks

0.4%

b

,d

Societe

Generale

SA

,

Junior

Sub.

Bond

,

144A,

4.75%

to

5/25/26,

FRN

thereafter

,

Perpetual

.......................................

France

255,000

254,276

Junior

Sub.

Bond

,

144A,

5.375%

to

11/17/30,

FRN

thereafter

,

Perpetual

.......................................

France

260,000

243,866

498,142

Biotechnology

1.5%

b

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Note

,

144A,

7.25

%

,

12/15/33

...................

Denmark

450,000

471,441

Senior

Secured

Note

,

144A,

6.25

%

,

12/15/32

............

Denmark

450,000

461,680

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875

%

,

10/15/28

...........

Spain

965,000

EUR

1,092,627

2,025,748

Broadline

Retail

1.0%

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

10

%

,

6/01/30

......

United

States

190,000

201,045

b

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.25

%

,

10/31/29

............

United

States

375,000

383,043

Senior

Secured

Note

,

144A,

7.75

%

,

9/15/30

.............

United

States

320,000

333,410

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

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

(continued)

Broadline

Retail

(continued)

b

Wayfair

LLC,

(continued)

Senior

Secured

Note

,

144A,

6.75

%

,

11/15/32

............

United

States

440,000

$

443,693

1,361,191

Building

Products

2.2%

b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375

%

,

12/15/30

.......................

United

States

110,000

EUR

129,819

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

1/31/31

............

United

States

40,000

39,696

Senior

Secured

Note

,

144A,

6.125

%

,

7/31/32

............

United

States

170,000

169,596

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

370,000

354,600

b

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

.........................................

United

States

265,000

268,910

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

11/01/28

...............

United

States

225,000

223,444

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

...........

United

States

350,000

361,191

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

.....................

United

States

435,000

435,610

Senior

Note

,

144A,

6.25

%

,

8/01/33

....................

United

States

375,000

371,143

b

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

7/15/30

...................

United

States

630,000

594,200

Senior

Bond

,

144A,

3.375

%

,

1/15/31

...................

United

States

35,000

31,395

2,979,604

Capital

Markets

1.4%

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151

%

,

6/30/31

.........................................

United

States

150,000

160,819

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

11/01/32

...........

United

States

905,000

895,727

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

.............

United

States

330,000

335,042

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

450,000

455,097

1,846,685

Chemicals

2.3%

b

ARC

Falcon

I,

Inc.

/

Arclin

USA

LLC

/

New

Arclin

US

Holding

Corp.

,

Senior

Secured

Note

,

144A,

9.75

%

,

3/01/33

.........

United

States

425,000

409,560

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

150,000

151,173

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375

%

,

10/03/31

........................................

Germany

135,000

134,396

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

325,000

209,547

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

865,000

891,036

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

5/01/29

...................

United

States

305,000

303,731

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

............

United

States

395,000

390,728

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

.........................................

United

States

585,000

577,414

3,067,585

Commercial

Services

&

Supplies

2.4%

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/31

.....

United

States

275,000

279,475

b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/31

...

United

States

115,000

119,149

b

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29

%

,

4/15/29

.............

United

States

75,000

75,270

Senior

Secured

Note

,

144A,

9.5

%

,

2/15/33

..............

United

States

960,000

932,629

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Commercial

Services

&

Supplies

(continued)

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

1,100,000

$

1,114,316

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

155,000

161,277

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

305,000

309,194

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

155,000

159,708

3,151,018

Communications

Equipment

0.3%

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

5/30/31

..............

United

States

475,000

469,993

Construction

&

Engineering

0.1%

b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

165,000

169,193

Construction

Materials

0.1%

b

,d

Cemex

SAB

de

CV

,

Sub.

Bond

,

144A,

7.2%

to

9/09/30,

FRN

thereafter

,

Perpetual

...............................

Mexico

200,000

202,750

Consumer

Finance

2.6%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

6.95%

to

12/09/29,

FRN

thereafter

,

3/10/55

....

Ireland

175,000

179,206

Ally

Financial,

Inc.

,

Senior

Bond

,

8

%

,

11/01/31

.............

United

States

370,000

410,919

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

.............

United

States

205,000

214,737

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/30

..............

United

States

610,000

645,349

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

995,000

1,015,366

OneMain

Finance

Corp.

,

Senior

Note

,

7.5

%

,

5/15/31

..........................

United

States

355,000

357,121

Senior

Note

,

7.125

%

,

11/15/31

.......................

United

States

355,000

352,044

Senior

Note

,

6.5

%

,

3/15/33

..........................

United

States

250,000

239,210

3,413,952

Consumer

Staples

Distribution

&

Retail

0.3%

b

US

Foods,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

1/15/32

....................

United

States

120,000

124,322

Senior

Note

,

144A,

5.75

%

,

4/15/33

....................

United

States

280,000

279,028

403,350

Containers

&

Packaging

1.6%

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

425,000

402,617

b

Graphic

Packaging

International

LLC

,

Senior

Note

,

Reg

S,

2.625

%

,

2/01/29

...................................

United

States

215,000

EUR

235,768

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25

%

,

4/15/30

...................

United

States

465,000

432,440

Senior

Secured

Note

,

144A,

7.875

%

,

4/15/30

............

United

States

350,000

350,250

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/15/30

...........

Canada

795,000

703,037

2,124,112

Diversified

Telecommunication

Services

5.8%

b

Altice

France

SA

,

Senior

Secured

Note

,

144A,

6.875

%

,

10/15/30

...........

France

304,878

291,903

Senior

Secured

Note

,

144A,

6.5

%

,

4/15/32

..............

France

213,415

202,402

Senior

Secured

Note

,

144A,

6.875

%

,

7/15/32

............

France

156,250

148,193

b

APLD

ComputeCo

2

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

3/15/31

.........................................

United

States

595,000

591,037

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Diversified

Telecommunication

Services

(continued)

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25

%

,

12/15/30

........................................

United

States

935,000

$

964,174

b

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125

%

,

2/15/31

.........................................

United

States

430,000

438,190

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.375

%

,

6/01/29

...................

United

States

675,000

666,139

Senior

Bond

,

144A,

4.75

%

,

3/01/30

....................

United

States

1,010,000

958,999

Senior

Bond

,

144A,

4.75

%

,

2/01/32

....................

United

States

875,000

791,842

Senior

Note

,

144A,

7

%

,

2/01/33

......................

United

States

295,000

296,106

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125

%

,

11/15/30

........................................

United

States

370,000

383,793

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

5/15/30

...............................

United

States

295,000

302,918

b

SV

RNO

Property

Owner

1

LLC

,

Senior

Secured

Note

,

144A,

5.875

%

,

3/01/31

...................................

United

States

570,000

563,780

b

Virgin

Media

Finance

plc

,

Senior

Bond

,

144A,

5

%

,

7/15/30

....

United

Kingdom

475,000

389,764

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

....................................

United

Kingdom

245,000

217,469

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/30

........................................

United

States

495,000

523,371

7,730,080

Electric

Utilities

2.4%

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375

%

,

2/15/32

....................

United

Kingdom

660,000

645,265

b

NRG

Energy,

Inc.

,

d

Junior

Sub.

Bond

,

144A,

10.25%

to

3/14/28,

FRN

thereafter

,

Perpetual

.......................................

United

States

345,000

372,368

Senior

Bond

,

144A,

6.25

%

,

11/01/34

...................

United

States

390,000

393,427

Senior

Bond

,

144A,

6

%

,

1/15/36

......................

United

States

670,000

664,306

PG&E

Corp.

,

Junior

Sub.

Bond

,

7.375%

to

3/14/30,

FRN

thereafter

,

3/15/55

United

States

230,000

231,666

Senior

Secured

Bond

,

5.25

%

,

7/01/30

..................

United

States

95,000

93,796

b

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

6.875

%

,

4/15/32

United

States

755,000

781,830

3,182,658

Electrical

Equipment

0.6%

b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5

%

,

6/30/29

.........................................

United

States

280,000

EUR

305,391

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875

%

,

9/01/30

.

United

States

490,000

491,192

796,583

Electronic

Equipment,

Instruments

&

Components

0.4%

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

565,000

543,083

Energy

Equipment

&

Services

2.5%

b

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

2/01/34

............................

United

States

210,000

208,069

b

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note

,

144A,

10.375

%

,

11/15/30

.................................

Mexico

199,544

202,714

b

Kodiak

Gas

Services

LLC

,

Senior

Bond

,

144A,

6.75

%

,

10/01/35

...................

United

States

140,000

142,332

Senior

Note

,

144A,

7.25

%

,

2/15/29

....................

United

States

305,000

316,166

Senior

Note

,

144A,

5.875

%

,

4/01/31

...................

United

States

240,000

241,337

Senior

Note

,

144A,

6.5

%

,

10/01/33

....................

United

States

245,000

247,816

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

8/15/31

...

United

States

170,000

177,210

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

8

%

,

9/30/28

United

States

58,462

60,116

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Energy

Equipment

&

Services

(continued)

Transocean

International

Ltd.

,

Senior

Bond

,

6.8

%

,

3/15/38

..........................

United

States

485,000

$

466,276

b

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

.............

United

States

441,000

460,013

b

Senior

Secured

Note

,

144A,

7.875

%

,

10/15/32

...........

United

States

65,000

69,497

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

...................

United

States

168,000

171,322

Senior

Note

,

144A,

6.75

%

,

10/15/33

...................

United

States

630,000

644,124

3,406,992

Entertainment

1.4%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

.........................................

France

690,000

711,495

Discovery

Global

Holdings,

Inc.

,

Senior

Bond

,

5.05

%

,

3/15/42

..

United

States

270,000

178,552

b

,e

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

7/01/34

....................

United

States

230,000

240,936

Senior

Secured

Note

,

144A,

7.25

%

,

7/01/33

.............

United

States

300,000

311,023

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

6

%

,

3/27/30

..

United

Kingdom

310,000

GBP

401,331

1,843,337

Financial

Services

4.2%

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5

%

,

10/01/30

....................

United

States

400,000

381,755

Senior

Note

,

144A,

6.75

%

,

12/01/32

...................

United

States

325,000

306,131

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

320,000

345,510

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

595,000

585,914

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

.....................

United

States

470,000

493,485

Senior

Note

,

144A,

8.25

%

,

5/15/30

....................

United

States

500,000

521,622

b

Osaic

Holdings,

Inc.

,

Senior

Note

,

144A,

8

%

,

8/01/33

......................

United

States

470,000

464,368

Senior

Secured

Note

,

144A,

6.75

%

,

8/01/32

.............

United

States

265,000

265,229

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875

%

,

11/01/29

..................................

United

States

960,000

927,246

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

1/31/30

........

United

States

375,000

378,888

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

2/01/32

...................

United

States

380,000

391,996

Senior

Note

,

144A,

6.375

%

,

8/01/33

...................

United

States

415,000

419,977

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

5/15/33

...........................

United

States

100,000

EUR

109,258

5,591,379

Food

Products

1.2%

b

,c

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75

%

,

10/01/29

United

States

147,345

157,128

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

380,000

388,781

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

6

%

,

8/01/32

.........................................

United

Kingdom

455,000

444,067

b

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75

%

,

2/11/33

....................................

United

States

585,000

591,583

1,581,559

Ground

Transportation

0.6%

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

.........................................

United

States

235,000

242,940

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Ground

Transportation

(continued)

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

...................................

United

States

575,000

$

591,097

834,037

Health

Care

Equipment

&

Supplies

0.6%

b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

........................................

United

States

125,000

129,219

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

b,f

Senior

Secured

Note

,

144A,

FRN

,

5.891

%

,

(

2

x

3-month

EURIBOR

+

7.75

%

),

1/15/31

.........................

United

States

300,000

EUR

347,745

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/33

............

United

States

60,000

61,286

b

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25

%

,

10/01/29

...................

United

States

90,000

89,262

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

............

United

States

245,000

237,140

864,652

Health

Care

Providers

&

Services

4.1%

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

5/15/30

.............

United

States

855,000

806,370

Senior

Secured

Note

,

144A,

10.875

%

,

1/15/32

...........

United

States

406,000

436,089

Senior

Secured

Note

,

144A,

9.75

%

,

1/15/34

.............

United

States

335,000

348,104

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

7/15/32

.........................................

United

States

335,000

346,763

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

.................................

United

States

520,000

536,259

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

9/01/32

...................

United

States

890,000

912,518

Senior

Note

,

144A,

6.75

%

,

7/15/33

....................

United

States

65,000

66,178

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

1,000,000

969,687

Tenet

Healthcare

Corp.

,

b

Senior

Note

,

144A,

6

%

,

11/15/33

......................

United

States

270,000

273,412

Senior

Secured

Note

,

6.125

%

,

6/15/30

.................

United

States

775,000

781,008

5,476,388

Health

Care

REITs

0.7%

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

....................

United

States

965,000

979,091

Health

Care

Technology

1.0%

b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/30

...

United

States

440,000

413,465

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

.............

United

States

875,000

889,649

1,303,114

Hotel

&

Resort

REITs

0.8%

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

7.25

%

,

7/15/28

....................

United

States

110,000

112,377

Senior

Note

,

144A,

6.5

%

,

4/01/32

.....................

United

States

415,000

422,819

Senior

Note

,

144A,

6.5

%

,

6/15/33

.....................

United

States

195,000

198,702

Senior

Note

,

144A,

5.75

%

,

3/15/34

....................

United

States

240,000

237,035

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

125,000

126,357

1,097,290

Hotels,

Restaurants

&

Leisure

7.3%

b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.....................................

Canada

690,000

648,911

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

400,000

380,668

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Hotels,

Restaurants

&

Leisure

(continued)

b

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

..................

United

States

420,000

$

404,179

Senior

Note

,

144A,

6

%

,

10/15/32

.....................

United

States

180,000

165,821

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

................

United

States

200,000

202,567

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125

%

,

5/01/29

...................

United

States

310,000

307,894

Senior

Note

,

144A,

5.875

%

,

6/15/31

...................

United

States

380,000

384,910

Senior

Note

,

144A,

5.75

%

,

8/01/32

....................

United

States

555,000

555,513

Senior

Note

,

144A,

6.125

%

,

2/15/33

...................

United

States

200,000

202,106

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

4/01/30

....................

United

States

315,000

311,679

Senior

Note

,

144A,

6.75

%

,

5/01/31

....................

United

States

60,000

61,203

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.................

United

States

515,000

481,431

b

Flutter

Treasury

DAC

,

Senior

Secured

Note

,

144A,

5.875

%

,

6/04/31

.........................................

Ireland

200,000

198,300

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

.........................

Canada

310,000

302,630

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

9/15/33

.........................................

United

States

675,000

672,486

b

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

11/15/29

...................

United

States

540,000

550,732

Senior

Note

,

144A,

7.5

%

,

9/01/31

.....................

United

States

70,000

71,881

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25

%

,

4/15/30

..

United

States

645,000

660,744

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

7.75

%

,

2/15/29

....................

United

States

215,000

223,971

Senior

Note

,

144A,

6.75

%

,

2/01/32

....................

United

States

150,000

148,971

Senior

Note

,

144A,

6.25

%

,

9/15/33

....................

United

States

160,000

155,365

b

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

...................................

United

States

260,000

259,496

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

9/30/31

...................

United

States

270,000

272,728

Senior

Note

,

144A,

6

%

,

2/01/33

......................

United

States

620,000

626,347

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

3/01/30

....................

United

States

360,000

310,015

b

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

7

%

,

2/15/29

......................

United

States

160,000

160,375

Senior

Note

,

144A,

9.125

%

,

7/15/31

...................

United

States

395,000

416,915

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

.........................

United

States

565,000

592,569

9,730,407

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

246,385

b

K.

Hovnanian

Enterprises,

Inc.

,

Senior

Note

,

144A,

8

%

,

4/01/31

......................

United

States

140,000

138,611

Senior

Note

,

144A,

8.375

%

,

10/01/33

..................

United

States

210,000

207,912

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

........

United

States

255,000

261,058

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

...................

United

States

290,000

287,985

Senior

Note

,

144A,

5.75

%

,

11/15/32

...................

United

States

70,000

70,144

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

...................

United

States

305,000

295,629

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Household

Durables

(continued)

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.,

(continued)

Senior

Note

,

144A,

6.75

%

,

1/15/34

....................

United

States

655,000

$

628,143

2,135,867

Household

Products

0.1%

b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

160,000

152,352

Independent

Power

and

Renewable

Electricity

Producers

2.0%

b

Clearway

Energy

Operating

LLC

,

Senior

Bond

,

144A,

3.75

%

,

1/15/32

....................

United

States

300,000

273,686

Senior

Note

,

144A,

3.75

%

,

2/15/31

....................

United

States

290,000

268,685

Senior

Note

,

144A,

5.75

%

,

1/15/34

....................

United

States

300,000

295,019

b

Constellation

Energy

Generation

LLC

,

Senior

Note

,

144A,

5

%

,

2/01/31

.........................................

United

States

310,000

310,945

b

Talen

Energy

Supply

LLC

,

Senior

Bond

,

144A,

6.5

%

,

2/01/36

.....................

United

States

560,000

564,189

Senior

Note

,

144A,

6.25

%

,

2/01/34

....................

United

States

560,000

554,156

b

,d

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

150,000

151,682

Junior

Sub.

Bond

,

144A,

7%

to

12/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

290,000

290,575

2,708,937

Insurance

1.9%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5

%

,

6/15/29

.....................

United

States

135,000

133,844

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

.............

United

States

295,000

296,572

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

5.875

%

,

11/01/29

..................

United

States

165,000

159,779

Senior

Note

,

144A,

7.375

%

,

10/01/32

..................

United

States

130,000

128,921

Senior

Secured

Note

,

144A,

7

%

,

1/15/31

................

United

States

560,000

565,052

b

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

12/31/32

...............

United

States

400,000

415,315

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/34

............

United

States

635,000

616,949

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

...........................

Canada

170,000

172,937

2,489,369

IT

Services

0.9%

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

860,000

750,814

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

.........................................

United

States

445,000

442,819

1,193,633

Machinery

0.7%

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

1/01/31

......

United

States

130,000

136,653

b

ESAB

Corp.

,

Senior

Note

,

144A,

5.625

%

,

4/01/31

...........

United

States

425,000

429,042

b

Terex

Corp.

,

Senior

Note

,

144A,

5

%

,

5/15/29

......................

United

States

235,000

231,679

Senior

Note

,

144A,

6.25

%

,

10/15/32

...................

United

States

165,000

166,228

963,602

Media

7.5%

b

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25

%

,

3/01/31

...................................

United

States

405,000

370,944

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Media

(continued)

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

4/15/28

....................

United

States

145,000

$

145,787

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

............

United

States

125,000

130,901

Senior

Secured

Note

,

144A,

7.5

%

,

3/15/33

..............

United

States

555,000

588,158

b

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.75

%

,

1/31/29

......

United

States

340,000

246,082

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

2/01/30

.........................................

United

States

295,000

294,712

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

............

United

States

64,000

63,972

Senior

Secured

Note

,

144A,

10

%

,

2/15/31

...............

United

States

170,000

173,675

Discovery

Communications

LLC

,

Senior

Note

,

4.125

%

,

5/15/29

.

United

States

370,000

357,578

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75

%

,

11/30/29

......

United

States

505,000

545,837

b

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875

%

,

8/15/30

..

United

States

830,000

806,547

b

Gray

Media,

Inc.

,

Secured

Note

,

144A,

9.625

%

,

7/15/32

..................

United

States

475,000

475,411

Senior

Bond

,

144A,

5.375

%

,

11/15/31

..................

United

States

400,000

297,338

Senior

Secured

Note

,

144A,

7.25

%

,

8/15/33

.............

United

States

75,000

75,633

b

McGraw-Hill

Education,

Inc.

,

Senior

Note

,

144A,

8

%

,

8/01/29

......................

United

States

335,000

334,741

Senior

Secured

Note

,

144A,

7.375

%

,

9/01/31

............

United

States

330,000

337,097

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

11/01/28

...................

United

States

240,000

236,163

e

Senior

Note

,

144A,

7.25

%

,

4/15/34

....................

United

States

730,000

732,947

Senior

Secured

Note

,

144A,

6.5

%

,

9/15/33

..............

United

States

455,000

458,742

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond

,

144A,

4.625

%

,

3/15/30

.........................

United

States

400,000

386,170

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

895,000

910,663

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

3.875

%

,

9/01/31

...................

United

States

350,000

318,090

Senior

Note

,

144A,

4

%

,

7/15/28

......................

United

States

140,000

135,220

b

Telenet

Finance

Luxembourg

Notes

SARL

,

Senior

Secured

Bond

,

144A,

5.5

%

,

3/01/28

...............................

Belgium

400,000

393,580

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375

%

,

8/01/32

...................................

United

States

440,000

453,799

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

5

%

,

1/15/32

................

Netherlands

385,000

330,396

Senior

Secured

Note

,

144A,

7.5

%

,

1/15/33

..............

Netherlands

410,000

386,834

9,987,017

Metals

&

Mining

2.0%

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

1/31/29

..............................

United

States

256,000

255,617

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

......................

United

States

295,000

285,797

Senior

Note

,

144A,

7.625

%

,

1/15/34

...................

United

States

170,000

166,246

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

165,000

152,729

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125

%

,

7/15/29

........

United

States

150,000

EUR

167,876

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

4/01/29

....

Canada

330,000

330,064

b

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

7

%

,

4/01/31

......

Australia

185,000

189,221

b

Novelis

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

1/30/30

....................

United

States

140,000

132,547

Senior

Bond

,

144A,

3.875

%

,

8/15/31

...................

United

States

240,000

214,001

Senior

Note

,

144A,

6.875

%

,

1/30/30

...................

United

States

300,000

302,835

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Metals

&

Mining

(continued)

b

Novelis

Corp.,

(continued)

Senior

Note

,

144A,

6.375

%

,

8/15/33

...................

United

States

430,000

$

422,130

2,619,063

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

.........................

United

States

205,000

203,465

Oil,

Gas

&

Consumable

Fuels

6.6%

b

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

9.75

%

,

2/15/31

.....................

United

States

385,000

409,240

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25

%

,

10/01/29

........................................

Australia

165,000

149,240

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

7.875

%

,

4/15/32

...................

United

States

350,000

357,839

Senior

Note

,

144A,

8.375

%

,

1/15/34

...................

United

States

565,000

591,142

d

Energy

Transfer

LP

,

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

...............................

United

States

630,000

630,563

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5

%

,

6/01/29

.....................

United

States

140,000

143,088

Senior

Note

,

144A,

4.25

%

,

2/15/30

....................

United

States

80,000

76,914

Senior

Note

,

144A,

5.5

%

,

10/15/30

....................

United

States

135,000

133,997

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

6

%

,

2/01/31

......................

United

States

55,000

53,494

Senior

Bond

,

144A,

6.25

%

,

4/15/32

....................

United

States

245,000

237,292

Senior

Bond

,

144A,

6.875

%

,

5/15/34

...................

United

States

345,000

337,745

Senior

Note

,

144A,

6

%

,

4/15/30

......................

United

States

140,000

136,360

Senior

Note

,

144A,

8.375

%

,

11/01/33

..................

United

States

345,000

360,207

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

740,000

743,155

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.2

%

,

3/15/40

......

United

States

890,000

909,632

b

Sunoco

LP

,

Senior

Note

,

144A,

5.375

%

,

7/15/31

...................

United

States

225,000

223,356

Senior

Note

,

144A,

6.25

%

,

7/01/33

....................

United

States

560,000

562,885

Senior

Note

,

144A,

5.625

%

,

7/15/34

...................

United

States

25,000

24,635

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

........................................

United

States

510,000

499,044

b

Venture

Global

LNG,

Inc.

,

d

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

400,000

398,732

Senior

Secured

Note

,

144A,

9.5

%

,

2/01/29

..............

United

States

340,000

367,812

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

............

United

States

480,000

499,438

Senior

Secured

Note

,

144A,

9.875

%

,

2/01/32

............

United

States

315,000

338,461

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75

%

,

5/01/35

.............

United

States

85,000

95,319

Senior

Secured

Bond

,

144A,

6.75

%

,

1/15/36

.............

United

States

250,000

264,950

Senior

Secured

Note

,

144A,

7.5

%

,

5/01/33

..............

United

States

85,000

93,482

Senior

Secured

Note

,

144A,

6.5

%

,

1/15/34

..............

United

States

145,000

151,247

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

......

United

States

94,000

94,790

8,884,059

Paper

&

Forest

Products

0.3%

b

Magnera

Corp.

,

Senior

Secured

Note

,

144A,

4.75

%

,

11/15/29

............

United

States

150,000

135,574

Senior

Secured

Note

,

144A,

7.25

%

,

11/15/31

............

United

States

345,000

319,713

455,287

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Passenger

Airlines

0.7%

b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

..............

United

States

27,084

$

27,121

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

.............

United

States

325,000

323,430

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

410,000

423,520

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

130,000

127,631

901,702

Personal

Care

Products

1.0%

b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note

,

144A,

6.625

%

,

7/15/30

...

United

States

245,000

243,111

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/32

...

France

1,085,000

1,086,703

1,329,814

Pharmaceuticals

1.1%

b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

10

%

,

4/15/32

...

United

States

205,000

210,061

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375

%

,

5/09/30

...................................

Israel

225,000

EUR

260,917

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

6.75

%

,

3/01/28

.........................

Israel

525,000

538,348

Senior

Note

,

8.125

%

,

9/15/31

........................

Israel

400,000

447,668

1,456,994

Professional

Services

0.3%

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

345,000

351,422

Semiconductors

&

Semiconductor

Equipment

0.3%

b

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

8/15/33

....................

United

States

130,000

131,610

Senior

Secured

Note

,

144A,

5.75

%

,

8/15/32

.............

United

States

220,000

220,537

352,147

Software

1.1%

b

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

9

%

,

9/30/29

.....................

United

States

350,000

337,970

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/29

..............

United

States

400,000

390,622

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

440,000

364,006

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

......

United

States

115,000

103,640

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/31

......

United

States

295,000

288,560

1,484,798

Specialized

REITs

1.1%

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/33

.......

United

States

745,000

743,214

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/30

..

United

States

780,000

780,284

1,523,498

Specialty

Retail

0.3%

b

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.5

%

,

9/15/32

...............................

United

States

465,000

467,611

Technology

Hardware,

Storage

&

Peripherals

0.3%

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

3.125

%

,

7/15/29

...................

United

States

140,000

125,718

Senior

Note

,

144A,

5.875

%

,

7/15/30

...................

United

States

235,000

239,021

364,739

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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)

Textiles,

Apparel

&

Luxury

Goods

0.8%

b

Beach

Acquisition

Bidco

LLC

,

c

Senior

Note

,

144A,

PIK,

10

%

,

7/15/33

..................

United

States

563,916

$

588,192

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/32

.............

United

States

275,000

EUR

305,631

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

3/15/29

.............

United

States

240,000

230,534

1,124,357

Trading

Companies

&

Distributors

1.7%

b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

.....................

United

States

280,000

289,570

Secured

Note

,

144A,

8.625

%

,

5/15/32

..................

United

States

305,000

318,728

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

205,000

208,487

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

610,000

622,728

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/29

...................

United

States

90,000

91,724

Senior

Note

,

144A,

5.25

%

,

4/15/31

....................

United

States

125,000

124,566

Senior

Note

,

144A,

6.625

%

,

3/15/32

...................

United

States

410,000

420,160

Senior

Note

,

144A,

6.375

%

,

3/15/33

...................

United

States

165,000

168,238

2,244,201

Wireless

Telecommunication

Services

1.5%

b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

9

%

,

9/15/29

............................

United

Kingdom

795,000

836,173

b

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

Senior

Secured

Note

,

144A,

8.625

%

,

8/01/32

.........................

Bermuda

300,000

305,483

b

Iliad

Holding

SAS

,

Senior

Secured

Note

,

144A,

7

%

,

4/15/32

...

France

295,000

295,722

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

.........................................

United

Kingdom

515,000

541,053

1,978,431

Total

Corporate

Bonds

(Cost

$

118,267,993

)

...................................

119,124,124

Senior

Floating

Rate

Interests

3.8%

Automobile

Components

0.3%

g

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.678

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

........

United

States

364,557

358,042

Chemicals

0.1%

g

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.211

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

............

United

States

95,812

89,704

Commercial

Services

&

Supplies

0.3%

g

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.423

%

,

(

1-month

SOFR

+

2.75

%

),

10/23/28

..

United

States

393,328

393,942

Distributors

0.2%

g

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

7.672

%

,

(

3-month

SOFR

+

4

%

),

11/30/30

...........

United

States

278,463

271,302

g

Food

Products

0.4%

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6

,

5.877

%

,

(

6-month

SOFR

+

2.25

%

),

9/30/32

.....................

United

States

401,810

394,806

TreeHouse

Foods,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.923

%

,

(

1-month

SOFR

+

4.25

%

),

2/11/33

..............

United

States

142,500

142,026

536,832

a

a

a

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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

Senior

Floating

Rate

Interests

(continued)

Health

Care

Equipment

&

Supplies

0.2%

g

Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan

,

7.418

%

,

(

1-month

SOFR

+

3.75

%

),

1/15/31

.........

United

States

329,103

$

330,236

g

Hotels,

Restaurants

&

Leisure

0.5%

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.918

%

,

(

1-month

SOFR

+

3.25

%

),

1/29/29

..............

United

States

406,901

399,781

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.437

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

.............

Canada

45,004

44,423

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.652

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

181,764

179,315

623,519

a

a

a

a

a

a

IT

Services

0.2%

g

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.669

%

,

(

1-month

SOFR

+

3

%

),

6/27/31

................

United

States

251,822

250,248

g

Media

0.5%

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.787

%

,

(

1-month

SOFR

+

4

%

),

8/23/28

.........................................

United

States

268,433

269,506

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.178

%

,

(

3-month

SOFR

+

5.25

%

),

8/02/29

.......

United

States

384,380

385,953

655,459

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

,

6.925

%

,

(

1-month

SOFR

+

3.25

%

),

6/13/30

.

United

States

116,123

116,486

g

Pharmaceuticals

0.4%

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

9.918

%

,

(

1-month

SOFR

+

6.25

%

),

10/08/30

....................

United

States

218,350

211,314

Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.418

%

,

(

1-month

SOFR

+

3.75

%

),

4/23/31

.....

United

States

405,863

404,340

615,654

a

a

a

a

a

a

g

Software

0.3%

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

6.922

%

,

(

3-month

SOFR

+

3.25

%

),

8/16/32

.......

United

States

113,149

103,854

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

7.423

%

,

(

1-month

SOFR

+

3.75

%

),

11/28/28

....................

United

States

279,330

268,565

372,419

a

a

a

a

a

a

Textiles,

Apparel

&

Luxury

Goods

0.2%

g

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.16

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

......................

United

States

284,907

227,142

Wireless

Telecommunication

Services

0.1%

g

Connect

Finco

SARL,

First

Lien,

Amendment

No.

4

CME

Term

Loan

,

8.168

%

,

(

1-month

SOFR

+

4.5

%

),

9/13/29

..........

United

Kingdom

210,576

211,333

Total

Senior

Floating

Rate

Interests

(Cost

$

5,137,141

)

.........................

5,052,318

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

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

Foreign

Government

and

Agency

Securities

0.2%

b

,d

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

.....................

France

200,000

$

231,659

Total

Foreign

Government

and

Agency

Securities

(Cost

$

200,000

)

..............

231,659

Total

Long

Term

Investments

(Cost

$

126,754,663

)

.............................

128,514,771

a

Short

Term

Investments

3.2%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

3.2%

h,i

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

4,237,048

4,237,048

Total

Management

Investment

Companies

(Cost

$

4,237,048

)

...................

4,237,048

Total

Short

Term

Investments

(Cost

$

4,237,048

)

...............................

4,237,048

a

Total

Investments

(Cost

$

130,991,711

)

99.3

%

.................................

$132,751,819

Other

Assets,

less

Liabilities

0.7

%

...........................................

938,108

Net

Assets

100.0%

.........................................................

$133,689,927

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$110,104,522,

representing

82.4%

of

net

assets.

c

Income

may

be

received

in

additional

securities

and/or

cash.

d

Perpetual

security

with

no

stated

maturity

date.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

High

Yield

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

At

March

31,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

A

bbreviations

on

page

255

.

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

....

MSCO

Buy

1,800

1,253

4/15/26

$

—

$

(

11

)

British

Pound

......

HSBK

Sell

310,200

411,649

6/17/26

1,163

—

Euro

.............

CITI

Sell

148,500

171,230

6/17/26

—

(

1,018

)

Euro

.............

HSBK

Sell

2,775,500

3,200,110

6/17/26

—

(

19,238

)

Euro

.............

MSCO

Buy

176,000

203,038

6/17/26

1,107

—

Total

Forward

Exchange

Contracts

...................................................

$2,270

$(20,267)

Net

unrealized

appreciation

(depreciation)

............................................

$(17,997)

*

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),

March

31,

2026

Putnam

VT

Income

Fund

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

39.1%

Aerospace

&

Defense

1.3%

a

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3

%

,

3/26/34

.........

United

Kingdom

205,000

$

210,039

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

25,000

23,535

Senior

Bond,

6.125%,

2/15/33

........................

United

States

55,000

58,504

Senior

Bond,

3.6%,

5/01/34

..........................

United

States

36,000

32,240

Senior

Bond,

3.25%,

2/01/35

.........................

United

States

30,000

25,730

Senior

Bond,

3.5%,

3/01/39

..........................

United

States

30,000

24,209

Senior

Bond,

6.875%,

3/15/39

........................

United

States

70,000

76,955

Senior

Bond,

3.375%,

6/15/46

........................

United

States

205,000

141,786

Senior

Bond,

3.9%,

5/01/49

..........................

United

States

76,000

55,588

Senior

Bond,

6.858%,

5/01/54

........................

United

States

80,000

88,118

Senior

Bond,

3.95%,

8/01/59

.........................

United

States

70,000

48,347

Senior

Note,

6.259%,

5/01/27

........................

United

States

20,000

20,351

Senior

Note,

6.298%,

5/01/29

........................

United

States

30,000

31,504

a

Honeywell

Aerospace,

Inc.

,

Senior

Bond,

144A,

4.95%,

3/16/36

....................

United

States

100,000

99,259

Senior

Bond,

144A,

5.732%,

3/16/56

...................

United

States

55,000

54,403

Senior

Bond,

144A,

5.852%,

3/16/66

...................

United

States

40,000

39,708

Senior

Note,

144A,

4.6%,

3/16/33

.....................

United

States

50,000

49,441

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

.........................

United

States

135,000

140,741

Senior

Bond,

4.75%,

4/15/36

.........................

United

States

20,000

19,452

Senior

Bond,

5.95%,

2/01/37

.........................

United

States

16,000

17,070

Senior

Note,

3%,

1/15/29

...........................

United

States

142,000

137,023

a

TransDigm,

Inc.

,

Senior

Sub.

Note

,

144A,

6.75

%

,

1/31/34

.....

United

States

255,000

258,533

1,652,536

Automobiles

0.3%

a

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

8,000

8,398

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

295,000

308,045

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

41,000

41,760

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

50,000

49,802

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

20,000

20,417

Senior

Note,

144A,

5.4%,

6/23/32

.....................

United

States

20,000

20,365

448,787

Banks

5.1%

a,b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

200,914

Banco

Santander

SA

,

Senior

Non-Preferred

Bond

,

4.379

%

,

4/12/28

.........................................

Spain

200,000

199,376

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

195,000

180,294

Senior

Bond,

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

...

United

States

50,000

51,056

c

Sub.

Bond,

FRN,

4.696%,

(

3-month

SOFR

+

1.022%),

9/15/26

United

States

100,000

100,178

Sub.

Bond,

5.425%

to

8/14/34,

FRN

thereafter,

8/15/35

.....

United

States

100,000

99,811

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

300,000

314,796

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

604,000

559,766

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

202,109

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

200,000

203,530

a

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

......................

Spain

200,000

205,533

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

Corporate

Bonds

(continued)

Banks

(continued)

Citigroup,

Inc.

,

b

Junior

Sub.

Bond,

6.625%

to

2/14/31,

FRN

thereafter,

Perpetual

.......................................

United

States

120,000

$

120,172

b

CC,

Junior

Sub.

Bond,

7.125%

to

8/14/29,

FRN

thereafter,

Perpetual

.......................................

United

States

70,000

70,732

b

GG,

Junior

Sub.

Bond,

6.875%

to

8/14/30,

FRN

thereafter,

Perpetual

.......................................

United

States

259,000

260,996

Sub.

Bond,

6.174%

to

5/24/33,

FRN

thereafter,

5/25/34

.....

United

States

76,000

78,708

a

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837

%

,

3/13/34

.........................................

Australia

200,000

206,328

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

115,000

119,236

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

60,000

60,257

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125

%

,

3/09/28

...

United

States

107,000

109,732

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

200,000

201,257

JPMorgan

Chase

&

Co.

,

b

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

87,000

86,651

c

W,

Junior

Sub.

Bond,

FRN,

4.914%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

63,000

55,504

Senior

Bond,

5.294%

to

7/21/34,

FRN

thereafter,

7/22/35

...

United

States

125,000

126,590

Senior

Bond,

5.502%

to

1/23/35,

FRN

thereafter,

1/24/36

...

United

States

34,000

34,812

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

155,000

156,492

Senior

Note,

5.14%

to

1/23/30,

FRN

thereafter,

1/24/31

.....

United

States

86,000

87,593

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

300,000

279,602

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

380,000

393,616

Sub.

Bond,

5.576%

to

7/22/35,

FRN

thereafter,

7/23/36

.....

United

States

60,000

60,784

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

3.369%

to

12/13/41,

FRN

thereafter

,

12/14/46

................................

United

Kingdom

305,000

220,290

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

40,000

40,192

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

350,000

340,700

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

.....................

Canada

200,000

206,454

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

.................................

United

States

120,000

123,824

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

260,000

224,877

Wells

Fargo

Bank

NA

,

Sub.

Bond

,

6.6

%

,

1/15/38

............

United

States

495,000

541,166

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421

%

,

7/24/39

........

Australia

185,000

166,039

6,689,967

Beverages

0.0%

†

Keurig

Dr.

Pepper,

Inc.

,

Senior

Bond

,

5.3

%

,

3/15/34

.........

United

States

65,000

64,471

Biotechnology

0.4%

AbbVie,

Inc.

,

Senior

Bond,

5.05%,

3/15/34

.........................

United

States

61,000

61,932

Senior

Bond,

4.75%,

3/15/36

.........................

United

States

25,000

24,537

Senior

Note,

4.4%,

3/15/33

..........................

United

States

75,000

73,648

Amgen,

Inc.

,

Senior

Note

,

5.25

%

,

3/02/30

.................

United

States

273,000

280,391

Biogen,

Inc.

,

Senior

Bond

,

2.25

%

,

5/01/30

.................

United

States

145,000

132,540

573,048

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

Corporate

Bonds

(continued)

Broadline

Retail

0.3%

Amazon.com,

Inc.

,

Senior

Bond,

4.875%,

3/13/36

........................

United

States

91,000

$

90,206

Senior

Bond,

5.8%,

3/13/56

..........................

United

States

10,000

9,999

Senior

Bond,

6.05%,

3/13/76

.........................

United

States

82,000

81,583

Senior

Note,

4.55%,

3/13/33

.........................

United

States

60,000

59,440

a

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

9/15/30

.....

United

States

165,000

171,915

413,143

Building

Products

0.3%

Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25

%

,

9/15/35

............

United

States

65,000

65,029

a

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

7/15/30

.

United

States

275,000

259,373

324,402

Capital

Markets

2.1%

Ares

Capital

Corp.

,

Senior

Note,

7%,

1/15/27

...........................

United

States

35,000

35,481

Senior

Note,

5.95%,

7/15/29

.........................

United

States

58,000

58,308

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

112,000

109,232

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

353,000

351,055

Senior

Bond,

5.065%

to

1/20/36,

FRN

thereafter,

1/21/37

...

United

States

50,000

48,902

a

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

...............................

United

States

185,000

187,826

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5

%

,

9/15/26

....

United

States

190,000

189,410

a

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75

%

,

7/01/29

.........................................

United

States

110,000

106,488

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

41,000

42,980

Senior

Note,

5.2%,

3/15/30

..........................

United

States

179,000

180,400

a

Senior

Note,

144A,

4.625%,

11/15/27

..................

United

States

50,000

49,655

Moody's

Corp.

,

Senior

Bond

,

5.25

%

,

7/15/44

...............

United

States

108,000

101,707

Morgan

Stanley

,

Senior

Bond,

5.073%

to

1/29/36,

FRN

thereafter,

1/30/37

...

United

States

80,000

78,407

Senior

Bond,

5.9%

to

3/12/46,

FRN

thereafter,

3/13/47

.....

United

States

80,000

79,675

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

35,000

35,395

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

67,000

67,623

Senior

Note,

5.23%

to

1/14/30,

FRN

thereafter,

1/15/31

.....

United

States

15,000

15,234

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

80,000

78,678

Senior

Note,

4.708%

to

3/11/31,

FRN

thereafter,

3/12/32

....

United

States

115,000

114,251

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

314,000

313,409

Sub.

Bond,

5.948%

to

1/18/33,

FRN

thereafter,

1/19/38

.....

United

States

12,000

12,299

Sub.

Bond,

5.942%

to

2/06/34,

FRN

thereafter,

2/07/39

.....

United

States

60,000

61,361

a

MSCI,

Inc.

,

Senior

Bond,

144A,

3.625%,

9/01/30

...................

United

States

111,000

104,971

Senior

Bond,

144A,

3.25%,

8/15/33

....................

United

States

250,000

217,905

Nasdaq,

Inc.

,

Senior

Bond

,

5.55

%

,

2/15/34

................

United

States

19,000

19,552

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

70,000

65,754

Senior

Note,

4.75%,

8/01/28

.........................

United

States

65,000

65,708

2,791,666

Chemicals

0.1%

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4

%

,

8/05/26

......

United

States

65,000

64,110

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

Corporate

Bonds

(continued)

Chemicals

(continued)

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

125,000

$

80,595

144,705

Commercial

Services

&

Supplies

0.2%

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

110,000

108,013

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

22,000

20,336

Senior

Bond,

5%,

3/01/34

...........................

United

States

40,000

40,279

Senior

Bond,

4.8%,

7/15/36

..........................

United

States

95,000

93,114

261,742

Communications

Equipment

0.2%

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

35,000

31,572

Senior

Bond,

5.4%,

4/15/34

..........................

United

States

130,000

131,669

Senior

Note,

4.85%,

8/15/30

.........................

United

States

40,000

40,298

203,539

Construction

&

Engineering

0.1%

MasTec,

Inc.

,

Senior

Note

,

5.9

%

,

6/15/29

.................

United

States

170,000

175,708

Consumer

Finance

1.9%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

245,000

222,599

Senior

Note,

5.1%,

1/19/29

..........................

Ireland

150,000

151,996

a

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25

%

,

3/15/30

.........................................

United

States

150,000

151,350

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

145,000

161,036

Senior

Note,

4.75%,

6/09/27

.........................

United

States

20,000

20,043

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

.................................

United

States

50,000

50,279

a

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

166,000

170,140

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

170,000

168,902

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

30,000

29,464

Senior

Note,

7.624%

to

10/29/30,

FRN

thereafter,

10/30/31

..

United

States

132,000

145,835

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

225,000

194,049

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8

%

,

3/05/27

.......

United

States

305,000

306,755

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond,

5.45%,

9/06/34

.........................

United

States

65,000

64,503

Senior

Note,

4.2%,

10/27/28

.........................

United

States

45,000

44,547

Senior

Note,

5.8%,

1/07/29

..........................

