Putnam Variable Trust
08/27/2026 | Press release | Distributed by Public on 08/27/2026 13:39
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05346
Putnam Variable Trust
(Exact name of registrant as specified in charter)
100 Federal Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
Alexander V. Kymn, Vice President
100 Federal Street
Boston, Massachusetts 02110
Copy to:
Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
James E. Thomas, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2026
| ITEM 1. | REPORT TO STOCKHOLDERS. |
| (a) | The Report to Shareholders is filed herewith |
|
Putnam VT Government Money Market Fund
|
||
|
Class IA
|
||
|
Semi-Annual Shareholder Report | June 30, 2026
|
||
This semi-annual shareholder report contains important information about Putnam VT Government Money Market Fund for the period January 1, 2026, to June 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class IA1
|
$21
|
0.43%
|
| † | Annualized. |
| 1 | Does not reflect expenses incurred from investing through variable annuity or variable life insurance products. |
KEY FUND STATISTICS (as of June 30, 2026)
|
Total Net Assets
|
$76,167,649
|
|
Total Number of Portfolio Holdings
|
77
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition (% of Total Investments)
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| Putnam VT Government Money Market Fund | PAGE 1 | 38922-STSIA-0826 |
|
Putnam VT Government Money Market Fund
|
||
|
Class IB
|
||
|
Semi-Annual Shareholder Report | June 30, 2026
|
||
This semi-annual shareholder report contains important information about Putnam VT Government Money Market Fund for the period January 1, 2026, to June 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class IB1
|
$34
|
0.68%
|
| † | Annualized. |
| 1 | Does not reflect expenses incurred from investing through variable annuity or variable life insurance products. |
KEY FUND STATISTICS (as of June 30, 2026)
|
Total Net Assets
|
$76,167,649
|
|
Total Number of Portfolio Holdings
|
77
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition (% of Total Investments)
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| Putnam VT Government Money Market Fund | PAGE 1 | 38922-STSIB-0826 |
| (b) | Not applicable |
| ITEM 2. | CODE OF ETHICS. |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Putnam
VT
Government
Money
Market
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
7
Notes
to
Financial
Statements
11
Changes
In
and
Disagreements
with
Accountants
17
Results
of
Meeting(s)
of
Shareholders
17
Remuneration
Paid
to
Directors,
Officers
and
Others
17
Board
Approval
of
Management
and
Subadvisory
Agreements
17
Putnam
Variable
Trust
Financial
Highlights
Putnam
VT
Government
Money
Market
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
IA
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
a
.............
0.016
0.039
0.048
0.046
0.013
-
b
Net
realized
gains
(losses)
...........
-
b
-
b
-
-
-
b
-
b
Total
from
investment
operations
........
0.016
0.039
0.048
0.046
0.013
-
b
Less
distributions
from:
Net
investment
income
..............
(0.016)
(0.039)
(0.048)
(0.046)
(0.013)
(-)
b
Net
asset
value,
end
of
period
..........
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
c
.......................
1.64%
3.95%
4.93%
4.70%
1.29%
0.01%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.43%
0.44%
0.44%
0.47%
0.48%
0.44%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.43%
0.44%
e
0.44%
e
0.47%
e
0.35%
e,f
0.07%
e,f
Net
investment
income
...............
3.28%
3.87%
4.81%
4.60%
1.28%
0.01%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$39,673
$40,960
$42,956
$41,775
$41,354
$40,968
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.001
per
share.
c
Total
return
does
not
include
fees,
charges
or
expenses
imposed
by
the
variable
annuity
and
life
insurance
contracts
for
which
Putnam
Variable
Trust
serves
as
an
underlying
investment
vehicle.
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Reflects
a
voluntary
waiver
of
certain
fund
expenses
in
effect
during
the
period
relating
to
the
enhancements
of
certain
annualized
net
yields
of
the
fund.
See
Note
3(f).