United

States

140,000

144,107

Senior

Note,

4.9%,

10/06/29

.........................

United

States

91,000

91,476

a

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

5.15%,

3/17/30

....................

United

Kingdom

100,000

99,536

Senior

Note,

144A,

6.5%,

3/26/31

.....................

United

Kingdom

114,000

119,444

OneMain

Finance

Corp.

,

Senior

Note

,

7.5

%

,

5/15/31

.........

United

States

250,000

251,494

2,587,555

Consumer

Staples

Distribution

&

Retail

0.5%

a

7-Eleven,

Inc.

,

Senior

Bond,

144A,

1.8%,

2/10/31

.....................

United

States

34,000

29,444

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

Corporate

Bonds

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

a

7-Eleven,

Inc.,

(continued)

Senior

Note,

144A,

1.3%,

2/10/28

.....................

United

States

303,000

$

285,936

a

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

260,000

257,104

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

134,000

126,563

699,047

Containers

&

Packaging

0.3%

AptarGroup,

Inc.

,

Senior

Note

,

4.75

%

,

3/30/31

.............

United

States

85,000

84,285

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

155,000

151,792

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

13,000

13,264

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

117,849

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

39,000

44,222

414,412

Diversified

Consumer

Services

0.0%

†

Service

Corp.

International

,

Senior

Bond

,

3.375

%

,

8/15/30

....

United

States

15,000

13,848

Diversified

REITs

0.5%

VICI

Properties

LP

,

Senior

Bond,

5.75%,

4/01/34

.........................

United

States

70,000

70,674

Senior

Note,

4.75%,

2/15/28

.........................

United

States

58,000

58,075

a

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

4.5%,

9/01/26

.....................

United

States

145,000

144,850

Senior

Note,

144A,

3.75%,

2/15/27

....................

United

States

22,000

21,838

Senior

Note,

144A,

3.875%,

2/15/29

...................

United

States

410,000

398,568

694,005

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

162,000

137,158

Senior

Bond,

5.125%,

4/30/36

........................

United

States

65,000

64,245

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

335,000

281,744

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

149,000

157,570

TELUS

Corp.

,

Junior

Sub.

Bond

,

6.625%

to

10/14/30,

FRN

thereafter

,

10/15/55

................................

Canada

110,000

110,115

Verizon

Communications,

Inc.

,

Senior

Bond,

4.272%,

1/15/36

........................

United

States

150,000

138,804

Senior

Bond,

5.401%,

7/02/37

........................

United

States

117,000

116,629

Senior

Bond,

5.875%,

11/30/55

.......................

United

States

50,000

48,669

Senior

Note,

2.1%,

3/22/28

..........................

United

States

250,000

240,145

1,295,079

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

177,931

D,

Junior

Sub.

Bond,

6.05%

to

3/14/36,

FRN

thereafter,

3/15/56

.........................................

United

States

60,000

59,490

Senior

Bond,

5.625%,

3/01/33

........................

United

States

45,000

46,522

Senior

Bond,

3.25%,

3/01/50

.........................

United

States

100,000

65,703

a

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

65,000

58,271

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

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

DTE

Electric

Co.

,

Senior

Bond,

5.25%,

5/15/35

.........................

United

States

85,000

$

86,246

A,

Senior

Bond,

4.85%,

3/01/36

.......................

United

States

75,000

73,626

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

180,000

177,361

Senior

Bond,

5.75%,

9/15/33

.........................

United

States

29,000

30,185

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

65,000

49,559

Senior

Bond,

5.8%,

6/15/54

..........................

United

States

21,000

20,122

Senior

Note,

4.85%,

1/05/29

.........................

United

States

25,000

25,320

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25

%

,

4/01/33

........

United

States

65,000

66,453

a

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

7.5

%

,

10/14/32

........................................

Italy

200,000

225,310

a

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15

%

,

12/15/27

United

States

165,000

166,663

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

165,000

167,732

Exelon

Corp.

,

Senior

Bond,

5.625%,

6/15/35

........................

United

States

225,000

230,472

Senior

Note,

5.15%,

3/15/29

.........................

United

States

280,000

285,424

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55

%

,

1/15/30

...

United

States

45,000

44,971

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.125

%

,

2/01/42

.....

United

States

203,000

172,994

Georgia

Power

Co.

,

Senior

Bond,

4.95%,

5/17/33

.........................

United

States

270,000

272,275

Senior

Bond,

5.25%,

3/15/34

.........................

United

States

10,000

10,216

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

105,000

101,220

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

3.55%,

5/01/27

.........................

United

States

100,000

99,153

Senior

Bond,

5.9%,

3/15/55

..........................

United

States

25,000

24,558

Senior

Note,

5.3%,

3/15/32

..........................

United

States

80,000

81,968

Northern

States

Power

Co.

,

Senior

Bond

,

5.05

%

,

5/15/35

.....

United

States

65,000

65,477

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.75%,

3/15/29

..................

United

States

161,000

166,800

Senior

Secured

Bond,

4.95%,

9/15/52

..................

United

States

95,000

83,767

Senior

Secured

Note,

3.7%,

11/15/28

..................

United

States

90,000

88,644

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

5.9%,

6/15/32

..........................

United

States

64,000

66,337

Senior

Bond,

4.95%,

7/01/50

.........................

United

States

145,000

120,205

Senior

Bond,

6.75%,

1/15/53

.........................

United

States

75,000

77,901

Senior

Note,

2.1%,

8/01/27

..........................

United

States

100,000

96,955

Senior

Note,

3.3%,

12/01/27

.........................

United

States

190,000

186,119

Senior

Note,

6.1%,

1/15/29

..........................

United

States

45,000

46,579

Southern

Co.

(The)

,

Senior

Bond,

5.7%,

3/15/34

..........................

United

States

85,000

88,108

Senior

Note,

5.5%,

3/15/29

..........................

United

States

10,000

10,305

Virginia

Electric

and

Power

Co.

,

Senior

Bond,

5.05%,

8/15/34

.........................

United

States

120,000

119,893

Senior

Bond,

4.95%,

3/15/36

.........................

United

States

145,000

141,408

C,

Senior

Bond,

4.9%,

9/15/35

.......................

United

States

85,000

83,204

a

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

82,000

80,627

Senior

Secured

Bond,

144A,

6.95%,

10/15/33

............

United

States

9,000

9,800

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

80,000

82,299

Senior

Secured

Bond,

144A,

5.25%,

10/15/35

............

United

States

50,000

48,593

Senior

Secured

Note,

144A,

3.7%,

1/30/27

..............

United

States

465,000

461,327

Senior

Secured

Note,

144A,

4.6%,

10/15/30

.............

United

States

10,000

9,806

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

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

Xcel

Energy,

Inc.

,

Senior

Bond,

5.45%,

8/15/33

.........................

United

States

170,000

$

173,671

Senior

Bond,

5.6%,

4/15/35

..........................

United

States

90,000

91,505

5,219,075

Electrical

Equipment

0.3%

a

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

........................................

United

States

329,000

324,217

Vertiv

Holdings

Co.

,

Senior

Bond,

4.85%,

3/15/36

.........................

United

States

134,000

130,353

Senior

Bond,

5.8%,

3/15/56

..........................

United

States

30,000

28,860

483,430

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

Senior

Note

,

4.4

%

,

2/15/33

...............

United

States

150,000

146,444

Entertainment

0.2%

a

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375

%

,

11/15/29

..........

United

States

242,000

249,997

a,d

OAK-Eagle

Acquireco,

Inc.

,

Senior

Secured

Note

,

144A,

7.25

%

,

7/01/33

.........................................

United

States

45,000

46,653

296,650

Financial

Services

0.1%

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

100,000

97,674

Food

Products

1.0%

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Bond,

5.5%,

1/15/36

..........................

United

States

110,000

110,119

Senior

Note,

3%,

2/02/29

...........................

United

States

157,000

150,696

Senior

Note,

5.75%,

4/01/33

.........................

United

States

19,000

19,624

Senior

Note,

6.75%,

3/15/34

.........................

United

States

65,000

71,531

Senior

Note,

5.95%,

4/20/35

.........................

United

States

25,000

25,977

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

18,000

15,299

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

30,000

33,840

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

50,000

54,099

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

50,000

44,119

Senior

Bond,

5%,

6/04/42

...........................

United

States

165,000

145,218

a

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

70,000

69,166

Senior

Bond,

144A,

2.45%,

7/16/50

....................

United

States

100,000

57,658

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

145,000

141,484

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

35,000

34,366

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

310,000

313,064

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5

%

,

3/01/32

...........

United

States

30,000

27,261

1,313,521

Gas

Utilities

0.1%

CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4

%

,

7/01/34

.........................................

United

States

115,000

117,452

Ground

Transportation

0.6%

a

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

200,000

198,966

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

Corporate

Bonds

(continued)

Ground

Transportation

(continued)

a

Ashtead

Capital,

Inc.,

(continued)

Senior

Bond,

144A,

5.95%,

10/15/33

...................

United

Kingdom

200,000

$

206,207

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.55

%

,

3/15/56

United

States

75,000

72,775

a

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3

%

,

12/01/26

..

United

States

40,000

39,758

a

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

133,000

132,062

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

110,000

109,664

759,432

Health

Care

Equipment

&

Supplies

0.3%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8

%

,

8/14/29

.

United

States

225,000

227,083

a

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

.........................................

United

States

170,000

164,547

391,630

Health

Care

Providers

&

Services

1.0%

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

135,000

139,221

Senior

Bond,

1.875%,

2/28/31

........................

United

States

50,000

43,669

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

292,000

269,247

HCA,

Inc.

,

Senior

Bond,

5.25%,

6/15/26

.........................

United

States

35,000

35,021

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

66,000

66,007

Senior

Bond,

4.125%,

6/15/29

........................

United

States

30,000

29,592

Senior

Bond,

5.6%,

4/01/34

..........................

United

States

41,000

41,884

Senior

Bond,

6%,

4/01/54

...........................

United

States

54,000

52,166

Senior

Note,

3.625%,

3/15/32

........................

United

States

50,000

46,481

Senior

Note,

4.6%,

11/15/32

.........................

United

States

75,000

72,977

Humana,

Inc.

,

Senior

Note

,

5.75

%

,

3/01/28

................

United

States

165,000

168,303

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.849

%

,

5/08/29

.........................................

United

States

200,000

203,961

UnitedHealth

Group,

Inc.

,

Senior

Note

,

5.3

%

,

6/15/35

........

United

States

110,000

112,269

1,280,798

Hotels,

Restaurants

&

Leisure

1.2%

Airbnb,

Inc.

,

Senior

Bond,

5.25%,

3/16/36

.........................

United

States

30,000

30,042

Senior

Note,

4.65%,

3/16/31

.........................

United

States

60,000

59,890

a

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

185,000

183,743

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

193,000

194,636

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

110,000

110,102

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

533,000

520,681

Hyatt

Hotels

Corp.

,

Senior

Note,

5.75%,

1/30/27

.........................

United

States

22,000

22,197

Senior

Note,

5.05%,

3/30/28

.........................

United

States

80,000

80,699

Senior

Note,

5.25%,

6/30/29

.........................

United

States

105,000

106,669

Senior

Note,

5.375%,

12/15/31

.......................

United

States

75,000

75,939

Marriott

International,

Inc.

,

Senior

Note

,

4.5

%

,

5/01/33

........

United

States

80,000

77,330

a

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5

%

,

4/01/28

United

States

20,000

20,233

1,482,161

Household

Durables

0.2%

DR

Horton,

Inc.

,

Senior

Bond

,

5

%

,

10/15/34

...............

United

States

57,000

56,279

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

Corporate

Bonds

(continued)

Household

Durables

(continued)

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

.........................

United

States

73,000

$

72,727

Senior

Bond,

3.8%,

11/01/29

.........................

United

States

145,000

141,162

270,168

Independent

Power

and

Renewable

Electricity

Producers

0.7%

a

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467

%

,

7/31/28

.........................................

United

States

200,000

210,770

Constellation

Energy

Generation

LLC

,

Senior

Bond,

6.125%,

1/15/34

........................

United

States

44,000

46,972

Senior

Bond,

6.5%,

10/01/53

.........................

United

States

106,000

112,584

Senior

Bond,

5.75%,

3/15/54

.........................

United

States

43,000

41,742

Senior

Note,

5.6%,

3/01/28

..........................

United

States

272,000

278,188

Senior

Note,

4.4%,

1/15/31

..........................

United

States

60,000

59,242

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

55,000

53,220

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

30,000

29,625

832,343

Insurance

1.2%

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85

%

,

12/15/29

......

United

States

95,000

96,072

a

Athene

Global

Funding

,

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

80,000

80,082

Secured

Note,

144A,

5.322%,

11/13/31

.................

United

States

74,000

73,204

Senior

Secured

Bond,

144A,

5.543%,

8/22/35

............

United

States

175,000

171,911

Athene

Holding

Ltd.

,

Senior

Bond,

5.875%,

1/15/34

........................

United

States

40,000

39,864

Senior

Bond,

6.25%,

4/01/54

.........................

United

States

35,000

32,151

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

4.3

%

,

5/15/43

United

States

210,000

184,180

Brown

&

Brown,

Inc.

,

Senior

Note,

4.9%,

6/23/30

..........................

United

States

92,000

91,939

Senior

Note,

5.25%,

6/23/32

.........................

United

States

82,000

81,898

CNA

Financial

Corp.

,

Senior

Bond

,

5.125

%

,

2/15/34

.........

United

States

65,000

64,021

a

CNO

Global

Funding

,

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

150,000

142,180

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

95,000

95,545

a

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2

%

,

6/24/29

United

States

305,000

309,277

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

60,000

60,286

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

140,000

140,632

a

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8

%

,

7/27/26

....................................

United

States

125,000

125,596

1,788,838

IT

Services

0.2%

a

Beignet

Investor

LLC

,

Senior

Secured

Bond

,

144A,

6.581

%

,

5/30/49

.........................................

United

States

32,000

32,926

a

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

270,000

235,721

268,647

Leisure

Products

0.1%

Brunswick

Corp.

,

Senior

Bond,

2.4%,

8/18/31

..........................

United

States

44,000

38,171

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

Corporate

Bonds

(continued)

Leisure

Products

(continued)

Brunswick

Corp.,

(continued)

Senior

Note,

5.85%,

3/18/29

.........................

United

States

50,000

$

51,175

89,346

Life

Sciences

Tools

&

Services

0.3%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

105,000

105,025

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond,

4.902%,

2/12/36

........................

United

States

70,000

69,530

Senior

Note,

2.6%,

10/01/29

.........................

United

States

135,000

127,597

302,152

Machinery

0.1%

Oshkosh

Corp.

,

Senior

Bond,

4.6%,

5/15/28

..........................

United

States

125,000

124,971

Senior

Bond,

3.1%,

3/01/30

..........................

United

States

15,000

14,100

139,071

Media

0.9%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

10,000

9,841

Senior

Secured

Bond,

3.5%,

3/01/42

...................

United

States

100,000

68,523

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

168,000

157,050

a

Nexstar

Media,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/15/33

United

States

110,000

110,905

Omnicom

Group,

Inc.

,

Senior

Note

,

4.65

%

,

10/01/28

.........

United

States

150,000

150,365

Paramount

Global

,

Senior

Bond

,

4.2

%

,

6/01/29

.............

United

States

91,000

86,927

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375

%

,

7/15/33

...................................

United

States

334,000

378,371

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

4.5

%

,

9/15/42

.

United

States

115,000

86,751

1,048,733

Metals

&

Mining

0.3%

a

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

5

%

,

3/21/33

...

South

Africa

200,000

197,015

a

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

124,000

123,484

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

20,000

20,477

d

Senior

Bond,

144A,

5.508%,

4/01/36

...................

Australia

105,000

105,275

Senior

Note,

144A,

6.375%,

10/06/30

..................

Australia

70,000

74,289

520,540

Multi-Utilities

1.0%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

..................

United

States

75,000

76,198

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

4.25

%

,

10/15/50

United

States

100,000

77,878

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

85,000

72,040

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond,

6.2%

to

2/14/36,

FRN

thereafter,

2/15/56

..

United

States

90,000

89,242

C,

Senior

Bond,

4.9%,

8/01/41

.......................

United

States

135,000

120,554

DTE

Energy

Co.

,

Senior

Bond,

5.85%,

6/01/34

.........................

United

States

45,000

47,135

Senior

Note,

4.95%,

7/01/27

.........................

United

States

145,000

145,974

NiSource,

Inc.

,

Senior

Bond,

5.85%,

4/01/55

.........................

United

States

100,000

97,280

Senior

Note,

5.2%,

7/01/29

..........................

United

States

230,000

234,633

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

Corporate

Bonds

(continued)

Multi-Utilities

(continued)

Public

Service

Enterprise

Group,

Inc.

,

Senior

Note

,

4.9

%

,

3/15/30

United

States

60,000

$

60,619

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

160,000

151,944

Sempra,

Inc.

,

Senior

Bond

,

5.5

%

,

8/01/33

.................

United

States

50,000

51,510

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

45,000

44,384

1,269,391

Oil,

Gas

&

Consumable

Fuels

2.6%

a

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8

%

,

10/01/54

...........

Norway

75,000

68,605

Canadian

Natural

Resources

Ltd.

,

Senior

Bond,

7.2%,

1/15/32

..........................

Canada

110,000

122,394

Senior

Note,

5%,

12/15/29

..........................

Canada

124,000

125,973

Cheniere

Energy

Partners

LP

,

Senior

Bond,

3.25%,

1/31/32

.........................

United

States

89,000

81,142

Senior

Note,

4.5%,

10/01/29

.........................

United

States

195,000

194,208

a

Cheniere

Energy,

Inc.

,

Senior

Bond

,

144A,

5.2

%

,

7/30/36

.....

United

States

20,000

19,804

a

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

50,000

52,353

Diamondback

Energy,

Inc.

,

Senior

Bond

,

6.25

%

,

3/15/33

......

United

States

75,000

80,060

a

DT

Midstream,

Inc.

,

Senior

Bond

,

144A,

5.8

%

,

12/15/34

......

United

States

75,000

77,053

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond,

5.8%,

1/15/35

..........................

United

States

43,000

44,615

Senior

Bond,

5.65%,

10/15/54

........................

United

States

17,000

16,023

Enbridge,

Inc.

,

Senior

Bond

,

4.25

%

,

12/01/26

..............

Canada

95,000

94,976

Energy

Transfer

LP

,

b

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

125,000

125,112

Senior

Bond,

6.5%,

2/01/42

..........................

United

States

20,000

20,868

Senior

Note,

5.5%,

6/01/27

..........................

United

States

182,000

183,724

Senior

Note,

5.25%,

7/01/29

.........................

United

States

30,000

30,662

Senior

Note,

5.2%,

4/01/30

..........................

United

States

129,000

131,919

a

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

.........................................

Kazakhstan

200,000

202,455

Occidental

Petroleum

Corp.

,

Senior

Bond

,

7.5

%

,

5/01/31

......

United

States

139,000

154,774

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

...............

United

States

15,000

14,845

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

..................................

Canada

180,000

181,212

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375

%

,

10/15/26

...

United

States

145,000

144,300

Targa

Resources

Corp.

,

Senior

Note

,

4.35

%

,

4/15/31

........

United

States

65,000

63,652

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond,

5%,

1/15/28

...........................

United

States

220,000

219,968

Senior

Bond,

4.875%,

2/01/31

........................

United

States

93,000

92,890

a

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Bond

,

144A,

5.1

%

,

3/15/36

....................................

United

States

80,000

79,324

a

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

1/15/30

...................................

United

States

365,000

373,527

a

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

.........................................

United

States

250,000

260,124

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

72,000

72,605

Senior

Note,

4.9%,

8/01/30

..........................

United

States

77,000

77,093

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

87,000

88,940

3,495,200

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

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Paper

&

Forest

Products

0.1%

a

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

4.95

%

,

6/30/32

......

United

States

170,000

$

171,842

Passenger

Airlines

0.2%

a

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

230,000

227,761

Personal

Care

Products

0.4%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

250,000

243,314

Kenvue,

Inc.

,

Senior

Note

,

4.9

%

,

3/22/33

.................

United

States

315,000

317,625

560,939

Pharmaceuticals

1.7%

Merck

&

Co.,

Inc.

,

Senior

Bond,

4.75%,

12/04/35

........................

United

States

65,000

63,809

Senior

Note,

4.45%,

12/04/32

........................

United

States

40,000

39,740

Novartis

Capital

Corp.

,

Senior

Bond,

4.9%,

3/18/36

..........................

United

States

85,000

84,830

Senior

Bond,

5.7%,

3/18/56

..........................

United

States

45,000

45,353

Senior

Note,

4.6%,

3/18/33

..........................

United

States

70,000

69,723

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

.........................................

United

States

240,000

239,157

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

..............

United

States

120,000

126,967

Royalty

Pharma

plc

,

Senior

Bond,

5.4%,

9/02/34

..........................

United

States

103,000

103,898

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

110,000

108,602

Senior

Note,

2.2%,

9/02/30

..........................

United

States

82,000

73,878

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Bond,

4.1%,

10/01/46

.........................

Israel

145,000

107,662

Senior

Note,

8.125%,

9/15/31

........................

Israel

235,000

263,005

Viatris,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

110,000

106,693

Wyeth

LLC

,

Senior

Bond

,

5.95

%

,

4/01/37

.................

United

States

225,000

238,618

Zoetis,

Inc.

,

Senior

Bond,

2%,

5/15/30

...........................

United

States

74,000

67,234

Senior

Bond,

5%,

8/17/35

...........................

United

States

325,000

322,482

2,061,651

Professional

Services

0.1%

Paychex,

Inc.

,

Senior

Note

,

5.1

%

,

4/15/30

.................

United

States

80,000

80,751

Semiconductors

&

Semiconductor

Equipment

1.1%

Broadcom,

Inc.

,

Senior

Bond,

4.95%,

1/15/36

.........................

United

States

60,000

59,198

Senior

Bond,

5.7%,

1/15/56

..........................

United

States

10,000

9,955

a

Senior

Bond,

144A,

4.926%,

5/15/37

...................

United

States

400,000

388,233

a

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note,

144A,

6.15%,

1/25/32

.............

United

States

200,000

208,946

Senior

Secured

Note,

144A,

5.9%,

1/25/33

..............

United

States

200,000

205,791

Intel

Corp.

,

Senior

Bond

,

4.15

%

,

8/05/32

..................

United

States

235,000

224,162

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

.........................

United

States

68,000

70,219

Senior

Note,

4.75%,

7/15/30

.........................

United

States

5,000

5,019

Senior

Note,

5.95%,

9/15/33

.........................

United

States

67,000

70,934

Xilinx,

Inc.

,

Senior

Bond

,

2.375

%

,

6/01/30

.................

United

States

320,000

295,606

1,538,063

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

155

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Software

1.0%

Oracle

Corp.

,

Senior

Bond,

4.3%,

7/08/34

..........................

United

States

80,000

$

70,987

Senior

Bond,

5.7%,

2/04/36

..........................

United

States

145,000

139,479

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

237,000

168,830

Senior

Bond,

6.7%,

2/04/56

..........................

United

States

45,000

41,797

Senior

Note,

4.45%,

9/26/30

.........................

United

States

80,000

77,115

Senior

Note,

4.8%,

9/26/32

..........................

United

States

110,000

104,791

Salesforce,

Inc.

,

Senior

Note

,

5.2

%

,

3/15/33

...............

United

States

170,000

169,759

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

240,000

208,327

Synopsys,

Inc.

,

Senior

Bond,

5.15%,

4/01/35

.........................

United

States

185,000

185,420

Senior

Bond,

5.7%,

4/01/55

..........................

United

States

10,000

9,567

Senior

Note,

4.85%,

4/01/30

.........................

United

States

90,000

90,686

1,266,758

Specialized

REITs

1.1%

American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

118,000

116,766

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

48,000

45,091

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

195,000

177,030

Senior

Bond,

5.55%,

7/15/33

.........................

United

States

250,000

257,026

Senior

Note,

4.9%,

3/15/30

..........................

United

States

60,000

60,563

Senior

Note,

4.7%,

12/15/32

.........................

United

States

50,000

49,152

Crown

Castle,

Inc.

,

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

130,000

128,484

Senior

Bond,

4.75%,

5/15/47

.........................

United

States

25,000

20,875

Senior

Note,

4.9%,

9/01/29

..........................

United

States

230,000

231,347

EPR

Properties

,

Senior

Bond

,

4.5

%

,

6/01/27

...............

United

States

24,000

23,905

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

193,000

183,807

Senior

Note,

2.5%,

5/15/31

..........................

United

States

70,000

62,507

Extra

Space

Storage

LP

,

Senior

Note

,

5.9

%

,

1/15/31

.........

United

States

130,000

135,905

1,492,458

Specialty

Retail

0.1%

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

.........................

United

States

160,000

145,487

Senior

Bond,

4.1%,

1/15/52

..........................

United

States

60,000

42,536

188,023

Technology

Hardware,

Storage

&

Peripherals

0.2%

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

8.35

%

,

7/15/46

United

States

5,000

6,197

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

221,000

219,958

Senior

Note,

4.85%,

10/15/31

........................

United

States

55,000

54,642

280,797

Textiles,

Apparel

&

Luxury

Goods

0.2%

a

Beach

Acquisition

Bidco

LLC

,

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/32

.........................................

United

States

130,000

EUR

144,480

Tapestry,

Inc.

,

Senior

Bond,

3.05%,

3/15/32

.........................

United

States

17,000

15,405

Senior

Bond,

5.5%,

3/11/35

..........................

United

States

37,000

37,081

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

156

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Tapestry,

Inc.,

(continued)

Senior

Note,

5.1%,

3/11/30

..........................

United

States

92,000

$

92,986

289,952

Tobacco

0.6%

BAT

Capital

Corp.

,

Senior

Bond,

4.39%,

8/15/37

.........................

United

Kingdom

94,000

85,456

Senior

Note,

4.625%,

3/22/33

........................

United

Kingdom

335,000

328,004

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

296,000

302,100

Senior

Note,

4.375%,

4/30/30

........................

United

States

65,000

64,671

780,231

Trading

Companies

&

Distributors

0.4%

a

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5

%

,

7/18/28

............

United

States

75,000

77,798

a

Aviation

Capital

Group

LLC

,

Senior

Note,

144A,

5.375%,

7/15/29

...................

United

States

210,000

213,438

Senior

Note,

144A,

5.125%,

4/10/30

...................

United

States

130,000

130,734

421,970

Wireless

Telecommunication

Services

0.7%

Rogers

Communications,

Inc.

,

Senior

Note,

5%,

2/15/29

...........................

Canada

90,000

90,941

Senior

Note,

3.8%,

3/15/32

..........................

Canada

38,000

35,487

Sub.

Bond,

7.125%

to

4/14/35,

FRN

thereafter,

4/15/55

.....

Canada

40,000

40,957

NC5,

Sub.

Bond,

7%

to

4/14/30,

FRN

thereafter,

4/15/55

....

Canada

80,000

80,365

T-Mobile

USA,

Inc.

,

Senior

Bond,

5%,

2/15/36

...........................

United

States

125,000

123,162

Senior

Bond,

4.5%,

4/15/50

..........................

United

States

261,000

210,895

Senior

Bond,

5.75%,

1/15/54

.........................

United

States

115,000

110,410

Senior

Note,

3.875%,

4/15/30

........................

United

States

7,000

6,819

Senior

Note,

5.125%,

5/15/32

........................

United

States

74,000

75,087

Senior

Note,

6.7%,

12/15/33

.........................

United

States

175,000

192,784

966,907

Total

Corporate

Bonds

(Cost

$52,149,009)

....................................

51,388,459

Senior

Floating

Rate

Interests

3.9%

Aerospace

&

Defense

0.1%

e

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

N,

6.16%,

(3-month

SOFR

+

2.5%),

2/14/33

.............................

United

States

55,814

55,905

Air

Freight

&

Logistics

0.1%

d,e

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

1

CME

Term

Loan,

5.917%,

(3-month

SOFR

+

2.25%),

4/09/32

.....

United

States

159,633

159,576

Automobile

Components

0.1%

e

Allison

Transmission,

Inc.,

First

Lien,

2026

CME

Term

Loan,

5.422%,

(1-month

SOFR

+

1.75%),

1/03/33

..............

United

States

74,916

75,272

e

Biotechnology

0.1%

Alkermes,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

6.418%,

(1-month

SOFR

+

2.75%),

8/12/31

.....................

United

States

14,769

14,899

d

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.174%,

(12-month

SOFR

+

1.75%),

1/28/33

.............

United

States

50,333

50,270

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

157

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Biotechnology

(continued)

Genmab

A/S,

First

Lien,

Initial

CME

Term

Loan,

B,

6.733%,

(3-month

SOFR

+

3%),

12/13/32

......................

Denmark

23,200

$

23,315

88,484

a

a

a

a

a

a

Broadline

Retail

0.1%

e

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

5.95%,

(3-month

SOFR

+

2.25%),

9/29/32

.....................

Netherlands

73,155

72,617

Building

Products

0.1%

e

Advanced

Drainage

Systems,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.241%,

(12-month

SOFR

+

1.75%),

2/11/33

........

United

States

56,889

57,227

e

Capital

Markets

0.2%

CPI

Holdco

B

LLC,

First

Lien,

2025

Fourth

Amendment

Incremental

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

5/19/31

.........................................

United

States

159,595

158,743

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

158,743

156,038

314,781

a

a

a

a

a

a

Chemicals

0.1%

e

Element

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

B3,

5.423%,

(1-month

SOFR

+

1.75%),

12/18/30

....................

United

States

160,000

160,343

e

Commercial

Services

&

Supplies

0.2%

Clean

Harbors,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.168%,

(1-month

SOFR

+

1.5%),

10/11/32

.....................

United

States

159,376

160,710

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

5.414%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

159,198

157,257

317,967

a

a

a

a

a

a

Construction

&

Engineering

0.0%

†

e

Dycom

Industries,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

1/27/33

.....................

United

States

10,619

10,675

Containers

&

Packaging

0.1%

e

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.668%,

(1-month

SOFR

+

3%),

9/30/32

.........

United

States

78,932

78,274

Diversified

Consumer

Services

0.1%

e

Covista,

Inc.,

First

Lien,

2026

CME

Term

Loan,

5.918%,

(1-month

SOFR

+

2.25%),

3/02/33

............................

United

States

85,185

85,451

e

Electric

Utilities

0.2%

Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

9/30/31

..............

United

States

159,192

158,984

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/27

................

United

States

100,918

101,128

260,112

a

a

a

a

a

a

e

Entertainment

0.2%

Live

Nation

Entertainment,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

5.675%,

(1-month

SOFR

+

2%),

10/21/32

.............

United

States

129,756

129,972

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.537%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

158,747

149,767

279,739

a

a

a

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.

158

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Financial

Services

0.4%

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

5.38%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

159,200

$

158,864

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

CME

Term

Loan,

B6,

5.418%,

(1-month

SOFR

+

1.75%),

11/05/32

.....

United

States

56,596

56,579

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.2%,

(3-month

SOFR

+

3.5%),

8/16/32

......................

United

States

136,325

134,621

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B2,

6.175%,

(1-month

SOFR

+

2.5%),

3/18/30

...............

United

States

159,600

159,135

509,199

a

a

a

a

a

a

Food

Products

0.1%

e

Chobani

LLC,

First

Lien,

Closing

Date

CME

Term

Loan,

5.918%,

(1-month

SOFR

+

2.25%),

10/28/32

....................

United

States

87,027

87,159

Ground

Transportation

0.1%

e

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.422%,

(3-month

SOFR

+

1.75%),

4/10/31

..............

United

States

159,192

158,612

Health

Care

Equipment

&

Supplies

0.0%

†

e

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

29,946

30,025

e

Hotels,

Restaurants

&

Leisure

0.5%

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.418%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

151,983

151,832

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

5.918%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

158,532

154,371

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.422%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

159,186

157,833

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

5/03/29

......................

United

States

159,173

159,792

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

11/03/32

United

States

113,306

112,775

736,603

a

a

a

a

a

a

e

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Calpine

Construction

Finance

Co.

LP,

First

Lien,

2025

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

7/31/30

...................................

United

States

160,000

160,250

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B,

5.668%,

(1-month

SOFR

+

2%),

11/25/32

.....

United

States

215,697

216,120

376,370

a

a

a

a

a

a

e

Media

0.2%

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

5.911%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

158,794

158,963

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

6/28/32

......................

United

States

159,198

157,762

316,725

a

a

a

a

a

a

e

Oil,

Gas

&

Consumable

Fuels

0.2%

CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

12/31/32

...........................

United

States

159,598

159,025

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.168%,

(1-month

SOFR

+

2.5%),

2/22/30

...............

United

States

159,588

160,124

319,149

a

a

a

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

159

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Passenger

Airlines

0.1%

e

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

5.918%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

159,198

$

158,004

Professional

Services

0.1%

e

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8,

5.673%,

(1-month

SOFR

+

2%),

5/09/31

................

United

States

149,146

148,838

Software

0.1%

d,e

Gen

Digital,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

4/16/32

United

States

159,198

157,059

Textiles,

Apparel

&

Luxury

Goods

0.1%

e

Samsonite

Group

SA,

First

Lien,

Initial

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

11/08/32

.............

United

States

61,860

62,092

Trading

Companies

&

Distributors

0.0%

†

e

QXO

Building

Products,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.673%,

(1-month

SOFR

+

2%),

4/30/32

................

United

States

27,948

27,928

Total

Senior

Floating

Rate

Interests

(Cost

$5,121,589)

.........................

5,104,186

Foreign

Government

and

Agency

Securities

2.7%

a

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375

%

,

5/22/33

.........................................

Poland

200,000

202,843

a

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95

%

,

1/22/35

.

Benin

100,000

EUR

101,940

Brazil

Government

Bond

,

Senior

Bond

,

3.75

%

,

9/12/31

.......

Brazil

300,000

276,000

a

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

30,000

29,012

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

70,000

EUR

81,071

Chile

Government

Bond

,

Senior

Note

,

4.85

%

,

1/22/29

........

Chile

220,000

222,915

Colombia

Government

Bond

,

Senior

Bond

,

3.125

%

,

4/15/31

...

Colombia

300,000

256,518

a

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

4.5

%

,

1/30/30

....................................

Dominican

Republic

180,000

171,504

a

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5

%

,

8/17/30

.

Mexico

250,000

251,625

a

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625

%

,

2/28/29

.........................................

El

Salvador

70,000

73,079

a

Guatemala

Government

Bond

,

Senior

Bond

,

Reg

S,

6.6

%

,

6/13/36

.........................................

Guatemala

200,000

210,500

a

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35

%

,

1/08/27

.........................................

Indonesia

240,000

240,325

a

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

6/15/33

.........................................

Ivory

Coast

200,000

188,908

a

North

Macedonia

Government

Bond

,

Senior

Note

,

144A,

4.75

%

,

1/21/34

.........................................

North

Macedonia

100,000

EUR

109,863

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

130,000

118,768

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

70,000

68,566

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

200,000

202,781

a

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

100,000

EUR

111,348

Senior

Note,

144A,

3%,

2/27/27

.......................

Romania

100,000

98,135

South

Africa

Government

Bond

,

Senior

Bond

,

4.85

%

,

9/27/27

..

South

Africa

200,000

199,967

Turkiye

Government

Bond

,

Senior

Bond

,

5.95

%

,

1/15/31

......

Turkiye

200,000

192,973

Uruguay

Government

Bond

,

Senior

Bond

,

7.875

%

,

1/15/33

....

Uruguay

110,000

128,892

Total

Foreign

Government

and

Agency

Securities

(Cost

$3,587,285)

.............

3,537,533

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

13.8%

Capital

Markets

0.2%

a,e

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.122

%

,

(

3-month

SOFR

+

1.45

%

),

7/15/37

.

............................

United

States

250,000

$

250,662

Consumer

Finance

2.0%

Capital

One

Prime

Auto

Receivables

Trust

,

2025-1

,

A3

,

3.85

%

,

7/15/30

.

.........................................

United

States

193,000

192,135

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1

,

A3

,

4.66

%

,

2/16/28

.

................................

United

States

171,288

171,533

Harley-Davidson

Motorcycle

Trust

,

2024-B,

A3,

4.31%,

7/16/29

..........................

United

States

668,989

670,192

2025-A,

A3,

4.67%,

4/15/30

..........................

United

States

105,000

105,788

Hyundai

Auto

Receivables

Trust

,

2023-A,

A3,

4.58%,

4/15/27

..........................

United

States

15,963

15,966

2023-B,

A3,

5.48%,

4/17/28

..........................

United

States

258,439

259,712

e

2025-C,

A2B,

FRN,

4.022%,

(

30-day

SOFR

Average

+

0.35%),

7/17/28

.........................................

United

States

519,000

518,893

e

2026-A,

A2B,

FRN,

4.012%,

(30-day

SOFR

Average

+

0.34%),

2/15/29

.........................................

United

States

252,000

251,886

Toyota

Auto

Receivables

Owner

Trust

,

2022-C,

A3,

3.76%,

4/15/27

..........................

United

States

27,890

27,885

2024-A,

A3,

4.83%,

10/16/28

.........................

United

States

101,832

102,289

2026-A,

A3,

3.86%,

9/16/30

..........................

United

States

50,000

49,702

World

Omni

Auto

Receivables

Trust

,

2025-C,

A3,

4.08%,

11/15/30

.........................

United

States

100,000

99,908

2026-A,

A3,

3.86%,

5/15/31

..........................

United

States

238,000

236,171

2,702,060

a

a

a

a

a

a

Consumer

Staples

Distribution

&

Retail

0.1%

CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

7,982

8,058

a

2013,

144A,

4.704%,

1/10/36

.........................

United

States

77,511

73,193

81,251

a

a

a

a

a

a

Financial

Services

11.5%

a,e

AGL

Core

CLO

31

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.068

%

,

(

3-month

SOFR

+

1.4

%

),

7/20/37

.

.....................

United

States

250,000

250,125

a,e

AIMCO

CLO

17

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.019

%

,

(

3-month

SOFR

+

1.35

%

),

7/20/37

.

....................

Jersey

250,000

250,313

a,e

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.11

%

,

(

3-month

SOFR

+

1.44

%

),

7/21/37

.

............................

United

States

250,000

250,666

a,e

Apex

Credit

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.188

%

,

(

3-month

SOFR

+

1.52

%

),

7/25/37

.

............................

United

States

250,000

250,662

a,e

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

4.819

%

,

(

3-month

SOFR

+

1.15

%

),

4/22/35

.

....................

United

States

250,000

249,937

a,e

Battalion

CLO

18

Ltd.

,

2020-18A

,

ARR

,

144A,

FRN

,

4.852

%

,

(

3-month

SOFR

+

1.18

%

),

10/15/36

.

...................

United

States

235,000

235,277

a,e

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.144

%

,

(

1-month

SOFR

+

1.464

%

),

12/16/36

.

.................................

United

States

65,923

66,003

a

,e

Beechwood

Park

CLO

Ltd.

,

2019-1A

,

A2RR

,

144A,

FRN

,

4.998

%

,

(

3-month

SOFR

+

1.33

%

),

1/17/35

.

....................

Jersey

350,000

350,051

a,e

Birch

Grove

CLO

2

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.068

%

,

(

3-month

SOFR

+

1.4

%

),

10/19/37

.

....................

United

States

175,000

175,212

a,e

Birch

Grove

CLO

8

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.298

%

,

(

3-month

SOFR

+

1.63

%

),

4/20/37

.

....................

Jersey

150,000

150,444

a,e

BRAVO

Residential

Funding

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

5.012

%

,

(

30-day

SOFR

Average

+

1.35

%

),

9/25/72

.

........

United

States

143,041

143,210

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

161

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

a,e

Carlyle

US

CLO

Ltd.

,

2020-2A

,

A1R2

,

144A,

FRN

,

4.748

%

,

(

3-month

SOFR

+

1.08

%

),

1/25/35

.

....................

United

States

390,000

$

389,224

CarMax

Auto

Owner

Trust

,

2024-3,

A3,

4.89%,

7/16/29

..........................

United

States

680,000

684,789

2026-1,

A2A,

3.87%,

4/16/29

.........................

United

States

155,000

154,781

2026-1,

A3,

4.04%,

3/17/31

..........................

United

States

124,000

123,658

a,e

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.119

%

,

(

3-month

SOFR

+

1.452

%

),

7/17/34

.

.................................

United

States

175,000

175,235

a

Chase

Auto

Owner

Trust

,

2024-3A

,

A3

,

144A,

5.22

%

,

7/25/29

.

..

United

States

592,677

597,847

a,e

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.028%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

250,000

250,189

2017-4A,

A2R,

144A,

FRN,

5.48%

,

(3-month

SOFR

+

1.812%),

10/24/30

........................................

United

States

500,000

500,954

2021-4A,

AR,

144A,

FRN,

5.031%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

250,000

250,195

2021-7A,

AR,

144A,

FRN,

4.761%,

(3-month

SOFR

+

1.09%),

1/23/35

.........................................

United

States

322,000

322,107

a

Compass

Datacenters

Issuer

II

LLC

,

2024-2A,

A1,

144A,

5.022%,

8/25/49

...................

United

States

203,000

201,539

2025-2A,

A1,

144A,

4.926%,

11/25/50

..................

United

States

392,000

386,367

a

Corporate

One

Auto

Receivables

Trust

,

2026-1A

,

A2

,

144A,

4.13

%

,

9/15/28

.

...................................

United

States

331,000

330,669

a,e

Crown

Point

CLO

10

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.099

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

250,000

250,330

a

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18

%

,

9/27/55

.

...

United

States

267,000

259,521

a,e

Diameter

Capital

CLO

7

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.148

%

,

(

3-month

SOFR

+

1.48

%

),

7/20/37

.

....................

United

States

250,000

250,664

a,e

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

4.588

%

,

(

3-month

SOFR

+

0.92

%

),

10/20/31

.

...........................

United

States

315

315

a,e

Elmwood

CLO

16

Ltd.

,

2022-3A

,

BRR

,

144A,

FRN

,

5.126

%

,

(

3-month

SOFR

+

1.45

%

),

4/20/37

.

....................

United

States

300,000

300,006

a,e

Elmwood

CLO

27

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.188

%

,

(

3-month

SOFR

+

1.52

%

),

4/18/37

.

....................

United

States

250,000

250,645

a,e

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1R3

,

144A,

FRN

,

4.78

%

,

(

3-month

SOFR

+

1.12

%

),

4/20/37

.

....................

United

States

100,000

99,550

a,e

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.048

%

,

(

3-month

SOFR

+

1.38

%

),

7/18/37

.

....................

United

States

250,000

250,197

Ford

Credit

Auto

Owner

Trust

,

2024-B

,

A3

,

5.1

%

,

4/15/29

.

.....

United

States

663,465

668,776

a,e

GoldenTree

Loan

Management

US

CLO

9

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.168

%

,

(

3-month

SOFR

+

1.5

%

),

4/20/37

.

.....

United

States

250,000

250,000

Honda

Auto

Receivables

Owner

Trust

,

2025-4,

A2A,

4.04%,

6/15/28

.........................

United

States

323,000

323,231

2026-1,

A2A,

3.71%,

9/21/28

.........................

United

States

384,000

382,799

a,e

J.P.

Morgan

Mortgage

Trust

,

2023-HE3

,

A1

,

144A,

FRN

,

5.273

%

,

(

30-day

SOFR

Average

+

1.6

%

),

5/20/54

.

................

United

States

214,792

215,266

a

Lendbuzz

Securitization

Trust

,

2024-3A

,

A2

,

144A,

4.97

%

,

10/15/29

.

........................................

United

States

142,515

142,655

a,e

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.069

%

,

(

3-month

SOFR

+

1.4

%

),

7/22/38

.

...............

United

States

250,000

250,187

a,e

Neuberger

Berman

Loan

Advisers

CLO

25

Ltd.

,

2017-25A

,

AR2

,

144A,

FRN

,

5.068

%

,

(

3-month

SOFR

+

1.4

%

),

7/18/38

.

.....

United

States

250,000

250,303

a,e

Northwoods

Capital

27

Ltd.

,

2021-27A

,

A1R

,

144A,

FRN

,

4.848

%

,

(

3-month

SOFR

+

1.18

%

),

10/17/34

.

...................

United

States

350,000

350,410

a,e

Oaktree

CLO

Ltd.

,

2019-4A,

ARR,

144A,

FRN,

5.178%,

(3-month

SOFR

+

1.51%),

7/20/37

.........................................

United

States

250,000

250,663

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

162

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

a,e

Oaktree

CLO

Ltd.,

(continued)

2021-1A,

A1R,

144A,

FRN,

5.022%,

(3-month

SOFR

+

1.35%),

1/15/38

.........................................

United

States

250,000

$

250,582

a

OCCU

Auto

Receivables

Trust

,

2025-1A

,

A3

,

144A,

4.81

%

,

11/15/29

.

........................................

United

States

110,000

110,722

a

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968

%

,

2/25/56

.

.........

United

States

505,748

501,981

a,e

RR

29

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.062

%

,

(

3-month

SOFR

+

1.39

%

),

7/15/39

.

............................

United

States

250,000

250,198

a

Sabey

Data

Center

Issuer

LLC

,

2026-1

,

A2

,

144A,

5.482

%

,

1/20/51

.

.........................................

United

States

249,000

247,512

a,e

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.099

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

250,000

250,332

a,e

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.96

%

,

(

3-month

SOFR

+

1.03

%

),

10/25/34

.

...................

United

States

250,000

249,998

a

Stack

Infrastructure

Issuer

LLC

,

2026-1A

,

A2

,

144A,

5

%

,

3/27/56

.

United

States

245,000

236,246

a,e

Trinitas

CLO

XVI

Ltd.

,

2021-16A

,

A1R

,

144A,

FRN

,

4.798

%

,

(

3-month

SOFR

+

1.13

%

),

7/20/34

.

....................

United

States

340,000

340,355

a

USB

Auto

Owner

Trust

,

2025-1A

,

A3

,

144A,

4.49

%

,

6/17/30

.

...

United

States

139,000

139,647

a

VCAT

LLC

,

2026-NPL1

,

A1

,

144A,

5.101

%

,

1/25/56

.

.........

United

States

94,318

93,862

a,e

Venture

41

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

4.798

%

,

(

3-month

SOFR

+

1.13

%

),

1/20/34

.

....................

United

States

420,000

420,456

a,e

Voya

CLO

Ltd.

,

2024-4A

,

A1

,

144A,

FRN

,

5.018

%

,

(

3-month

SOFR

+

1.35

%

),

7/20/37

.

............................

United

States

250,000

250,196

a,e

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.132

%

,

(

3-month

SOFR

+

1.46

%

),

7/15/37

.

.................................

United

States

250,000

250,659

15,077,718

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$18,117,095)

.............................

18,111,691

Commercial

Mortgage-Backed

Securities

5.4%

Financial

Services

5.4%

f

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.192

%

,

9/15/48

..............................

United

States

196,829

194,922

BANK

,

a

2018-BN11,

D,

144A,

3%,

3/15/61

.....................

United

States

100,000

84,657

f,g

2018-BN13,

XA,

IO,

FRN,

0.453%,

8/15/61

..............

United

States

5,979,334

55,286

f,g

BANK5

Trust

,

2025-5YR15

,

XA

,

IO,

FRN

,

1.221

%

,

7/15/58

....

United

States

1,430,647

66,508

a,f

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

F

,

144A,

FRN

,

2.552

%

,

11/15/52

..................................

United

States

234,000

146,867

f,g

BBCMS

Mortgage

Trust

,

2023-C20,

XB,

IO,

FRN,

0.588%,

7/15/56

................

United

States

4,831,000

157,352

2025-5C34,

XA,

IO,

FRN,

1.167%,

5/15/58

...............

United

States

1,064,606

45,532

2025-5C38,

XA,

IO,

FRN,

1.458%,

11/15/58

..............

United

States

2,323,000

137,413

Benchmark

Mortgage

Trust

,

f

2018-B6,

B,

FRN,

4.586%,

10/10/51

....................

United

States

139,000

132,154

2019-B13,

A2,

2.889%,

8/15/57

.......................

United

States

151,819

145,986

2026-V21,

AS,

5.506%,

3/15/31

.......................

United

States

239,000

242,009

f,g

2026-V21,

XA,

IO,

FRN,

1.648%,

11/15/30

...............

United

States

1,192,000

75,168

f,g

BMO

Mortgage

Trust

,

2025-5C10

,

XA

,

IO,

FRN

,

1.354

%

,

5/15/58

United

States

999,847

47,363

a,e

BX

Commercial

Mortgage

Trust

,

2026-CSMO

,

C

,

144A,

FRN

,

5.673

%

,

(

1-month

SOFR

+

2

%

),

2/15/43

................

United

States

200,000

200,606

a

BX

Trust

,

f

2025-ARIA,

C,

144A,

FRN,

5.517%,

12/13/42

.............

United

States

266,000

265,488

e

2025-VOLT,

A,

144A,

FRN,

5.373%,

(1-month

SOFR

+

1.7%),

12/15/44

........................................

United

States

140,000

139,818

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

163

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

a,f

CFCRE

Commercial

Mortgage

Trust

,

2011-C2

,

D

,

144A,

FRN

,

5.249

%

,

12/15/47

..................................

United

States

24,260

$

23,919

COMM

Mortgage

Trust

,

a,f

2012-CR1,

D,

144A,

FRN,

5.097%,

5/15/45

..............

United

States

65,221

60,698

2012-CR4,

AM,

3.251%,

10/15/45

.....................

United

States

138,000

133,988

a,f

2013-CR13,

D,

144A,

FRN,

6.702%,

11/10/46

............

United

States

231,589

131,135

f

2014-CR17,

C,

FRN,

4.471%,

5/10/47

..................

United

States

227,000

214,565

a,f

2014-CR17,

D,

144A,

FRN,

4.535%,

5/10/47

.............

United

States

198,000

168,007

a,f,g

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.048

%

,

1/15/49

.........................

United

States

2,969,528

695

f

CSAIL

Commercial

Mortgage

Trust

,

2015-C1

,

C

,

FRN

,

3.742

%

,

4/15/50

.........................................

United

States

116,000

108,486

f,g

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.589

%

,

12/15/49

....

United

States

3,981,647

4,325

a,f

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.294

%

,

8/10/44

.........................................

United

States

256,890

251,263

f

GS

Mortgage

Securities

Trust

,

g

2013-GC13,

XA,

IO,

FRN,

0.089%,

7/10/46

..............

United

States

1,717,434

17

g

2014-GC22,

XA,

IO,

FRN,

0.378%,

6/10/47

..............

United

States

2,468,847

13,732

a

2014-GC24,

D,

144A,

FRN,

4.318%,

9/10/47

.............

United

States

120,000

83,399

a,f

IRV

Trust

,

2025-200P

,

C

,

144A,

FRN

,

5.73

%

,

3/14/47

........

United

States

200,000

198,606

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

a,f

2007-CB20,

E,

144A,

FRN,

9.049%,

2/12/51

.............

United

States

5,505

7,779

a,f

2011-C3,

B,

144A,

FRN,

5.013%,

2/15/46

................

United

States

125,586

123,848

a,f

2012-C6,

E,

144A,

FRN,

4.967%,

5/15/45

...............

United

States

138,000

136,569

a,f

2012-LC9,

D,

144A,

FRN,

3.499%,

12/15/47

.............

United

States

127,000

124,059

2016-JP3,

AS,

3.144%,

8/15/49

.......................

United

States

215,000

208,770

f

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

3.859%,

7/15/45

...................

United

States

78,866

77,910

a

2013-C14,

D,

144A,

FRN,

3.931%,

8/15/46

..............

United

States

122,000

97,667

g

2014-C22,

XA,

IO,

FRN,

0.405%,

9/15/47

................

United

States

731,967

7

g

2014-C25,

XA,

IO,

FRN,

0.33%,

11/15/47

................

United

States

468,788

1,918

a,f,g

LCCM

Trust

,

2017-LC26

,

XA

,

IO,

144A,

FRN

,

1.502

%

,

7/12/50

.

United

States

5,549,146

58,067

a,f

MAD

Commercial

Mortgage

Trust

,

2025-11MD

,

D

,

144A,

FRN

,

5.935

%

,

10/15/42

..................................

United

States

261,000

265,470

f

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10,

B,

FRN,

3.951%,

7/15/46

...................

United

States

66,084

62,825

a

2013-C10,

F,

144A,

FRN,

3.951%,

7/15/46

...............

United

States

273,000

41,869

2013-C9,

B,

FRN,

3.708%,

5/15/46

....................

United

States

66,089

63,130

2015-C22,

B,

FRN,

3.883%,

4/15/48

...................

United

States

225,000

209,217

g

2025-5C2,

XA,

IO,

FRN,

1.25%,

11/15/58

................

United

States

1,687,000

86,011

f

Morgan

Stanley

Capital

I

Trust

,

a

2011-C3,

E,

144A,

FRN,

4.941%,

7/15/49

................

United

States

42,631

42,253

g

2016-BNK2,

XA,

IO,

FRN,

0.938%,

11/15/49

.............

United

States

2,868,210

10,489

g

2016-UB12,

XA,

IO,

FRN,

0.59%,

12/15/49

..............

United

States

7,827,142

7,155

2018-L1,

C,

FRN,

4.78%,

10/15/51

.....................

United

States

205,000

189,069

g

2019-H7,

XA,

IO,

FRN,

1.215%,

7/15/52

.................

United

States

4,438,021

147,001

a,h

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

859,373

102

UBS

Commercial

Mortgage

Trust

,

2017-C7,

A4,

3.679%,

12/15/50

.......................

United

States

128,000

126,349

f,g

2017-C7,

XA,

IO,

FRN,

0.964%,

12/15/50

................

United

States

3,878,069

51,567

f,g

2018-C12,

XA,

IO,

FRN,

0.827%,

8/15/51

................

United

States

4,006,241

64,932

f,g

2019-C17,

XA,

IO,

FRN,

1.436%,

10/15/52

...............

United

States

5,470,802

223,414

a,f

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.217

%

,

7/10/36

.........

United

States

133,000

132,576

a,f

VRTX

Trust

,

2025-HQ

,

D

,

144A,

FRN

,

6.596

%

,

8/05/42

.......

United

States

191,000

192,227

f,g

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.35

%

,

11/15/48

...................................

United

States

4,722

5

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

164

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Wells

Fargo

Commercial

Mortgage

Trust

,

a

2014-LC16,

D,

144A,

3.938%,

8/15/50

..................

United

States

68,489

$

8,287

2015-C31,

D,

3.852%,

11/15/48

.......................

United

States

116,000

105,249

f,g

2015-LC20,

XB,

IO,

FRN,

0.526%,

4/15/50

...............

United

States

1,506,290

15

f,g

2017-C41,

XA,

IO,

FRN,

1.142%,

11/15/50

...............

United

States

3,001,232

38,543

f,g

2018-C43,

XA,

IO,

FRN,

0.567%,

3/15/51

................

United

States

12,701,407

121,165

2019-C49,

B,

4.546%,

3/15/52

........................

United

States

148,000

144,221

f,g

2019-C50,

XA,

IO,

FRN,

1.39%,

5/15/52

.................

United

States

2,170,535

69,137

a

2019-C53,

D,

144A,

2.5%,

10/15/52

....................

United

States

218,000

175,125

f

2020-C57,

C,

FRN,

4.023%,

8/15/53

...................

United

States

122,000

111,643

f

WFRBS

Commercial

Mortgage

Trust

,

g

2013-C14,

XA,

IO,

FRN,

0.302%,

6/15/46

................

United

States

173,574

2

a

2013-C15,

D,

144A,

FRN,

4.152%,

8/15/46

..............

United

States

90,551

63,838

g

2014-C22,

XA,

IO,

FRN,

0.171%,

9/15/57

................

United

States

1,444,216

168

7,119,612

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$7,884,152)

...............

7,119,612

Mortgage-Backed

Securities

49.0%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

2.6%

FHLMC

Pool,

30

Year,

3%,

3/01/43

-

6/01/46

...............

United

States

483,483

439,506

FHLMC

Pool,

30

Year,

3.5%,

8/01/43

-

2/01/47

.............

United

States

796,190

747,724

FHLMC

Pool,

30

Year,

4%,

9/01/45

......................

United

States

230,818

222,494

FHLMC

Pool,

30

Year,

4.5%,

8/01/44

-

3/01/45

.............

United

States

166,899

164,535

FHLMC

Pool,

30

Year,

5.5%,

9/01/53

.....................

United

States

773,390

789,075

FHLMC

Pool,

30

Year,

5.5%,

9/01/53

-

11/01/53

............

United

States

694,428

704,049

FHLMC

Pool,

30

Year,

6%,

9/01/53

......................

United

States

295,035

303,553

3,370,936

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

37.3%

FNMA,

3.5%,

6/01/56

................................

United

States

1,046,924

958,456

FNMA,

3.5%,

9/01/57

................................

United

States

680,533

620,177

FNMA,

5.28%,

12/01/28

..............................

United

States

226,000

231,963

FNMA,

15

Year,

2%,

2/01/37

...........................

United

States

731,265

674,178

FNMA,

30

Year,

2%,

1/01/51

...........................

United

States

1,075,275

874,961

FNMA,

30

Year,

3%,

6/01/46

...........................

United

States

541,669

492,466

FNMA,

30

Year,

3%,

9/01/42

-

3/01/47

....................

United

States

1,244,756

1,132,798

FNMA,

30

Year,

3%,

4/01/52

...........................

United

States

840,560

743,200

FNMA,

30

Year,

3.5%,

7/01/43

.........................

United

States

165,736

155,912

FNMA,

30

Year,

4%,

9/01/45

-

6/01/46

....................

United

States

385,580

371,642

FNMA,

30

Year,

4.5%,

7/01/44

-

5/01/45

..................

United

States

369,762

361,231

FNMA,

30

Year,

5%,

3/01/38

...........................

United

States

2,866

2,899

FNMA,

30

Year,

5.5%,

9/01/53

.........................

United

States

84,430

85,616

FNMA,

30

Year,

5.5%,

11/01/53

.........................

United

States

789,874

804,813

i

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

4/25/41

.....

United

States

1,000,000

899,272

i

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

4/25/56

......

United

States

8,000,000

6,445,625

i

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/56

.....

United

States

7,000,000

5,886,562

i

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

4/25/56

......

United

States

1,000,000

943,758

i

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

4/25/56

.....

United

States

17,000,000

16,345,146

i

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/56

......

United

States

1,000,000

986,361

i

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

4/25/56

.....

United

States

9,000,000

9,023,594

i

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

4/25/56

......

United

States

1,000,000

1,019,484

49,060,114

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

9.1%

GNMA

I,

Single-family,

30

Year,

3.5%,

11/15/47

.............

United

States

40,651

37,907

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

165

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,

30

Year,

5.5%,

7/20/53

........................

United

States

383,545

$

391,962

GNMA

II,

Single-family,

30

Year,

2.5%,

2/20/53

.............

United

States

3,807,000

3,288,082

GNMA

II,

Single-family,

30

Year,

2.5%,

9/20/52

.............

United

States

339,814

293,212

GNMA

II,

Single-family,

30

Year,

3%,

2/20/53

...............

United

States

872,096

783,627

GNMA

II,

Single-family,

30

Year,

3.5%,

11/20/47

-

11/20/49

....

United

States

566,048

524,846

GNMA

II,

Single-family,

30

Year,

4%,

2/20/48

-

5/20/48

.......

United

States

599,097

557,863

GNMA

II,

Single-family,

30

Year,

4.5%,

7/20/47

.............

United

States

812,427

802,216

GNMA

II,

Single-family,

30

Year,

4.5%,

5/20/48

.............

United

States

80,606

78,703

GNMA

II,

Single-family,

30

Year,

5%,

5/20/48

-

6/20/48

.......

United

States

213,756

215,590

i

GNMA

II,

Single-family,

30

Year,

5%,

4/15/56

...............

United

States

3,000,000

2,971,610

GNMA

II,

Single-family,

30

Year,

5.5%,

6/20/53

-

7/20/53

......

United

States

214,207

218,975

GNMA

II,

Single-family,

30

Year,

5.5%,

4/20/54

.............

United

States

946,009

962,445

GNMA

II,

Single-family,

30

Year,

6%,

11/20/53

..............

United

States

791,321

822,306

11,949,344

Total

Mortgage-Backed

Securities

(Cost

$65,064,993)

..........................

64,380,394

Residential

Mortgage-Backed

Securities

7.0%

Financial

Services

7.0%

a

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

.

United

States

441,125

445,005

a

Angel

Oak

Mortgage

Trust

,

2023-3

,

A1

,

144A,

4.8

%

,

9/26/67

...

United

States

82,879

82,531

a,f

Arroyo

Mortgage

Trust

,

2019-3

,

M1

,

144A,

FRN

,

4.204

%

,

10/25/48

........................................

United

States

330,000

308,404

a

BRAVO

Residential

Funding

Trust

,

f

2020-RPL1,

M1,

144A,

FRN,

3.25%,

5/26/59

.............

United

States

353,000

337,957

2023-NQM8,

A1,

144A,

6.394%,

10/25/63

...............

United

States

70,454

70,809

2024-NQM2,

A1,

144A,

6.285%,

2/25/64

................

United

States

72,611

73,075

a,f

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.253

%

,

2/25/55

...................................

United

States

332,000

324,723

a,e

Chase

Home

Lending

Mortgage

Trust

,

2025-10

,

A11

,

144A,

FRN

,

4.962

%

,

(

30-day

SOFR

Average

+

1.3

%

),

7/25/56

.........

United

States

85,154

85,310

a,e

Chevy

Chase

Funding

LLC

,

2004-3A

,

A2

,

144A,

FRN

,

4.093

%

,

(

1-month

SOFR

+

0.414

%

),

8/25/35

....................

United

States

33,341

32,864

a

COLT

Mortgage

Loan

Trust

,

2023-3

,

A1

,

144A,

7.18

%

,

9/25/68

.

United

States

370,030

372,440

a,f

Ellington

Financial

Mortgage

Trust

,

2020-1

,

A2

,

144A,

FRN

,

3.149

%

,

5/25/65

...................................

United

States

142,694

141,404

f

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

a

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

.................

United

States

214,274

209,117

2019-3,

M,

FRN,

4.75%,

10/25/58

.....................

United

States

254,069

250,756

a,e

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.312%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

2,494

2,495

2021-DNA6,

M2,

144A,

FRN,

5.162%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

47,241

47,297

2021-DNA7,

M2,

144A,

FRN,

5.462%,

(

30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

108,000

108,303

2022-DNA2,

M1A,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

1,109

1,109

2022-HQA1,

M2,

144A,

FRN,

8.912%,

(30-day

SOFR

Average

+

5.25%),

3/25/42

.................................

United

States

911,000

943,155

2023-DNA1,

M1A,

144A,

FRN,

5.761%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

22,635

22,857

2023-HQA3,

M1,

144A,

FRN,

5.512%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

8,059

8,098

2025-DNA1,

A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

45,450

45,389

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

166

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

a,e

FHLMC

STACR

REMIC

Trust,

(continued)

2025-DNA3,

M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

100,528

$

100,528

a,e

FNMA

Connecticut

Avenue

Securities

Trust

,

2021-R03,

1M2,

144A,

FRN,

5.312%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

23,760

23,805

2022-R03,

1M2,

144A,

FRN,

7.162%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

19,000

19,378

2022-R04,

1M2,

144A,

FRN,

6.762%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

19,000

19,272

2023-R06,

1M1,

144A,

FRN,

5.362%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

4,899

4,908

2024-R04,

1M1,

144A,

FRN,

4.762%,

(

30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

1,697

1,696

2024-R06,

1A1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

41,434

41,441

2025-R01,

1A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

20,566

20,525

2025-R01,

1M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

10,987

10,972

2025-R02,

1A1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

23,542

23,516

2025-R02,

1M1

,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

37,361

37,353

2025-R03,

2A1,

144A,

FRN,

5.112%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

27,293

27,357

2026-R01,

2A1,

144A,

FRN,

4.512%,

(

30-day

SOFR

Average

+

0.85%),

1/25/46

...................................

United

States

132,483

131,753

2026-R01,

2M1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

1/25/46

.....................................

United

States

150,643

150,686

a

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935

%

,

4/25/65

........

United

States

23,281

22,783

a

Imperial

Fund

Mortgage

Trust

,

2022-NQM7

,

A1

,

144A,

7.369

%

,

11/25/67

........................................

United

States

226,505

226,388

a,e

J.P.

Morgan

Mortgage

Trust

,

2024-9

,

A11

,

144A,

FRN

,

5.012

%

,

(

30-day

SOFR

Average

+

1.35

%

),

2/25/55

...............

United

States

110,953

111,234

a,f

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.491

%

,

8/26/47

..............................

United

States

26,055

26,088

a,e

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-4

,

AF

,

144A,

FRN

,

5.012

%

,

(

30-day

SOFR

Average

+

1.35

%

),

9/25/54

United

States

56,538

56,631

a,f

New

Residential

Mortgage

Loan

Trust

,

2020-NQM2

,

A2

,

144A,

FRN

,

2.891

%

,

5/24/60

..............................

United

States

212,000

201,663

a

OBX

Trust

,

2022-NQM7,

A1,

144A,

5.11%,

8/25/62

.................

United

States

206,735

206,184

2023-NQM7,

A1,

144A,

6.844%,

4/25/63

................

United

States

239,438

240,749

e

2025-J2,

AF,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

....................................

United

States

93,418

93,658

a

PRET

LLC

,

2026-NPL1

,

A1

,

144A,

5.18

%

,

1/25/56

..........

United

States

98,429

97,705

a

PRKCM

Trust

,

2023-AFC2

,

A1

,

144A,

6.482

%

,

6/25/58

.......

United

States

329,212

328,754

a

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185

%

,

2/25/31

............

United

States

193,156

191,264

a,f

Residential

Mortgage

Loan

Trust

,

2020-2

,

A3

,

144A,

FRN

,

2.911

%

,

5/25/60

...................................

United

States

459,404

453,283

a,f

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

4

%

,

8/25/62

.........................................

United

States

111,948

111,121

a

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4

,

A1

,

144A,

7.5

%

,

2/25/30

....................................

United

States

1,063

1,060

a,e

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

277,000

279,259

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

a,e

Station

Place

Securitization

Trust,

(continued)

2025-3,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

280,000

$

281,014

2025-7,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

11/24/26

........................................

United

States

476,000

477,095

a,f

Towd

Point

Mortgage

Trust

,

2018-5

,

M1

,

144A,

FRN

,

3.25

%

,

7/25/58

.........................................

United

States

153,000

131,056

a

Verus

Securitization

Trust

,

2024-1

,

A1

,

144A,

5.712

%

,

1/25/69

.

United

States

221,793

222,428

a

Visio

Trust

,

2022-1

,

A2

,

144A,

5.85

%

,

8/25/57

..............

United

States

89,647

89,527

e

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13,

A1C4,

FRN,

4.653%,

(1-month

SOFR

+

0.974%),

10/25/45

........................................

United

States

461,577

446,769

2005-AR17,

A1B2,

FRN,

4.613%,

(1-month

SOFR

+

0.934%),

12/25/45

........................................

United

States

377,251

349,118

9,171,119

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$8,934,321)

................

9,171,119

Agency

Commercial

Mortgage-Backed

Securities

4.5%

Financial

Services

4.5%

FHLMC

,

e

3065,

DC,

FRN,

8.5%,

(-3

x

30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

51,341

53,058

f

3117,

AF,

FRN,

Zero

Cpn.,

2/15/36

.....................

United

States

2,874

2,544

3369,

BO,

Strip,

9/15/37

.............................

United

States

970

830

3391,

Strip,

4/15/37

................................

United

States

8,596

7,540

e

3408,

EK,

FRN,

10.556%,

(-4

x

30-day

SOFR

Average

+

25.332%),

4/15/37

.................................

United

States

48,398

56,917

g

4018,

DI,

IO,

4.5%,

7/15/41

..........................

United

States

9,199

84

e

406,

F30,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

116,576

117,803

g

4132,

IP,

IO,

4.5%,

11/15/42

..........................

United

States

87,825

5,862

e,g

4945,

SL,

IO,

FRN,

2.274%,

(-1

x

30-day

SOFR

Average

+

5.936%),

1/25/50

..................................

United

States

3,098,971

363,174

g

5050,

IM,

IO,

3.5%,

10/25/50

.........................

United

States

3,104,626

609,059

g

5349,

IB,

IO,

4%,

12/15/46

...........................

United

States

400,070

83,674

a,e

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN3

,

M2

,

144A,

FRN

,

7.662

%

,

(

30-day

SOFR

Average

+

4

%

),

11/25/51

.

United

States

337,000

349,377

FNMA

,

e,g

2010-35,

SG,

IO,

FRN,

2.624%,

(-1

x

30-day

SOFR

Average

+

6.286%),

4/25/40

..................................

United

States

178,453

19,316

g

2015-33,

AI,

IO,

5%,

6/25/45

.........................

United

States

479,515

57,778

g

2021-12,

NI,

IO,

2.5%,

3/25/51

........................

United

States

3,297,104

557,520

g

2023-49,

IA,

IO,

3%,

8/25/46

.........................

United

States

602,166

76,563

g

2023-49,

IB,

IO,

3.5%,

3/25/47

........................

United

States

235,760

36,093

e

2025-41,

FA,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

84,285

84,953

372,

1,

Strip,

8/25/36

...............................

United

States

5,448

4,527

a,e

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.026%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

.................................

United

States

177,773

180,667

2020-01,

M10,

144A,

FRN,

7.526%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

..................................

United

States

323,100

328,635

GNMA

,

g

2009-79,

IC,

IO,

6%,

8/20/39

.........................

United

States

185,660

18,560

f,g

2010-H19,

GI,

IO,

FRN,

1.486%,

8/20/60

................

United

States

273,606

12,095

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

GNMA,

(continued)

g

2012-113,

ID,

IO,

3.5%,

9/20/42

.......................

United

States

336,771

$

48,106

g

2012-136,

IO,

3.5%,

11/20/42

.........................

United

States

483,703

60,898

g

2012-38,

MI,

IO,

4%,

3/20/42

.........................

United

States

1,149,312

196,219

g

2014-100,

JI,

IO,

3.5%,

7/16/29

.......................

United

States

101,865

2,296

g

2014-180,

IO,

5%,

12/20/44

..........................

United

States

646,013

125,827

g

2014-76,

IO,

5%,

5/20/44

............................

United

States

186,740

37,923

f,g

2014-H11,

GI,

IO,

FRN,

1.554%,

6/20/64

................

United

States

1,061,787

32,221

g

2015-52,

KI,

IO,

3.5%,

11/20/40

.......................

United

States

114,964

3,424

g

2015-53,

MI,

IO,

4%,

4/16/45

.........................

United

States

525,496

102,725

f,g

2015-H01,

CI,

IO,

FRN,

1.576%,

12/20/64

...............

United

States

142,464

2,920

f,g

2015-H04,

AI,

IO,

FRN,

1.921%,

12/20/64

...............

United

States

576,643

18,018

f,g

2015-H10,

CI,

IO,

FRN,

1.821%,

4/20/65

................

United

States

182,274

5,820

f,g

2015-H12,

AI,

IO,

FRN,

1.89%,

5/20/65

.................

United

States

288,622

8,799

f,g

2015-H12,

EI,

IO,

FRN,

1.794%,

4/20/65

................

United

States

709,597

13,654

f,g

2015-H12,

GI,

IO,

FRN,

1.837%,

5/20/65

................

United

States

413,544

17,171

f,g

2015-H13,

AI,

IO,

FRN,

2.365%,

6/20/65

................

United

States

610,635

32,629

f,g

2015-H16,

XI,

IO,

FRN,

2.647%,

7/20/65

................

United

States

203,846

12,373

f,g

2015-H20,

AI,

IO,

FRN,

1.893%,

8/20/65

................

United

States

196,623

7,353

f,g

2015-H25,

AI,

IO,

FRN,

1.711%,

9/20/65

................

United

States

386,485

7,619

f,g

2015-H25,

CI,

IO,

FRN,

2.296%,

10/20/65

...............

United

States

259,273

12,639

f,g

2016-H11,

HI,

IO,

FRN,

1.821%,

1/20/66

................

United

States

169,505

5,131

f,g

2016-H23,

NI,

IO,

FRN,

2.729%,

10/20/66

...............

United

States

995,090

49,043

f,g

2016-H24,

JI,

IO,

FRN,

2.701%,

11/20/66

................

United

States

240,381

15,409

f,g

2017-H08,

NI,

IO,

FRN,

1.92%,

3/20/67

.................

United

States

676,468

24,575

f,g

2017-H10,

MI,

IO,

FRN,

1.785%,

4/20/67

................

United

States

761,927

20,902

f,g

2017-H12,

QI,

IO,

FRN,

2.263%,

5/20/67

................

United

States

606,575

23,415

f,g

2017-H18,

CI,

IO,

FRN,

2.2%,

9/20/67

..................

United

States

751,597

52,129

e,g

2019-121,

SD,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

10/20/49

.................................

United

States

110,461

12,934

f,g

2019-H02,

DI,

IO,

FRN,

2.635%,

11/20/68

...............

United

States

1,073,158

46,697

e,g

2020-112,

MS,

IO,

FRN,

2.51%,

(-1

x

1-month

SOFR

+

6.186%),

8/20/50

..................................

United

States

3,247,611

435,594

e

2023-152,

FB,

FRN,

4.823%,

(

30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

201,406

205,563

e

2023-66,

PS,

FRN,

6.193%,

(-3

x

30-day

SOFR

Average

+

15.375%),

5/20/53

.................................

United

States

386,257

376,874

f,g

2024-32,

IO,

FRN,

0.7%,

6/16/63

......................

United

States

2,497,039

127,923

e,g

2025-120,

SD,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

10/20/49

.................................

United

States

6,301,258

689,764

5,861,216

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$5,629,123)

........

5,861,216

Municipal

Bonds

1.0%

California

0.4%

California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.19

%

,

6/01/37

......

United

States

145,000

135,917

City

of

Orange

,

Revenue

,

2021

,

Refunding

,

2.65

%

,

6/01/34

....

United

States

65,000

55,773

City

of

Pomona

,

Revenue

,

2020

BJ

,

3.716

%

,

8/01/40

........

United

States

40,000

34,521

County

of

Fresno

,

Revenue

,

2004

A

,

NATL

Insured

,

4.64

%,

8/15/32

.........................................

United

States

85,000

63,667

County

of

Tulare

,

Revenue

,

2018

,

4.445

%

,

6/01/37

..........

United

States

120,000

114,572

State

of

California

,

GO

,

4.35

%

,

11/01/32

..................

United

States

180,000

179,585

584,035

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

169

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

0.1%

State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526

%

,

7/01/34

......

United

States

130,000

$

136,323

Georgia

0.0%

†

Georgia

Higher

Education

Facilities

Authority

,

University

System

of

Georgia

,

Revenue

,

2026

A

,

5.273

%

,

1/01/40

...........

United

States

30,000

30,073

Illinois

0.1%

j

State

of

Illinois

,

GO

,

2026

A

,

4.954

%

,

4/01/33

..............

United

States

120,000

121,890

New

Jersey

0.0%

†

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2010

B

,

6.561

%

,

12/15/40

.............

United

States

25,000

27,678

New

York

0.1%

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2026

F-2

,

4.66

%

,

2/01/36

....................

United

States

100,000

99,095

Ohio

0.1%

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2020

A

,

ETM,

2.833

%

,

1/01/38

...................................

United

States

75,000

63,431

Pennsylvania

0.2%

Pennsylvania

Economic

Development

Financing

Authority

,

Revenue

,

2025

,

5.689

%

,

6/01/54

......................

United

States

90,000

90,616

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

5.002

%

,

11/01/38

.........

United

States

145,000

143,448

234,064

Total

Municipal

Bonds

(Cost

$1,313,803)

.....................................

1,296,589

Total

Long

Term

Investments

(Cost

$167,801,370)

.............................

165,970,799

a

Short

Term

Investments

7.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.8%

k,l

U.S.

Treasury

Bills,

3.58%,

7/16/26

......................

United

States

1,100,000

1,088,410

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,088,641)

................

1,088,410

Shares

Management

Investment

Companies

6.4%

m,n

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

.......

United

States

8,398,751

8,398,751

Total

Management

Investment

Companies

(Cost

$8,398,751)

...................

8,398,751

Total

Short

Term

Investments

(Cost

$9,487,392

)

...............................

9,487,161

a

Total

Investments

(Cost

$177,288,762)

133.6%

................................

$175,457,960

TBA

Sale

Commitments

(19.7)%

.............................................

(25,918,255)

Other

Assets,

less

Liabilities

(13.9)%

........................................

(18,210,058)

Net

Assets

100.0%

.........................................................

$131,329,647

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.

170

a

a

a

Country

Principal

Amount

*

a

Value

o

TBA

Sale

Commitments

(19.7)%

Mortgage-Backed

Securities

(19.7)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(16.3)%

Uniform

Mortgage-Backed

Securities

,

3.5%,

TBA,

4/25/56

................................

United

States

(1,000,000)

$

(916,879)

4.5%,

TBA,

4/25/56

................................

United

States

(12,000,000)

(11,518,945)

5.5%,

TBA,

4/25/56

................................

United

States

(9,000,000)

(9,023,594)

(21,459,418)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(3.4)%

GNMA

II,

Single-family,

30

Year

,

2.5%,

4/15/56

....................................

United

States

(4,000,000)

(3,441,875)

6%,

4/15/56

......................................

United

States

(1,000,000)

(1,016,962)

(4,458,837)

Total

TBA

Sale

Commitments

(Proceeds

$(26,062,852))

........................

$(25,918,255)

*

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$41,260,319,

representing

31.4%

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

Security

purchased

on

a

when-issued

basis.

k

The

rate

shown

represents

the

yield

at

period

end.

l

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

March

31,

2026,

the

value

of

this

security

pledged

amounted

to

$979,569,

representing

0.7%

of

net

assets.

m

See

Note

4

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.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

171

At

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

At

March

31,

2026,

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

62

$

6,884,906

6/18/26

$

(135,722)

U.S.

Treasury

10

Year

Ultra

Notes

................

Long

25

2,837,891

6/18/26

(63,523)

U.S.

Treasury

2

Year

Notes

.....................

Short

44

9,127,594

6/30/26

66,625

U.S.

Treasury

5

Year

Notes

.....................

Long

79

8,546,195

6/30/26

(124,738)

U.S.

Treasury

Long

Bonds

.....................

Long

29

3,302,375

6/18/26

(109,395)

U.S.

Treasury

Ultra

Bonds

......................

Long

85

9,907,812

6/18/26

(341,585)

Total

Futures

Contracts

......................................................................

$(708,338)

*

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

239,100

275,678

6/17/26

$

—

$

(1,657)

Euro

.............

MSCO

Sell

147,300

170,245

6/17/26

—

(611)

Euro

.............

SSBT

Sell

105,000

121,071

6/17/26

—

(720)

Total

Forward

Exchange

Contracts

...................................................

—

$(2,988)

Net

unrealized

appreciation

(depreciation)

............................................

$(2,988)

*

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

Currency

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

103,000

$

5,037

$

(3,323)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

103,000

5,274

(3,831)

(3.165%)/3-month

EURIBOR/Mar-28/(Written)

BOFA

3/19/27

/

3.165%

EUR

12,227,000

(31,589)

(2,573)

(3.565%)/3-month

EURIBOR/Mar-28/(Written)

BOFA

3/19/27

/

3.565%

EUR

12,227,000

(20,965)

(1,921)

(2.765%)/3-month

EURIBOR/Mar-28/

(Purchased)

BOFA

3/19/27

/

2.765%

EUR

12,227,000

51,138

1,728

3.428%/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

384,300

22,116

(15,637)

(3.428%)/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

384,300

22,116

986

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

1,549,300

193,198

(17,841)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

1,549,300

193,198

(22,384)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

271,700

9,863

(9,143)

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

456,000

57,114

(

6,544)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

172

At

March

31,

2026,

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

Currency

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%

456,000

$

57,114

$

(10,581)

2.35%/1-day

SOFR/Mar-59/(Purchased)

GSCO

3/12/29

/

2.35%

1,865,500

108,759

(82,159)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

572,900

25,322

(6,598)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

572,900

26,382

(10,829)

4.2%/1-day

SOFR/Feb-39/(Purchased)

MCM

2/05/29

/

4.2%

1,150,000

51,175

4,313

(4.2%)/1-day

SOFR/Feb-39/(Purchased)

MCM

2/05/29

/

4.2%

1,150,000

51,175

101

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

304,800

36,545

(11,146)

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

304,800

36,545

1,802

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

1,568,800

56,790

(25,606)

Unrealized

appreciation

8,930

Unrealized

(depreciation)

(230,116)

Total

$(221,186)

*

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

Buy

Protection

c

Traded

Index

iTraxx

Europe

Main

45

....

(1.00)%

Quarterly

6/20/31

3,430,000

EUR

$

(55,717)

$

(50,597)

$

(5,120)

Contracts

to

Sell

Protection

c,d

Traded

Index

CDX.NA.HY.46

.

5.00%

Quarterly

6/20/31

2,620,000

120,171

120,171

—

Non-

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

3,950,000

69,497

62,682

6,815

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$133,951

$132,256

$1,695

OTC

Swap

Contracts

Contracts

to

Buy

Protection

c

Traded

Index

CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

167,000

20,278

85,971

(65,693)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

GSCO

11/17/59

257,000

70,292

49,237

21,055

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

193,000

23,546

24,897

(1,351)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

193,000

37,618

35,029

2,589

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

386,000

80,305

80,932

(627)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

JPHQ

12/16/72

424,000

88,209

82,132

6,077

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

285,000

17,955

53,386

(35,431)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

193,000

45,634

34,668

10,966

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

173

At

March

31,

2026,

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

Traded

Index

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

140,000

$

(16,999)

$

(24,342)

$

7,343

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

27,000

(3,278)

(5,518)

2,240

Non-

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

285,000

(17,956)

(17,136)

(820)

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$345,604

$399,256

$(53,652)

Total

Credit

Default

Swap

Contracts

....................................

$479,555

$

531,512

$(51,957)

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

3.3%

.....

Annual

3/18/28

6,191,000

$

40,924

$

19,543

$

21,381

Receive

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/31

13,003,000

(105,069)

(56,349)

(48,720)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.55%

....

Annual

6/17/31

7,324,000

27,693

52,764

(25,071)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.75%

....

Annual

3/18/36

20,613,000

201,479

93,035

108,444

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.8%

.....

Annual

6/17/36

8,523,000

59,102

70,826

(11,724)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

174

See

A

bbreviations

on

page

255

.

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

4.1%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/56

6,442,000

$

(37,642)

$

(76,367)

$

38,725

Total

Interest

Rate

Swap

Contracts

.................................

$186,487

$

103,452

$83,035

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

Putnam

VT

International

Equity

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

a

a

Industry

Shares

a

Value

a

Common

Stocks

94.5%

Australia

5.3%

BHP

Group

Ltd.

.................

Metals

&

Mining

182,107

$

6,589,091

Glencore

plc

....................

Metals

&

Mining

1,167,337

8,841,263

15,430,354

Austria

1.7%

Erste

Group

Bank

AG

.............

Banks

47,038

5,081,293

Canada

1.0%

Canadian

National

Railway

Co.

......

Ground

Transportation

29,600

3,046,602

China

1.3%

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

237,700

3,725,826

Denmark

2.0%

Carlsberg

A/S,

B

.................

Beverages

32,019

3,977,860

Novo

Nordisk

A/S,

B

..............

Pharmaceuticals

50,955

1,864,673

5,842,533

France

7.8%

Airbus

SE

......................

Aerospace

&

Defense

33,474

6,329,029

BNP

Paribas

SA

.................

Banks

59,836

5,700,194

Cie

de

Saint-Gobain

SA

...........

Building

Products

39,465

3,267,482

Safran

SA

......................

Aerospace

&

Defense

23,093

7,556,707

22,853,412

Germany

4.5%

Deutsche

Bank

AG

...............

Capital

Markets

119,960

3,570,020

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

136,925

6,211,758

Siemens

AG

....................

Industrial

Conglomerates

13,915

3,390,168

13,171,946

Greece

1.9%

National

Bank

of

Greece

SA

........

Banks

354,690

5,479,210

Hong

Kong

3.1%

AIA

Group

Ltd.

..................

Insurance

505,800

5,620,110

Prudential

plc

...................

Insurance

238,972

3,322,455

8,942,565

Indonesia

2.0%

Indofood

CBP

Sukses

Makmur

Tbk.

PT

Food

Products

3,125,800

1,352,276

Jardine

Matheson

Holdings

Ltd.

.....

Industrial

Conglomerates

41,600

2,990,343

Unilever

Indonesia

Tbk.

PT

.........

Household

Products

13,161,700

1,425,388

5,768,007

Ireland

0.5%

AIB

Group

plc

...................

Banks

141,261

1,507,977

Italy

3.7%

Enel

SpA

......................

Electric

Utilities

517,058

5,652,907

Prysmian

SpA

...................

Electrical

Equipment

23,099

2,727,786

a

Ryanair

Holdings

plc,

ADR

.........

Passenger

Airlines

37,450

2,164,610

Ryanair

Holdings

plc,

ADR

.........

Passenger

Airlines

4,100

236,980

10,782,283

Japan

18.1%

Chugai

Pharmaceutical

Co.

Ltd.

.....

Pharmaceuticals

97,800

5,393,522

Ebara

Corp.

....................

Machinery

75,700

2,142,926

Hitachi

Ltd.

.....................

Industrial

Conglomerates

206,800

6,066,580

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

176

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Japan

(continued)

Hoya

Corp.

.....................

Health

Care

Equipment

&

Supplies

46,800

$

8,113,268

Japan

Exchange

Group,

Inc.

........

Capital

Markets

193,800

2,263,193

Minebea

Mitsumi,

Inc.

.............

Machinery

166,100

2,758,105

Mitsubishi

UFJ

Financial

Group,

Inc.

..

Banks

381,600

6,461,990

Nintendo

Co.

Ltd.

................

Entertainment

66,100

3,773,361

NOF

Corp.

.....................

Chemicals

78,800

1,572,991

SBI

Holdings,

Inc.

................

Capital

Markets

129,300

2,394,164

Sony

Group

Corp.

................

Household

Durables

247,200

5,152,324

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

199,900

6,572,777

52,665,201

Netherlands

6.1%

ASML

Holding

NV

................

Semiconductors

&

Semiconductor

Equipment

6,590

8,763,096

b

Euronext

NV,

144A,

Reg

S

.........

Capital

Markets

32,490

5,217,306

Universal

Music

Group

NV

.........

Entertainment

204,722

3,973,822

17,954,224

Portugal

2.1%

Galp

Energia

SGPS

SA,

B

.........

Oil,

Gas

&

Consumable

Fuels

256,412

6,148,144

Spain

2.8%

Iberdrola

SA

....................

Electric

Utilities

352,294

8,065,477

Switzerland

1.8%

ABB

Ltd.