Putnam
Variable
Trust
Financial
Highlights
Putnam
VT
Government
Money
Market
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
IB
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
a
.............
0.015
0.036
0.046
0.043
0.011
-
b
Net
realized
gains
(losses)
...........
-
b
-
b
-
-
-
b
-
b
Total
from
investment
operations
........
0.015
0.036
0.046
0.043
0.011
-
b
Less
distributions
from:
Net
investment
income
..............
(0.015)
(0.036)
(0.046)
(0.044)
(0.011)
(-)
b
Net
asset
value,
end
of
period
..........
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
c
.......................
1.52%
3.69%
4.67%
4.44%
1.12%
0.01%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.68%
0.69%
0.69%
0.72%
0.72%
0.69%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.68%
0.69%
e
0.69%
e
0.72%
e
0.51%
e,f
0.07%
e,f
Net
investment
income
...............
3.03%
3.62%
4.56%
4.35%
1.08%
0.01%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$36,495
$38,358
$42,850
$37,539
$31,492
$34,424
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.001
per
share.
c
Total
return
does
not
include
fees,
charges
or
expenses
imposed
by
the
variable
annuity
and
life
insurance
contracts
for
which
Putnam
Variable
Trust
serves
as
an
underlying
investment
vehicle.
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Reflects
a
voluntary
waiver
of
certain
fund
expenses
in
effect
during
the
period
relating
to
the
enhancements
of
certain
annualized
net
yields
of
the
fund.
See
Note
3(f).
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited),
June
30,
2026
Putnam
VT
Government
Money
Market
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Principal
Amount
a
Value
U.S.
Government
and
Agency
Securities
69.8%
a
FFCB
,
FRN,
3.71%,
(SOFR
+
0.09%),
8/17/26
.................................
$
1,100,000
$
1,100,000
FRN,
3.785%,
(U.S.
Federal
Funds
+
0.155%),
9/16/26
.....................
265,000
265,035
FRN,
3.68%,
(SOFR
+
0.06%),
10/05/26
................................
1,050,000
1,050,000
FRN,
3.69%,
(SOFR
+
0.07%),
10/13/26
................................
935,000
935,000
FRN,
3.69%,
(SOFR
+
0.07%),
10/21/26
................................
1,000,000
1,000,000
FRN,
3.73%,
(SOFR
+
0.11%),
4/22/27
.................................
675,000
675,000
FRN,
3.715%,
(SOFR
+
0.095%),
4/29/27
...............................
635,000
635,000
FRN,
3.69%,
(SOFR
+
0.07%),
7/01/27
.................................
385,000
385,000
FRN,
3.705%,
(SOFR
+
0.085%),
3/13/28
...............................
125,000
125,000
6,170,035
FHLB
,
b
3.546%,
7/02/26
...................................................
800,000
799,921
b
3.551%,
7/17/26
...................................................
1,200,000
1,198,109
b
3.551%,
7/24/26
...................................................
800,000
798,189
b
3.556%,
7/31/26
...................................................
800,000
797,637
b
3.664%,
8/06/26
...................................................
770,000
767,190
b
3.619%,
8/07/26
...................................................
827,000
823,936
b
3.631%,
8/26/26
...................................................
825,000
820,367
b
3.657%,
12/14/26
..................................................
1,650,000
1,622,664
b
3.697%,
12/21/26
..................................................
785,000
771,306
b
3.677%,
1/15/27
...................................................
800,000
784,160
b
3.68%,
1/21/27
...................................................
775,000
759,190
a
FRN,
3.695%,
(SOFR
+
0.075%),
11/27/26
...............................
935,000
935,000
a
FRN,
3.68%,
(SOFR
+
0.06%),
1/29/27
.................................
800,000
800,000
a
FRN,
3.72%,
(SOFR
+
0.1%),
3/16/27
..................................
900,000
900,000
a
FRN,
3.69%,
(SOFR
+
0.07%),
6/24/27
.................................