.......................

Electrical

Equipment

64,468

5,241,762

Taiwan

1.8%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

89,000

5,147,273

United

Kingdom

11.8%

AstraZeneca

plc

.................

Pharmaceuticals

49,151

9,610,986

British

American

Tobacco

plc

........

Tobacco

153,302

8,900,535

Coca-Cola

Europacific

Partners

plc

...

Beverages

33,500

3,037,445

Compass

Group

plc

..............

Hotels,

Restaurants

&

Leisure

112,768

3,146,332

Melrose

Industries

plc

.............

Aerospace

&

Defense

316,702

2,146,036

Tesco

plc

......................

Consumer

Staples

Distribution

&

Retail

439,467

2,762,064

Unilever

plc

.....................

Personal

Care

Products

87,670

4,813,029

34,416,427

United

States

15.2%

BP

plc

.........................

Oil,

Gas

&

Consumable

Fuels

676,451

5,294,449

CRH

plc

.......................

Construction

Materials

43,070

4,506,005

Linde

plc

.......................

Chemicals

12,522

6,207,907

Novartis

AG

....................

Pharmaceuticals

42,118

6,464,879

Roche

Holding

AG

...............

Pharmaceuticals

20,473

8,170,587

Schneider

Electric

SE

.............

Electrical

Equipment

20,153

5,489,306

Shell

plc

.......................

Oil,

Gas

&

Consumable

Fuels

104,890

4,904,774

Sunbelt

Rentals

Holdings,

Inc.

.......

Trading

Companies

&

Distributors

52,031

3,319,128

44,357,035

Total

Common

Stocks

(Cost

$219,840,631)

.....................................

275,627,551

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

177

a

a

Industry

Shares

a

Value

a

Preferred

Stocks

1.3%

South

Korea

1.3%

c

Samsung

Electronics

Co.

Ltd.,

1.05%

.

Technology

Hardware,

Storage

&

Peripherals

48,128

$

3,885,065

Total

Preferred

Stocks

(Cost

$1,658,415)

.......................................

3,885,065

Total

Long

Term

Investments

(Cost

$221,499,046)

...............................

279,512,616

Short

Term

Investments

3.1%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

United

States

0.2%

d

U.S.

Treasury

Bills

,

3.47%,

4/23/26

................

100,000

99,779

e

3.58%,

7/16/26

................

300,000

296,839

396,618

Total

U.S.

Government

and

Agency

Securities

(Cost

$396,678)

....................

396,618

Shares

Management

Investment

Companies

2.6%

United

States

2.6%

f,g

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

................

7,571,269

7,571,269

Total

Management

Investment

Companies

(Cost

$7,571,269)

.....................

7,571,269

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

f,g

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

......................

1,015,490

1,015,490

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$1,015,490)

.................................................................

1,015,490

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$8,983,437

)

.................................

8,983,377

a

a

a

Total

Investments

(Cost

$230,482,483)

98.9%

...................................

$288,495,993

Other

Assets,

less

Liabilities

1.1%

.............................................

3,190,229

Net

Assets

100.0%

...........................................................

$291,686,222

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2026.

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

March

31,

2026,

the

value

of

this

security

was

$5,217,306,

representing

1.8%

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

March

31,

2026,

the

value

of

this

security

pledged

amounted

to

$221,640,

representing

0.1%

of

net

assets.

f

See

Note

4

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)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

178

At

March

31,

2026,

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

1,301,800

874,729

4/15/26

$

25,759

$

(2,461)

Australian

Dollar

....

CITI

Buy

1,075,500

750,803

4/15/26

5,617

(14,502)

Australian

Dollar

....

GSCO

Buy

551,500

368,446

4/15/26

11,998

—

Australian

Dollar

....

HSBK

Buy

862,800

579,811

4/15/26

15,378

—

Australian

Dollar

....

MSCO

Buy

8,220,100

5,523,915

4/15/26

146,592

—

Australian

Dollar

....

MSCO

Sell

8,159,600

5,722,397

4/15/26

93,625

—

Australian

Dollar

....

SSBT

Buy

7,761,600

5,216,082

4/15/26

138,136

—

Australian

Dollar

....

SSBT

Sell

888,300

626,731

4/15/26

13,951

—

Australian

Dollar

....

TDOM

Buy

6,880,300

4,623,768

4/15/26

122,500

—

Australian

Dollar

....

TDOM

Sell

425,200

296,029

4/15/26

2,711

—

Australian

Dollar

....

WPAC

Buy

1,298,000

867,220

4/15/26

28,185

—

Canadian

Dollar

....

BOFA

Sell

597,800

432,105

4/15/26

2,125

—

Canadian

Dollar

....

BZWS

Sell

1,216,000

878,968

4/15/26

4,336

—

Canadian

Dollar

....

CITI

Buy

40,300

29,542

4/15/26

—

(556)

Canadian

Dollar

....

HSBK

Buy

677,700

490,400

4/15/26

—

(2,950)

Canadian

Dollar

....

JPHQ

Sell

2,600

1,879

4/15/26

9

—

Canadian

Dollar

....

MSCO

Sell

1,238,200

912,542

4/15/26

21,942

—

Canadian

Dollar

....

SSBT

Buy

443,500

327,007

4/15/26

—

(8,009)

Canadian

Dollar

....

SSBT

Sell

686,700

496,895

4/15/26

2,972

—

Canadian

Dollar

....

TDOM

Sell

42,800

30,969

4/15/26

184

—

Canadian

Dollar

....

WPAC

Sell

1,300,600

940,110

4/15/26

4,627

—

Israeli

New

Shekel

..

BZWS

Buy

2,142,100

680,490

4/15/26

1,248

—

Israeli

New

Shekel

..

GSCO

Buy

2,280,900

731,439

4/15/26

—

(5,527)

Israeli

New

Shekel

..

HSBK

Buy

938,300

299,052

4/15/26

—

(432)

Israeli

New

Shekel

..

SSBT

Buy

5,255,800

1,675,572

4/15/26

—

(2,877)

New

Zealand

Dollar

.

GSCO

Buy

365,700

210,394

4/15/26

—

(151)

New

Zealand

Dollar

.

SSBT

Buy

408,200

236,162

4/15/26

—

(1,486)

New

Zealand

Dollar

.

WPAC

Buy

402,600

231,613

4/15/26

—

(157)

Chinese

Yuan

......

BOFA

Sell

6,806,100

987,392

5/13/26

—

(3,821)

Chinese

Yuan

......

CITI

Buy

1,549,100

224,719

5/13/26

886

—

Chinese

Yuan

......

HSBK

Sell

31,137,200

4,517,089

5/13/26

—

(17,605)

Chinese

Yuan

......

JPHQ

Buy

49,358,700

7,161,946

5/13/26

26,454

—

Chinese

Yuan

......

SSBT

Sell

38,789,200

5,627,564

5/13/26

—

(21,537)

Chinese

Yuan

......

WPAC

Buy

5,511,700

801,463

5/13/26

1,238

—

Hong

Kong

Dollar

...

BOFA

Buy

10,956,500

1,406,371

5/13/26

—

(5,776)

Hong

Kong

Dollar

...

BZWS

Sell

23,942,100

3,072,521

5/13/26

11,946

—

Hong

Kong

Dollar

...

CITI

Sell

9,855,300

1,264,651

5/13/26

4,825

—

Hong

Kong

Dollar

...

GSCO

Buy

975,600

125,048

5/13/26

—

(335)

Hong

Kong

Dollar

...

GSCO

Sell

6,366,200

817,048

5/13/26

3,241

—

Hong

Kong

Dollar

...

HSBK

Sell

40,698,500

5,221,813

5/13/26

19,228

—

Hong

Kong

Dollar

...

MSCO

Buy

8,992,200

1,153,991

5/13/26

—

(4,496)

Hong

Kong

Dollar

...

SSBT

Buy

14,298,100

1,834,921

5/13/26

—

(7,162)

Hong

Kong

Dollar

...

TDOM

Buy

23,592,400

3,027,850

5/13/26

—

(11,978)

Indian

Rupee

......

GSCO

Sell

51,500

565

5/13/26

20

—

Japanese

Yen

......

BOFA

Buy

379,344,800

2,437,165

5/13/26

—

(37,896)

Japanese

Yen

......

BOFA

Sell

72,399,200

472,851

5/13/26

14,943

—

Japanese

Yen

......

BZWS

Sell

225,086,700

1,446,049

5/13/26

22,427

—

Japanese

Yen

......

CITI

Buy

300,838,600

1,940,352

5/13/26

—

(37,618)

Japanese

Yen

......

GSCO

Buy

1,061,262,000

6,807,962

5/13/26

—

(95,723)

Japanese

Yen

......

GSCO

Sell

137,929,800

870,401

5/13/26

1,281

(3,255)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

179

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)

Japanese

Yen

......

HSBK

Buy

156,004,000

1,002,290

5/13/26

$

—

$

(15,601)

Japanese

Yen

......

HSBK

Sell

492,358,500

3,195,472

5/13/26

81,418

—

Japanese

Yen

......

JPHQ

Sell

137,039,500

880,456

5/13/26

13,712

—

Japanese

Yen

......

MSCO

Buy

1,482,068,200

9,486,099

5/13/26

2,025

(114,381)

Japanese

Yen

......

MSCO

Sell

418,182,800

2,662,762

5/13/26

18,658

(806)

Japanese

Yen

......

SSBT

Buy

125,487,300

818,884

5/13/26

—

(25,205)

Japanese

Yen

......

SSBT

Sell

389,594,600

2,502,937

5/13/26

38,840

—

Japanese

Yen

......

TDOM

Buy

370,420,300

2,375,677

5/13/26

—

(32,855)

Japanese

Yen

......

TDOM

Sell

281,812,600

1,810,274

5/13/26

27,874

—

Japanese

Yen

......

UBSW

Buy

379,165,900

2,438,309

5/13/26

—

(40,172)

New

Taiwan

Dollar

..

BZWS

Sell

18,205,700

575,656

5/13/26

8,421

—

New

Taiwan

Dollar

..

HSBK

Sell

85,763,200

2,709,909

5/13/26

37,782

—

New

Taiwan

Dollar

..

SSBT

Sell

67,310,200

2,127,041

5/13/26

29,855

—

Singapore

Dollar

....

BOFA

Buy

1,869,900

1,480,288

5/13/26

—

(21,493)

Singapore

Dollar

....

HSBK

Buy

1,428,800

1,131,078

5/13/26

—

(16,405)

Singapore

Dollar

....

SSBT

Buy

1,869,600

1,480,044

5/13/26

—

(21,482)

Singapore

Dollar

....

UBSW

Buy

399,300

316,069

5/13/26

—

(4,557)

Singapore

Dollar

....

WPAC

Buy

842,700

667,094

5/13/26

—

(9,665)

South

Korean

Won

..

BOFA

Buy

1,400,921,200

949,970

5/13/26

—

(17,645)

South

Korean

Won

..

BOFA

Sell

2,321,532,000

1,592,119

5/13/26

47,118

—

South

Korean

Won

..

BZWS

Sell

722,757,600

495,746

5/13/26

14,744

—

South

Korean

Won

..

GSCO

Sell

5,380,668,300

3,690,192

5/13/26

109,308

—

South

Korean

Won

..

HSBK

Sell

4,284,921,000

2,948,763

5/13/26

97,109

—

South

Korean

Won

..

JPHQ

Sell

1,843,485,200

1,264,211

5/13/26

37,355

—

South

Korean

Won

..

MSCO

Buy

7,006,524,700

4,805,240

5/13/26

—

(142,334)

British

Pound

......

BOFA

Buy

436,900

578,357

6/17/26

—

(210)

British

Pound

......

BZWS

Buy

1,310,400

1,734,622

6/17/26

—

(578)

British

Pound

......

CITI

Sell

2,765,400

3,660,711

6/17/26

1,273

—

British

Pound

......

GSCO

Buy

754,100

998,225

6/17/26

—

(329)

British

Pound

......

HSBK

Sell

2,719,700

3,617,187

6/17/26

18,224

—

British

Pound

......

JPHQ

Sell

223,700

298,177

6/17/26

2,156

—

British

Pound

......

MSCO

Sell

6,574,400

8,774,641

6/17/26

74,775

—

British

Pound

......

SSBT

Buy

1,712,700

2,277,941

6/17/26

—

(11,535)

British

Pound

......

SSBT

Sell

796,500

1,057,085

6/17/26

3,081

—

British

Pound

......

TDOM

Buy

410,200

545,578

6/17/26

—

(2,763)

British

Pound

......

UBSW

Sell

1,814,400

2,413,194

6/17/26

12,209

—

Danish

Krone

......

BOFA

Buy

3,937,900

606,344

6/17/26

5,363

—

Danish

Krone

......

CITI

Sell

2,840,700

437,441

6/17/26

—

(

3,829)

Danish

Krone

......

GSCO

Buy

8,706,100

1,340,472

6/17/26

11,919

—

Danish

Krone

......

HSBK

Buy

6,276,400

969,740

6/17/26

5,226

—

Danish

Krone

......

JPHQ

Buy

9,350,500

1,448,550

6/17/26

3,942

—

Danish

Krone

......

MSCO

Sell

48,417,300

7,498,032

6/17/26

—

(

23,035)

Danish

Krone

......

SSBT

Buy

12,410,900

1,917,597

6/17/26

10,292

—

Danish

Krone

......

TDOM

Buy

249,200

38,509

6/17/26

202

—

Euro

.............

BOFA

Buy

2,943,200

3,383,091

6/17/26

30,775

—

Euro

.............

BZWS

Sell

4,036,500

4,639,795

6/17/26

—

(42,208)

Euro

.............

CITI

Buy

1,109,200

1,283,236

6/17/26

3,343

—

Euro

.............

CITI

Sell

2,016,000

2,321,505

6/17/26

781

(17,667)

Euro

.............

GSCO

Buy

1,429,600

1,643,254

6/17/26

14,963

—

Euro

.............

HSBK

Buy

7,935,100

9,152,440

6/17/26

51,614

—

Euro

.............

HSBK

Sell

750,100

866,105

6/17/26

—

(3,949)

Euro

.............

JPHQ

Sell

1,957,300

2,263,772

6/17/26

—

(6,532)

Euro

.............

MSCO

Buy

6,830,600

7,894,871

6/17/26

28,054

—

Euro

.............

MSCO

Sell

970,000

1,122,318

6/17/26

—

(2,801)

Euro

.............

SSBT

Sell

656,700

754,476

6/17/26

—

(7,240)

Euro

.............

TDOM

Sell

4,532,900

5,235,506

6/17/26

—

(22,279)

Euro

.............

UBSW

Sell

1,332,300

1,536,708

6/17/26

—

(8,649)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Equity

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

180

See

A

bbreviations

on

page

255

.

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

.............

WPAC

Sell

1,442,500

1,658,085

6/17/26

$

—

$

(15,095)

Norwegian

Krone

...

BOFA

Buy

19,344,800

1,984,553

6/17/26

11,988

—

Swedish

Krona

.....

BOFA

Buy

15,981,300

1,704,809

6/17/26

—

(10,083)

Swedish

Krona

.....

BZWS

Buy

5,512,800

588,082

6/17/26

—

(3,481)

Swedish

Krona

.....

GSCO

Sell

6,797,300

731,868

6/17/26

11,053

—

Swedish

Krona

.....

MSCO

Buy

17,827,400

1,917,193

6/17/26

—

(

26,699)

Swedish

Krona

.....

SSBT

Buy

5,814,500

624,463

6/17/26

—

(7,868)

Swedish

Krona

.....

TDOM

Buy

6,715,800

721,295

6/17/26

—

(9,123)

Swedish

Krona

.....

UBSW

Buy

41,771,600

4,486,862

6/17/26

—

(57,222)

Swedish

Krona

.....

WPAC

Buy

7,642,100

815,214

6/17/26

—

(4,813)

Swiss

Franc

.......

BOFA

Sell

94,400

120,715

6/17/26

1,658

—

Swiss

Franc

.......

BZWS

Buy

981,900

1,255,763

6/17/26

—

(17,400)

Swiss

Franc

.......

CITI

Sell

1,042,900

1,333,621

6/17/26

18,326

—

Swiss

Franc

.......

GSCO

Sell

353,300

451,836

6/17/26

6,258

—

Swiss

Franc

.......

HSBK

Buy

540,400

691,925

6/17/26

—

(10,378)

Swiss

Franc

.......

MSCO

Sell

482,600

618,951

6/17/26

10,301

—

Swiss

Franc

.......

SSBT

Buy

2,467,500

3,159,217

6/17/26

—

(47,229)

Swiss

Franc

.......

TDOM

Buy

2,389,500

3,059,813

6/17/26

—

(46,199)

Swiss

Franc

.......

UBSW

Buy

1,441,000

1,845,040

6/17/26

—

(27,664)

Swiss

Franc

.......

WPAC

Sell

272,300

348,219

6/17/26

4,796

—

Total

Forward

Exchange

Contracts

...................................................

$1,655,175

$(1,185,769)

Net

unrealized

appreciation

(depreciation)

............................................

$469,406

*

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),

March

31,

2026

Putnam

VT

International

Value

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.0%

Aerospace

&

Defense

2.2%

Airbus

SE

.........................................

France

15,624

$

2,954,076

Thales

SA

.........................................

France

11,031

3,234,788

6,188,864

Air

Freight

&

Logistics

1.0%

Deutsche

Post

AG

...................................

Germany

51,667

2,723,209

Automobiles

0.3%

Stellantis

NV

.......................................

United

States

125,183

904,770

Banks

24.5%

AIB

Group

plc

......................................

Ireland

524,364

5,597,645

ANZ

Group

Holdings

Ltd.

.............................

Australia

158,506

3,985,673

Barclays

plc

.......................................

United

Kingdom

1,499,836

7,849,367

BNP

Paribas

SA

....................................

France

80,688

7,686,631

CaixaBank

SA

......................................

Spain

496,828

5,955,804

HSBC

Holdings

plc

..................................

United

Kingdom

642,384

10,549,611

ING

Groep

NV

.....................................

Netherlands

358,017

9,292,933

Mitsubishi

UFJ

Financial

Group,

Inc.

.....................

Japan

550,200

9,317,051

Resona

Holdings,

Inc.

................................

Japan

291,000

3,319,654

Sumitomo

Mitsui

Financial

Group,

Inc.

....................

Japan

194,900

6,408,375

69,962,744

Beverages

2.0%

Asahi

Group

Holdings

Ltd.

.............................

Japan

203,500

2,031,872

Carlsberg

A/S

,

B

....................................

Denmark

30,604

3,802,068

5,833,940

Biotechnology

0.7%

a

Argenx

SE

........................................

Netherlands

2,747

1,993,605

Broadline

Retail

0.4%

Pan

Pacific

International

Holdings

Corp.

..................

Japan

177,800

1,084,625

Building

Products

1.0%

Cie

de

Saint-Gobain

SA

..............................

France

35,237

2,917,428

Capital

Markets

1.9%

London

Stock

Exchange

Group

plc

......................

United

Kingdom

20,699

2,444,299

Partners

Group

Holding

AG

............................

Switzerland

2,662

2,869,212

5,313,511

Chemicals

0.5%

LANXESS

AG

......................................

Germany

64,315

1,421,943

Construction

Materials

1.9%

CRH

plc

..........................................

United

States

50,113

5,242,848

Consumer

Staples

Distribution

&

Retail

2.3%

MatsukiyoCocokara

&

Co.

.............................

Japan

141,400

2,250,568

Tesco

plc

.........................................

United

Kingdom

706,157

4,438,219

6,688,787

Diversified

REITs

0.6%

Mirvac

Group

......................................

Australia

1,255,758

1,551,569

Diversified

Telecommunication

Services

2.9%

Deutsche

Telekom

AG

................................

Germany

125,422

4,681,159

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

182

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Diversified

Telecommunication

Services

(continued)

Telstra

Group

Ltd.

...................................

Australia

1,036,781

$

3,827,390

8,508,549

Electric

Utilities

1.9%

Enel

SpA

.........................................

Italy

504,854

5,519,483

Electrical

Equipment

1.2%

ABB

Ltd.

..........................................

Switzerland

41,602

3,382,574

Food

Products

0.9%

Yamazaki

Baking

Co.

Ltd.

.............................

Japan

118,000

2,637,661

Health

Care

Equipment

&

Supplies

1.9%

Hoya

Corp.

........................................

Japan

31,300

5,426,182

Hotels,

Restaurants

&

Leisure

0.5%

Compass

Group

plc

.................................

United

Kingdom

55,377

1,545,070

Household

Durables

1.7%

Cairn

Homes

plc

....................................

Ireland

978,963

2,407,333

Sony

Group

Corp.

...................................

Japan

118,300

2,465,696

4,873,029

Industrial

Conglomerates

1.5%

Siemens

AG

.......................................

Germany

17,014

4,145,190

Industrial

REITs

0.8%

Segro

plc

.........................................

United

Kingdom

263,453

2,258,467

Insurance

8.8%

ASR

Nederland

NV

..................................

Netherlands

70,310

4,840,622

AXA

SA

...........................................

France

136,040

6,251,250

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

8,186

5,169,797

Prudential

plc

......................................

Hong

Kong

244,092

3,393,639

QBE

Insurance

Group

Ltd.

............................

Australia

372,838

5,501,881

25,157,189

Machinery

2.6%

a

Alstom

SA

.........................................

France

189,845

5,429,231

Minebea

Mitsumi,

Inc.

................................

Japan

119,200

1,979,326

7,408,557

Metals

&

Mining

2.6%

Anglo

American

plc

..................................

South

Africa

33,435

1,435,552

Glencore

plc

.......................................

Australia

749,888

5,679,557

Valterra

Platinum

Ltd.

................................

South

Africa

3,024

248,465

7,363,574

Multi-Utilities

1.4%

E.ON

SE

..........................................

Germany

186,403

4,082,500

Oil,

Gas

&

Consumable

Fuels

8.0%

Cenovus

Energy,

Inc.

................................

Canada

269,401

7,149,942

Shell

plc

..........................................

United

States

340,405

15,765,872

22,915,814

Passenger

Airlines

1.2%

Qantas

Airways

Ltd.

.................................

Australia

576,216

3,384,838

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

183

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Personal

Care

Products

1.6%

Unilever

plc

........................................

United

Kingdom

80,104

$

4,522,641

Pharmaceuticals

5.0%

AstraZeneca

plc

....................................

United

Kingdom

15,543

3,039,278

Bayer

AG

.........................................

Germany

77,980

3,608,777

Novo

Nordisk

A/S

,

B

.................................

Denmark

57,356

2,098,914

Sanofi

SA

.........................................

United

States

52,901

5,108,641

13,855,610

Semiconductors

&

Semiconductor

Equipment

1.2%

STMicroelectronics

NV

...............................

Singapore

100,824

3,430,901

Specialty

Retail

0.9%

Industria

de

Diseno

Textil

SA

...........................

Spain

47,064

2,739,539

Textiles,

Apparel

&

Luxury

Goods

1.4%

Asics

Corp.

........................................

Japan

145,100

3,901,030

Tobacco

1.3%

Imperial

Brands

plc

..................................

United

Kingdom

90,607

3,673,916

Trading

Companies

&

Distributors

5.6%

Ferguson

Enterprises,

Inc.

............................

United

States

12,100

2,817,461

ITOCHU

Corp.

.....................................

Japan

262,700

3,341,673

Mitsubishi

Corp.

....................................

Japan

240,000

8,233,433

Sunbelt

Rentals

Holdings,

Inc.

..........................

United

States

23,858

1,521,934

15,914,501

Wireless

Telecommunication

Services

1.8%

KDDI

Corp.

........................................

Japan

140,200

2,387,148

Vodafone

Group

plc

.................................

United

Kingdom

1,889,668

2,850,284

5,237,432

Total

Common

Stocks

(Cost

$

191,992,953

)

...................................

273,712,090

Short

Term

Investments

3.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.6%

b

,c

U.S.

Treasury

Bills

,

3.47

%,

4/23/26

...................................

United

States

500,000

498,892

3.58

%,

7/16/26

...................................

United

States

1,200,000

1,187,356

1,686,248

Total

U.S.

Government

and

Agency

Securities

(Cost

$

1,686,464

)

................

1,686,248

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

184

At

March

31,

2026,

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

2.5%

d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

7,071,585

$

7,071,585

Total

Management

Investment

Companies

(Cost

$

7,071,585

)

...................

7,071,585

Total

Short

Term

Investments

(Cost

$

8,758,049

)

...............................

8,757,833

a

Total

Investments

(Cost

$

200,751,002

)

99.1

%

.................................

$282,469,923

Other

Assets,

less

Liabilities

0.9

%

...........................................

2,774,282

Net

Assets

100.0%

.........................................................

$285,244,205

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

The

rate

shown

represents

the

yield

at

period

end.

c

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

March

31,

2026,

the

aggregate

value

of

these

securities

pledged

amount-

ed

to

$720,006,

representing

0.3%

of

net

assets.

d

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

e

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

8

$

1,160,440

6/19/26

$

38,084

Total

Futures

Contracts

......................................................................

$38,084

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

185

At

March

31,

2026,

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

491,276

4/15/26

$

—

$

(

15,959

)

Australian

Dollar

....

BZWS

Buy

1,606,400

1,149,992

4/15/26

—

(

41,842

)

Australian

Dollar

....

CITI

Buy

1,277,500

858,474

4/15/26

24,153

(

1,364

)

Australian

Dollar

....

GSCO

Sell

1,037,400

693,066

4/15/26

—

(

22,568

)

Australian

Dollar

....

HSBK

Buy

1,107,700

744,387

4/15/26

19,743

—

Australian

Dollar

....

MSCO

Sell

8,640,900

5,803,765

4/15/26

—

(

157,025

)

Australian

Dollar

....

SSBT

Buy

8,628,000

5,840,788

4/15/26

127,486

(

16,383

)

Australian

Dollar

....

TDOM

Buy

1,155,200

776,329

4/15/26

20,568

—

Australian

Dollar

....

UBSW

Sell

1,898,100

1,317,285

4/15/26

21,554

(

13,644

)

Australian

Dollar

....

WPAC

Buy

295,700

197,563

4/15/26

6,421

—

Canadian

Dollar

....

BOFA

Buy

42,500

30,720

4/15/26

—

(

151

)

Canadian

Dollar

....

BOFA

Sell

221,900

160,058

4/15/26

452

—

Canadian

Dollar

....

BZWS

Sell

59,900

43,298

4/15/26

214

—

Canadian

Dollar

....

CITI

Sell

2,017,400

1,471,478

4/15/26

20,422

—

Canadian

Dollar

....

GSCO

Sell

1,764,500

1,284,495

4/15/26

15,343

—

Canadian

Dollar

....

HSBK

Sell

686,800

496,985

4/15/26

2,990

—

Canadian

Dollar

....

MSCO

Buy

37,300

27,353

4/15/26

—

(

524

)

Canadian

Dollar

....

MSCO

Sell

1,986,000

1,440,181

4/15/26

11,710

—

Canadian

Dollar

....

SSBT

Sell

191,800

140,025

4/15/26

2,069

—

Canadian

Dollar

....

TDOM

Sell

359,800

260,340

4/15/26

1,546

—

Canadian

Dollar

....

UBSW

Sell

959,800

694,503

4/15/26

4,147

—

Canadian

Dollar

....

WPAC

Sell

1,111,900

803,712

4/15/26

3,956

—

Israeli

New

Shekel

..

BOFA

Buy

2,581,800

820,171

4/15/26

1,505

—

Israeli

New

Shekel

..

BZWS

Buy

418,500

132,947

4/15/26

244

—

Israeli

New

Shekel

..

HSBK

Sell

896,200

285,634

4/15/26

412

—

Israeli

New

Shekel

..

MSCO

Buy

3,621,600

1,154,276

4/15/26

—

(

1,677

)

Israeli

New

Shekel

..

SSBT

Buy

1,638,200

522,265

4/15/26

—

(

897

)

Israeli

New

Shekel

..

UBSW

Buy

2,253,000

718,179

4/15/26

—

(

1,146

)

New

Zealand

Dollar

.

BOFA

Buy

433,000

249,101

4/15/26

—

(

167

)

New

Zealand

Dollar

.

JPHQ

Buy

255,900

147,219

4/15/26

—

(

101

)

Chinese

Yuan

......

GSCO

Sell

10,315,000

1,496,541

5/13/26

—

(

5,694

)

Chinese

Yuan

......

HSBK

Buy

10,824,800

1,570,359

5/13/26

6,121

—

Hong

Kong

Dollar

...

BZWS

Buy

286,300

36,741

5/13/26

—

(

143

)

Hong

Kong

Dollar

...

GSCO

Buy

4,026,600

516,780

5/13/26

—

(

2,050

)

Hong

Kong

Dollar

...

HSBK

Buy

1,373,800

176,291

5/13/26

—

(

675

)

Hong

Kong

Dollar

...

JPHQ

Buy

7,666,200

983,814

5/13/26

—

(

3,826

)

Hong

Kong

Dollar

...

SSBT

Buy

19,177,000

2,461,192

5/13/26

—

(

9,750

)

Hong

Kong

Dollar

...

TDOM

Buy

9,643,400

1,237,634

5/13/26

—

(

4,896

)

Hong

Kong

Dollar

...

UBSW

Buy

2,496,900

320,397

5/13/26

—

(

1,213

)

Japanese

Yen

......

BOFA

Buy

223,001,500

1,432,711

5/13/26

—

(

22,278

)

Japanese

Yen

......

CITI

Buy

503,046,200

3,214,718

5/13/26

4,313

(

37,379

)

Japanese

Yen

......

GSCO

Buy

1,070,782,400

6,881,315

5/13/26

—

(

108,861

)

Japanese

Yen

......

HSBK

Buy

769,402,300

4,943,236

5/13/26

—

(

76,942

)

Japanese

Yen

......

MSCO

Sell

703,143,600

4,496,374

5/13/26

49,152

—

Japanese

Yen

......

SSBT

Buy

97,569,500

636,703

5/13/26

—

(

19,598

)

Japanese

Yen

......

SSBT

Sell

187,384,400

1,200,360

5/13/26

15,197

—

Japanese

Yen

......

TDOM

Sell

202,405,400

1,309,000

5/13/26

28,831

—

Japanese

Yen

......

UBSW

Sell

271,368,900

1,735,997

5/13/26

19,651

—

Japanese

Yen

......

WPAC

Buy

405,783,200

2,573,697

5/13/26

—

(

7,212

)

Singapore

Dollar

....

BOFA

Buy

48,500

38,395

5/13/26

—

(

557

)

Singapore

Dollar

....

BZWS

Buy

592,700

469,203

5/13/26

—

(

6,810

)

Singapore

Dollar

....

GSCO

Buy

2,829,900

2,240,201

5/13/26

—

(

32,465

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

186

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)

Singapore

Dollar

....

MSCO

Buy

1,267,800

1,003,721

5/13/26

$

—

$

(

14,652

)

Singapore

Dollar

....

SSBT

Buy

436,900

345,866

5/13/26

—

(

5,020

)

Singapore

Dollar

....

WPAC

Buy

997,600

789,715

5/13/26

—

(

11,442

)

South

Korean

Won

..

GSCO

Sell

952,976,000

653,574

5/13/26

19,360

—

South

Korean

Won

..

JPHQ

Sell

1,247,874,300

855,758

5/13/26

25,286

—

South

Korean

Won

..

MSCO

Buy

2,197,935,400

1,507,537

5/13/26

—

(

44,792

)

British

Pound

......

BOFA

Sell

2,718,200

3,598,285

6/17/26

1,307

—

British

Pound

......

BZWS

Sell

1,015,000

1,343,591

6/17/26

447

—

British

Pound

......

CITI

Buy

1,089,100

1,441,701

6/17/26

—

(

501

)

British

Pound

......

GSCO

Buy

3,024,800

4,025,731

6/17/26

—

(

23,030

)

British

Pound

......

GSCO

Sell

5,099,900

6,750,891

6/17/26

2,223

—

British

Pound

......

HSBK

Sell

3,689,000

4,906,352

6/17/26

24,719

—

British

Pound

......

JPHQ

Sell

1,123,300

1,497,281

6/17/26

10,825

—

British

Pound

......

MSCO

Buy

772,500

1,032,768

6/17/26

—

(

10,523

)

British

Pound

......

MSCO

Sell

6,468,700

8,619,426

6/17/26

59,433

—

British

Pound

......

SSBT

Sell

2,291,100

3,047,229

6/17/26

15,430

—

British

Pound

......

TDOM

Buy

1,355,100

1,802,324

6/17/26

—

(

9,128

)

British

Pound

......

UBSW

Sell

812,600

1,080,777

6/17/26

5,468

—

British

Pound

......

WPAC

Buy

2,080,700

2,754,362

6/17/26

—

(

984

)

Czech

Koruna

......

CITI

Buy

6,980,800

326,601

6/17/26

2,437

—

Czech

Koruna

......

MSCO

Sell

13,073,500

616,310

6/17/26

93

—

Czech

Koruna

......

UBSW

Buy

6,058,700

284,915

6/17/26

660

—

Danish

Krone

......

BOFA

Buy

1,071,800

165,032

6/17/26

1,460

—

Danish

Krone

......

CITI

Buy

9,580,400

1,475,292

6/17/26

12,912

—

Danish

Krone

......

GSCO

Buy

5,545,800

853,883

6/17/26

7,593

—

Danish

Krone

......

HSBK

Sell

699,600

108,092

6/17/26

—

(

582

)

Danish

Krone

......

MSCO

Sell

41,999,600

6,505,484

6/17/26

—

(

18,667

)

Danish

Krone

......

UBSW

Sell

275,200

42,527

6/17/26

—

(

222

)

Euro

.............

BOFA

Sell

1,701,300

1,955,576

6/17/26

—

(

17,790

)

Euro

.............

BZWS

Sell

1,394,700

1,603,152

6/17/26

—

(

14,584

)

Euro

.............

CITI

Buy

2,882,500

3,313,333

6/17/26

30,126

—

Euro

.............

GSCO

Buy

2,118,300

2,441,755

6/17/26

15,297

—

Euro

.............

GSCO

Sell

3,624,500

4,173,032

6/17/26

—

(

31,086

)

Euro

.............

HSBK

Buy

2,804,400

3,234,629

6/17/26

18,241

—

Euro

.............

JPHQ

Buy

1,166,600

1,349,265

6/17/26

3,894

—

Euro

.............

MSCO

Buy

1,361,300

1,575,926

6/17/26

3,068

—

Euro

.............

MSCO

Sell

22,900,000

26,473,915

6/17/26

—

(

88,172

)

Euro

.............

SSBT

Buy

4,012,500

4,628,206

6/17/26

25,959

—

Euro

.............

TDOM

Sell

501,000

577,906

6/17/26

—

(

3,212

)

Euro

.............

UBSW

Buy

15,690,900

18,098,276

6/17/26

101,857

—

Euro

.............

WPAC

Sell

4,966,600

5,708,868

6/17/26

—

(

51,973

)

Norwegian

Krone

...

BOFA

Sell

587,200

60,240

6/17/26

—

(

364

)

Norwegian

Krone

...

BZWS

Sell

729,500

74,832

6/17/26

—

(

458

)

Norwegian

Krone

...

CITI

Buy

3,566,400

365,859

6/17/26

2,223

—

Norwegian

Krone

...

GSCO

Buy

6,706,100

688,512

6/17/26

3,612

—

Norwegian

Krone

...

MSCO

Buy

17,781,400

1,838,013

6/17/26

—

(

2,827

)

Norwegian

Krone

...

SSBT

Sell

1,400,800

144,521

6/17/26

—

(

53

)

Swedish

Krona

.....

CITI

Buy

4,459,300

475,705

6/17/26

—

(

2,821

)

Swedish

Krona

.....

GSCO

Buy

34,062,000

3,633,590

6/17/26

—

(

21,510

)

Swedish

Krona

.....

GSCO

Sell

6,401,900

689,295

6/17/26

10,410

—

Swedish

Krona

.....

HSBK

Buy

6,365,500

683,665

6/17/26

—

(

8,640

)

Swedish

Krona

.....

JPHQ

Buy

13,999,700

1,507,099

6/17/26

—

(

22,511

)

Swedish

Krona

.....

MSCO

Buy

1,244,400

133,825

6/17/26

—

(

1,864

)

Swedish

Krona

.....

SSBT

Buy

9,406,200

1,010,203

6/17/26

—

(

12,729

)

Swedish

Krona

.....

TDOM

Buy

8,521,900

915,275

6/17/26

—

(

11,577

)

Swedish

Krona

.....

WPAC

Buy

8,078,100

861,724

6/17/26

—

(

5,087

)

Swiss

Franc

.......

BOFA

Buy

1,158,300

1,481,184

6/17/26

—

(

20,347

)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

International

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

187

See

A

bbreviations

on

page

255

.

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

.......

BZWS

Buy

1,271,900

1,626,647

6/17/26

$

—

$

(

22,539

)

Swiss

Franc

.......

CITI

Sell

613,600

784,649

6/17/26

10,782

—

Swiss

Franc

.......

GSCO

Buy

2,679,500

3,426,821

6/17/26

—

(

47,461

)

Swiss

Franc

.......

HSBK

Buy

4,095,500

5,243,858

6/17/26

—

(

78,652

)

Swiss

Franc

.......

JPHQ

Buy

1,809,100

2,321,477

6/17/26

—

(

39,858

)

Swiss

Franc

.......

MSCO

Sell

1,498,500

1,921,878

6/17/26

31,984

—

Swiss

Franc

.......

SSBT

Buy

3,867,200

4,951,296

6/17/26

—

(

74,020

)

Swiss

Franc

.......

TDOM

Buy

570,200

730,155

6/17/26

—

(

11,024

)

Swiss

Franc

.......

UBSW

Sell

2,076,500

2,658,727

6/17/26

39,865

—

Swiss

Franc

.......

WPAC

Buy

2,676,800

3,423,105

6/17/26

—

(

47,151

)

Total

Forward

Exchange

Contracts

...................................................

$895,171

$(1,391,650)

Net

unrealized

appreciation

(depreciation)

............................................

$(496,479)

*

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),

March

31,

2026

Putnam

VT

Large

Cap

Growth

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

188

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.2%

Aerospace

&

Defense

2.3%

General

Electric

Co.

.................................

United

States

68,183

$

19,348,290

TransDigm

Group,

Inc.

...............................

United

States

6,220

7,208,731

26,557,021

Automobiles

3.7%

a

Tesla,

Inc.

.........................................

United

States

114,801

42,677,272

Biotechnology

1.7%

AbbVie,

Inc.

.......................................

United

States

86,379

18,786,569

Broadline

Retail

4.5%

a

Amazon.com,

Inc.

...................................

United

States

247,841

51,617,845

Building

Products

1.3%

Trane

Technologies

plc

...............................

United

States

34,529

14,389,615

Capital

Markets

0.6%

Nasdaq,

Inc.

.......................................

United

States

82,870

7,034,834

Chemicals

0.7%

Sherwin-Williams

Co.

(The)

............................

United

States

25,402

8,142,611

Communications

Equipment

0.9%

a

Arista

Networks,

Inc.

.................................

United

States

87,188

10,704,943

Construction

Materials

1.0%

Vulcan

Materials

Co.

.................................

United

States

42,118

11,468,731

Consumer

Finance

0.7%

Capital

One

Financial

Corp.

...........................

United

States

43,676

7,967,813

Consumer

Staples

Distribution

&

Retail

2.3%

Costco

Wholesale

Corp.

..............................

United

States

26,542

26,447,245

Electric

Utilities

0.7%

Constellation

Energy

Corp.

............................

United

States

30,339

8,472,166

Electrical

Equipment

2.1%

GE

Vernova,

Inc.

....................................

United

States

27,294

23,824,933

Entertainment

2.7%

a

Live

Nation

Entertainment,

Inc.

.........................

United

States

65,863

10,044,766

a

Netflix,

Inc.

........................................

United

States

104,938

10,089,789

a

Spotify

Technology

SA

................................

United

States

21,055

10,209,780

30,344,335

Financial

Services

5.2%

Mastercard,

Inc.

,

A

..................................

United

States

68,686

34,319,647

Visa,

Inc.

,

A

........................................

United

States

83,103

25,117,051

59,436,698

Ground

Transportation

0.7%

b

Canadian

Pacific

Kansas

City

Ltd.

.......................

Canada

100,633

7,915,792

Health

Care

Equipment

&

Supplies

2.4%

a

Boston

Scientific

Corp.

...............................

United

States

92,411

5,798,790

a

IDEXX

Laboratories,

Inc.

..............................

United

States

13,232

7,434,928

a

Intuitive

Surgical,

Inc.

................................

United

States

30,539

14,078,174

27,311,892

Hotels,

Restaurants

&

Leisure

1.7%

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

33,490

10,183,639

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Growth

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

189

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

b

Starbucks

Corp.

....................................

United

States

95,683

$

8,572,240

18,755,879

Interactive

Media

&

Services

10.4%

Alphabet,

Inc.

,

C

....................................

United

States

233,328

66,932,470

Meta

Platforms,

Inc.

,

A

...............................

United

States

90,185

51,597,544

118,530,014

IT

Services

0.6%

a

Snowflake,

Inc.

,

A

...................................

United

States

44,122

6,654,480

Life

Sciences

Tools

&

Services

0.7%

Lonza

Group

AG

....................................

Switzerland

12,633

8,104,304

Machinery

1.2%

Caterpillar,

Inc.

.....................................

United

States

19,836

14,053,013

Pharmaceuticals

4.1%

Eli

Lilly

&

Co.

......................................

United

States

42,351

38,953,179

Galderma

Group

AG

.................................

Switzerland

39,109

7,686,241

46,639,420

Real

Estate

Management

&

Development

0.8%

a

CBRE

Group,

Inc.

,

A

.................................

United

States

68,665

9,301,361

Semiconductors

&

Semiconductor

Equipment

23.7%

a

Advanced

Micro

Devices,

Inc.

..........................

United

States

69,554

14,149,370

Broadcom,

Inc.

.....................................

United

States

233,370

72,230,349

Lam

Research

Corp.

.................................

United

States

121,305

25,918,026

NVIDIA

Corp.

......................................

United

States

906,225

158,045,640

270,343,385

Software

11.6%

a

Cadence

Design

Systems,

Inc.

.........................

United

States

53,463

14,855,764

Microsoft

Corp.

.....................................

United

States

242,685

89,834,706

Oracle

Corp.

.......................................

United

States

51,790

7,618,827

a

Palantir

Technologies,

Inc.

,

A

...........................

United

States

59,779

8,744,472

a

ServiceNow,

Inc.

....................................

United

States

96,437

10,082,488

131,136,257

Specialized

REITs

0.7%

American

Tower

Corp.

................................

United

States

47,012

8,113,331

Technology

Hardware,

Storage

&

Peripherals

10.2%

Apple,

Inc.

........................................

United

States

460,672

116,913,947

Total

Common

Stocks

(Cost

$

463,046,517

)

...................................

1,131,645,706

Short

Term

Investments

2.2%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

1.2%

c,d

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

13,854,707

13,854,707

Total

Management

Investment

Companies

(Cost

$

13,854,707

)

..................

13,854,707

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

190

See

Abbreviations

on

page

255

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.0%

Money

Market

Funds

1.0%

c,d

Putnam

Cash

Collateral

Pool,

LLC

,

3.882

%

................

United

States

11,313,820

$

11,313,820

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

11,313,820

)

.........................................................

11,313,820

Total

Short

Term

Investments

(Cost

$

25,168,527

)

..............................

25,168,527

a

Total

Investments

(Cost

$

488,215,044

)

101.4

%

................................

$1,156,814,233

Other

Assets,

less

Liabilities

(

1.4

)

%

.........................................

(15,626,018)

Net

Assets

100.0%

.........................................................

$1,141,188,215

a

a

a

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2026.

c

See

Note

4

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),

March

31,

2026

Putnam

VT

Large

Cap

Value

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

96.5%

Aerospace

&

Defense

3.1%

Northrop

Grumman

Corp.

.............................

United

States

56,141

$

38,301,636

RTX

Corp.

........................................

United

States

208,278

40,176,826

78,478,462

Air

Freight

&

Logistics

1.9%

FedEx

Corp.

.......................................

United

States

134,048

47,745,217

Automobiles

2.3%

General

Motors

Co.

..................................

United

States

761,985

56,767,883

Banks

8.6%

Bank

of

America

Corp.

...............................

United

States

1,059,344

51,643,020

Citigroup,

Inc.

......................................

United

States

882,313

100,063,117

JPMorgan

Chase

&

Co.

...............................

United

States

92,564

27,228,626

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

167,049

34,761,226

213,695,989

Beverages

2.4%

Coca-Cola

Co.

(The)

.................................

United

States

786,012

59,776,213

Biotechnology

2.8%

AbbVie,

Inc.

.......................................

United

States

102,447

22,281,198

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

60,256

46,556,196

68,837,394

Broadline

Retail

2.1%

a

Amazon.com,

Inc.

...................................

United

States

255,795

53,274,425

Building

Products

0.7%

Johnson

Controls

International

plc

.......................

United

States

135,669

17,765,856

Capital

Markets

5.9%

BlackRock,

Inc.

.....................................

United

States

23,500

22,600,185

Charles

Schwab

Corp.

(The)

...........................

United

States

428,877

40,305,860

CME

Group,

Inc.

....................................

United

States

116,001

34,260,895

Goldman

Sachs

Group,

Inc.

(The)

.......................

United

States

40,029

33,864,134

State

Street

Corp.

...................................

United

States

110,229

13,950,582

144,981,656

Chemicals

2.7%

Corteva,

Inc.

.......................................

United

States

521,582

43,661,629

Eastman

Chemical

Co.

...............................

United

States

130,361

9,949,152

PPG

Industries,

Inc.

.................................

United

States

125,241

13,385,758

66,996,539

Communications

Equipment

3.0%

Cisco

Systems,

Inc.

.................................

United

States

972,245

75,436,490

Construction

Materials

1.3%

CRH

plc

..........................................

United

States

303,123

31,864,290

Consumer

Finance

1.8%

Capital

One

Financial

Corp.

...........................

United

States

245,689

44,821,044

Consumer

Staples

Distribution

&

Retail

3.2%

a

BJ's

Wholesale

Club

Holdings,

Inc.

......................

United

States

150,205

14,783,176

Kroger

Co.

(The)

....................................

United

States

347,876

25,172,307

Walmart,

Inc.

......................................

United

States

320,467

39,827,639

79,783,122

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Value

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)

Containers

&

Packaging

0.4%

Ball

Corp.

.........................................

United

States

184,247

$

10,890,840

Diversified

Telecommunication

Services

0.4%

Comcast

Corp.

,

A

...................................

United

States

327,858

9,412,803

Electric

Utilities

4.3%

NextEra

Energy,

Inc.

.................................

United

States

660,545

61,351,420

NRG

Energy,

Inc.

...................................

United

States

141,696

20,707,453

PPL

Corp.

.........................................

United

States

651,517

24,887,949

106,946,822

Financial

Services

0.9%

Apollo

Global

Management,

Inc.

........................

United

States

197,363

21,990,185

Health

Care

Equipment

&

Supplies

1.8%

Becton

Dickinson

&

Co.

...............................

United

States

159,879

25,137,775

a

Boston

Scientific

Corp.

...............................

United

States

311,680

19,557,920

44,695,695

Health

Care

Providers

&

Services

3.3%

McKesson

Corp.

....................................

United

States

63,573

55,013,531

UnitedHealth

Group,

Inc.

..............................

United

States

100,169

27,104,730

82,118,261

Hotels,

Restaurants

&

Leisure

1.3%

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

108,032

32,850,371

Household

Durables

1.8%

PulteGroup,

Inc.

....................................

United

States

378,096

44,467,871

Household

Products

1.5%

Procter

&

Gamble

Co.

(The)

...........................

United

States

253,076

36,554,297

Industrial

Conglomerates

2.0%

Honeywell

International,

Inc.

...........................

United

States

224,258

50,689,036

Industrial

REITs

1.0%

Prologis,

Inc.

.......................................

United

States

190,307

25,154,779

Insurance

2.4%

Allstate

Corp.

(The)

..................................

United

States

162,774

33,749,561

American

International

Group,

Inc.

......................

United

States

319,420

24,036,355

57,785,916

Interactive

Media

&

Services

3.6%

Alphabet,

Inc.

,

A

....................................

United

States

309,380

88,965,313

IT

Services

1.3%

Accenture

plc

,

A

....................................

United

States

162,321

32,186,631

Life

Sciences

Tools

&

Services

2.1%

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

90,253

44,362,057

a

Waters

Corp.

......................................

United

States

21,638

6,443,796

50,805,853

Machinery

1.9%

Ingersoll

Rand,

Inc.

..................................

United

States

287,979

23,072,878

Otis

Worldwide

Corp.

................................

United

States

333,669

25,719,207

48,792,085

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Value

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)

Media

0.4%

a

Charter

Communications,

Inc.

,

A

........................

United

States

50,213

$

10,839,982

Metals

&

Mining

1.6%

Freeport-McMoRan,

Inc.

..............................

United

States

669,340

39,343,805

Office

REITs

0.5%

Vornado

Realty

Trust

.................................

United

States

453,813

11,794,600

Oil,

Gas

&

Consumable

Fuels

7.5%

ConocoPhillips

.....................................

United

States

229,531

30,298,092

Exxon

Mobil

Corp.

...................................

United

States

500,436

84,903,972

Shell

plc

..........................................

United

States

742,722

34,730,512

Valero

Energy

Corp.

.................................

United

States

152,314

37,633,743

187,566,319

Passenger

Airlines

1.5%

Southwest

Airlines

Co.

...............................

United

States

1,016,878

38,204,106

Pharmaceuticals

3.3%

AstraZeneca

plc

....................................

United

Kingdom

191,778

37,822,457

Novo

Nordisk

A/S

,

ADR

...............................

Denmark

414,754

15,242,210

Sanofi

SA

.........................................

United

States

308,225

29,765,235

82,829,902

Semiconductors

&

Semiconductor

Equipment

1.7%

Marvell

Technology,

Inc.

..............................

United

States

283,179

28,048,880

QUALCOMM,

Inc.

...................................

United

States

109,054

14,043,974

42,092,854

Software

2.1%

Microsoft

Corp.

.....................................

United

States

138,050

51,101,969

Specialized

REITs

0.3%

American

Tower

Corp.

................................

United

States

45,887

7,919,178

Technology

Hardware,

Storage

&

Peripherals

1.3%

Seagate

Technology

Holdings

plc

.......................

United

States

80,389

31,493,195

Tobacco

2.3%

Philip

Morris

International,

Inc.

.........................

United

States

349,652

57,811,462

Trading

Companies

&

Distributors

0.9%

United

Rentals,

Inc.

..................................

United

States

29,864

21,757,716

Wireless

Telecommunication

Services

1.3%

T-Mobile

US,

Inc.

...................................

United

States

157,214

33,019,656

Total

Common

Stocks

(Cost

$

1,493,866,011

)

..................................

2,400,306,082

Principal

Amount

*

U.S.

Government

and

Agency

Securities

0.0%

†

b

U.S.

Treasury

Bills

,

Zero

Cpn.

,

7/16/26

...................

United

States

189,014

187,023

Total

U.S.

Government

and

Agency

Securities

(Cost

$

187,023

)

..................

187,023

Total

Long

Term

Investments

(Cost

$

1,494,053,034

)

...........................

2,400,493,105

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Large

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

194

Short

Term

Investments

3.3%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.1%

c

U.S.

Treasury

Bills

,

3.47

%,

4/23/26

...................................

United

States

200,000

$

199,557

d

3.58

%,

7/16/26

...................................

United

States

2,200,000

2,176,820

2,376,377

Total

U.S.

Government

and

Agency

Securities

(Cost

$

2,376,736

)

................

2,376,377

Shares

Management

Investment

Companies

3.2%

e,f

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

79,373,953

79,373,953

Total

Management

Investment

Companies

(Cost

$

79,373,953

)

..................

79,373,953

Total

Short

Term

Investments

(Cost

$

81,750,689

)

..............................

81,750,330

a

Total

Investments

(Cost

$

1,575,803,723

)

99.8

%

................................

$2,482,243,435

Other

Assets,

less

Liabilities

0.2

%

...........................................

5,454,059

Net

Assets

100.0%

.........................................................

$2,487,697,494

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

March

31,

2026,

the

value

of

this

security

pledged

amounted

to

$855,886,

representing

less

than

0.1%

of

net

assets.

e

See

Note

4

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)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

195

At

March

31,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

A

bbreviations

on

page

255

.

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

2,735,978

6/17/26

$

994

$

—

British

Pound

......

BZWS

Sell

8,887,300

11,764,430

6/17/26

3,917

—

British

Pound

......

GSCO

Sell

13,629,600

18,041,910

6/17/26

5,940

—

British

Pound

......

HSBK

Sell

4,808,700

6,395,547

6/17/26

32,222

—

British

Pound

......

MSCO

Sell

4,880,000

6,502,512

6/17/26

44,836

—

British

Pound

......

SSBT

Sell

4,091,600

5,441,947

6/17/26

27,556

—

British

Pound

......

TDOM

Sell

10,021,700

13,329,162

6/17/26

67,504

—

Danish

Krone

......

CITI

Buy

46,086,300

7,096,860

6/17/26

62,113

—

Danish

Krone

......

MSCO

Sell

144,193,200

22,327,530

6/17/26

—

(

71,213

)

Euro

.............

BOFA

Sell

6,779,000

7,792,189

6/17/26

—

(

70,884

)

Euro

.............

GSCO

Sell

2,037,000

2,341,430

6/17/26

—

(

21,320

)

Euro

.............

JPHQ

Sell

4,111,200

4,754,928

6/17/26

—

(

13,721

)

Euro

.............

SSBT

Sell

1,546,700

1,784,036

6/17/26

—

(

10,006

)

Euro

.............

UBSW

Sell

8,316,700

9,592,690

6/17/26

—

(

53,988

)

Total

Forward

Exchange

Contracts

...................................................

$245,082

$(241,132)

Net

unrealized

appreciation

(depreciation)

............................................

$3,950

*

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),

March

31,

2026

Putnam

VT

Mortgage

Securities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

196

a

a

Principal

Amount

a

Value

a

a

a

a

a

Asset-Backed

Securities

4.1%

Financial

Services

4.1%

Bayview

Financial

Mortgage

Pass-Through

Trust

,

2006-C

,

1A3

,

6.528

%

,

11/28/36

...

$

66,898

$

66,544

a

Carrington

Mortgage

Loan

Trust

,

2006-NC2

,

A4

,

FRN

,

4.273

%

,

(

1-month

SOFR

+

0.594

%

),

6/25/36

..................................................

223,105

218,565

a

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2007-10

,

1A1

,

FRN

,

3.973

%

,

(

1-month

SOFR

+

0.294

%

),

6/25/47

...........................................

139,152

134,200

b

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18

%

,

9/27/55

...................

28,000

27,216

a

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE9

,

M2

,

FRN

,

4.723

%

,

(

1-month

SOFR

+

1.044

%

),

11/25/34

..........................................

578

579

b

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

..

100,000

84,135

b

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968

%

,

2/25/56

.........................

99,962

99,217

a,b

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.119

%

,

(

30-day

SOFR

Average

+

1.45

%

),

7/25/54

...........................................

111,211

111,116

b

Sabey

Data

Center

Issuer

LLC

,

2026-1

,

A2

,

144A,

5.482

%

,

1/20/51

..............

100,000

99,402

b

SF

ABS

Issuer

LLC

,

2025-1A

,

A2

,

144A,

5.377

%

,

11/25/55

....................

65,000

63,738

b,c

Tricolor

Auto

Securitization

Trust

,

2024-1A

,

A

,

144A,

6.61

%

,

10/15/27

............

29,572

29,377

b

VCAT

LLC

,

2026-NPL1

,

A1

,

144A,

5.101

%

,

1/25/56

..........................

94,318

93,862

1,027,951

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$1,009,121)

................................

1,027,951

Commercial

Mortgage-Backed

Securities

26.7%

Financial

Services

26.7%

BANK

,

b

2018-BN11,

D,

144A,

3%,

3/15/61

.....................................

59,000

49,948

d,e

2024-BNK48,

XA,

IO,

FRN,

1.144%,

10/15/57

............................

762,241

58,831

d,e

2020-BN26,

XA,

IO,

FRN,

1.19%,

3/15/63

...............................

960,738

32,760

d,e

BANK5

Trust

,

2024-5YR10

,

XA

,

IO,

FRN

,

1.188

%

,

10/15/57

...................

1,179,149

42,523

b

Barclays

Commercial

Mortgage

Trust

,

2019-C4,

E,

144A,

3.25%,

8/15/52

.....................................

111,000

62,576

e

2019-C5,

F,

144A,

FRN,

2.552%,

11/15/52

...............................

80,000

50,211

d,e

BBCMS

Mortgage

Trust

,

2024-5C29,

XA,

IO,

FRN,

1.598%,

9/15/57

...............................

1,456,173

69,330

2025-C32,

XA,

IO,

FRN,

1.128%,

2/15/62

................................

998,231

80,142

Benchmark

Mortgage

Trust

,

e

2018-B1,

C,

FRN,

4.202%,

1/15/51

....................................

49,000

40,248

b

2018-B1,

D,

144A,

2.75%,

1/15/51

.....................................

105,000

41,305

b,e

2018-B3,

D,

144A,

FRN,

3.045%,

4/10/51

...............................

77,000

53,996

b

2019-B11,

D,

144A,

3%,

5/15/52

......................................

115,000

64,899

b

2019-B13,

D,

144A,

2.5%,

8/15/57

.....................................

105,000

64,512

b,e

2018-B1,

E,

144A,

FRN,

3%,

1/15/51

...................................

108,000

34,850

d,e

2024-V10,

XA,

IO,

FRN,

1.305%,

9/15/57

................................

1,157,877

45,125

d,e

2019-B15,

XA,

IO,

FRN,

0.8%,

12/15/72

.................................

1,075,152

24,614

b,e

BWAY

Mortgage

Trust

,

2022-26BW,

E,

144A,

FRN,

4.866%,

2/10/44

.............................

100,000

55,729

2022-26BW,

F,

144A,

FRN,

4.866%,

2/10/44

.............................

138,000

68,435

b,e

BX

Trust

,

2025-ARIA

,

C

,

144A,

FRN

,

5.517

%

,

12/13/42

.......................

100,000

99,807

CD

Mortgage

Trust

,

e

2017-CD3,

B,

FRN,

3.984%,

2/10/50

...................................

60,000

40,334

e

2017-CD4,

B,

FRN,

3.947%,

5/10/50

...................................

109,000

99,984

e

2017-CD3,

C,

FRN,

4.557%,

2/10/50

...................................

134,000

49,866

b

2017-CD3,

D,

144A,

3.25%,

2/10/50

....................................

95,933

5,783

b

2019-CD8,

D,

144A,

3%,

8/15/57

......................................

84,000

55,569

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

197

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Citigroup

Commercial

Mortgage

Trust

,

e

2015-GC33,

C,

FRN,

4.336%,

9/10/58

..................................

$

83,000

$

72,355

b,e

2015-GC27,

D,

144A,

FRN,

4.379%,

2/10/48

.............................

94,056

92,079

2015-GC33,

D,

3.172%,

9/10/58

.......................................

16,000

9,840

COMM

Mortgage

Trust

,

2012-CR4,

AM,

3.251%,

10/15/45

.....................................

106,000

102,918

2013-CR12,

AM,

4.3%,

10/10/46

......................................

70,163

67,303

e

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................................

27,809

27,459

b

2012-CR4,

B,

144A,

3.703%,

10/15/45

..................................

61,000

41,531

2014-CR17,

B,

4.377%,

5/10/47

.......................................

53,394

52,902

e

2015-DC1,

B,

FRN,

4.035%,

2/10/48

...................................

85,000

81,532

b,e

2013-CR6,

C,

144A,

FRN,

3.777%,

3/10/46

..............................

100,000

97,406

e

2014-CR16,

C,

FRN,

4.724%,

4/10/47

..................................

119,000

114,342

e

2014-CR17,

C,

FRN,

4.471%,

5/10/47

..................................

108,000

102,084

b,e

2013-LC13,

D,

144A,

FRN,

5.012%,

8/10/46

.............................

96,775

90,879

b,e

2014-CR17,

D,

144A,

FRN,

4.535%,

5/10/47

.............................

144,000

122,187

e

2015-CR26,

D,

FRN,

3.613%,

10/10/48

.................................

85,000

69,507

b

2017-COR2,

D,

144A,

3%,

9/10/50

.....................................

113,000

102,723

b,e

2018-COR3,

D,

144A,

FRN,

2.769%,

5/10/51

.............................

40,000

15,892

b,e

2015-LC19,

E,

144A,

FRN,

4.408%,

2/10/48

..............................

115,000

106,315

CSAIL

Commercial

Mortgage

Trust

,

e

2015-C1,

B,

FRN,

3.742%,

4/15/50

....................................

61,393

59,212

e

2015-C3,

C,

FRN,

4.13%,

8/15/48

.....................................

45,617

44,285

e

2015-C1,

C,

FRN,

3.742%,

4/15/50

....................................

124,000

115,968

e

2015-C2,

C,

FRN,

4.12%,

6/15/57

.....................................

19,650

18,836

b

2019-C17,

D,

144A,

2.5%,

9/15/52

.....................................

50,000

27,987

e

2015-C2,

D,

FRN,

4.12%,

6/15/57

.....................................

55,000

48,630

b,e

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.294

%

,

8/10/44

............

110,284

107,869

GS

Mortgage

Securities

Trust

,

2014-GC22,

AS,

4.113%,

6/10/47

......................................

83,000

78,976

e

2014-GC24,

B,

FRN,

4.297%,

9/10/47

..................................

40,190

38,918

b,e

2013-GC13,

D,

144A,

FRN

,

3.856%,

7/10/46

.............................

105,000

79,314

b,e

2014-GC24,

D,

144A,

FRN,

4.318%,

9/10/47

.............................

123,000

85,484

b,e

2017-GS5,

D,

144A,

FRN,

3.509%,

3/10/50

..............................

61,000

6,435

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2013-LC11,

B,

3.499%,

4/15/46

.......................................

4,439

4,331

e

2013-C10,

C,

FRN,

3.905%,

12/15/47

..................................

22,693

22,030

b,e

2011-C3,

D,

144A,

FRN,

5.526%,

2/15/46

...............................

145,000

137,232

e

2013-LC11,

D,

FRN,

3.607%,

4/15/46

...................................

39,939

299

b,e

2012-LC9,

D,

144A,

FRN,

3.499%,

12/15/47

.............................

100,000

97,684

e

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18,

B,

FRN,

4.474%,

2/15/47

...................................

42,033

41,779

2014-C25,

B,

FRN,

4.347%,

11/15/47

...................................

95,000

88,751

2014-C22,

C,

FRN,

4.514%,

9/15/47

...................................

73,000

69,632

2013-C12,

D,

FRN,

3.859%,

7/15/45

...................................

87,000

82,817

b

2013-C14,

D,

144A,

FRN,

3.931%,

8/15/46

..............................

116,000

92,864

b

2014-C23,

D,

144A,

FRN,

4.037%,

9/15/47

..............................

100,000

91,728

e

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

C,

FRN,

4.755%,

6/15/51

....................................

53,000

48,710

b

2016-C2,

D,

144A,

FRN,

3.427%,

6/15/49

...............................

157,000

76,986

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

..........

60,000

59,454

b,e

MAD

Commercial

Mortgage

Trust

,

2025-11MD

,

D

,

144A,

FRN

,

5.935

%

,

10/15/42

...

104,000

105,781

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

e

2013-C9,

B,

FRN,

3.708%,

5/15/46

....................................

69,741

66,618

e

2013-C10,

B,

FRN,

3.951%,

7/15/46

...................................

68,837

65,443

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

198

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)

e

2013-C9,

C,

FRN,

3.704%,

5/15/46

....................................

$

58,000

$

53,588

e

2013-C12,

C,

FRN,

4.601%,

10/15/46

..................................

10,161

9,864

e

2015-C22,

C,

FRN,

3.97%,

4/15/48

....................................

98,000

85,663

e

2017-C34,

C,

FRN,

4.164%,

11/15/52

...................................

60,000

53,424

b

2015-C26,

D,

144A,

3.06%

,

10/15/48

...................................

67,871

65,229

b,e

2012-C5,

E,

144A,

FRN,

4.559%,

8/15/45

...............................

21,954

21,856

b,e

2012-C6,

E,

144A,

FRN,

4.345%,

11/15/45

...............................

124,000

84,786

b,e

2013-C10,

F,

144A,

FRN,

3.951%,

7/15/46

...............................

141,000

21,625

e

Morgan

Stanley

Capital

I

Trust

,

2015-MS1,

C,

FRN,

4.028%,

5/15/48

...................................

94,000

85,060

2016-UB11,

C,

FRN,

3.691%,

8/15/49

..................................

126,000

124,422

2018-H3,

C,

FRN,

4.858%,

7/15/51

....................................

88,000

84,315

b

2011-C3,

E,

144A,

FRN,

4.941%,

7/15/49

................................

25,038

24,815

e

UBS

Commercial

Mortgage

Trust

,

2017-C3,

C,

FRN,

4.352%,

8/15/50

....................................

94,000

88,733

2018-C11,

C,

FRN,

4.867%,

6/15/51

...................................

66,000

61,329

2018-C13,

C,

FRN,

4.972%,

10/15/51

..................................

98,000

90,705

b

2018-C11,

D,

144A,

FRN,

3%,

6/15/51

..................................

136,000

90,953

b

2012-C1,

E,

144A,

FRN,

5%,

5/10/45

...................................

74,969

71,500

b,e

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.217

%

,

7/10/36

.........................

75,000

74,761

Wells

Fargo

Commercial

Mortgage

Trust

,

e

2016-BNK1,

C,

FRN,

3.071%,

8/15/49

..................................

65,000

47,098

e

2018-C46,

C,

FRN,

4.947%,

8/15/51

...................................

51,000

48,003

e

2020-C57,

C,

FRN,

4.023%,

8/15/53

...................................

23,000

21,048

b,e

2014-LC18,

D,

144A,

FRN,

3.957%,

12/15/47

.............................

101,000

97,065

e

2015-C29,

D,

FRN,

4.091%,

6/15/48

...................................

8,217

7,992

2015-C31,

D,

3.852%,

11/15/48

.......................................

135,000

122,488

b

2017-RB1,

D,

144A,

3.401%,

3/15/50

...................................

61,000

27,791

b

2020-C55,

D,

144A,

2.5%,

2/15/53

.....................................

100,000

69,652

e

2016-NXS5,

D,

FRN,

4.948%,

1/15/59

..................................

51,000

26,647

b

2016-C33,

D,

144A,

3.123%,

3/15/59

...................................

72,837

71,244

b,e

2015-C31,

E,

144A,

FRN,

4.672%,

11/15/48

..............................

118,000

74,916

e

WFRBS

Commercial

Mortgage

Trust

,

2014-C21,

B,

FRN,

4.213%,

8/15/47

...................................

83,814

82,674

2014-C23,

B,

FRN,

4.315%,

10/15/57

...................................

50,000

48,514

2012-C10,

C,

FRN,

4.333%,

12/15/45

..................................

57,000

48,742

2013-C15,

C,

FRN,

4.152%,

8/15/46

...................................

61,000

56,097

2014-C21,

C,

FRN,

4.234%,

8/15/47

...................................

90,000

85,925

6,653,208

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$7,070,805)

.................

6,653,208

Mortgage-Backed

Securities

248.0%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.1%

FHLMC

Pool,

30

Year,

7%,

11/01/26

-

4/01/32

..............................

18,549

19,486

FHLMC

Pool,

30

Year,

7.5%,

9/01/30

-

7/01/31

.............................

3,711

3,797

23,283

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

201.9%

FNMA,

30

Year,

6.5%,

9/01/36

.........................................

4,919

5,089

FNMA,

30

Year,

7%,

8/01/33

-

10/01/33

...................................

34,207

35,940

FNMA,

30

Year,

7.5%,

9/01/30

-

11/01/30

.................................

1,371

1,401

f

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

4/25/41

.....................

1,000,000

899,272

f

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

4/25/41

......................

1,000,000

920,131

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

199

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

f

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

4/25/56

......................

$

5,000,000

$

4,028,516

f

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/41

.....................

1,000,000

944,954

f

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/56

.....................

3,000,000

2,522,813

f

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

4/25/56

......................

1,400,000

1,229,889

f

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

4/25/56

.....................

2,300,000

2,108,820

f

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

4/25/56

......................

1,000,000

943,758

f

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

4/25/56

.....................

6,050,000

5,817,005

f

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/56

......................

1,000,000

986,361

f

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

4/25/56

.....................

14,000,000

14,077,438

f

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

4/25/56

......................

15,000,000

15,297,140

f

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

4/25/56

.....................

500,000

517,330

50,335,857

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

46.0%

GNMA

I,

30

Year,

6%,

4/15/28

..........................................

874

889

GNMA

I,

30

Year,

6.5%,

4/15/28

........................................

16

17

GNMA

I,

Single-family,

30

Year,

6.5%,

5/15/28

-

8/15/32

......................

1,417

1,438

f

GNMA

II,

Single-family,

30

Year,

2%,

4/15/56

...............................

1,000,000

826,328

f

GNMA

II,

Single-family,

30

Year,

2.5%,

4/15/56

.............................

1,000,000

860,469

f

GNMA

II,

Single-family,

30

Year,

3%,

4/15/56

...............................

800,000

714,325

f

GNMA

II,

Single-family,

30

Year,

3.5%,

4/15/56

.............................

1,000,000

917,368

f

GNMA

II,

Single-family,

30

Year,

4%,

4/15/56

...............................

1,000,000

936,888

GNMA

II,

Single-family,

30

Year,

4.5%,

5/20/48

.............................

48,242

47,136

f

GNMA

II,

Single-family,

30

Year,

5%,

4/15/56

...............................

1,000,000

990,537

GNMA

II,

Single-family,

30

Year,

5.5%,

4/20/38

.............................

36,940

38,141

f

GNMA

II,

Single-family,

30

Year,

5.5%,

4/15/56

.............................

1,000,000

1,006,525

f

GNMA

II,

Single-family,

30

Year,

6%,

4/15/56

...............................

4,000,000

4,065,009

GNMA

II,

Single-family,

30

Year,

6%,

4/20/37

-

11/20/38

.......................

25,389

26,579

GNMA

II,

Single-family,

30

Year,

6.5%,

7/20/36

.............................

8,504

9,090

f

GNMA

II,

Single-family,

30

Year,

6.5%,

4/15/56

.............................

1,000,000

1,039,387

11,480,126

Total

Mortgage-Backed

Securities

(Cost

$62,111,164)

............................

61,839,266

Residential

Mortgage-Backed

Securities

19.2%

Financial

Services

19.2%

b

A&D

Mortgage

Trust

,

2023-NQM2,

A1,

144A,

6.132%,

5/25/68

................................

64,494

64,391

2023-NQM4,

A1,

144A,

7.472%,

9/25/68

................................

151,279

152,610

2023-NQM5,

A1,

144A,

7.049%,

11/25/68

...............................

86,531

87,255

2024-NQM1,

A1,

144A,

6.195%,

2/25/69

................................

77,621

78,017

a

Alternative

Loan

Trust

,

2006-OA19

,

A1

,

FRN

,

3.97

%

,

(

1-month

SOFR

+

0.294

%

),

2/20/47

.........................................................

129,614

106,030

a

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

3.983

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

...........................................

345,211

209,573

b

BRAVO

Residential

Funding

Trust

,

2024-NQM2

,

A1

,

144A,

6.285

%

,

2/25/64

.......

75,031

75,510

a,b

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

3.973

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

.................................................

103,615

91,713

b

COLT

Mortgage

Loan

Trust

,

2023-3

,

A1

,

144A,

7.18

%

,

9/25/68

.................

107,816

108,519

b

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085

%

,

12/25/68

..................

118,465

119,044

a,b

FHLMC

STACR

REMIC

Trust

,

2020-HQA3,

B2,

144A,

FRN,

13.776%,

(30-day

SOFR

Average

+

10.114%),

7/25/50

64,000

84,232

2020-DNA4,

B2,

144A,

FRN,

13.776%,

(30-day

SOFR

Average

+

10.114%),

8/25/50

65,000

85,960

2020-DNA5,

B2,

144A,

FRN,

15.162%,

(30-day

SOFR

Average

+

11.5%),

10/25/50

56,000

77,025

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

200

a

a

Principal

Amount

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

a,b

FHLMC

STACR

Trust

,

2019-FTR1,

B2,

144A,

FRN,

12.126%,

(30-day

SOFR

Average

+

8.464%),

1/25/48

$

200,000

$

236,285

2018-DNA3,

B2,

144A,

FRN,

11.526%,

(

30-day

SOFR

Average

+

7.864%),

9/25/48

431,000

490,886

2018-HQA2,

B2,

144A,

FRN,

14.776%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

413,000

502,114

2019-DNA1,

B2,

144A,

FRN,

14.526%,

(30-day

SOFR

Average

+

10.864%),

1/25/49

32,000

39,257

2019-HQA1,

B2,

144A,

FRN,

16.026%,

(30-day

SOFR

Average

+

12.364%),

2/25/49

222,000

263,384

a

FNMA

,

2003-W8

,

3F2

,

FRN

,

4.126

%

,

(

30-day

SOFR

Average

+

0.464

%

),

5/25/42

...

1,145

1,142

a

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C03,

1B,

FRN,

15.526%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

.....

153,645

154,737

2016-C04,

1B,

FRN,

14.026%,

(30-day

SOFR

Average

+

10.364%),

1/25/29

......

195,294

200,449

b

2019-R05,

1B1,

144A,

FRN,

7.876%,

(30-day

SOFR

Average

+

4.214%),

7/25/39

..

53,954

54,402

b

2020-SBT1,

1M2,

144A,

FRN,

7.426%,

(30-day

SOFR

Average

+

3.764%),

2/25/40

79,000

80,812

b

2020-R02,

2B1,

144A,

FRN,

6.776%,

(30-day

SOFR

Average

+

3.114%),

1/25/40

..

35,000

35,457

b

2022-R02,

2B1,

144A,

FRN,

8.162%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

...

35,000

35,917

b

2022-R02,

2M2,

144A,

FRN,

6.662%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....

281,828

284,893

a

J.P.

Morgan

Alternative

Loan

Trust

,

2006-A6

,

1A1

,

FRN

,

4.113

%

,

(

1-month

SOFR

+

0.434

%

),

11/25/36

.................................................

46,504

40,834

a,b

J.P.

Morgan

Mortgage

Trust

,

2024-9

,

A11

,

144A,

FRN

,

5.012

%

,

(

30-day

SOFR

Average

+

1.35

%

),

2/25/55

.................................................

89,493

89,720

b

MFA

Trust

,

2025-NQM3

,

A1

,

144A,

5.261

%

,

8/25/70

.........................

91,934

91,901

a,b

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.264

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

................................................

46,806

44,858

b

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-NQM2,

A1,

144A,

6.386%,

5/25/69

................................

124,392

125,548

a

2024-4,

AF,

144A,

FRN,

5.012%,

(30-day

SOFR

Average

+

1.35%),

9/25/54

......

45,366

45,440

b

PRET

LLC

,

2026-NPL1

,

A1

,

144A,

5.18

%

,

1/25/56

..........................

98,429

97,705

b

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185

%

,

2/25/31

............................

98,049

97,088

a

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7,

1A1,

FRN,

5.493%,

(1-month

SOFR

+

0.964%),

5/25/47

............

335,857

279,293

2006-AR7,

A1BG,

FRN,

3.913%,

(

1-month

SOFR

+

0.234%),

8/25/36

...........

18,062

16,118

b,e

Towd

Point

Mortgage

Trust

,

2019-2

,

A2

,

144A,

FRN

,

3.75

%

,

12/25/58

............

102,000

92,446

a

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR8

,

2AC2

,

FRN

,

4.713

%

,

(

1-month

SOFR

+

1.034

%

),

7/25/45

....................................

47,162

45,444

4,786,009

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$4,731,246)

..................

4,786,009

Agency

Commercial

Mortgage-Backed

Securities

32.9%

Financial

Services

32.9%

FHLMC

,

3391,

Strip,

4/15/37

................................................

1,754

1,538

d

5457,

IO,

5%,

10/25/54

.............................................

700,880

141,075

d

4953,

AI,

IO,

4%,

2/25/50

............................................

571,704

114,154

d

304,

C37,

IO,

3.5%,

12/15/27

.........................................

2,126

29

a

3065,

DC,

FRN,

8.5%,

(-3

x

30-day

SOFR

Average

+

19.517%),

3/15/35

........

38,530

39,818

d

4018,

DI,

IO,

4.5%,

7/15/41

..........................................

6,808

62

a,d

5003,

DS,

IO,

FRN,

2.324%,

(-1

x

30-day

SOFR

Average

+

5.986%),

8/25/50

.....

490,185

63,130

a

3408,

EK,

FRN,

10.556%,

(-4

x

30-day

SOFR

Average

+

25.332%),

4/15/37

......

6,709

7,890

a

406,

F30,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

...........

55,512

56,097

a

5391,

FC,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

3/25/54

.............

26,813

27,026

d

5349,

IB,

IO,

4%,

12/15/46

...........................................

240,042

50,205

d

5050,

IM,

IO,

3.5%,

10/25/50

.........................................

427,022

83,772

d

4136,

IQ,

IO,

3.5%,

11/15/42

.........................................

144,654

14,274

d

5071,

IV,

IO,

3%,

12/25/50

...........................................

890,346

146,845

d

5459,

KI,

IO,

5%,

7/25/48

............................................

784,898

108,497

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

201

a

a

Principal

Amount

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

FHLMC,

(continued)

a,d

4915,

SD,

IO,

FRN,

2.274%,

(-1

x

30-day

SOFR

Average

+

5.936%),

9/25/49

.....

$

329,056

$

34,166

a,d

4839,

WS,

IO,

FRN,

2.313%,

(-1

x

30-day

SOFR

Average

+

5.986%),

8/15/56

....

380,213

51,610

a,b

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN1,

M1,

144A,

FRN,

5.662%,

(30-day

SOFR

Average

+

2%),

1/25/51

.....

18,751

18,725

2021-MN1,

M2,

144A,

FRN,

7.412%,

(30-day

SOFR

Average

+

3.75%),

1/25/51

...

85,000

88,341

2021-MN3,

M2,

144A,

FRN,

7.662%,

(30-day

SOFR

Average

+

4%),

11/25/51

....

148,000

153,436

FNMA

,

d

2020-31,

IO,

4.5%,

5/25/50

..........................................

880,565

157,409

d

2020-96,

IO,

3%,

1/25/51

............................................

668,290

115,433

d

2018-51,

BI,

IO,

5.5%,

7/25/38

........................................

86,725

3,837

2008-53,

DO,

Strip,

7/25/38

..........................................

8,370

7,024

d

2012-104,

HI,

IO,

4%,

9/25/27

........................................

6,131

59

d

2023-49,

IA,

IO,

3%,

8/25/46

.........................................

401,444

51,042

d

2023-49,

IB,

IO,

3.5%,

3/25/47

........................................

471,520

72,187

d

2021-3,

IB,

IO,

2.5%,

2/25/51

.........................................

618,610

103,643

d

2021-25,

IJ,

IO,

3.5%,

5/25/51

........................................

362,141

69,571

d

2015-58,

KI,

IO,

6%,

3/25/37

.........................................

183,118

28,757

a,d

2011-123,

KS,

IO,

FRN,

2.824%,

(-1

x

30-day

SOFR

Average

+

6.486%),

10/25/41

.

9,547

637

d

2020-62,

MI,

IO,

3.5%,

5/25/49

........................................

870,120

156,639

d

2021-12,

NI,

IO,

2.5%,

3/25/51

........................................

617,665

104,443

a,d

2022-51,

PS,

IO,

FRN,

2.288%,

(-1

x

30-day

SOFR

Average

+

5.95%),

8/25/52

...

1,138,596

106,972

a,d

2018-20,

SB,

IO,

FRN,

2.474%,

(-1

x

30-day

SOFR

Average

+

6.136%),

3/25/48

..

244,820

22,676

a,b

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01

,

M10

,

144A,

FRN

,

7.026

%

,

(

30-day

SOFR

Average

+

3.364

%

),

10/25/49

......................

197,050

200,257

GNMA

,

d

2012-136,

IO,

3.5%,

11/20/42

.........................................

186,223

23,445

d

2014-76,

IO,

5%,

5/20/44

............................................

114,946

23,343

d,e

2024-32,

IO,

FRN,

0.7%,

6/16/63

......................................

800,635

41,017

d,e

2016-H24,

IO,

FRN,

2.046%,

9/20/66

...................................

254,716

15,386

d,e

2017-H09,

IO,

FRN,

1.86%,

4/20/67

....................................

215,179

6,270

d

2014-174,

AI,

IO,

3%,

11/16/29

........................................

42,658

885

d

2021-214,

AI,

IO,

4%,

12/20/51

.......................................

999,402

198,006

d,e

2014-H21,

AI,

IO,

FRN,

2.113%,

10/20/64

...............................

205,506

10,010

d,e

2015-H04,

AI,

IO,

FRN,

1.921%,

12/20/64

...............................

188,948

5,904

d,e

2015-H13,

AI,

IO,

FRN,

2.365%,

6/20/65

................................

183,992

9,832

d,e

2015-H14,

AI,

IO,

FRN,

2.67%,

6/20/65

.................................

219,582

12,026

d,e

2015-H22,

AI,

IO,

FRN,

2.432%,

9/20/65

................................

245,303

13,518

d,e

2016-H03,

AI,

IO,

FRN,

1.957%,

1/20/66

................................

228,323

9,599

d,e

2016-H10,

AI,

IO,

FRN,

1.762%,

4/20/66

................................

186,411

5,346

d,e

2016-H19,

AI,

IO,

FRN,

2.593%,

9/20/66

................................

205,159

8,796

d,e

2020-H18,

AI,

IO,

FRN,

2.275%,

9/20/70

................................

1,720,119

109,977

a,d

2023-7,

AS,

IO,

FRN,

3.227%,

(-1

x

30-day

SOFR

Average

+

6.9%),

1/20/53

.....

1,402,615

100,528

a,d

2023-56,

AS,

IO,

FRN,

2.487%,

(-1

x

30-day

SOFR

Average

+

6.16%),

4/20/53

...

2,423,957

153,299

d

2014-182,

BI,

IO,

4%,

1/20/39

........................................

142,680

7,460

d,e

2016-H24,

BI,

IO,

FRN,

2.451%,

11/20/66

...............................

541,672

25,670

d,e

2017-H04,

BI,

IO,

FRN,

2.427%,

2/20/67

................................

193,198

8,360

d

2009-121,

CI,

IO,

4.5%,

12/16/39

......................................

167,024

26,118

d

2022-125,

CI,

IO,

5%,

6/20/52

........................................

488,087

92,981

d,e

2015-H20,

CI,

IO,

FRN,

2.53%,

8/20/65

.................................

218,212

11,461

d,e

2016-H06,

DI,

IO,

FRN,

2.222%,

7/20/65

................................

148,363

5,467

a,d

2023-181,

DS,

IO,

FRN,

2.327%,

(-1

x

30-day

SOFR

Average

+

6%),

11/20/53

....

2,188,122

118,721

a,d

2021-117,

ES,

IO,

FRN,

2.51%,

(-1

x

1-month

SOFR

+

6.186%

),

7/20/51

........

391,553

56,356

a,d

2023-173,

ES,

IO,

FRN,

3.277%,

(-1

x

30-day

SOFR

Average

+

6.95%),

11/20/53

..

1,077,114

81,312

a,d

2024-4,

ES,

IO,

FRN,

3.277%,

(-1

x

30-day

SOFR

Average

+

6.95%),

1/20/54

....

1,624,095

113,943

d

2021-176,

GI,

IO,

3%,

10/20/51

.......................................

679,173

102,148

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

202

a

a

Principal

Amount

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

GNMA,

(continued)

d,e

2016-H27,

GI,

IO,

FRN,

2.222%,

12/20/66

...............................

$

365,296

$

23,267

d,e

2017-H08,

GI,

IO,

FRN,

1.771%,

2/20/67

................................

265,020

23,688

d,e

2015-H10,

HI,

IO,

FRN,

2.299%,

4/20/65

................................

259,729

15,240

a,d

2025-62,

HS,

IO,

FRN,

2.41%,

(-1

x

1-month

SOFR

+

6.086%),

11/20/47

........

801,664

95,198

a,d

2023-101,

HS,

IO,

FRN,

2.327%,

(-1

x

30-day

SOFR

Average

+

6%),

7/20/53

.....

3,056,812

203,242

a,d

2024-110,

HS,

IO,

FRN,

2.977%,

(-1

x

30-day

SOFR

Average

+

6.65%),

7/20/54

..

841,113

64,278

d,e

2025-H14,

IA,

IO,

FRN,

1.771%,

5/20/75

................................

2,547,144

76,115

d

2020-138,

IB,

IO,

2.5%,

9/20/50

.......................................

886,622

126,825

d

2014-102,

IG,

IO,

3.5%,

3/16/41

.......................................

5,237

60

d

2022-30,

IG,

IO,

3%,

2/20/52

.........................................

863,925

130,260

d

2024-4,

IG,

IO,

5%,

12/20/52

.........................................

929,804

174,233

d

2013-39,

IJ,

IO,

4.5%,

3/20/43

........................................

349,010

51,951

d,e

2016-H13,

IK,

IO,

FRN,

2.634%,

6/20/66

................................

124,276

11,411

d

2021-89,

IL,

IO,

4.5%,

5/20/51

........................................

544,658

127,020

d

2021-8,

IP,

IO,

2.5%,

1/20/51

.........................................

1,043,320

151,224

d

2021-188,

IW,

IO,

3%,

10/20/51

.......................................

494,290

83,615

d,e

2021-H12,

IY,

IO,

FRN,

0.058%,

8/20/71

................................

5,604,937

120,219

d

2020-175,

JI,

IO,

3.5%,

11/20/50

......................................

1,191,390

225,761

d,e

2016-H24,

JI,

IO,

FRN,

2.701%,

11/20/66

................................

103,185

6,614

d,e

2022-H04,

JI,

IO,

FRN,

0.759%,

2/20/72

.................................

2,271,477

110,602

d

2015-52,

KI,

IO,

3.5%,

11/20/40

.......................................

44,954

1,339

d

2025-214,

KI,

IO,

5.5%,

12/20/55

......................................

234,703

49,441

d,e

2017-H03,

KI,

IO,

FRN,

2.495%,

1/20/67

................................

275,775

23,815

d

2016-75,

LI,

IO,

6%,

1/20/40

.........................................

94,373

12,987

d

2015-89,

LI,

IO,

5%,

12/20/44

.........................................

206,797

36,092

d

2012-38,

MI,

IO,

4%,

3/20/42

.........................................

461,363

78,767

d

2015-53,

MI,

IO,

4%,

4/16/45

.........................................