350,000
350,000
a
FRN,
3.725%,
(SOFR
+
0.105%),
1/13/28
...............................
800,000
800,000
a
FRN,
3.735%,
(SOFR
+
0.115%),
2/17/28
................................
800,000
800,000
14,527,669
a
FHLMC
,
FRN,
3.76%,
(SOFR
+
0.14%),
10/16/26
................................
950,000
950,095
FRN,
3.7%,
(SOFR
+
0.08%),
1/08/27
..................................
900,000
900,009
FRN,
3.715%,
(SOFR
+
0.095%),
5/05/27
...............................
500,000
500,000
2,350,104
a
FNMA
,
FRN,
3.74%,
(SOFR
+
0.12%),
7/29/26
.................................
450,000
450,014
FRN,
3.76%,
(SOFR
+
0.14%),
12/11/26
.................................
900,000
900,220
FRN,
3.705%,
(SOFR
+
0.085%),
3/06/28
...............................
150,000
150,000
1,500,234
b
U.S.
Treasury
Bills
,
3.62%,
7/02/26
...................................................
850,000
849,915
3.592%,
7/07/26
...................................................
800,000
799,521
3.638%,
7/09/26
...................................................
825,000
824,334
3.605%,
7/14/26
...................................................
800,000
798,960
3.625%,
7/16/26
...................................................
800,000
798,793
3.617%,
7/21/26
...................................................
850,000
848,295
3.618%,
7/23/26
...................................................
800,000
798,235
3.645%,
7/28/26
...................................................
800,000
797,819
3.628%,
8/04/26
...................................................
850,000
847,098
3.615%,
8/11/26
...................................................
825,000
821,618
2.05%,
8/13/26
...................................................
750,000
746,782
3.643%,
8/18/26
...................................................
825,000
821,013
3.618%,
8/20/26
...................................................
750,000
746,250
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Government
Money
Market
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
a
Principal
Amount
a
Value
U.S.
Government
and
Agency
Securities
(continued)
b
U.S.
Treasury
Bills,
(continued)
3.63%,
8/25/26
...................................................
$
800,000
$
795,588
3.643%,
9/01/26
...................................................
775,000
770,168
3.63%,
9/08/26
...................................................
750,000
744,818
3.666%,
9/10/26
...................................................
375,000
372,308
3.662%,
9/17/26
...................................................
800,000
793,703
3.62%,
9/22/26
...................................................
775,000
768,585
3.662%,
9/24/26
...................................................
800,000
793,143
3.663%,
9/29/26
...................................................
800,000
792,740
3.69%,
10/01/26
...................................................
775,000
767,673
3.671%,
10/06/26
..................................................
735,000
727,801
3.652%,
10/08/26
..................................................
825,000
816,799
3.705%,
10/13/26
..................................................
760,000
751,953
3.713%,
10/20/26
..................................................
760,000
751,400
3.817%,
10/27/26
..................................................
770,000
760,485
3.635%,
10/29/26
..................................................
800,000
790,427
3.658%,
11/05/26
..................................................
800,000
789,812
3.666%,
11/12/26
..................................................
800,000
789,235
3.669%,
11/19/26
..................................................
750,000
739,381
3.708%,
11/27/26
..................................................
800,000
787,914
3.726%,
12/03/26
..................................................
385,000
378,925
3.755%,
12/10/26
..................................................
375,000
368,773
3.747%,
12/17/26
..................................................
775,000
761,611
3.913%,
12/24/26
..................................................
800,000
784,981
3.582%,
3/18/27
...................................................
800,000
779,864
3.775%,
5/13/27
...................................................
800,000
774,369
28,651,089
Total
U.S.
Government
and
Agency
Securities
(Cost
$53,199,131)
.................