144,593

28,265

d

2021-7,

MI,

IO,

2.5%,

1/20/51

.........................................

852,404

125,598

d,e

2017-H06,

MI,

IO,

FRN,

2.232%,

2/20/67

................................

292,166

11,461

d,e

2017-H10,

MI,

IO,

FRN,

1.785%,

4/20/67

................................

221,894

6,087

a,d

2020-112,

MS,

IO,

FRN,

2.51%,

(-1

x

1-month

SOFR

+

6.186%),

8/20/50

........

1,135,623

152,318

d

2020-123,

NI,

IO,

2.5%,

8/20/50

.......................................

518,098

78,037

d

2021-76,

NI,

IO,

3%,

8/20/50

.........................................

985,149

166,604

d,e

2016-H23,

NI,

IO,

FRN,

2.729%,

10/20/66

...............................

271,687

13,390

d,e

2017-H08,

NI,

IO,

FRN,

1.92%,

3/20/67

.................................

175,111

6,362

d

2013-6,

OI,

IO,

5%,

1/20/43

..........................................

37,253

7,333

d,e

2016-H07,

PI,

IO,

FRN,

2.204%,

3/20/66

................................

243,659

16,513

a

2023-66,

PS,

FRN,

6.193%,

(-3

x

30-day

SOFR

Average

+

15.375%),

5/20/53

....

157,216

153,397

d

2013-51,

QI,

IO,

5%,

2/20/43

.........................................

66,842

6,758

d,e

2016-H18,

QI,

IO,

FRN,

2.814%,

6/20/66

................................

182,609

10,737

a,d

2023-19,

S,

IO,

FRN,

2.26%,

(-1

x

1-month

SOFR

+

5.936%),

11/20/49

.........

1,656,440

184,130

a,d

2022-153,

S,

IO,

FRN,

2.377%,

(-1

x

30-day

SOFR

Average

+

6.05%),

5/20/50

....

1,194,887

116,648

a,d

2024-11,

S,

IO,

FRN,

2.727%,

(-1

x

30-day

SOFR

Average

+

6.4%),

1/20/54

......

1,751,794

111,627

a,d

2013-87,

SA,

IO,

FRN,

2.41%,

(-1

x

1-month

SOFR

+

6.086%),

6/20/43

.........

426,168

46,776

a,d

2020-47,

SA,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

5/20/44

.........

344,578

35,392

a,d

2024-96,

SC,

IO,

FRN,

2.977%,

(-1

x

30-day

SOFR

Average

+

6.65%),

6/20/54

...

1,758,453

143,934

a,d

2025-120,

SD,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

10/20/49

.......

449,688

49,225

a,d

2019-121,

SD,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

10/20/49

.......

208,255

24,385

a,d

2019-125,

SG,

IO,

FRN,

2.26%,

(-1

x

1-month

SOFR

+

5.936%),

10/20/49

.......

517,489

58,485

a,d

2022-209,

SG,

IO,

FRN,

1.927%,

(-1

x

30-day

SOFR

Average

+

5.6%),

12/20/52

..

3,662,721

225,215

a,d

2011-156,

SK,

IO,

FRN,

2.81%,

(-1

x

1-month

SOFR

+

6.486%),

4/20/38

........

1,173,844

124,818

a,d

2021-98,

SK,

IO,

FRN,

2.51%,

(-1

x

1-month

SOFR

+

6.186%),

6/20/51

.........

683,348

91,424

a,d

2023-13,

SL,

IO,

FRN,

2.577%,

(-1

x

30-day

SOFR

Average

+

6.25%),

1/20/53

....

866,172

59,261

a,d

2013-182,

SP,

IO,

FRN,

2.91%,

(-1

x

1-month

SOFR

+

6.586%),

12/20/43

.......

91,260

12,248

a,d

2023-20,

SP,

IO,

FRN,

3.327%,

(-1

x

30-day

SOFR

Average

+

7%),

2/20/53

......

1,672,294

126,036

a,d

2019-110,

SQ,

IO,

FRN,

2.26%,

(-1

x

1-month

SOFR

+

5.936%),

9/20/49

........

506,255

55,867

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

203

a

a

Principal

Amount

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

GNMA,

(continued)

d,e

2015-H23,

TI,

IO,

FRN,

1.967%,

9/20/65

................................

$

134,828

$

5,541

d

2020-162,

UI,

IO,

2.5%,

10/20/50

......................................

774,411

111,911

d,e

2015-H16,

XI,

IO,

FRN,

2.647%,

7/20/65

................................

103,968

6,311

8,193,818

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$8,080,171)

..........

8,193,818

Total

Long

Term

Investments

(Cost

$83,002,507)

................................

82,500,252

a

a

a

a

a

Short

Term

Investments

14.3%

Shares

a

Management

Investment

Companies

12.0%

g,h

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

.......................

2,979,999

2,979,999

Total

Management

Investment

Companies

(Cost

$2,979,999)

.....................

2,979,999

Principal

Amount

U.S.

Government

and

Agency

Securities

2.3%

i,j

U.S.

Treasury

Bills,

3.58%,

7/16/26

......................................

600,000

593,678

Total

U.S.

Government

and

Agency

Securities

(Cost

$593,726)

....................

593,678

Total

Short

Term

Investments

(Cost

$3,573,725)

.................................

3,573,677

a

Total

Investments

(Cost

$86,576,232)

345.2%

...................................

$86,073,929

TBA

Sale

Commitments

(109.5)%

..............................................

(27,294,935)

Other

Assets,

less

Liabilities

(135.7)%

.........................................

(33,846,711)

Net

Assets

100.0%

...........................................................

$24,932,283

a

a

a

a

a

TBA

Sale

Commitments

(109.5)%

Mortgage-Backed

Securities

(109.5)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(97.3)%

k

Uniform

Mortgage-Backed

Securities

,

4.5%,

TBA,

4/25/56

..................................................

(4,750,000)

(4,562,193)

5.5%,

TBA,

4/25/56

..................................................

(7,400,000)

(7,446,008)

6%,

TBA,

4/25/56

...................................................

(12,000,000)

(

12,238,687)

(24,246,888)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(12.2)%

k

GNMA

II,

Single-family,

30

Year,

6%,

4/15/56

...............................

(3,000,000)

(3,048,047)

Total

TBA

Sale

Commitments

(Proceeds

$(

27,344,103))

..........................

$(27,294,935)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

204

At

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2026,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$7,942,854,

representing

31.9%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

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.

e

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.

f

Security

purchased

on

a

to-be-announced

(TBA)

basis.

g

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

i

The

rate

shown

represents

the

yield

at

period

end.

j

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts

and

TBA

securities.

At

March

31,

2026,

the

aggregate

value

of

these

securities

pledged

amounted

to

$394,796,

representing

1.6%

of

net

assets.

k

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

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

93

$

10,556,953

6/18/26

$

238,144

U.S.

Treasury

2

Year

Notes

.....................

Short

31

6,430,805

6/30/26

46,941

Total

Futures

Contracts

......................................................................

$285,085

*

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

3.428%/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

1,692,900

$

97,426

$

(68,886)

(3.428%)/1-day

SOFR/Aug-37/(Purchased)

BOFA

8/13/27

/

3.428%

1,692,900

97,426

4,345

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

175,700

21,910

(2,023)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

175,700

21,910

(2,538)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

178,500

6,479

(6,007)

3.39%/1-day

SOFR/Oct-28/(Written)

CITI

10/06/26

/

3.39%

10,000,000

(83,000)

37,102

(3.4%)/1-day

SOFR/Oct-28/(Purchased)

CITI

10/06/26

/

3.4%

10,000,000

45,000

33,778

(3.95%)/1-day

SOFR/Mar-37/(Purchased)

CITI

3/29/27

/

3.95%

2,319,100

107,954

(

41,677)

3.45%/1-day

SOFR/Mar-37/(Purchased)

CITI

3/29/27

/

3.45%

2,319,100

102,968

(72,077)

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

614,600

76,979

(14,261)

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

614,600

76,979

(8,820)

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

1,892,100

68,494

(30,883)

Unrealized

appreciation

75,225

Unrealized

(depreciation)

(247,172)

Total

$(171,947)

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

205

At

March

31,

2026,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

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

$

177

$

364

$

(187)

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

131,000

72,182

57,068

15,114

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

183,000

71,950

68,210

3,740

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

40,000

4,857

1,802

3,055

CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

10,000

1,214

5,148

(3,934)

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

35,000

13,956

15,155

(1,199)

CMBX.NA.BB.8

.

(5.00)%

Monthly

GSCO

10/17/57

13,000

5,183

5,308

(125)

CMBX.NA.BB.8

.

(5.00)%

Monthly

MSCO

10/17/57

6,000

2,392

2,635

(243)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

46,000

12,582

13,826

(1,244)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

219,000

59,898

70,816

(10,918)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

189,000

23,058

23,604

(546)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

CITI

8/17/61

285,000

55,552

80,881

(25,329)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

63,000

12,279

11,434

845

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

126,000

26,214

26,419

(205)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

JPHQ

12/16/72

81,000

16,851

15,690

1,161

CMBX.NA.BBB-.8

(3.00)%

Monthly

CITI

10/17/57

84,000

15,118

16,227

(1,109)

CMBX.NA.BBB-.8

(3.00)%

Monthly

MSCO

10/17/57

82,000

14,758

16,880

(2,122)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

63,000

14,896

11,316

3,580

Contracts

to

Sell

Protection

c,d

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

JPHQ

12/16/72

1,000

(65)

(81)

16

Investment

Grade

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

174,000

(11,221)

(22,920)

11,699

Investment

Grade

CMBX.NA.A.15

.

2.00%

Monthly

MLCO

11/18/64

4,000

(177)

(65)

(112)

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

25,000

(13,775)

(2,006)

(11,769)

Non-

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

118,000

(46,394)

(48,805)

2,411

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

96,000

(11,657)

(16,692)

5,035

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

16,000

(1,943)

(2,778)

835

Non-

Investment

Grade

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

206

At

March

31,

2026,

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.BB.6

.

5.00%

Monthly

MLCO

5/11/63

3,000

$

(364)

$

(335)

$

(29)

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

143,000

(17,364)

(25,456)

8,092

Non-

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

14,000

(2,565)

(3,182)

617

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

9,000

(1,649)

(1,848)

199

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

7,000

(1,283)

(1,591)

308

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$314,660

$317,024

$(2,364)

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

3.3%

.....

Annual

3/18/28

31,561,000

$

208,627

$

(24,473)

$

233,100

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.5%

.....

Annual

6/17/28

1,802,000

3,992

5,173

(1,181)

Receive

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/31

8,914,000

(72,028)

(38,627)

(33,401)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.55%

....

Annual

6/17/31

1,456,000

5,505

8,156

(2,651)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

1,328,000

(12,981)

1,506

(14,487)

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Mortgage

Securities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

207

See

A

bbreviations

on

page

255

.

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

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.8%

.....

Annual

6/17/36

1,713,000

$

11,878

$

11,317

$

561

Receive

Fixed

4.1%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/56

1,454,000

(8,495)

10,571

(19,066)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

6/17/56

360,000

5,380

6,430

(1,050)

Total

Interest

Rate

Swap

Contracts

.................................

$141,878

$

(19,947)

$161,825

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

Putnam

VT

Research

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

97.8%

Aerospace

&

Defense

2.0%

Airbus

SE

.........................................

France

2,940

$

555,874

a

Boeing

Co.

(The)

...................................

United

States

2,365

470,706

Northrop

Grumman

Corp.

.............................

United

States

871

594,231

RTX

Corp.

........................................

United

States

4,063

783,753

2,404,564

Air

Freight

&

Logistics

0.7%

FedEx

Corp.

.......................................

United

States

2,382

848,421

Automobiles

0.9%

General

Motors

Co.

..................................

United

States

4,420

329,290

a

Tesla,

Inc.

.........................................

United

States

2,021

751,307

1,080,597

Banks

2.4%

Bank

of

America

Corp.

...............................

United

States

12,693

618,784

Citigroup,

Inc.

......................................

United

States

11,656

1,321,907

JPMorgan

Chase

&

Co.

...............................

United

States

2,561

753,344

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

858

178,541

2,872,576

Beverages

1.6%

Coca-Cola

Co.

(The)

.................................

United

States

16,580

1,260,909

Keurig

Dr.

Pepper,

Inc.

...............................

United

States

11,384

299,741

PepsiCo,

Inc.

......................................

United

States

2,643

410,431

1,971,081

Biotechnology

2.0%

AbbVie,

Inc.

.......................................

United

States

4,272

929,117

Amgen,

Inc.

.......................................

United

States

628

220,962

Gilead

Sciences,

Inc.

................................

United

States

2,749

383,128

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

847

654,426

a

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

611

272,836

2,460,469

Broadline

Retail

4.1%

a

Amazon.com,

Inc.

...................................

United

States

23,711

4,938,290

Building

Products

0.5%

Trane

Technologies

plc

...............................

United

States

1,520

633,445

Capital

Markets

2.2%

BlackRock,

Inc.

.....................................

United

States

530

509,706

Charles

Schwab

Corp.

(The)

...........................

United

States

8,133

764,339

CME

Group,

Inc.

....................................

United

States

1,243

367,120

KKR

&

Co.,

Inc.

.....................................

United

States

2,512

232,360

Nasdaq,

Inc.

.......................................

United

States

4,640

393,890

TPG,

Inc.

,

A

.......................................

United

States

8,682

351,708

2,619,123

Chemicals

0.9%

Corteva,

Inc.

.......................................

United

States

6,748

564,875

Linde

plc

..........................................

United

States

363

179,961

PPG

Industries,

Inc.

.................................

United

States

3,604

385,195

1,130,031

Commercial

Services

&

Supplies

0.2%

Cintas

Corp.

.......................................

United

States

1,378

233,075

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

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)

Communications

Equipment

2.0%

Cisco

Systems,

Inc.

.................................

United

States

31,561

$

2,448,818

Construction

Materials

0.7%

CRH

plc

..........................................

United

States

7,689

808,268

Consumer

Finance

0.9%

Capital

One

Financial

Corp.

...........................

United

States

6,264

1,142,742

Consumer

Staples

Distribution

&

Retail

2.5%

Costco

Wholesale

Corp.

..............................

United

States

1,197

1,192,727

a

US

Foods

Holding

Corp.

..............................

United

States

2,384

219,829

Walmart,

Inc.

......................................

United

States

12,573

1,562,572

2,975,128

Electric

Utilities

1.9%

Constellation

Energy

Corp.

............................

United

States

674

188,214

NextEra

Energy,

Inc.

.................................

United

States

7,057

655,454

NRG

Energy,

Inc.

...................................

United

States

5,041

736,692

PPL

Corp.

.........................................

United

States

8,999

343,762

Xcel

Energy,

Inc.

....................................

United

States

4,425

351,522

2,275,644

Electrical

Equipment

0.8%

GE

Vernova,

Inc.

....................................

United

States

1,078

940,986

Energy

Equipment

&

Services

0.1%

SLB

Ltd.

..........................................

United

States

2,022

103,911

Entertainment

2.6%

a

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

C

...........

United

States

4,024

342,120

a

Live

Nation

Entertainment,

Inc.

.........................

United

States

3,827

583,656

a

Netflix,

Inc.

........................................

United

States

8,591

826,025

a

Spotify

Technology

SA

................................

United

States

922

447,087

Walt

Disney

Co.

(The)

................................

United

States

9,932

957,246

3,156,134

Financial

Services

4.0%

Apollo

Global

Management,

Inc.

........................

United

States

4,785

533,145

a

Berkshire

Hathaway,

Inc.

,

B

............................

United

States

2,937

1,407,410

Corebridge

Financial,

Inc.

.............................

United

States

4,043

96,466

Mastercard,

Inc.

,

A

..................................

United

States

3,379

1,688,351

Visa,

Inc.

,

A

........................................

United

States

3,469

1,048,471

4,773,843

Ground

Transportation

0.4%

Union

Pacific

Corp.

..................................

United

States

1,847

448,119

Health

Care

Equipment

&

Supplies

1.7%

Abbott

Laboratories

..................................

United

States

1,596

163,861

Becton

Dickinson

&

Co.

...............................

United

States

1,873

294,492

a

Boston

Scientific

Corp.

...............................

United

States

7,640

479,410

a

Dexcom,

Inc.

.......................................

United

States

3,499

219,737

a

Edwards

Lifesciences

Corp.

...........................

United

States

2,483

198,839

a

Intuitive

Surgical,

Inc.

................................

United

States

970

447,160

Medtronic

plc

......................................

United

States

1,020

88,383

Stryker

Corp.

......................................

United

States

367

120,593

2,012,475

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

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)

Health

Care

Providers

&

Services

1.7%

Cardinal

Health,

Inc.

.................................

United

States

903

$

190,813

CVS

Health

Corp.

...................................

United

States

3,051

219,123

HCA

Healthcare,

Inc.

.................................

United

States

429

203,020

McKesson

Corp.

....................................

United

States

924

799,592

UnitedHealth

Group,

Inc.

..............................

United

States

2,520

681,887

2,094,435

Health

Care

REITs

0.5%

Welltower,

Inc.

.....................................

United

States

3,249

642,360

Hotels,

Restaurants

&

Leisure

1.9%

a

Airbnb,

Inc.

,

A

......................................

United

States

2,275

287,287

Booking

Holdings,

Inc.

...............................

United

States

60

252,619

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

949

288,572

McDonald's

Corp.

...................................

United

States

1,660

515,911

Royal

Caribbean

Cruises

Ltd.

..........................

United

States

1,044

287,288

Starbucks

Corp.

....................................

United

States

2,208

197,815

a

Viking

Holdings

Ltd.

.................................

United

States

2,901

213,166

Yum!

Brands,

Inc.

...................................

United

States

1,551

241,149

2,283,807

Household

Durables

0.1%

PulteGroup,

Inc.

....................................

United

States

1,417

166,653

Household

Products

0.5%

Procter

&

Gamble

Co.

(The)

...........................

United

States

4,483

647,525

Industrial

Conglomerates

0.9%

Honeywell

International,

Inc.

...........................

United

States

4,890

1,105,287

Industrial

REITs

0.5%

Prologis,

Inc.

.......................................

United

States

4,957

655,216

Insurance

2.7%

Allstate

Corp.

(The)

..................................

United

States

4,645

963,094

American

International

Group,

Inc.

......................

United

States

7,130

536,533

Aon

plc

,

A

.........................................

United

States

1,500

484,170

a

Arch

Capital

Group

Ltd.

...............................

United

States

3,873

371,769

Assured

Guaranty

Ltd.

...............................

United

States

1,309

106,657

AXA

SA

...........................................

France

2,448

112,489

Prudential

plc

......................................

Hong

Kong

26,942

374,578

Unum

Group

.......................................

United

States

3,530

257,796

3,207,086

Interactive

Media

&

Services

7.2%

Alphabet,

Inc.

,

A

....................................

United

States

20,737

5,963,132

Meta

Platforms,

Inc.

,

A

...............................

United

States

4,660

2,666,126

8,629,258

IT

Services

0.3%

a

Snowflake,

Inc.

,

A

...................................

United

States

2,553

385,043

Life

Sciences

Tools

&

Services

1.4%

a

Bio-Rad

Laboratories,

Inc.

,

A

...........................

United

States

1,788

498,405

Danaher

Corp.

.....................................

United

States

671

127,222

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

2,204

1,083,332

1,708,959

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

211

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

1.4%

Fortive

Corp.

.......................................

United

States

10,162

$

561,755

Ingersoll

Rand,

Inc.

..................................

United

States

5,240

419,829

Otis

Worldwide

Corp.

................................

United

States

9,235

711,834

1,693,418

Metals

&

Mining

0.6%

Barrick

Mining

Corp.

.................................

Canada

6,940

283,082

Glencore

plc

.......................................

Australia

54,679

414,132

697,214

Multi-Utilities

0.7%

Ameren

Corp.

......................................

United

States

4,754

522,559

CenterPoint

Energy,

Inc.

..............................

United

States

7,173

309,587

832,146

Oil,

Gas

&

Consumable

Fuels

4.5%

a

Antero

Resources

Corp.

..............................

United

States

5,482

232,656

BP

plc

............................................

United

States

37,607

294,342

Cenovus

Energy,

Inc.

................................

Canada

26,642

707,083

ConocoPhillips

.....................................

United

States

8,935

1,179,420

Exxon

Mobil

Corp.

...................................

United

States

15,439

2,619,381

Shell

plc

..........................................

United

States

8,674

401,737

5,434,619

Passenger

Airlines

0.3%

Southwest

Airlines

Co.

...............................

United

States

8,294

311,606

Pharmaceuticals

3.4%

Bristol-Myers

Squibb

Co.

..............................

United

States

4,967

301,249

Eli

Lilly

&

Co.

......................................

United

States

1,950

1,793,552

Johnson

&

Johnson

.................................

United

States

4,694

1,147,401

Merck

&

Co.,

Inc.

...................................

United

States

5,432

653,415

Pfizer,

Inc.

.........................................

United

States

5,691

159,803

4,055,420

Real

Estate

Management

&

Development

0.1%

a

CBRE

Group,

Inc.

,

A

.................................

United

States

1,325

179,484

Semiconductors

&

Semiconductor

Equipment

17.6%

a

Advanced

Micro

Devices,

Inc.

..........................

United

States

7,478

1,521,249

Analog

Devices,

Inc.

.................................

United

States

8,041

2,558,164

Broadcom,

Inc.

.....................................

United

States

11,882

3,677,598

Lam

Research

Corp.

.................................

United

States

15,260

3,260,451

Marvell

Technology,

Inc.

..............................

United

States

22,939

2,272,108

NVIDIA

Corp.

......................................

United

States

45,289

7,898,402

21,187,972

Software

7.5%

Microsoft

Corp.

.....................................

United

States

17,543

6,493,892

Oracle

Corp.

.......................................

United

States

10,631

1,563,927

a

Palantir

Technologies,

Inc.

,

A

...........................

United

States

7,094

1,037,710

9,095,529

Specialized

REITs

0.9%

American

Tower

Corp.

................................

United

States

6,246

1,077,935

Specialty

Retail

1.7%

Home

Depot,

Inc.

(The)

...............................

United

States

1,602

526,882

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

212

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialty

Retail

(continued)

Lowe's

Cos.,

Inc.

....................................

United

States

1,523

$

359,854

a

O'Reilly

Automotive,

Inc.

..............................

United

States

3,058

282,284

TJX

Cos.,

Inc.

(The)

.................................

United

States

4,266

681,280

a

Ulta

Beauty,

Inc.

....................................

United

States

376

196,539

2,046,839

Technology

Hardware,

Storage

&

Peripherals

4.9%

Apple,

Inc.

........................................

United

States

22,012

5,586,425

a

Everpure,

Inc.

,

A

....................................

United

States

6,019

355,362

5,941,787

Textiles,

Apparel

&

Luxury

Goods

0.4%

a

Amer

Sports,

Inc.

...................................

Finland

4,002

131,746

a

On

Holding

AG

,

A

...................................

Switzerland

3,490

118,730

Ralph

Lauren

Corp.

,

A

................................

United

States

499

171,651

422,127

Tobacco

0.6%

Philip

Morris

International,

Inc.

.........................

United

States

4,221

697,900

Trading

Companies

&

Distributors

0.4%

United

Rentals,

Inc.

..................................

United

States

637

464,093

Total

Common

Stocks

(Cost

$

73,191,996

)

....................................

117,941,458

Short

Term

Investments

2.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.1%

b,c

U.S.

Treasury

Bills

,

3

.58

%

,

7/16/26

......................

United

States

100,000

98,946

Total

U.S.

Government

and

Agency

Securities

(Cost

$

98,955

)

...................

98,946

Shares

Management

Investment

Companies

2.1%

d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

2,578,435

2,578,435

Total

Management

Investment

Companies

(Cost

$

2,578,435

)

...................

2,578,435

Total

Short

Term

Investments

(Cost

$

2,677,390

)

...............................

2,677,381

a

Total

Investments

(Cost

$

75,869,386

)

100.0

%

.................................

$120,618,839

Other

Assets,

less

Liabilities

(0.0)

%

†

.........................................

(68,973)

Net

Assets

100.0%

.........................................................

$120,549,866

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

The

rate

shown

represents

the

yield

at

period

end.

c

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

March

31,

2026,

the

value

of

this

security

pledged

amounted

to

$98,946,

representing

0.1%

of

net

assets.

d

See

Note

4

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)

Putnam

VT

Research

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

213

At

March

31,

2026

,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

S&P

500

E-Mini

Index

.........................

Long

3

$

985,612

6/18/26

$

(

4,908

)

Total

Futures

Contracts

......................................................................

$(4,908)

*

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

30,200

21,829

4/15/26

$

107

$

—

Canadian

Dollar

....

CITI

Buy

191,700

137,643

4/15/26

241

—

Canadian

Dollar

....

CITI

Sell

238,400

172,319

4/15/26

845

—

Canadian

Dollar

....

GSCO

Sell

152,700

110,373

4/15/26

541

—

Canadian

Dollar

....

HSBK

Buy

136,900

99,064

4/15/26

—

(

596

)

Canadian

Dollar

....

JPHQ

Sell

293,400

212,071

4/15/26

1,038

—

Canadian

Dollar

....

MSCO

Buy

246,900

178,661

4/15/26

—

(

1,073

)

Canadian

Dollar

....

SSBT

Buy

155,000

112,157

4/15/26

—

(

671

)

Canadian

Dollar

....

TDOM

Buy

145,700

105,424

4/15/26

—

(

626

)

Canadian

Dollar

....

UBSW

Sell

919,500

665,342

4/15/26

3,973

—

Canadian

Dollar

....

WPAC

Sell

482,900

353,658

4/15/26

6,322

—

Hong

Kong

Dollar

...

BZWS

Buy

1,640,700

210,553

5/13/26

—

(

819

)

Hong

Kong

Dollar

...

CITI

Sell

533,300

68,434

5/13/26

261

—

Hong

Kong

Dollar

...

GSCO

Sell

314,100

40,312

5/13/26

160

—

Hong

Kong

Dollar

...

MSCO

Sell

1,224,600

157,156

5/13/26

612

—

British

Pound

......

BOFA

Buy

9,800

12,973

6/17/26

—

(

5

)

British

Pound

......

BZWS

Sell

100,200

132,638

6/17/26

44

—

British

Pound

......

GSCO

Sell

499,100

660,674

6/17/26

218

—

British

Pound

......

HSBK

Buy

53,600

71,288

6/17/26

—

(

359

)

British

Pound

......

MSCO

Sell

522,000

695,556

6/17/26

4,796

—

British

Pound

......

SSBT

Buy

33,800

44,955

6/17/26

—

(

228

)

British

Pound

......

UBSW

Sell

18,700

24,871

6/17/26

126

—

Danish

Krone

......

BOFA

Sell

865,300

133,236

6/17/26

—

(

1,178

)

Euro

.............

BOFA

Sell

47,000

54,025

6/17/26

—

(

491

)

Euro

.............

BZWS

Buy

13,100

15,058

6/17/26

137

—

Euro

.............

CITI

Sell

20,200

23,219

6/17/26

—

(

211

)

Euro

.............

GSCO

Sell

113,000

129,888

6/17/26

—

(

1,183

)

Euro

.............

JPHQ

Sell

85,500

98,887

6/17/26

—

(

285

)

Euro

.............

MSCO

Sell

93,900

108,539

6/17/26

—

(

377

)

Euro

.............

SSBT

Sell

29,900

34,488

6/17/26

—

(

193

)

Euro

.............

TDOM

Sell

61,800

71,287

6/17/26

—

(

396

)

Swedish

Krona

.....

MSCO

Sell

3,657,900

393,378

6/17/26

5,478

—

Swiss

Franc

.......

MSCO

Sell

207,500

266,126

6/17/26

4,429

—

Total

Forward

Exchange

Contracts

...................................................

$29,328

$(8,691)

Net

unrealized

appreciation

(depreciation)

............................................

$20,637

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Research

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

214

See

Abbreviations

on

page

255

.

*

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),

March

31,

2026

Putnam

VT

Small

Cap

Growth

Fund

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

98.2%

Aerospace

&

Defense

7.9%

Carpenter

Technology

Corp.

...........................

United

States

2,743

$

1,081,153

FTAI

Aviation

Ltd.

...................................

United

States

1,350

330,750

a

Kratos

Defense

&

Security

Solutions,

Inc.

.................

United

States

6,700

472,417

a

Mercury

Systems,

Inc.

................................

United

States

3,115

227,115

a

Rocket

Lab

Corp.

...................................

United

States

2,760

177,247

VSE

Corp.

........................................

United

States

3,480

641,712

2,930,394

Automobile

Components

1.4%

Patrick

Industries,

Inc.

................................

United

States

4,747

527,249

Banks

1.7%

a

Axos

Financial,

Inc.

..................................

United

States

4,260

362,483

a

Bancorp,

Inc.

(The)

..................................

United

States

5,375

288,799

651,282

Biotechnology

9.3%

a

ADMA

Biologics,

Inc.

.................................

United

States

19,035

171,505

a

Arrowhead

Pharmaceuticals,

Inc.

.......................

United

States

2,705

169,603

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

1,372

313,817

a

Bridgebio

Pharma,

Inc.

...............................

United

States

5,580

414,371

a

CG

oncology,

Inc.

...................................

United

States

2,945

199,318

a

Halozyme

Therapeutics,

Inc.

...........................

United

States

7,495

484,402

a

Insmed,

Inc.

.......................................

United

States

1,910

312,323

a

Kymera

Therapeutics,

Inc.

.............................

United

States

2,865

238,626

a

Madrigal

Pharmaceuticals,

Inc.

.........................

United

States

560

293,143

a

Nuvalent,

Inc.

,

A

....................................

United

States

1,926

197,319

a

Protagonist

Therapeutics,

Inc.

..........................

United

States

535

56,389

a

Rhythm

Pharmaceuticals,

Inc.

..........................

United

States

3,605

313,527

a

Xenon

Pharmaceuticals,

Inc.

...........................

Canada

4,906

285,284

3,449,627

Broadline

Retail

0.6%

a

Ollie's

Bargain

Outlet

Holdings,

Inc.

......................

United

States

2,535

233,321

Building

Products

0.6%

a

Modine

Manufacturing

Co.

............................

United

States

1,085

235,130

Capital

Markets

2.5%

Perella

Weinberg

Partners

,

A

...........................

United

States

10,715

194,585

Piper

Sandler

Cos.

..................................

United

States

4,300

329,165

StepStone

Group,

Inc.

,

A

..............................

United

States

8,560

408,483

932,233

Commercial

Services

&

Supplies

0.4%

a

Casella

Waste

Systems,

Inc.

,

A

.........................

United

States

2,046

162,330

Communications

Equipment

1.2%

a

Applied

Optoelectronics,

Inc.

...........................

United

States

500

42,295

a

Lumentum

Holdings,

Inc.

..............................

United

States

90

63,248

a

Viavi

Solutions,

Inc.

..................................

United

States

10,575

351,936

457,479

Construction

&

Engineering

9.6%

Comfort

Systems

USA,

Inc.

............................

United

States

870

1,199,721

a

Construction

Partners,

Inc.

,

A

..........................

United

States

5,090

565,601

a

Dycom

Industries,

Inc.

................................

United

States

1,575

533,642

a

IES

Holdings,

Inc.

...................................

United

States

1,380

657,529

a

Legence

Corp.

,

A

...................................

United

States

6,666

376,362

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

216

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Construction

&

Engineering

(continued)

a

Sterling

Infrastructure,

Inc.

............................

United

States

585

$

238,253

3,571,108

Consumer

Finance

2.8%

a

Dave,

Inc.

.........................................

United

States

1,115

194,110

a

Enova

International,

Inc.

..............................

United

States

4,003

543,728

FirstCash

Holdings,

Inc.

..............................

United

States

1,540

289,520

1,027,358

Consumer

Staples

Distribution

&

Retail

0.3%

PriceSmart,

Inc.

....................................

United

States

865

130,183

Diversified

Consumer

Services

1.5%

a

Covista,

Inc.

.......................................

United

States

4,752

547,668

Electrical

Equipment

2.8%

a

Bloom

Energy

Corp.

,

A

...............................

United

States

6,450

873,910

a

Nextpower,

Inc.

,

A

...................................

United

States

1,365

164,551

1,038,461

Electronic

Equipment,

Instruments

&

Components

6.4%

Advanced

Energy

Industries,

Inc.

.......................

United

States

3,922

1,265,669

Bel

Fuse,

Inc.

,

B

....................................

United

States

755

149,475

a

Fabrinet

..........................................

Thailand

1,530

797,925

a

Mirion

Technologies,

Inc.

,

A

............................

United

States

9,781

181,829

2,394,898

Energy

Equipment

&

Services

3.5%

Archrock,

Inc.

......................................

United

States

17,163

597,273

CES

Energy

Solutions

Corp.

...........................

Canada

26,604

352,081

Kodiak

Gas

Services,

Inc.

.............................

United

States

3,185

185,749

Solaris

Energy

Infrastructure,

Inc.

,

A

.....................

United

States

2,910

164,444

1,299,547

Health

Care

Equipment

&

Supplies

1.3%

a

Establishment

Labs

Holdings,

Inc.

.......................

Costa

Rica

2,095

118,954

a

IRhythm

Holdings,

Inc.

...............................

United

States

875

103,267

a

Merit

Medical

Systems,

Inc.

............................

United

States

2,125

146,476

a

UFP

Technologies,

Inc.

...............................

United

States

651

126,034

494,731

Health

Care

Providers

&

Services

7.1%

a

BrightSpring

Health

Services,

Inc.

.......................

United

States

9,840

419,282

Encompass

Health

Corp.

.............................

United

States

6,261

605,627

Ensign

Group,

Inc.

(The)

..............................

United

States

4,215

849,323

a

GeneDx

Holdings

Corp.

,

A

.............................

United

States

3,115

200,045

a

Guardant

Health,

Inc.

................................

United

States

4,025

371,789

a

RadNet,

Inc.

.......................................

United

States

3,825

213,779

2,659,845

Hotels,

Restaurants

&

Leisure

0.3%

Texas

Roadhouse,

Inc.

,

A

.............................

United

States

725

119,727

Household

Durables

1.9%

a

Cavco

Industries,

Inc.

................................

United

States

450

217,930

Installed

Building

Products,

Inc.

.........................

United

States

1,910

506,437

724,367

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Growth

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

217

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Insurance

0.5%

Kinsale

Capital

Group,

Inc.

............................

United

States

530

$

181,080

IT

Services

2.2%

a,b

Applied

Digital

Corp.

.................................

United

States

8,135

193,125

a

DigitalOcean

Holdings,

Inc.

............................

United

States

7,400

634,772

827,897

Life

Sciences

Tools

&

Services

1.5%

a

Medpace

Holdings,

Inc.

...............................

United

States

1,160

557,020

Machinery

8.1%

a

CECO

Environmental

Corp.

...........................

United

States

1,125

67,027

Crane

Co.

.........................................

United

States

2,850

487,350

ESCO

Technologies,

Inc.

..............................

United

States

130

36,578

Federal

Signal

Corp.

.................................

United

States

4,837

523,073

JBT

Marel

Corp.

....................................

United

States

1,845

235,920

a

RBC

Bearings,

Inc.

..................................

United

States

1,881

1,021,609

a

SPX

Technologies,

Inc.

...............................

United

States

3,237

647,206

3,018,763

Metals

&

Mining

1.1%

a

Coeur

Mining,

Inc.

...................................

United

States

21,485

403,273

Oil,

Gas

&

Consumable

Fuels

0.5%

a

Energy

Fuels,

Inc.

...................................

United

States

9,320

170,090

Pharmaceuticals

1.4%

a

Axsome

Therapeutics,

Inc.

............................

United

States

2,325

392,972

a

Tarsus

Pharmaceuticals,

Inc.

...........................

United

States

1,815

127,322

520,294

Professional

Services

1.9%

a

Huron

Consulting

Group,

Inc.

..........................

United

States

5,540

706,295

Real

Estate

Management

&

Development

1.0%

Colliers

International

Group,

Inc.

........................

Canada

3,330

356,028

Semiconductors

&

Semiconductor

Equipment

8.5%

a,b

Camtek

Ltd.

.......................................

Israel

2,450

371,444

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

4,290

402,702

a

FormFactor,

Inc.

....................................

United

States

4,040

391,840

a,b

Nova

Ltd.

.........................................

Israel

2,685

1,166,042

a

Onto

Innovation,

Inc.

.................................

United

States

430

88,180

a

Rambus,

Inc.

......................................

United

States

1,960

168,619

a

Semtech

Corp.

.....................................

United

States

2,875

221,059

a

SiTime

Corp.

.......................................

United

States

1,005

347,077

3,156,963

Software

3.7%

a

ACI

Worldwide,

Inc.

..................................

United

States

11,890

487,609

a

Agilysys,

Inc.

.......................................

United

States

2,975

211,641

a

Descartes

Systems

Group,

Inc.

(The)

....................

Canada

5,010

358,516

InterDigital,

Inc.

.....................................

United

States

869

262,438

a

Terawulf,

Inc.

......................................

United

States

3,920

56,566

1,376,770

Specialty

Retail

3.1%

a

Aritzia,

Inc.

........................................

Canada

7,720

629,986

a

Boot

Barn

Holdings,

Inc.

..............................

United

States

3,255

476,402

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

218

See

Abbreviations

on

page

255

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialty

Retail

(continued)

a

Five

Below,

Inc.

.....................................

United

States

160

$

36,557

1,142,945

Trading

Companies

&

Distributors

1.6%

Applied

Industrial

Technologies,

Inc.

.....................

United

States

2,259

599,358

Total

Common

Stocks

(Cost

$

24,822,802

)

....................................

36,603,714

Rights

Rights

0.0%

†

Biotechnology

0.0%

†

a,c

Blueprint

Medicines

Corp.,

CVR

,

12/31/28

.................

United

States

961

442

Total

Rights

(Cost

$

442

)

....................................................

442

Total

Long

Term

Investments

(Cost

$

24,823,244

)

..............................

36,604,156

a

Short

Term

Investments

6.0%

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

,

3.821

%

.......

United

States

734,564

734,564

Total

Management

Investment

Companies

(Cost

$

734,564

)

.....................

734,564

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

4.0%

Money

Market

Funds

4.0%

d,e

Putnam

Cash

Collateral

Pool,

LLC

,

3.882

%

................

United

States

1,504,150

1,504,150

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

1,504,150

)

..........................................................

1,504,150

Total

Short

Term

Investments

(Cost

$

2,238,714

)

...............................

2,238,714

a

Total

Investments

(Cost

$

27,061,958

)

104.2

%

.................................

$38,842,870

Other

Assets,

less

Liabilities

(

4.2

)

%

.........................................

(1,582,726)

Net

Assets

100.0%

.........................................................

$37,260,144

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

March

31,

2026.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

d

See

Note

4

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),

March

31,

2026

Putnam

VT

Small

Cap

Value

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

219

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.7%

Aerospace

&

Defense

1.0%

a

V2X,

Inc.

..........................................

United

States

15,200

$

1,041,200

Automobile

Components

1.8%

a

Holley,

Inc.

........................................

United

States

379,273

1,164,368

Lear

Corp.

........................................

United

States

5,700

690,156

1,854,524

Banks

17.7%

a

Avidbank

Holdings,

Inc.

...............................

United

States

33,952

967,632

Avidia

Bancorp,

Inc.

.................................

United

States

21,533

423,554

a

Axos

Financial,

Inc.

..................................

United

States

14,100

1,199,769

Banc

of

California,

Inc.

...............................

United

States

48,800

857,904

a

Bancorp,

Inc.

(The)

..................................

United

States

10,440

560,941

Business

First

Bancshares,

Inc.

.........................

United

States

31,600

854,464

a

Coastal

Financial

Corp.

...............................

United

States

13,070

994,627

b

Commercial

Bancgroup,

Inc.

...........................

United

States

27,559

717,085

ConnectOne

Bancorp,

Inc.

............................

United

States

29,609

792,633

Eagle

Bancorp,

Inc.

..................................

United

States

31,700

788,379

Five

Star

Bancorp

...................................

United

States

34,435

1,298,888

Flagstar

Bank

NA

...................................

United

States

28,200

371,394

Metropolitan

Bank

Holding

Corp.

........................

United

States

15,188

1,265,009

Mid

Penn

Bancorp,

Inc.

...............................

United

States

31,200

1,003,392

Nicolet

Bankshares,

Inc.

..............................

United

States

10,300

1,530,786

Northrim

BanCorp,

Inc.

...............................

United

States

52,000

1,189,760

Popular,

Inc.

.......................................

United

States

8,300

1,113,611

a

Third

Coast

Bancshares,

Inc.

..........................

United

States

24,400

923,052

UMB

Financial

Corp.

.................................

United

States

7,800

879,762

Valley

National

Bancorp

..............................

United

States

78,400

962,752

18,695,394

Biotechnology

3.5%

a

BioMarin

Pharmaceutical,

Inc.

..........................

United

States

11,100

627,039

a

Janux

Therapeutics,

Inc.

..............................

United

States

19,346

268,909

a

Precigen,

Inc.

......................................

United

States

277,300

1,073,151

a

Vaxcyte,

Inc.

.......................................

United

States

6,766

393,172

a

Veracyte,

Inc.

......................................

United

States

41,313

1,330,692

3,692,963

Building

Products

0.4%

UFP

Industries,

Inc.

..................................

United

States

4,700

432,964

Capital

Markets

0.7%

a

Donnelley

Financial

Solutions,

Inc.

......................

United

States

16,200

763,668

Chemicals

3.7%

AdvanSix,

Inc.

......................................

United

States

44,600

1,088,240

a

Ingevity

Corp.

......................................

United

States

14,076

1,002,633

a

LSB

Industries,

Inc.

..................................

United

States

9,800

146,020

Methanex

Corp.

....................................

Canada

15,200

905,008

Tronox

Holdings

plc

.................................

United

States

78,600

767,922

3,909,823

Commercial

Services

&

Supplies

2.1%

a

Casella

Waste

Systems,

Inc.

,

A

.........................

United

States

12,600

999,684

HNI

Corp.

.........................................

United

States

31,326

1,045,975

UniFirst

Corp.

......................................

United

States

574

144,413

2,190,072

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

220

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Communications

Equipment

1.0%

a

Aviat

Networks,

Inc.

.................................

United

States

48,378

$

1,093,827

Construction

&

Engineering

3.5%

a

NWPX

Infrastructure,

Inc.

.............................

United

States

13,700

1,066,682

Tutor

Perini

Corp.

...................................

United

States

10,000

771,900

Valmont

Industries,

Inc.

...............................

United

States

2,680

1,070,848

WillScot

Holdings

Corp.

...............................

United

States

45,400

788,144

3,697,574

Construction

Materials

0.9%

Titan

America

SA

...................................

Belgium

61,708

924,386

Consumer

Finance

2.0%

a

Encore

Capital

Group,

Inc.

............................

United

States

14,100

988,692

Jefferson

Capital,

Inc.

................................

United

States

56,700

1,090,341

2,079,033

Containers

&

Packaging

0.5%

a

O-I

Glass,

Inc.

......................................

United

States

45,784

481,190

Diversified

Consumer

Services

1.7%

a,b

McGraw

Hill,

Inc.

....................................

United

States

37,372

511,996

Perdoceo

Education

Corp.

............................

United

States

33,100

1,231,651

1,743,647

Diversified

REITs

0.9%

Broadstone

Net

Lease,

Inc.

............................

United

States

51,500

940,905

Electric

Utilities

1.0%

Portland

General

Electric

Co.

..........................

United

States

20,652

1,089,806

Electrical

Equipment

1.0%

Regal

Rexnord

Corp.

................................

United

States

5,400

1,011,204

Electronic

Equipment,

Instruments

&

Components

2.1%

Bel

Fuse,

Inc.

,

B

....................................

United

States

5,000

989,900

Vishay

Intertechnology,

Inc.

............................

United

States

69,100

1,243,800

2,233,700

Energy

Equipment

&

Services

0.5%

Helmerich

&

Payne,

Inc.

..............................

United

States

15,400

554,862

Financial

Services

2.0%

NewtekOne,

Inc.

....................................

United

States

67,599

740,209

a

Onity

Group,

Inc.

....................................

United

States

18,500

726,495

Walker

&

Dunlop,

Inc.

................................

United

States

15,580

691,440

2,158,144

Gas

Utilities

1.2%

Southwest

Gas

Holdings,

Inc.

..........................

United

States

14,800

1,286,120

Ground

Transportation

0.9%

Covenant

Logistics

Group,

Inc.

,

A

.......................

United

States

34,400

933,960

Health

Care

Equipment

&

Supplies

0.7%

a

Tactile

Systems

Technology,

Inc.

........................

United

States

27,800

726,414

Health

Care

Providers

&

Services

4.2%

a

BrightSpring

Health

Services,

Inc.

.......................

United

States

29,600

1,261,256

a

DocGo,

Inc.

.......................................

United

States

139,000

87,445

a

LifeStance

Health

Group,

Inc.

..........................

United

States

237,603

1,513,531

a

Lumexa

Imaging

Holdings,

Inc.

.........................

United

States

91,000

782,600

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

221

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Providers

&

Services

(continued)

a

Option

Care

Health,

Inc.

..............................

United

States

30,600

$

823,752

4,468,584

Health

Care

REITs

1.7%

American

Healthcare

REIT,

Inc.

.........................

United

States

21,200

999,792

Healthcare

Realty

Trust,

Inc.

,

A

.........................

United

States

46,600

791,734

1,791,526

Hotels,

Restaurants

&

Leisure

0.9%

Cheesecake

Factory,

Inc.

(The)

.........................

United

States

16,600

908,850

Household

Durables

4.1%

a

Cavco

Industries,

Inc.

................................

United

States

1,240

600,520

La-Z-Boy,

Inc.

......................................

United

States

21,200

681,368

Leggett

&

Platt,

Inc.

..................................

United

States

88,300

872,404

a

M/I

Homes,

Inc.

.....................................

United

States

7,700

942,865

a

Taylor

Morrison

Home

Corp.

,

A

.........................

United

States

21,100

1,228,864

4,326,021

Household

Products

1.0%

Spectrum

Brands

Holdings,

Inc.

........................

United

States

14,300

1,053,910

Insurance

1.8%

b

Abacus

Global

Management,

Inc.

.......................

United

States

126,145

994,023

Horace

Mann

Educators

Corp.

.........................

United

States

20,800

887,744

1,881,767

Interactive

Media

&

Services

0.9%

a

MediaAlpha,

Inc.

,

A

..................................

United

States

96,800

900,240

IT

Services

0.4%

a,b

Applied

Digital

Corp.

.................................

United

States

19,300

458,182

Leisure

Products

1.2%

a

MasterCraft

Boat

Holdings,

Inc.

.........................

United

States

61,159

1,254,371

Life

Sciences

Tools

&

Services

0.3%

a

Codexis,

Inc.

.......................................

United

States

195,297

318,334

Machinery

3.1%

a

Alliance

Laundry

Holdings,

Inc.

.........................

United

States

55,100

1,142,774

a

Blue

Bird

Corp.

.....................................

United

States

5,600

318,024

Columbus

McKinnon

Corp.

............................

United

States

29,200

424,276

a

Gates

Industrial

Corp.

plc

.............................

United

States

28,218

638,009

Wabash

National

Corp.

...............................

United

States

83,000

715,460

3,238,543

Metals

&

Mining

2.0%

a

Century

Aluminum

Co.

...............................

United

States

20,300

1,191,407

a,b

Critical

Metals

Corp.

.................................

Austria

13,108

104,077

a

Major

Drilling

Group

International,

Inc.

....................

Canada

73,800

849,886

2,145,370

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2.8%

Ladder

Capital

Corp.

,

A

...............................

United

States

107,812

1,053,323

Rithm

Capital

Corp.

..................................

United

States

91,180

864,387

TPG

RE

Finance

Trust,

Inc.

............................

United

States

134,200

1,048,102

2,965,812

Multi-Utilities

0.9%

b

Algonquin

Power

&

Utilities

Corp.

.......................

Canada

152,000

933,280

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

222

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

9.2%

a

Antero

Resources

Corp.

..............................

United

States

37,100

$

1,574,524

Core

Natural

Resources,

Inc.

..........................

United

States

15,600

1,633,788

Frontline

plc

.......................................

Norway

19,400

676,284

Magnolia

Oil

&

Gas

Corp.

,

A

...........................

United

States

51,685

1,631,696

Matador

Resources

Co.

..............................

United

States

23,500

1,484,730

Peabody

Energy

Corp.

...............................

United

States

13,600

448,120

Permian

Resources

Corp.

,

A

...........................

United

States

71,513

1,524,657

Range

Resources

Corp.

..............................

United

States

5,200

234,936

Teekay

Tankers

Ltd.

,

A

...............................

Canada

6,800

498,576

9,707,311

Passenger

Airlines

1.0%

a

SkyWest,

Inc.

......................................

United

States

11,300

1,037,679

Pharmaceuticals

1.1%

a

Amneal

Pharmaceuticals,

Inc.

..........................

United

States

95,100

1,182,093

Professional

Services

1.9%

a

IBEX

Holdings

Ltd.

..................................

United

States

46,166

1,238,172

ICF

International,

Inc.

................................

United

States

11,900

776,951

2,015,123

Real

Estate

Management

&

Development

1.1%

Newmark

Group,

Inc.

,

A

..............................

United

States

73,900

1,107,761

Retail

REITs

1.1%

Brixmor

Property

Group,

Inc.

...........................

United

States

38,900

1,120,320

Semiconductors

&

Semiconductor

Equipment

3.7%

a

Cohu,

Inc.

.........................................

United

States

50,200

1,537,124

a

Ichor

Holdings

Ltd.

..................................

United

States

31,709

1,477,956

a

MaxLinear,

Inc.

,

A

...................................

United

States

52,500

912,975

3,928,055

Software

1.6%

a,b

Realloys,

Inc.

......................................

United

States

11,898

116,124

a

REalloys,

Inc.

......................................

United

States

939

9,165

RingCentral,

Inc.

,

A

..................................

United

States

30,900

1,149,171

a

Riot

Platforms,

Inc.

..................................

United

States

32,900

406,644

1,681,104

Specialty

Retail

1.3%

Academy

Sports

&

Outdoors,

Inc.

.......................

United

States

12,700

716,915

Camping

World

Holdings,

Inc.

,

A

........................

United

States

74,575

509,347

J

Jill,

Inc.

.........................................

United

States

15,952

182,810

1,409,072

Technology

Hardware,

Storage

&

Peripherals

1.1%

a

Diebold

Nixdorf,

Inc.

.................................

United

States

15,500

1,169,320

Textiles,

Apparel

&

Luxury

Goods

0.5%

b

Oxford

Industries,

Inc.

................................

United

States

15,000

577,650

Total

Common

Stocks

(Cost

$

103,832,606

)

...................................

105,115,658

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Small

Cap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

223

See

Abbreviations

on

page

255

.

a

a

Country

Rights

a

Value

a

a

a

a

a

a

Rights

0.0%

Distributors

0.0%

a,c

BlackBox,

Inc.,

CVR

,

2/24/28

..........................

United

States

26,200

$

—

Total

Rights

(Cost

$

–

)

......................................................

—

Total

Long

Term

Investments

(Cost

$

103,832,606

)

.............................

105,115,658

a

Short

Term

Investments

2.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

0.4%

d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

482,203

482,203

Total

Management

Investment

Companies

(Cost

$

482,203

)

.....................

482,203

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

2.0%

Money

Market

Funds

2.0%

d,e

Putnam

Cash

Collateral

Pool,

LLC

,

3.882

%

................

United

States

2,098,945

2,098,945

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

2,098,945

)

..........................................................

2,098,945

Total

Short

Term

Investments

(Cost

$

2,581,148

)

...............................

2,581,148

a

Total

Investments

(Cost

$

106,413,754

)

102.1

%

................................

$107,696,806

Other

Assets,

less

Liabilities

(

2.1

)

%

.........................................

(2,251,971)

Net

Assets

100.0%

.........................................................

$105,444,835

a

a

a

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2026.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

d

See

Note

4

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),

March

31,

2026

Putnam

VT

Sustainable

Future

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

224

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.1%

Aerospace

&

Defense

1.4%

Carpenter

Technology

Corp.

...........................

United

States

960

$

378,384

Beverages

1.9%

Keurig

Dr.

Pepper,

Inc.

...............................

United

States

19,362

509,802

Biotechnology

3.9%

a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

1,534

507,555

a

Argenx

SE

,

ADR

....................................

Netherlands

295

215,424

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

1,375

314,504

1,037,483

Building

Products

4.2%

Allegion

plc

........................................

United

States

3,152

457,954

Simpson

Manufacturing

Co.,

Inc.

........................

United

States

1,594

273,562

Trane

Technologies

plc

...............................

United

States

910

379,233

1,110,749

Capital

Markets

2.7%

a

Coinbase

Global,

Inc.

,

A

..............................

United

States

794

138,640

KKR

&

Co.,

Inc.

.....................................

United

States

3,323

307,378

TPG,

Inc.

,

A

.......................................

United

States

6,605

267,569

713,587

Commercial

Services

&

Supplies

1.6%

a

Casella

Waste

Systems,

Inc.

,

A

.........................

United

States

5,221

414,234

Construction

&

Engineering

4.1%

a

API

Group

Corp.

....................................

United

States

6,781

274,766

Quanta

Services,

Inc.

................................

United

States

1,471

807,608

1,082,374

Consumer

Finance

1.0%

Capital

One

Financial

Corp.

...........................

United

States

1,444

263,429

Consumer

Staples

Distribution

&

Retail

1.4%

a

Sprouts

Farmers

Market,

Inc.

..........................

United

States

4,768

367,756

Diversified

Consumer

Services

1.9%

a

Bright

Horizons

Family

Solutions,

Inc.

....................

United

States

6,076

499,022

Electric

Utilities

3.5%

Constellation

Energy

Corp.

............................

United

States

1,089

304,103

NextEra

Energy,

Inc.

.................................

United

States

1,876

174,243

NRG

Energy,

Inc.

...................................

United

States

2,891

422,491

900,837

Electrical

Equipment

7.2%

GE

Vernova,

Inc.

....................................

United

States

593

517,630

Vertiv

Holdings

Co.

,

A

................................

United

States

5,402

1,353,633

1,871,263

Energy

Equipment

&

Services

0.9%

Baker

Hughes

Co.

,

A

.................................

United

States

3,724

227,350

Entertainment

0.5%

a

ROBLOX

Corp.

,

A

...................................

United

States

2,540

143,662

Financial

Services

4.2%

HA

Sustainable

Infrastructure

Capital,

Inc.

.................

United

States

10,349

380,326

Mastercard,

Inc.

,

A

..................................

United

States

877

438,202

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Future

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

225

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Financial

Services

(continued)

a

Toast,

Inc.

,

A

.......................................

United

States

10,095

$

267,618

1,086,146

Ground

Transportation

0.8%

Canadian

Pacific

Kansas

City

Ltd.

.......................

Canada

2,559

201,291

Health

Care

Equipment

&

Supplies

6.2%

a

Dexcom,

Inc.

.......................................

United

States

8,988

564,446

a

Edwards

Lifesciences

Corp.

...........................

United

States

4,201

336,416

a

IDEXX

Laboratories,

Inc.

..............................

United

States

767

430,970

a

Penumbra,

Inc.

.....................................

United

States

842

276,488

1,608,320

Health

Care

Providers

&

Services

1.6%

Cencora,

Inc.

......................................

United

States

1,310

411,523

Health

Care

Technology

0.8%

a

Veeva

Systems,

Inc.

,

A

...............................

United

States

1,120

196,739

Hotels,

Restaurants

&

Leisure

12.7%

a

Black

Rock

Coffee

Bar,

Inc.

,

A

..........................

United

States

18,339

236,940

a

Cava

Group,

Inc.

....................................

United

States

4,424

357,902

a

First

Watch

Restaurant

Group,

Inc.

......................

United

States

26,712

279,942

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

2,153

654,684

a

Life

Time

Group

Holdings,

Inc.

.........................

United

States

12,446

335,295

Royal

Caribbean

Cruises

Ltd.

..........................

United

States

2,907

799,948

a

Viking

Holdings

Ltd.

.................................

United

States

8,421

618,775

3,283,486

Household

Durables

2.2%

DR

Horton,

Inc.

.....................................

United

States

1,952

267,853

a

SharkNinja,

Inc.

....................................

United

States

3,026

320,453

588,306

Independent

Power

and

Renewable

Electricity

Producers

2.3%

Vistra

Corp.

........................................

United

States

4,083

613,797

Insurance

0.8%

Aon

plc

,

A

.........................................

United

States

628

202,706

IT

Services

0.7%

a

Snowflake,

Inc.

,

A

...................................

United

States

1,209

182,341

Life

Sciences

Tools

&

Services

2.5%

a

Mettler-Toledo

International,

Inc.

........................

United

States

224

282,509

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

749

368,156

650,665

Machinery

3.9%

Federal

Signal

Corp.

.................................

United

States

4,534

490,307

Xylem,

Inc.

........................................

United

States

4,329

517,316

1,007,623

Professional

Services

0.8%

a

Planet

Labs

PBC

...................................

United

States

7,696

215,103

Semiconductors

&

Semiconductor

Equipment

3.9%

ASML

Holding

NV

,

ADR

..............................

Netherlands

345

455,686

Broadcom,

Inc.

.....................................

United

States

1,051

325,295

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Future

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

226

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Marvell

Technology,

Inc.

..............................

United

States

2,468

$

244,455

1,025,436

Software

8.8%

a

Cadence

Design

Systems,

Inc.

.........................

United

States

895

248,694

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

282

110,096

a

Datadog,

Inc.

,

A

....................................

United

States

5,369

633,810

a

HubSpot,

Inc.

......................................

United

States

709

173,067

Roper

Technologies,

Inc.

..............................

United

States

599

211,962

a

ServiceTitan,

Inc.

,

A

.................................

United

States

2,979

189,047

a

Trimble,

Inc.

.......................................

United

States

5,571

363,396

a

Tyler

Technologies,

Inc.

...............................

United

States

1,109

379,699

2,309,771

Specialty

Retail

1.4%

a

Ulta

Beauty,

Inc.

....................................

United

States

694

362,761

Technology

Hardware,

Storage

&

Peripherals

1.4%

a

Everpure,

Inc.

,

A

....................................

United

States

5,994

353,886

Textiles,

Apparel

&

Luxury

Goods

3.6%

a

Amer

Sports,

Inc.

...................................

Finland

5,365

176,616

a

Birkenstock

Holding

plc

...............................

Germany

11,676

418,351

a

On

Holding

AG

,

A

...................................

Switzerland

9,893

336,560

931,527

Trading

Companies

&

Distributors

3.3%

United

Rentals,

Inc.

..................................

United

States

460

335,138

WW

Grainger,

Inc.

...................................

United

States

487

531,225

866,363

Total

Common

Stocks

(Cost

$

23,014,761

)

....................................

25,617,722

Short

Term

Investments

2.1%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

2.1%

b,c

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

552,747

552,747

Total

Management

Investment

Companies

(Cost

$

552,747

)

.....................

552,747

Total

Short

Term

Investments

(Cost

$

552,747

)

................................

552,747

a

Total

Investments

(Cost

$

23,567,508

)

100.2

%

.................................

$26,170,469

Other

Assets,

less

Liabilities

(

0.2

)

%

.........................................

(43,482)

Net

Assets

100.0%

.........................................................

$26,126,987

a

a

a

a

Non-income

producing.

b

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Future

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

227

At

March

31,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

A

bbreviations

on

page

255

.

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

Buy

77,600

56,823

4/15/26

$

—

$

(

1,008

)

Canadian

Dollar

....

BOFA

Sell

125,800

90,931

4/15/26

447

—

Canadian

Dollar

....

BZWS

Buy

113,400

82,325

4/15/26

—

(

760

)

Canadian

Dollar

....

BZWS

Sell

90,100

65,128

4/15/26

321

—

Canadian

Dollar

....

CITI

Buy

264,600

193,185

4/15/26

—

(

2,867

)

Canadian

Dollar

....

CITI

Sell

284,800

205,857

4/15/26

1,009

—

Canadian

Dollar

....

GSCO

Buy

148,200

107,781

4/15/26

—

(

1,185

)

Canadian

Dollar

....

HSBK

Sell

113,000

81,770

4/15/26

492

—

Canadian

Dollar

....

MSCO

Buy

405,200

291,866

4/15/26

—

(

418

)

Canadian

Dollar

....

MSCO

Sell

565,600

409,374

4/15/26

2,555

—

Canadian

Dollar

....

SSBT

Sell

155,500

112,520

4/15/26

673

—

Canadian

Dollar

....

TDOM

Buy

135,400

98,928

4/15/26

—

(

1,539

)

Canadian

Dollar

....

TDOM

Sell

202,800

146,740

4/15/26

872

—

Canadian

Dollar

....

UBSW

Buy

137,700

100,900

4/15/26

—

(

1,856

)

Canadian

Dollar

....

WPAC

Sell

81,500

58,911

4/15/26

290

—

British

Pound

......

BOFA

Buy

53,900

72,248

6/17/26

—

(

923

)

British

Pound

......

BOFA

Sell

16,100

21,313

6/17/26

8

—

British

Pound

......

BZWS

Sell

26,600

35,211

6/17/26

12

—

British

Pound

......

CITI

Sell

117,300

155,276

6/17/26

54

—

British

Pound

......

GSCO

Sell

75,700

100,206

6/17/26

33

—

British

Pound

......

HSBK

Sell

26,200

34,846

6/17/26

176

—

British

Pound

......

MSCO

Buy

18,600

24,784

6/17/26

—

(

171

)

British

Pound

......

SSBT

Sell

210,600

280,104

6/17/26

1,418

—

British

Pound

......

TDOM

Buy

107,300

142,712

6/17/26

—

(

723

)

Danish

Krone

......

BOFA

Sell

618,200

95,188

6/17/26

—

(

842

)

Danish

Krone

......

CITI

Buy

720,900

111,012

6/17/26

972

—

Danish

Krone

......

HSBK

Sell

716,200

110,657

6/17/26

—

(

596

)

Danish

Krone

......

JPHQ

Sell

536,700

83,144

6/17/26

—

(

226

)

Danish

Krone

......

MSCO

Sell

1,081,400

167,449

6/17/26

—

(

534

)

Danish

Krone

......

UBSW

Sell

8,000

1,236

6/17/26

—

(

6

)

Euro

.............

BOFA

Sell

101,600

116,785

6/17/26

—

(

1,062

)

Euro

.............

BZWS

Sell

44,000

50,576

6/17/26

—

(

460

)

Euro

.............

CITI

Sell

25,400

29,196

6/17/26

—

(

265

)

Euro

.............

GSCO

Buy

129,300

148,624

6/17/26

1,353

—

Euro

.............

GSCO

Sell

213,700

247,052

6/17/26

265

(

1,087

)

Euro

.............

HSBK

Sell

121,100

139,678

6/17/26

—

(

788

)

Euro

.............

JPHQ

Sell

369,300

427,249

6/17/26

—

(

1,108

)

Euro

.............

MSCO

Sell

76,200

88,080

6/17/26

—

(

306

)

Euro

.............

SSBT

Sell

189,100

218,117

6/17/26

—

(

1,223

)

Euro

.............

TDOM

Sell

94,000

108,430

6/17/26

—

(

603

)

Swiss

Franc

.......

BZWS

Buy

64,600

82,618

6/17/26

—

(

1,145

)

Swiss

Franc

.......

CITI

Sell

71,700

91,687

6/17/26

1,260

—

Swiss

Franc

.......

JPHQ

Buy

42,500

53,490

6/17/26

111

—

Swiss

Franc

.......

JPHQ

Sell

58,300

74,812

6/17/26

1,284

—

Swiss

Franc

.......

MSCO

Sell

137,600

176,477

6/17/26

2,937

—

Swiss

Franc

.......

WPAC

Buy

46,200

59,219

6/17/26

—

(

952

)

Swiss

Franc

.......

WPAC

Sell

138,500

177,115

6/17/26

2,440

—

Total

Forward

Exchange

Contracts

...................................................

$18,982

$(22,653)

Net

unrealized

appreciation

(depreciation)

............................................

$(3,671)

*

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),

March

31,

2026

Putnam

VT

Sustainable

Leaders

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

228

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.9%

Aerospace

&

Defense

0.5%

Carpenter

Technology

Corp.

...........................

United

States

11,500

$

4,532,725

Automobiles

1.7%

a

Tesla,

Inc.

.........................................

United

States

38,040

14,141,370

Banks

3.9%

Bank

of

America

Corp.

...............................

United

States

272,904

13,304,070

JPMorgan

Chase

&

Co.

...............................

United

States

66,080

19,438,093

32,742,163

Beverages

1.6%

Keurig

Dr.

Pepper,

Inc.

...............................

United

States

490,590

12,917,235

Biotechnology

1.8%

AbbVie,

Inc.

.......................................

United

States

68,200

14,832,818

Broadline

Retail

5.2%

a

Amazon.com,

Inc.

...................................

United

States

206,700

43,049,409

Building

Products

2.7%

Allegion

plc

........................................

United

States

89,500

13,003,455

Trane

Technologies

plc

...............................

United

States

21,440

8,934,906

21,938,361

Capital

Markets

1.8%

KKR

&

Co.,

Inc.

.....................................

United

States

106,600

9,860,500

TPG,

Inc.

,

A

.......................................

United

States

132,258

5,357,772

15,218,272

Chemicals

1.6%

Linde

plc

..........................................

United

States

27,300

13,534,248

Commercial

Services

&

Supplies

0.5%

Republic

Services,

Inc.

,

A

.............................

United

States

17,300

3,789,046

Construction

Materials

0.9%

CRH

plc

..........................................

United

States

71,600

7,526,592

Consumer

Finance

1.2%

Capital

One

Financial

Corp.

...........................

United

States

55,900

10,197,837

Consumer

Staples

Distribution

&

Retail

2.6%

Costco

Wholesale

Corp.

..............................

United

States

10,000

9,964,300

Walmart,

Inc.

......................................

United

States

96,600

12,005,448

21,969,748

Electric

Utilities

3.1%

Constellation

Energy

Corp.

............................

United

States

40,720

11,371,060

NextEra

Energy,

Inc.

.................................

United

States

156,800

14,563,584

25,934,644

Energy

Equipment

&

Services

1.3%

Baker

Hughes

Co.

,

A

.................................

United

States

174,300

10,641,015

Entertainment

2.9%

a

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

C

...........

United

States

70,900

6,027,918

a

Netflix,

Inc.

........................................

United

States

120,770

11,612,035

Walt

Disney

Co.

(The)

................................

United

States

69,700

6,717,686

24,357,639

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Leaders

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

229

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Financial

Services

3.8%

Mastercard,

Inc.

,

A

..................................

United

States

30,780

$

15,379,535

Visa,

Inc.

,

A

........................................

United

States

54,160

16,369,318

31,748,853

Food

Products

0.9%

Danone

SA

........................................

France

100,229

8,009,012

Health

Care

Equipment

&

Supplies

1.6%

Becton

Dickinson

&

Co.

...............................

United

States

42,600

6,697,998

a

Boston

Scientific

Corp.

...............................

United

States

111,000

6,965,250

13,663,248

Hotels,

Restaurants

&

Leisure

0.7%

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

18,159

5,521,789

Household

Durables

1.1%

DR

Horton,

Inc.

.....................................

United

States

64,600

8,864,412

Industrial

Conglomerates

0.7%

Honeywell

International,

Inc.

...........................

United

States

27,500

6,215,825

Industrial

REITs

1.0%

Prologis,

Inc.

.......................................

United

States

59,900

7,917,582

Insurance

0.8%

Aon

plc

,

A

.........................................

United

States

20,880

6,739,646

Interactive

Media

&

Services

8.9%

Alphabet,

Inc.

,

A

....................................

United

States

175,800

50,553,048

Meta

Platforms,

Inc.

,

A

...............................

United

States

40,480

23,159,822

73,712,870

Life

Sciences

Tools

&

Services

2.0%

a

Mettler-Toledo

International,

Inc.

........................

United

States

4,130

5,208,756

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

22,940

11,275,698

16,484,454

Machinery

2.6%

Fortive

Corp.

.......................................

United

States

168,000

9,287,040

Ingersoll

Rand,

Inc.

..................................

United

States

160,500

12,859,260

22,146,300

Office

REITs

0.6%

BXP,

Inc.

..........................................

United

States

89,500

4,645,050

Oil,

Gas

&

Consumable

Fuels

1.6%

Occidental

Petroleum

Corp.

...........................

United

States

107,000

6,955,000

Valero

Energy

Corp.

.................................

United

States

26,200

6,473,496

13,428,496

Personal

Care

Products

1.3%

Unilever

plc

........................................

United

Kingdom

188,428

10,638,571

Pharmaceuticals

3.4%

AstraZeneca

plc

....................................

United

Kingdom

42,218

8,255,308

Eli

Lilly

&

Co.

......................................

United

States

21,600

19,867,032

28,122,340

Semiconductors

&

Semiconductor

Equipment

16.2%

a

Advanced

Micro

Devices,

Inc.

..........................

United

States

43,200

8,788,176

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Leaders

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

230

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Analog

Devices,

Inc.

.................................

United

States

14,100

$

4,485,774

ASML

Holding

NV

,

ADR

..............................

Netherlands

6,380

8,426,895

Broadcom,

Inc.

.....................................

United

States

102,860

31,836,199

Lam

Research

Corp.

.................................

United

States

53,500

11,430,810

NVIDIA

Corp.

......................................

United

States

399,700

69,707,680

134,675,534

Software

6.9%

a

Cadence

Design

Systems,

Inc.

.........................

United

States

24,060

6,685,552

Microsoft

Corp.

.....................................

United

States

108,360

40,111,621

Roper

Technologies,

Inc.

..............................

United

States

29,940

10,594,568

57,391,741

Specialty

Retail

1.4%

Home

Depot,

Inc.

(The)

...............................

United

States

34,520

11,353,283

Technology

Hardware,

Storage

&

Peripherals

8.4%

Apple,

Inc.

........................................

United

States

276,088

70,068,374

Textiles,

Apparel

&

Luxury

Goods

0.7%

a

On

Holding

AG

,

A

...................................

Switzerland

177,900

6,052,158

Trading

Companies

&

Distributors

1.0%

United

Rentals,

Inc.

..................................

United

States

11,360

8,276,442

Total

Common

Stocks

(Cost

$

537,085,933

)

...................................

822,999,102

Short

Term

Investments

0.8%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

b

U.S.

Treasury

Bills

,

3.587

%,

4/23/26

...................................

United

States

300,000

299,336

c

3.586

%,

7/16/26

...................................

United

States

1,300,000

1,286,303

1,585,639

Total

U.S.

Government

and

Agency

Securities

(Cost

$

1,585,853

)

................

1,585,639

Shares

Management

Investment

Companies

0.6%

d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821

%

.......

United

States

4,765,953

4,765,953

Total

Management

Investment

Companies

(Cost

$

4,765,953

)

...................

4,765,953

Total

Short

Term

Investments

(Cost

$

6,351,806

)

...............................

6,351,592

a

Total

Investments

(Cost

$

543,437,739

)

99.7

%

.................................

$829,350,694

Other

Assets,

less

Liabilities

0.3

%

...........................................

2,428,137

Net

Assets

100.0%

.........................................................

$831,778,831

a

a

a

Putnam

Variable

Trust

Schedule

of

Investments

(unaudited)

Putnam

VT

Sustainable

Leaders

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

231

At

March

31,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

A

bbreviations

on

page

255

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

The

rate

shown

represents

the

yield

at

period

end.

c

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

March

31,

2026,

the

value

of

this

security

pledged

amounted

to

$99,

representing

less

than

0.1%

of

net

assets.

d

See

Note

4

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

....

BOFA

Buy

1,356,700

989,532

4/15/26

$

—

$

(

13,698

)

Canadian

Dollar

....

CITI

Buy

11,676,600

8,410,842

4/15/26

514

(

12,726

)

Canadian

Dollar

....

JPHQ

Buy

3,277,400

2,409,748

4/15/26

—

(

52,413

)

Canadian

Dollar

....

JPHQ

Sell

7,187,200

5,194,950

4/15/26

25,412

—

Canadian

Dollar

....

MSCO

Sell

3,096,400

2,240,604

4/15/26

13,456

—

Canadian

Dollar

....

SSBT

Sell

4,173,400

3,019,863

4/15/26

18,062

—

Canadian

Dollar

....

TDOM

Sell

6,415,400

4,641,978

4/15/26

27,573

—

Canadian

Dollar

....

UBSW

Buy

135,400

99,523

4/15/26

—

(

2,134

)

Canadian

Dollar

....

WPAC

Buy

3,485,000

2,552,283

4/15/26

—

(

45,627

)

British

Pound

......

BOFA

Sell

7,507,600

9,938,373

6/17/26

3,610

—

British

Pound

......

BZWS

Sell

1,757,000

2,325,802

6/17/26

774

—

British

Pound

......

CITI

Sell

2,370,200

3,137,563

6/17/26

1,091

—

British

Pound

......

GSCO

Buy

4,548,500

6,020,986

6/17/26

—

(

1,982

)

British

Pound

......

HSBK

Sell

1,863,600

2,478,579

6/17/26

12,488

—

British

Pound

......

MSCO

Buy

2,372,300

3,158,688

6/17/26

—

(

19,438

)

British

Pound

......

SSBT

Sell

11,138,700

14,814,794

6/17/26

75,017

—

British

Pound

......

TDOM

Buy

4,002,800

5,323,844

6/17/26

—

(

26,962

)

British

Pound

......

UBSW

Sell

27,400

36,443

6/17/26

184

—

British

Pound

......

WPAC

Sell

1,613,200

2,135,501

6/17/26

763

—

Danish

Krone

......

BOFA

Sell

18,850,500

2,902,533

6/17/26

—

(

25,674

)

Danish

Krone

......

CITI

Buy

73,877,300

11,394,065

6/17/26

87,243

(

5,325

)

Danish

Krone

......

HSBK

Sell

32,282,500

4,987,833

6/17/26

—

(

26,880

)

Danish

Krone

......

MSCO

Sell

23,650,700

3,662,182

6/17/26

—

(

11,681

)

Danish

Krone

......

SSBT

Buy

951,100

146,954

6/17/26

789

—

Euro

.............

BOFA

Buy

2,093,900

2,408,210

6/17/26

20,539

—

Euro

.............

BZWS

Buy

1,302,600

1,497,287

6/17/26

13,621

—

Euro

.............

CITI

Sell

727,200

835,891

6/17/26

—

(

7,600

)

Euro

.............

GSCO

Sell

9,865,000

11,379,586

6/17/26

7,780

(

70,769

)

Euro

.............

HSBK

Sell

2,288,700

2,639,814

6/17/26

—

(

14,887

)

Euro

.............

JPHQ

Sell

7,452,000

8,618,827

6/17/26

—

(

24,871

)

Euro

.............

MSCO

Sell

3,444,100

3,981,052

6/17/26

—

(

13,816

)

Euro

.............

SSBT

Buy

1,093,200

1,260,948

6/17/26

7,072

—

Euro

.............

TDOM

Sell

2,930,300

3,380,116

6/17/26

—

(

18,788

)

Euro

.............

UBSW

Sell

3,094,200

3,568,928

6/17/26

—

(

20,086

)

Euro

.............

WPAC

Buy

1,600,700

1,839,928

6/17/26

16,750

—

Swiss

Franc

.......

SSBT

Sell

4,185,900

5,359,338

6/17/26

80,121

—

Swiss

Franc

.......

WPAC

Sell

1,746,100

2,232,921

6/17/26

30,757

—

Total

Forward

Exchange

Contracts

...................................................

$443,616

$(415,357)

Net

unrealized

appreciation

(depreciation)

............................................

$28,259

*

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

Notes

to

Schedules

of

Investments

(unaudited)

232

Quarterly

Schedules

of

Investments

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.

Effective

May

1,

2026,

Putnam

VT

Research

Fund

was

renamed

Putnam

VT

U.S.

Research

Fund.

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. 

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

233

Quarterly

Schedules

of

Investments

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

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

March

31,

2026,

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.

Unfunded

Loan

Commitments

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules of

Investments.

At

March

31,

2026,

unfunded

commitments

were

as

follows:

Borrower

Unfunded

Commitment

Putnam

VT

Income

Fund

First

Eagle

Holdings,

Inc.

$

23,333

Borrower

Unfunded

Commitment

Putnam

VT

Global

Asset

Allocation

Fund

First

Eagle

Holdings,

Inc.

$

1,458

Borrower

Unfunded

Commitment

Putnam

VT

Diversified

Income

Fund

First

Eagle

Holdings,

Inc.

$

20,417

Pinnacle

Buyer

LLC

7,306

$

27,723

2. Financial

Instrument

Valuation

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

234

Quarterly

Schedules

of

Investments

4.

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

March

31,

2026,

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,

3.821%

......

$9,995

$7,143,767

$(7,153,762)

$—

$—

$—

—

$10,672

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$2,267,600

$12,513,204

$(12,975,089)

$—

$—

$1,805,715

1,805,715

$11,494

Total

Affiliated

Securities

...

$2,277,595

$19,656,971

$(20,128,851)

$—

$—

$1,805,715

$22,166

Putnam

VT

Diversified

Income

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$20,905,155

$5,670,023

$(7,091,158)

$—

$—

$19,484,020

19,484,020

$190,209

Total

Affiliated

Securities

...

$20,905,155

$5,670,023

$(7,091,158)

$—

$—

$19,484,020

$190,209

Putnam

VT

Emerging

Markets

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$924,852

$3,457,495

$(3,886,154)

$—

$—

$496,193

496,193

$6,860

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$246,375

$2,439,569

$(2,685,944)

$—

$—

$—

—

$971

Total

Affiliated

Securities

...

$1,171,227

$5,897,064

$(6,572,098)

$—

$—

$496,193

$7,831

Putnam

VT

Focused

International

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$976,628

$12,393,243

$(8,237,461)

$—

$—

$5,132,410

5,132,410

$17,561

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

235

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

Focused

International

Equity

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$—

$16,923,026

$(15,531,500)

$—

$—

$1,391,526

1,391,526

$9,740

Total

Affiliated

Securities

...

$976,628

$29,316,269

$(23,768,961)

$—

$—

$6,523,936

$27,301

Putnam

VT

George

Putnam

Balanced

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$11,981,853

$27,609,497

$(21,996,659)

$—

$—

$17,594,691

17,594,691

$121,478

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$—

$4,181,828

$(4,181,828)

$—

$—

$—

—

$4,139

Total

Affiliated

Securities

...

$11,981,853

$31,791,325

$(26,178,487)

$—

$—

$17,594,691

$125,617

Putnam

VT

Global

Asset

Allocation

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$5,284,771

$9,889,490

$(13,174,866)

$—

$—

$1,999,395

1,999,395

$37,211

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$—

$106,219

$(62,269)

$—

$—

$43,950

43,950

$44

Total

Affiliated

Securities

...

$5,284,771

$9,995,709

$(13,237,135)

$—

$—

$2,043,345

$37,255

Putnam

VT

Global

Health

Care

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$3,390,491

$9,737,010

$(8,966,712)

$—

$—

$4,160,789

4,160,789

$32,316

4.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

236

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

Global

Health

Care

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$—

$2,158,470

$(2,158,470)

$—

$—

$—

—

$1,371

Total

Affiliated

Securities

...

$3,390,491

$11,895,480

$(11,125,182)

$—

$—

$4,160,789

$33,687

Putnam

VT

High

Yield

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$4,469,071

$12,899,637

$(13,131,660)

$—

$—

$4,237,048

4,237,048

$41,114

Total

Affiliated

Securities

...

$4,469,071

$12,899,637

$(13,131,660)

$—

$—

$4,237,048

$41,114

Putnam

VT

Income

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$13,516,993

$9,500,280

$(14,618,522)

$—

$—

$8,398,751

8,398,751

$122,980

Total

Affiliated

Securities

...

$13,516,993

$9,500,280

$(14,618,522)

$—

$—

$8,398,751

$122,980

Putnam

VT

International

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$5,509,320

$28,663,736

$(26,601,787)

$—

$—

$7,571,269

7,571,269

$46,016

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$2,502,100

$1,546,460

$(3,033,070)

$—

$—

$1,015,490

1,015,490

$14,612

Total

Affiliated

Securities

...

$8,011,420

$30,210,196

$(29,634,857)

$—

$—

$8,586,759

$60,628

Putnam

VT

International

Value

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$11,427,599

$26,054,661

$(30,410,675)

$—

$—

$7,071,585

7,071,585

$84,879

4.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

237

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

International

Value

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$3,584,000

$339,000

$(3,923,000)

$—

$—

$—

—

$4,375

Total

Affiliated

Securities

...

$15,011,599

$26,393,661

$(34,333,675)

$—

$—

$7,071,585

$89,254

Putnam

VT

Large

Cap

Growth

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$19,258,702

$49,383,529

$(54,787,524)

$—

$—

$13,854,707

13,854,707

$163,545

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$2,405,100

$68,198,581

$(59,289,861)

$—

$—

$11,313,820

11,313,820

$91,421

Total

Affiliated

Securities

...

$21,663,802

$117,582,110

$(114,077,385)

$—

$—

$25,168,527

$254,966

Putnam

VT

Large

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$68,152,672

$76,391,942

$(65,170,661)

$—

$—

$79,373,953

79,373,953

$658,001

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$16,064,650

$86,298,245

$(102,362,895)

$—

$—

$—

—

$96,875

Total

Affiliated

Securities

...

$84,217,322

$162,690,187

$(167,533,556)

$—

$—

$79,373,953

$754,876

Putnam

VT

Mortgage

Securities

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$4,299,487

$2,622,463

$(3,941,951)

$—

$—

$2,979,999

2,979,999

$38,329

Total

Affiliated

Securities

...

$4,299,487

$2,622,463

$(3,941,951)

$—

$—

$2,979,999

$38,329

4.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

238

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

Research

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$1,064,396

$5,088,376

$(3,574,337)

$—

$—

$2,578,435

2,578,435

$15,074

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$—

$1,403,775

$(1,403,775)

$—

$—

$—

—

$3,070

Total

Affiliated

Securities

...

$1,064,396

$6,492,151

$(4,978,112)

$—

$—

$2,578,435

$18,144

Putnam

VT

Small

Cap

Growth

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$944,059

$2,016,566

$(2,226,061)

$—

$—

$734,564

734,564

$9,042

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$1,124,149

$8,205,170

$(7,825,169)

$—

$—

$1,504,150

1,504,150

$10,839

Total

Affiliated

Securities

...

$2,068,208

$10,221,736

$(10,051,230)

$—

$—

$2,238,714

$19,881

Putnam

VT

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$800,548

$6,991,550

$(7,309,895)

$—

$—

$482,203

482,203

$8,850

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.882%

.............

$8,430,624

$22,673,141

$(29,004,820)

$—

$—

$2,098,945

2,098,945

$60,879

Total

Affiliated

Securities

...

$9,231,172

$29,664,691

$(36,314,715)

$—

$—

$2,581,148

$69,729

4.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

239

Quarterly

Schedules

of

Investments

5. 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

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

March

31,

2026,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

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

Putnam

VT

Sustainable

Future

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$262,763

$2,165,509

$(1,875,525)

$—

$—

$552,747

552,747

$3,811

Total

Affiliated

Securities

...

$262,763

$2,165,509

$(1,875,525)

$—

$—

$552,747

$3,811

Putnam

VT

Sustainable

Leaders

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

$8,625,666

$47,762,402

$(51,622,115)

$—

$—

$4,765,953

4,765,953

$66,838

Total

Affiliated

Securities

...

$8,625,666

$47,762,402

$(51,622,115)

$—

$—

$4,765,953

$66,838

Level

1

Level

2

Level

3

Total

Putnam

VT

Core

Equity

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

2,627,715

$

—

$

—

$

2,627,715

Air

Freight

&

Logistics

...................

688,852

—

—

688,852

Automobiles

..........................

3,745,243

—

—

3,745,243

Banks

...............................

9,031,935

—

—

9,031,935

Beverages

...........................

2,729,269

—

—

2,729,269

Biotechnology

.........................

3,072,239

—

—

3,072,239

Broadline

Retail

.......................

6,402,482

—

—

6,402,482

Building

Products

......................

179,753

—

—

179,753

Capital

Markets

........................

9,658,175

—

—

9,658,175

4.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

240

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Core

Equity

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Chemicals

...........................

$

506,895

$

—

$

—

$

506,895

Commercial

Services

&

Supplies

...........

271,301

—

—

271,301

Communications

Equipment

..............

2,075,998

—

—

2,075,998

Consumer

Staples

Distribution

&

Retail

......

3,519,219

—

—

3,519,219

Containers

&

Packaging

.................

382,037

—

—

382,037

Diversified

Consumer

Services

............

501,366

—

—

501,366

Diversified

REITs

......................

284,196

—

—

284,196

Diversified

Telecommunication

Services

.....

1,375,749

—

—

1,375,749

Electric

Utilities

........................

4,295,749

—

—

4,295,749

Electrical

Equipment

....................

264,489

—

—

264,489

Entertainment

.........................

1,764,807

258,105

—

2,022,912

Financial

Services

......................

7,056,402

—

—

7,056,402

Food

Products

........................

393,120

—

—

393,120

Ground

Transportation

..................

1,711,199

—

—

1,711,199

Health

Care

Equipment

&

Supplies

.........

897,206

—

—

897,206

Health

Care

Providers

&

Services

..........

5,008,386

—

—

5,008,386

Hotels,

Restaurants

&

Leisure

.............

3,789,728

—

—

3,789,728

Household

Durables

....................

1,421,550

—

—

1,421,550

Household

Products

....................

1,495,328

—

—

1,495,328

Industrial

Conglomerates

................

868,181

—

—

868,181

Insurance

............................

1,438,485

—

—

1,438,485

Interactive

Media

&

Services

..............

12,911,045

—

—

12,911,045

IT

Services

...........................

924,719

—

—

924,719

Life

Sciences

Tools

&

Services

............

1,053,797

—

—

1,053,797

Machinery

............................

2,186,296

—

—

2,186,296

Media

...............................

822,805

—

—

822,805

Metals

&

Mining

.......................

1,986,523

—

—

1,986,523

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

484,209

—

—

484,209

Office

REITs

..........................

147,750

—

—

147,750

Oil,

Gas

&

Consumable

Fuels

.............

5,605,391

—

—

5,605,391

Passenger

Airlines

.....................

1,355,000

—

—

1,355,000

Pharmaceuticals

.......................

6,052,767

—

—

6,052,767

Real

Estate

Management

&

Development

....

1,695,122

—

—

1,695,122

Semiconductors

&

Semiconductor

Equipment

.

20,858,857

—

—

20,858,857

Software

.............................

11,289,863

—

—

11,289,863

Specialized

REITs

......................

977,826

—

—

977,826

Specialty

Retail

........................

2,516,425

—

—

2,516,425

Technology

Hardware,

Storage

&

Peripherals

.

10,145,002

—

—

10,145,002

Textiles,

Apparel

&

Luxury

Goods

..........

279,101

—

—

279,101

Trading

Companies

&

Distributors

..........

780,288

—

—

780,288

Management

Investment

Companies

.........

1,424,033

—

—

1,424,033

Short

Term

Investments

...................

—

2,152,443

—

2,152,443

Total

Investments

in

Securities

...........

$160,953,873

$2,410,548

b

$—

$163,364,421

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$—

$140,154

$—

$140,154

Total

Other

Financial

Instruments

.........

$—

$140,154

$—

$140,154

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

241

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Diversified

Income

Fund

Assets:

Investments

in

Securities:

a

Convertible

Bonds

.......................

$

—

$

2,818,237

$

—

$

2,818,237

Corporate

Bonds

........................

—

30,325,737

—

30,325,737

Senior

Floating

Rate

Interests

...............

—

4,771,365

—

4,771,365

Foreign

Government

and

Agency

Securities

....

—

9,146,014

—

9,146,014

U.S.

Government

and

Agency

Securities

.......

—

126,179

—

126,179

Asset-Backed

Securities

...................

—

2,287,026

—

2,287,026

Commercial

Mortgage-Backed

Securities

......

—

7,705,195

—

7,705,195

Mortgage-Backed

Securities

................

—

58,207,703

—

58,207,703

Residential

Mortgage-Backed

Securities

.......

—

6,140,283

—

6,140,283

Agency

Commercial

Mortgage-Backed

Securities

—

10,284,162

—

10,284,162

Short

Term

Investments

...................

19,484,020

297,671

—

19,781,691

Total

Investments

in

Securities

...........

$19,484,020

$132,109,572

$—

$151,593,592

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$10,634

$—

$10,634

Forward

Premium

Swap

Option

Contracts

.....

—

758,150

—

758,150

Futures

Contracts

.......................

113,534

—

—

113,534

Swap

Contracts

.........................

—

984,573

—

984,573

Unfunded

Loan

Commitments

..............

—

17

—

17

Total

Other

Financial

Instruments

.........

$113,534

$1,753,374

$—

$1,866,908

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

40,392,589

$

—

$

40,392,589

Forward

Exchange

Contracts

...............

—

107,245

—

107,245

Forward

Premium

Swap

Option

Contracts

......

—

553,743

—

553,743

Swap

Contracts

.........................

—

820,774

—

820,774

Unfunded

Loan

Commitments

...............

—

127

—

127

Total

Other

Financial

Instruments

.........

$—

$41,874,478

$—

$41,874,478

Putnam

VT

Emerging

Markets

Equity

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

109,932

191,006

—

300,938

Automobiles

..........................

—

657,947

—

657,947

Banks

...............................

340,262

3,600,924

—

3,941,186

Broadline

Retail

.......................

—

967,116

—

967,116

Capital

Markets

........................

225,756

443,941

—

669,697

Chemicals

...........................

—

66,518

—

66,518

Construction

&

Engineering

...............

—

324,673

—

324,673

Construction

Materials

..................

—

231,522

—

231,522

Consumer

Staples

Distribution

&

Retail

......

180,342

—

—

180,342

Diversified

Consumer

Services

............

154,314

—

—

154,314

Electric

Utilities

........................

—

191,393

—

191,393

Electrical

Equipment

....................

—

1,222,714

—

1,222,714

Electronic

Equipment,

Instruments

&

Components

........................

—

341,386

—

341,386

Financial

Services

......................

—

619,628

—

619,628

Health

Care

Providers

&

Services

..........

—

333,625

—

333,625

Hotels,

Restaurants

&

Leisure

.............

—

164,531

—

164,531

Household

Products

....................

—

54,301

—

54,301

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

465,864

—

465,864

Insurance

............................

—

910,006

—

910,006

Interactive

Media

&

Services

..............

—

1,545,273

—

1,545,273

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

242

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Emerging

Markets

Equity

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Life

Sciences

Tools

&

Services

............

$

—

$

324,381

$

—

$

324,381

Machinery

............................

—

329,921

—

329,921

Metals

&

Mining

.......................

—

950,135

—

950,135

Oil,

Gas

&

Consumable

Fuels

.............

—

603,619

—

603,619

Personal

Care

Products

.................

—

218,130

—

218,130

Real

Estate

Management

&

Development

....

—

216,455

—

216,455

Semiconductors

&

Semiconductor

Equipment

.

—

5,764,670

—

5,764,670

Technology

Hardware,

Storage

&

Peripherals

.

—

2,726,350

—

2,726,350

Transportation

Infrastructure

..............

—

442,270

—

442,270

Water

Utilities

.........................

504,519

—

—

504,519

Wireless

Telecommunication

Services

.......

384,345

1,172,359

—

1,556,704

Management

Investment

Companies

.........

1,226,554

—

—

1,226,554

Preferred

Stocks

.........................

612,548

—

—

612,548

Short

Term

Investments

...................

496,193

—

—

496,193

Total

Investments

in

Securities

...........

$4,234,765

$25,080,658

c

$—

$29,315,423

Putnam

VT

Focused

International

Equity

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Banks

...............................

—

10,998,740

—

10,998,740

Broadline

Retail

.......................

—

6,641,277

—

6,641,277

Capital

Markets

........................

4,736,742

5,975,831

—

10,712,573

Diversified

Telecommunication

Services

.....

8,184,605

—

—

8,184,605

Entertainment

.........................

—

8,673,954

—

8,673,954

Financial

Services

......................

—

4,258,047

—

4,258,047

Food

Products

........................

—

2,362,773

—

2,362,773

Health

Care

Equipment

&

Supplies

.........

—

4,288,705

—

4,288,705

Health

Care

Technology

.................

—

3,748,547

—

3,748,547

Hotels,

Restaurants

&

Leisure

.............

—

4,059,926

—

4,059,926

Household

Durables

....................

—

4,396,251

—

4,396,251

Industrial

Conglomerates

................

—

4,261,845

—

4,261,845

Insurance

............................

—

3,408,424

—

3,408,424

Interactive

Media

&

Services

..............

3,963,831

4,834,328

—

8,798,159

Oil,

Gas

&

Consumable

Fuels

.............

9,836,651

3,996,801

—

13,833,452

Passenger

Airlines

.....................

—

7,765,913

—

7,765,913

Personal

Care

Products

.................

—

2,155,844

—

2,155,844

Pharmaceuticals

.......................

—

8,880,757

—

8,880,757

Semiconductors

&

Semiconductor

Equipment

.

—

29,829,047

—

29,829,047

Software

.............................

6,635,556

—

—

6,635,556

Trading

Companies

&

Distributors

..........

—

11,982,758

—

11,982,758

Preferred

Stocks

.........................

—

2,628,118

—

2,628,118

Short

Term

Investments

...................

5,132,410

1,391,526

—

6,523,936

Total

Investments

in

Securities

...........

$38,489,795

$136,539,412

d

$—

$175,029,207

Other

Financial

Instruments:

Swap

Contracts

.........................

$—

$10,892

$—

$10,892

Total

Other

Financial

Instruments

.........

$—

$10,892

$—

$10,892

Putnam

VT

George

Putnam

Balanced

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

2,888,201

869,736

—

3,757,937

Air

Freight

&

Logistics

...................

1,320,003

—

—

1,320,003

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

243

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Automobiles

..........................

$

1,706,070

$

—

$

—

$

1,706,070

Banks

...............................

4,525,371

—

—

4,525,371

Beverages

...........................

3,100,810

—

—

3,100,810

Biotechnology

.........................

3,841,334

—

—

3,841,334

Broadline

Retail

.......................

7,724,943

—

—

7,724,943

Building

Products

......................

989,341

—

—

989,341

Capital

Markets

........................

4,117,862

—

—

4,117,862

Chemicals

...........................

1,767,328

—

—

1,767,328

Commercial

Services

&

Supplies

...........

364,835

—

—

364,835

Communications

Equipment

..............

3,832,868

—

—

3,832,868

Construction

Materials

..................

1,262,491

—

—

1,262,491

Consumer

Finance

.....................

1,802,956

—

—

1,802,956

Consumer

Staples

Distribution

&

Retail

......

4,682,091

—

—

4,682,091

Electric

Utilities

........................

3,555,748

—

—

3,555,748

Electrical

Equipment

....................

1,446,395

—

—

1,446,395

Energy

Equipment

&

Services

.............

163,215

—

—

163,215

Entertainment

.........................

4,937,145

—

—

4,937,145

Financial

Services

......................

7,464,297

—

—

7,464,297

Ground

Transportation

..................

700,687

—

—

700,687

Health

Care

Equipment

&

Supplies

.........

3,148,651

—

—

3,148,651

Health

Care

Providers

&

Services

..........

3,269,861

—

—

3,269,861

Health

Care

REITs

.....................

1,011,287

—

—

1,011,287

Hotels,

Restaurants

&

Leisure

.............

3,569,459

—

—

3,569,459

Household

Durables

....................

260,741

—

—

260,741

Household

Products

....................

1,012,958

—

—

1,012,958

Industrial

Conglomerates

................

1,729,129

—

—

1,729,129

Industrial

REITs

.......................

1,041,182

—

—

1,041,182

Insurance

............................

4,252,784

769,322

—

5,022,106

Interactive

Media

&

Services

..............

13,499,274

—

—

13,499,274

IT

Services

...........................

601,772

—

—

601,772

Life

Sciences

Tools

&

Services

............

2,674,875

—

—

2,674,875

Machinery

............................

2,634,934

—

—

2,634,934

Metals

&

Mining

.......................

448,038

646,710

—

1,094,748

Multi-Utilities

..........................

1,298,803

—

—

1,298,803

Oil,

Gas

&

Consumable

Fuels

.............

7,399,600

1,089,745

—

8,489,345

Passenger

Airlines

.....................

486,569

—

—

486,569

Pharmaceuticals

.......................

6,333,027

—

—

6,333,027

Real

Estate

Management

&

Development

....

282,570

—

—

282,570

Semiconductors

&

Semiconductor

Equipment

.

33,095,116

—

—

33,095,116

Software

.............................

14,255,131

—

—

14,255,131

Specialized

REITs

......................

1,686,107

—

—

1,686,107

Specialty

Retail

........................

3,202,342

—

—

3,202,342

Technology

Hardware,

Storage

&

Peripherals

.

9,279,166

—

—

9,279,166

Textiles,

Apparel

&

Luxury

Goods

..........

662,457

—

—

662,457

Tobacco

.............................

1,100,999

—

—

1,100,999

Trading

Companies

&

Distributors

..........

731,474

—

—

731,474

Corporate

Bonds

........................

—

38,985,801

—

38,985,801

U.S.

Government

and

Agency

Securities

.......

—

40,460,307

—

40,460,307

Asset-Backed

Securities

...................

—

85,850

—

85,850

Commercial

Mortgage-Backed

Securities

......

—

540,870

—

540,870

Mortgage-Backed

Securities

................

—

30,294,435

—

30,294,435

Municipal

Bonds

.........................

—

1,189,929

—

1,189,929

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

244

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

George

Putnam

Balanced

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Short

Term

Investments

...................

$

17,594,691

$

98,947

$

—

$

17,693,638

Total

Investments

in

Securities

...........

$198,756,988

$115,031,652

e

$—

$313,788,640

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$48,676

$—

$48,676

Total

Other

Financial

Instruments

.........

$—

$48,676

$—

$48,676

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$—

$1,081,272

$—

$1,081,272

Forward

Exchange

Contracts

...............

—

15,877

—

15,877

Futures

Contracts

........................

16,176

—

—

16,176

Total

Other

Financial

Instruments

.........

$16,176

$1,097,149

$—

$1,113,325

Putnam

VT

Global

Asset

Allocation

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

1,567,499

227,268

—

1,794,767

Air

Freight

&

Logistics

...................

205,524

—

—

205,524

Automobile

Components

.................

131,294

76,263

—

207,557

Automobiles

..........................

1,069,127

45,890

—

1,115,017

Banks

...............................

2,046,221

1,635,121

—

3,681,342

Beverages

...........................

849,865

61,793

—

911,658

Biotechnology

.........................

2,108,128

11,312

—

2,119,440

Broadline

Retail

.......................

2,422,282

127,220

—

2,549,502

Building

Products

......................

172,661

34,774

—

207,435

Capital

Markets

........................

2,327,680

319,269

—

2,646,949

Chemicals

...........................

1,055,633

77,733

—

1,133,366

Commercial

Services

&

Supplies

...........

154,561

—

—

154,561

Communications

Equipment

..............

742,468

46,650

—

789,118

Construction

&

Engineering

...............

225,873

245,487

—

471,360

Construction

Materials

..................

—

99,360

—

99,360

Consumer

Finance

.....................

327,649

—

—

327,649

Consumer

Staples

Distribution

&

Retail

......

698,168

8,233

—

706,401

Containers

&

Packaging

.................

175,898

—

—

175,898

Distributors

...........................

13,761

—

—

13,761

Diversified

Consumer

Services

............

133,950

—

—

133,950

Diversified

REITs

......................

10,197

—

—

10,197

Diversified

Telecommunication

Services

.....

939,158

229,616

—

1,168,774

Electric

Utilities

........................

620,423

99,980

—

720,403

Electrical

Equipment

....................

1,365,491

357,399

—

1,722,890

Electronic

Equipment,

Instruments

&

Components

........................

193,945

—

—

193,945

Energy

Equipment

&

Services

.............

898,916

—

—

898,916

Entertainment

.........................

1,178,398

15,069

—

1,193,467

Financial

Services

......................

1,751,153

134,493

—

1,885,646

Food

Products

........................

260,829

225,315

—

486,144

Gas

Utilities

..........................

105,721

42,386

—

148,107

Ground

Transportation

..................

358,863

—

—

358,863

Health

Care

Equipment

&

Supplies

.........

618,219

183,893

—

802,112

Health

Care

Providers

&

Services

..........

580,064

8,303

—

588,367

Health

Care

REITs

.....................

109,386

—

—

109,386

Health

Care

Technology

.................

592,531

—

—

592,531

Hotel

&

Resort

REITs

...................

36,679

—

—

36,679

Hotels,

Restaurants

&

Leisure

.............

1,122,575

177,691

—

1,300,266

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

245

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Household

Durables

....................

$

233,474

$

27,096

$

—

$

260,570

Household

Products

....................

966,996

83,714

—

1,050,710

Independent

Power

and

Renewable

Electricity

Producers

..........................

114,217

132,607

—

246,824

Industrial

Conglomerates

................

120,753

122,705

—

243,458

Industrial

REITs

.......................

33,091

—

—

33,091

Insurance

............................

1,491,488

494,589

—

1,986,077

Interactive

Media

&

Services

..............

4,574,207

41,954

—

4,616,161

IT

Services

...........................

164,828

59,548

—

224,376

Leisure

Products

.......................

93,439

83,879

—

177,318

Life

Sciences

Tools

&

Services

............

105,881

—

—

105,881

Machinery

............................

1,555,457

227,734

—

1,783,191

Marine

Transportation

...................

33,116

48,164

—

81,280

Media

...............................

77,960

17,255

—

95,215

Metals

&

Mining

.......................

187,846

525,585

—

713,431

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

71,805

—

—

71,805

Multi-Utilities

..........................

398,734

89,077

—

487,811

Office

REITs

..........................

9,652

—

—

9,652

Oil,

Gas

&

Consumable

Fuels

.............

1,633,267

619,224

—

2,252,491

Paper

&

Forest

Products

.................

4,646

—

—

4,646

Passenger

Airlines

.....................

172,761

216,502

—

389,263

Pharmaceuticals

.......................

2,544,076

912,497

—

3,456,573

Professional

Services

...................

322,601

69,712

—

392,313

Real

Estate

Management

&

Development

....

150,340

—

—

150,340

Residential

REITs

......................

404,272

—

—

404,272

Retail

REITs

..........................

493,812

—

—

493,812

Semiconductors

&

Semiconductor

Equipment

.

7,584,745

546,517

—

8,131,262

Software

.............................

4,433,729

172,977

—

4,606,706

Specialized

REITs

......................

466,301

—

—

466,301

Specialty

Retail

........................

576,165

53,721

—

629,886

Technology

Hardware,

Storage

&

Peripherals

.

4,330,483

—

—

4,330,483

Textiles,

Apparel

&

Luxury

Goods

..........

90,282

130,932

—

221,214

Tobacco

.............................

559,676

106,276

—

665,952

Trading

Companies

&

Distributors

..........

66,443

191,344

—

257,787

Transportation

Infrastructure

..............

26,784

—

—

26,784

Water

Utilities

.........................

10,387

—

—

10,387

Wireless

Telecommunication

Services

.......

—

220,930

—

220,930

Convertible

Preferred

Stocks

................

23,972

—

—

23,972

Convertible

Bonds

.......................

—

37,271

—

37,271

Corporate

Bonds

........................

—

12,574,474

—

12,574,474

Senior

Floating

Rate

Interests

...............

—

378,022

—

378,022

Foreign

Government

and

Agency

Securities

....

—

228,243

—

228,243

Asset-Backed

Securities

...................

—

59,137

—

59,137

Commercial

Mortgage-Backed

Securities

......

—

457,396

—

457,396

Mortgage-Backed

Securities

................

—

9,403,185

—

9,403,185

Residential

Mortgage-Backed

Securities

.......

—

562,777

—

562,777

Agency

Commercial

Mortgage-Backed

Securities

—

187,104

—

187,104

Municipal

Bonds

.........................

—

60,533

—

60,533

Short

Term

Investments

...................

1,999,395

1,825,816

—

3,825,211

Total

Investments

in

Securities

...........

$63,297,871

$35,459,015

f

$—

$98,756,886

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

246

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Global

Asset

Allocation

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$29,275

$—

$29,275

Futures

Contracts

.......................

439,388

—

—

439,388

Swap

Contracts

.........................

—

261,676

—

261,676

Total

Other

Financial

Instruments

.........

$439,388

$290,951

$—

$730,339

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

1,909,546

$

—

$

1,909,546

Forward

Exchange

Contracts

...............

—

44,284

—

44,284

Futures

Contracts

........................

359,526

—

—

359,526

Swap

Contracts

.........................

—

219,185

—

219,185

Unfunded

Loan

Commitments

...............

—

9

—

9

Total

Other

Financial

Instruments

.........

$359,526

$2,173,024

$—

$2,532,550

Putnam

VT

Global

Health

Care

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Biotechnology

.........................

26,175,334

1,434,061

—

27,609,395

Health

Care

Equipment

&

Supplies

.........

14,598,544

1,837,621

—

16,436,165

Health

Care

Providers

&

Services

..........

18,796,554

—

—

18,796,554

Life

Sciences

Tools

&

Services

............

7,086,497

—

—

7,086,497

Pharmaceuticals

.......................

38,617,308

28,126,397

—

66,743,705

Options

Purchased

.......................

—

17,378

—

17,378

Short

Term

Investments

...................

4,160,789

197,893

—

4,358,682

Total

Investments

in

Securities

...........

$109,435,026

$31,613,350

g

$—

$141,048,376

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$215,127

$—

$215,127

Total

Other

Financial

Instruments

.........

$—

$215,127

$—

$215,127

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$246,757

$—

$246,757

Total

Other

Financial

Instruments

.........

$—

$246,757

$—

$246,757

Putnam

VT

High

Yield

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Commercial

Services

&

Supplies

...........

184,819

—

—

184,819

Diversified

Telecommunication

Services

.....

—

68,165

—

68,165

Hotels,

Restaurants

&

Leisure

.............

426,184

—

—

426,184

Convertible

Preferred

Stocks

................

1,225,085

—

—

1,225,085

Convertible

Bonds

.......................

—

2,202,417

—

2,202,417

Corporate

Bonds

........................

—

119,124,124

—

119,124,124

Senior

Floating

Rate

Interests

...............

—

5,052,318

—

5,052,318

Foreign

Government

and

Agency

Securities

....

—

231,659

—

231,659

Short

Term

Investments

...................

4,237,048

—

—

4,237,048

Total

Investments

in

Securities

...........

$6,073,136

$126,678,683

$—

$132,751,819

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$2,270

$—

$2,270

Total

Other

Financial

Instruments

.........

$—

$2,270

$—

$2,270

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

247

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

High

Yield

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$

—

$

20,267

$

—

$

20,267

Total

Other

Financial

Instruments

.........

$—

$20,267

$—

$20,267

Putnam

VT

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$—

$51,388,459

$—

$51,388,459

Senior

Floating

Rate

Interests

...............

—

5,104,186

—

5,104,186

Foreign

Government

and

Agency

Securities

....

—

3,537,533

—

3,537,533

Asset-Backed

Securities

...................

—

18,111,691

—

18,111,691

Commercial

Mortgage-Backed

Securities

......

—

7,119,612

—

7,119,612

Mortgage-Backed

Securities

................

—

64,380,394

—

64,380,394

Residential

Mortgage-Backed

Securities

.......

—

9,171,119

—

9,171,119

Agency

Commercial

Mortgage-Backed

Securities

—

5,861,216

—

5,861,216

Municipal

Bonds

.........................

—

1,296,589

—

1,296,589

Short

Term

Investments

...................

8,398,751

1,088,410

—

9,487,161

Total

Investments

in

Securities

...........

$8,398,751

$167,059,209

$—

$175,457,960

Other

Financial

Instruments:

Forward

Premium

Swap

Option

Contracts

.....

$—

$8,930

$—

$8,930

Futures

Contracts

.......................

66,625

—

—

66,625

Swap

Contracts

.........................

—

225,635

—

225,635

Total

Other

Financial

Instruments

.........

$66,625

$234,565

$—

$301,190

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$—

$25,918,255

$—

$25,918,255

Forward

Exchange

Contracts

...............

—

2,988

—

2,988

Forward

Premium

Swap

Option

Contracts

......

—

230,116

—

230,116

Futures

Contracts

........................

774,963

—

—

774,963

Swap

Contracts

.........................

—

194,557

—

194,557

Unfunded

Loan

Commitments

...............

—

146

—

146

Total

Other

Financial

Instruments

.........

$774,963

$26,346,062

$—

$27,121,025

Level

1

Level

2

Level

3

Total

Putnam

VT

International

Equity

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Australia

.............................

$

—

$

15,430,354

$

—

$

15,430,354

Austria

...............................

—

5,081,293

—

5,081,293

Canada

..............................

3,046,602

—

—

3,046,602

China

...............................

—

3,725,826

—

3,725,826

Denmark

.............................

3,977,860

1,864,673

—

5,842,533

France

...............................

—

22,853,412

—

22,853,412

Germany

.............................

—

13,171,946

—

13,171,946

Greece

..............................

—

5,479,210

—

5,479,210

Hong

Kong

...........................

—

8,942,565

—

8,942,565

Indonesia

............................

—

5,768,007

—

5,768,007

Ireland

...............................

—

1,507,977

—

1,507,977

Italy

.................................

2,401,590

8,380,693

—

10,782,283

Japan

...............................

—

52,665,201

—

52,665,201

Netherlands

...........................

—

17,954,224

—

17,954,224

Portugal

..............................

—

6,148,144

—

6,148,144

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

248

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

International

Equity

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Spain

................................

$

—

$

8,065,477

$

—

$

8,065,477

Switzerland

...........................

—

5,241,762

—

5,241,762

Taiwan

...............................

—

5,147,273

—

5,147,273

United

Kingdom

........................

3,037,445

31,378,982

—

34,416,427

United

States

..........................

6,207,907

38,149,128

—

44,357,035

Preferred

Stocks

........................

—

3,885,065

—

3,885,065

Short

Term

Investments

...................

7,571,269

1,412,108

—

8,983,377

Total

Investments

in

Securities

...........

$26,242,673

$262,253,320

h

$—

$288,495,993

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$1,655,175

$—

$1,655,175

Total

Other

Financial

Instruments

.........

$—

$1,655,175

$—

$1,655,175

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$1,185,769

$—

$1,185,769

Total

Other

Financial

Instruments

.........

$—

$1,185,769

$—

$1,185,769

Level

1

Level

2

Level

3

Total

Putnam

VT

International

Value

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

6,188,864

$

—

$

6,188,864

Air

Freight

&

Logistics

...................

—

2,723,209

—

2,723,209

Automobiles

..........................

—

904,770

—

904,770

Banks

...............................

—

69,962,744

—

69,962,744

Beverages

...........................

3,802,068

2,031,872

—

5,833,940

Biotechnology

.........................

—

1,993,605

—

1,993,605

Broadline

Retail

.......................

—

1,084,625

—

1,084,625

Building

Products

......................

—

2,917,428

—

2,917,428

Capital

Markets

........................

—

5,313,511

—

5,313,511

Chemicals

...........................

—

1,421,943

—

1,421,943

Construction

Materials

..................

—

5,242,848

—

5,242,848

Consumer

Staples

Distribution

&

Retail

......

2,250,568

4,438,219

—

6,688,787

Diversified

REITs

......................

—

1,551,569

—

1,551,569

Diversified

Telecommunication

Services

.....

—

8,508,549

—

8,508,549

Electric

Utilities

........................

—

5,519,483

—

5,519,483

Electrical

Equipment

....................

—

3,382,574

—

3,382,574

Food

Products

........................

—

2,637,661

—

2,637,661

Health

Care

Equipment

&

Supplies

.........

—

5,426,182

—

5,426,182

Hotels,

Restaurants

&

Leisure

.............

—

1,545,070

—

1,545,070

Household

Durables

....................

—

4,873,029

—

4,873,029

Industrial

Conglomerates

................

—

4,145,190

—

4,145,190

Industrial

REITs

.......................

—

2,258,467

—

2,258,467

Insurance

............................

—

25,157,189

—

25,157,189

Machinery

............................

—

7,408,557

—

7,408,557

Metals

&

Mining

.......................

—

7,363,574

—

7,363,574

Multi-Utilities

..........................

—

4,082,500

—

4,082,500

Oil,

Gas

&

Consumable

Fuels

.............

7,149,942

15,765,872

—

22,915,814

Passenger

Airlines

.....................

—

3,384,838

—

3,384,838

Personal

Care

Products

.................

—

4,522,641

—

4,522,641

Pharmaceuticals

.......................

—

13,855,610

—

13,855,610

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

249

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

International

Value

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Semiconductors

&

Semiconductor

Equipment

.

$

—

$

3,430,901

$

—

$

3,430,901

Specialty

Retail

........................

—

2,739,539

—

2,739,539

Textiles,

Apparel

&

Luxury

Goods

..........

—

3,901,030

—

3,901,030

Tobacco

.............................

—

3,673,916

—

3,673,916

Trading

Companies

&

Distributors

..........

—

15,914,501

—

15,914,501

Wireless

Telecommunication

Services

.......

—

5,237,432

—

5,237,432

Short

Term

Investments

...................

7,071,585

1,686,248

—

8,757,833

Total

Investments

in

Securities

...........

$20,274,163

$262,195,760

i

$—

$282,469,923

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$895,171

$—

$895,171

Futures

Contracts

.......................

38,084

—

—

38,084

Total

Other

Financial

Instruments

.........

$38,084

$895,171

$—

$933,255

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$1,391,650

$—

$1,391,650

Total

Other

Financial

Instruments

.........

$—

$1,391,650

$—

$1,391,650

Putnam

VT

Large

Cap

Growth

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

26,557,021

—

—

26,557,021

Automobiles

..........................

42,677,272

—

—

42,677,272

Biotechnology

.........................

18,786,569

—

—

18,786,569

Broadline

Retail

.......................

51,617,845

—

—

51,617,845

Building

Products

......................

14,389,615

—

—

14,389,615

Capital

Markets

........................

7,034,834

—

—

7,034,834

Chemicals

...........................

8,142,611

—

—

8,142,611

Communications

Equipment

..............

10,704,943

—

—

10,704,943

Construction

Materials

..................

11,468,731

—

—

11,468,731

Consumer

Finance

.....................

7,967,813

—

—

7,967,813

Consumer

Staples

Distribution

&

Retail

......

26,447,245

—

—

26,447,245

Electric

Utilities

........................

8,472,166

—

—

8,472,166

Electrical

Equipment

....................

23,824,933

—

—

23,824,933

Entertainment

.........................

30,344,335

—

—

30,344,335

Financial

Services

......................

59,436,698

—

—

59,436,698

Ground

Transportation

..................

7,915,792

—

—

7,915,792

Health

Care

Equipment

&

Supplies

.........

27,311,892

—

—

27,311,892

Hotels,

Restaurants

&

Leisure

.............

18,755,879

—

—

18,755,879

Interactive

Media

&

Services

..............

118,530,014

—

—

118,530,014

IT

Services

...........................

6,654,480

—

—

6,654,480

Life

Sciences

Tools

&

Services

............

—

8,104,304

—

8,104,304

Machinery

............................

14,053,013

—

—

14,053,013

Pharmaceuticals

.......................

38,953,179

7,686,241

—

46,639,420

Real

Estate

Management

&

Development

....

9,301,361

—

—

9,301,361

Semiconductors

&

Semiconductor

Equipment

.

270,343,385

—

—

270,343,385

Software

.............................

131,136,257

—

—

131,136,257

Specialized

REITs

......................

8,113,331

—

—

8,113,331

Technology

Hardware,

Storage

&

Peripherals

.

116,913,947

—

—

116,913,947

Short

Term

Investments

...................

13,854,707

11,313,820

—

25,168,527

Total

Investments

in

Securities

...........

$1,129,709,868

$27,104,365

j

$—

$1,156,814,233

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

250

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Large

Cap

Value

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

78,478,462

$

—

$

—

$

78,478,462

Air

Freight

&

Logistics

...................

47,745,217

—

—

47,745,217

Automobiles

..........................

56,767,883

—

—

56,767,883

Banks

...............................

213,695,989

—

—

213,695,989

Beverages

...........................

59,776,213

—

—

59,776,213

Biotechnology

.........................

68,837,394

—

—

68,837,394

Broadline

Retail

.......................

53,274,425

—

—

53,274,425

Building

Products

......................

17,765,856

—

—

17,765,856

Capital

Markets

........................

144,981,656

—

—

144,981,656

Chemicals

...........................

66,996,539

—

—

66,996,539

Communications

Equipment

..............

75,436,490

—

—

75,436,490

Construction

Materials

..................

31,864,290

—

—

31,864,290

Consumer

Finance

.....................

44,821,044

—

—

44,821,044

Consumer

Staples

Distribution

&

Retail

......

79,783,122

—

—

79,783,122

Containers

&

Packaging

.................

10,890,840

—

—

10,890,840

Diversified

Telecommunication

Services

.....

9,412,803

—

—

9,412,803

Electric

Utilities

........................

106,946,822

—

—

106,946,822

Financial

Services

......................

21,990,185

—

—

21,990,185

Health

Care

Equipment

&

Supplies

.........

44,695,695

—

—

44,695,695

Health

Care

Providers

&

Services

..........

82,118,261

—

—

82,118,261

Hotels,

Restaurants

&

Leisure

.............

32,850,371

—

—

32,850,371

Household

Durables

....................

44,467,871

—

—

44,467,871

Household

Products

....................

36,554,297

—

—

36,554,297

Industrial

Conglomerates

................

50,689,036

—

—

50,689,036

Industrial

REITs

.......................

25,154,779

—

—

25,154,779

Insurance

............................

57,785,916

—

—

57,785,916

Interactive

Media

&

Services

..............

88,965,313

—

—

88,965,313

IT

Services

...........................

32,186,631

—

—

32,186,631

Life

Sciences

Tools

&

Services

............

50,805,853

—

—

50,805,853

Machinery

............................

48,792,085

—

—

48,792,085

Media

...............................

10,839,982

—

—

10,839,982

Metals

&

Mining

.......................

39,343,805

—

—

39,343,805

Office

REITs

..........................

11,794,600

—

—

11,794,600

Oil,

Gas

&

Consumable

Fuels

.............

152,835,807

34,730,512

—

187,566,319

Passenger

Airlines

.....................

38,204,106

—

—

38,204,106

Pharmaceuticals

.......................

53,064,667

29,765,235

—

82,829,902

Semiconductors

&

Semiconductor

Equipment

.

42,092,854

—

—

42,092,854

Software

.............................

51,101,969

—

—

51,101,969

Specialized

REITs

......................

7,919,178

—

—

7,919,178

Technology

Hardware,

Storage

&

Peripherals

.

31,493,195

—

—

31,493,195

Tobacco

.............................

57,811,462

—

—

57,811,462

Trading

Companies

&

Distributors

..........

21,757,716

—

—

21,757,716

Wireless

Telecommunication

Services

.......

33,019,656

—

—

33,019,656

U.S.

Government

and

Agency

Securities

.......

—

187,023

—

187,023

Short

Term

Investments

...................

79,373,953

2,376,377

—

81,750,330

Total

Investments

in

Securities

...........

$2,415,184,288

$67,059,147

k

$—

$2,482,243,435

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$245,082

$—

$245,082

Total

Other

Financial

Instruments

.........

$—

$245,082

$—

$245,082

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

251

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Large

Cap

Value

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$

—

$

241,132

$

—

$

241,132

Futures

Contracts

........................

39,202

—

—

39,202

Total

Other

Financial

Instruments

.........

$39,202

$241,132

$—

$280,334

Putnam

VT

Mortgage

Securities

Fund

Assets:

Investments

in

Securities:

a

Asset-Backed

Securities

...................

$—

$1,027,951

$—

$1,027,951

Commercial

Mortgage-Backed

Securities

......

—

6,653,208

—

6,653,208

Mortgage-Backed

Securities

................

—

61,839,266

—

61,839,266

Residential

Mortgage-Backed

Securities

.......

—

4,786,009

—

4,786,009

Agency

Commercial

Mortgage-Backed

Securities

—

8,193,818

—

8,193,818

Short

Term

Investments

...................

2,979,999

593,678

—

3,573,677

Total

Investments

in

Securities

...........

$2,979,999

$83,093,930

$—

$86,073,929

Other

Financial

Instruments:

Forward

Premium

Swap

Option

Contracts

.....

$—

$75,225

$—

$75,225

Futures

Contracts

.......................

285,085

—

—

285,085

Swap

Contracts

.........................

—

290,368

—

290,368

Total

Other

Financial

Instruments

.........

$285,085

$365,593

$—

$650,678

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

27,294,935

$

—

$

27,294,935

Forward

Premium

Swap

Option

Contracts

......

—

247,172

—

247,172

Swap

Contracts

.........................

—

130,907

—

130,907

Total

Other

Financial

Instruments

.........

$—

$27,673,014

$—

$27,673,014

Putnam

VT

Research

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

1,848,690

555,874

—

2,404,564

Air

Freight

&

Logistics

...................

848,421

—

—

848,421

Automobiles

..........................

1,080,597

—

—

1,080,597

Banks

...............................

2,872,576

—

—

2,872,576

Beverages

...........................

1,971,081

—

—

1,971,081

Biotechnology

.........................

2,460,469

—

—

2,460,469

Broadline

Retail

.......................

4,938,290

—

—

4,938,290

Building

Products

......................

633,445

—

—

633,445

Capital

Markets

........................

2,619,123

—

—

2,619,123

Chemicals

...........................

1,130,031

—

—

1,130,031

Commercial

Services

&

Supplies

...........

233,075

—

—

233,075

Communications

Equipment

..............

2,448,818

—

—

2,448,818

Construction

Materials

..................

808,268

—

—

808,268

Consumer

Finance

.....................

1,142,742

—

—

1,142,742

Consumer

Staples

Distribution

&

Retail

......

2,975,128

—

—

2,975,128

Electric

Utilities

........................

2,275,644

—

—

2,275,644

Electrical

Equipment

....................

940,986

—

—

940,986

Energy

Equipment

&

Services

.............

103,911

—

—

103,911

Entertainment

.........................

3,156,134

—

—

3,156,134

Financial

Services

......................

4,773,843

—

—

4,773,843

Ground

Transportation

..................

448,119

—

—

448,119

Health

Care

Equipment

&

Supplies

.........

2,012,475

—

—

2,012,475

Health

Care

Providers

&

Services

..........

2,094,435

—

—

2,094,435

Health

Care

REITs

.....................

642,360

—

—

642,360

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

252

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Research

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Hotels,

Restaurants

&

Leisure

.............

$

2,283,807

$

—

$

—

$

2,283,807

Household

Durables

....................

166,653

—

—

166,653

Household

Products

....................

647,525

—

—

647,525

Industrial

Conglomerates

................

1,105,287

—

—

1,105,287

Industrial

REITs

.......................

655,216

—

—

655,216

Insurance

............................

2,720,019

487,067

—

3,207,086

Interactive

Media

&

Services

..............

8,629,258

—

—

8,629,258

IT

Services

...........................

385,043

—

—

385,043

Life

Sciences

Tools

&

Services

............

1,708,959

—

—

1,708,959

Machinery

............................

1,693,418

—

—

1,693,418

Metals

&

Mining

.......................

283,082

414,132

—

697,214

Multi-Utilities

..........................

832,146

—

—

832,146

Oil,

Gas

&

Consumable

Fuels

.............

4,738,540

696,079

—

5,434,619

Passenger

Airlines

.....................

311,606

—

—

311,606

Pharmaceuticals

.......................

4,055,420

—

—

4,055,420

Real

Estate

Management

&

Development

....

179,484

—

—

179,484

Semiconductors

&

Semiconductor

Equipment

.

21,187,972

—

—

21,187,972

Software

.............................

9,095,529

—

—

9,095,529

Specialized

REITs

......................

1,077,935

—

—

1,077,935

Specialty

Retail

........................

2,046,839

—

—

2,046,839

Technology

Hardware,

Storage

&

Peripherals

.

5,941,787

—

—

5,941,787

Textiles,

Apparel

&

Luxury

Goods

..........

422,127

—

—

422,127

Tobacco

.............................

697,900

—

—

697,900

Trading

Companies

&

Distributors

..........

464,093

—

—

464,093

Short

Term

Investments

...................

2,578,435

98,946

—

2,677,381

Total

Investments

in

Securities

...........

$118,366,741

$2,252,098

l

$—

$120,618,839

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$29,328

$—

$29,328

Total

Other

Financial

Instruments

.........

$—

$29,328

$—

$29,328

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$8,691

$—

$8,691

Futures

Contracts

........................

4,908

—

—

4,908

Total

Other

Financial

Instruments

.........

$4,908

$8,691

$—

$13,599

Putnam

VT

Small

Cap

Growth

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

36,603,714

—

—

36,603,714

Rights

.................................

—

—

442

442

Short

Term

Investments

...................

734,564

1,504,150

—

2,238,714

Total

Investments

in

Securities

...........

$37,338,278

$1,504,150

$442

$38,842,870

Putnam

VT

Small

Cap

Value

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

105,115,658

—

—

105,115,658

Rights

.................................

—

—

—

m

—

Short

Term

Investments

...................

482,203

2,098,945

—

2,581,148

Total

Investments

in

Securities

...........

$105,597,861

$2,098,945

$—

$107,696,806

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

253

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

VT

Sustainable

Future

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

$

25,617,722

$

—

$

—

$

25,617,722

Short

Term

Investments

...................

552,747

—

—

552,747

Total

Investments

in

Securities

...........

$26,170,469

$—

$—

$26,170,469

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$18,982

$—

$18,982

Total

Other

Financial

Instruments

.........

$—

$18,982

$—

$18,982

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$22,653

$—

$22,653

Total

Other

Financial

Instruments

.........

$—

$22,653

$—

$22,653

Putnam

VT

Sustainable

Leaders

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

4,532,725

—

—

4,532,725

Automobiles

..........................

14,141,370

—

—

14,141,370

Banks

...............................

32,742,163

—

—

32,742,163

Beverages

...........................

12,917,235

—

—

12,917,235

Biotechnology

.........................

14,832,818

—

—

14,832,818

Broadline

Retail

.......................

43,049,409

—

—

43,049,409

Building

Products

......................

21,938,361

—

—

21,938,361

Capital

Markets

........................

15,218,272

—

—

15,218,272

Chemicals

...........................

13,534,248

—

—

13,534,248

Commercial

Services

&

Supplies

...........

3,789,046

—

—

3,789,046

Construction

Materials

..................

7,526,592

—

—

7,526,592

Consumer

Finance

.....................

10,197,837

—

—

10,197,837

Consumer

Staples

Distribution

&

Retail

......

21,969,748

—

—

21,969,748

Electric

Utilities

........................

25,934,644

—

—

25,934,644

Energy

Equipment

&

Services

.............

10,641,015

—

—

10,641,015

Entertainment

.........................

24,357,639

—

—

24,357,639

Financial

Services

......................

31,748,853

—

—

31,748,853

Food

Products

........................

—

8,009,012

—

8,009,012

Health

Care

Equipment

&

Supplies

.........

13,663,248

—

—

13,663,248

Hotels,

Restaurants

&

Leisure

.............

5,521,789

—

—

5,521,789

Household

Durables

....................

8,864,412

—

—

8,864,412

Industrial

Conglomerates

................

6,215,825

—

—

6,215,825

Industrial

REITs

.......................

7,917,582

—

—

7,917,582

Insurance

............................

6,739,646

—

—

6,739,646

Interactive

Media

&

Services

..............

73,712,870

—

—

73,712,870

Life

Sciences

Tools

&

Services

............

16,484,454

—

—

16,484,454

Machinery

............................

22,146,300

—

—

22,146,300

Office

REITs

..........................

4,645,050

—

—

4,645,050

Oil,

Gas

&

Consumable

Fuels

.............

13,428,496

—

—

13,428,496

Personal

Care

Products

.................

—

10,638,571

—

10,638,571

Pharmaceuticals

.......................

19,867,032

8,255,308

—

28,122,340

Semiconductors

&

Semiconductor

Equipment

.

134,675,534

—

—

134,675,534

Software

.............................

57,391,741

—

—

57,391,741

Specialty

Retail

........................

11,353,283

—

—

11,353,283

Technology

Hardware,

Storage

&

Peripherals

.

70,068,374

—

—

70,068,374

Textiles,

Apparel

&

Luxury

Goods

..........

6,052,158

—

—

6,052,158

Trading

Companies

&

Distributors

..........

8,276,442

—

—

8,276,442

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

254

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)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Short

Term

Investments

...................

$

4,765,953

$

1,585,639

$

—

$

6,351,592

Total

Investments

in

Securities

...........

$800,862,164

$28,488,530

n

$—

$829,350,694

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$443,616

$—

$443,616

Total

Other

Financial

Instruments

.........

$—

$443,616

$—

$443,616

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$415,357

$—

$415,357

Total

Other

Financial

Instruments

.........

$—

$415,357

$—

$415,357

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$258,105,

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

$25,080,658,

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

$135,147,886,

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

$3,375,513,

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

$9,685,057,

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

Includes

foreign

securities

valued

at

$31,398,079,

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.

h

Includes

foreign

securities

valued

at

$260,841,212,

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

$260,509,512,

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

$15,790,545,

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

$64,495,747,

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

$2,153,152,

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

financial

instruments

determined

to

have

no

value.

n

Includes

foreign

securities

valued

at

$26,902,891,

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.

5. Fair

Value

Measurements

(continued)

Putnam

Variable

Trust

Notes

to

Schedules

of

Investments

(unaudited)

255

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

CDX.NA.IG.

Series

number

CDX

North

America

Investment

Grade

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

ETM

Escrowed

to

Maturity

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

NATL

National

Reinsurance

Corp.

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

.................

2.27%

1-day

SARON

.......................

(0.07)%

1-day

SOFR

........................

3.68%

1-day

SONIA

........................

3.73%

3-month

AUD

BBR

...................

4.31%

3-month

EURIBOR

...................

2.08%

3-month

STIBOR

....................

2.19%

6-month

AUD

BBR

...................

4.78%

6-month

EURIBOR

...................

2.48%

6-month

NIBOR

.....................

4.66%

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.