53,199,131
Repurchase
Agreements
31.7%
c
Joint
tri-party
repurchase
agreement
with
Banc
of
America
Securities
LLC,
3.65%,
7/01/26
(Maturity
Value
$2,144,622)
Collateralized
by
Agency
Mortgage-Backed
Securities,
2.5%
-
7%,
11/20/29
-
6/20/56
(valued
at
$2,187,293)
..............................................
2,144,405
2,144,405
c
Joint
tri-party
repurchase
agreement
with
Bank
of
Montreal,
3.64%,
7/01/26
(Maturity
Value
$2,194,593)
Collateralized
by
U.S.
Treasury
Notes,
3.625%,
3/31/28
-
8/31/29
(valued
at
$2,238,486)
......................................................
2,194,371
2,194,371
c
Joint
tri-party
repurchase
agreement
with
BNP
Paribas
Securities
Corp.,
3.65%,
7/01/26
(Maturity
Value
$2,590,276)
Collateralized
by
Agency
Mortgage-Backed
Securities,
1.8%
-
7.5%,
7/1/28
-
6/1/56,
U.S.
Treasury
Bills,
0
%
,
12/10/2026,
U.S.
Treasury
Bonds,
2.125%
-
2.375%,
2/15/2054
-
2/15/2056
and
U.S.
Treasury
Notes,
0.375%
-
4.125%,
1/15/27
-
4/15/28
(valued
at
$2,642,082)
..............................................
2,590,013
2,590,013
c
Joint
tri-party
repurchase
agreement
with
Citigroup
Global
Markets,
Inc.,
3.65%,
7/01/26
(Maturity
Value
$2,561,661)
Collateralized
by
Agency
Mortgage-Backed
Securities,
4%
-
6%,
11/15/31
-
1/20/48,
U.S.
Treasury
Bonds,
3.375%
-
4.75%,
2/15/2045
-
11/15/2048
and
U.S.
Treasury
Notes,
4.125%,
6/15/29
-
8/31/30
(valued
at
$2,612,629)
....................
2,561,401
2,561,401
c
Joint
tri-party
repurchase
agreement
with
HSBC
Securities
USA,
Inc.,
3.65%,
7/01/26
(Maturity
Value
$5,486,483)
Collateralized
by
Agency
Mortgage-Backed
Securities,
1.5%
-
7%,
12/1/29
-
5/1/56
(valued
at
$5,595,645)
..............................................
5,485,927
5,485,927
c
Joint
tri-party
repurchase
agreement
with
Royal
Bank
of
Canada,
3.65%,
7/01/26
(Maturity
Value
$1,097,297)
Collateralized
by
U.S.
Treasury
Bonds,
1.25%
-
4.75%,
5/15/2040
-
11/15/2055
and
U.S.
Treasury
Notes,
3.75%,
6/30/27
(valued
at
$1,119,129)
..................
1,097,185
1,097,185
Putnam
Variable
Trust
Schedule
of
Investments
(unaudited)
Putnam
VT
Government
Money
Market
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Principal
Amount
a
Value
Repurchase
Agreements
(continued)
d
Tri-party
repurchase
agreement
with
Goldman
Sachs
&
Co.
LLC,
3.65%,
7/01/26
(Maturity
Value
$8,036,815)
Collateralized
by
Agency
Mortgage-Backed
Securities,
2%,
1/20/52
(valued
at
$8,196,721)
......................................................
$
8,036,000
$
8,036,000
Total
Repurchase
Agreements
(Cost
$24,109,302)
...............................
24,109,302
Total
Short
Term
Investments
(Cost
$77,308,433)
................................
77,308,433
a
Total
Investments
(Cost
$77,308,433)
101.5%
...................................
$77,308,433
Other
Assets,
less
Liabilities
(1.5)%
...........................................
(1,140,784)
Net
Assets
100.0%
...........................................................
$76,167,649
See
Abbreviations
on
page
16
.
a
The
coupon
rate
shown
represents
the
rate
at
period
end.
b
The
rate
shown
represents
the
yield
at
period
end.
c
See
Note
1(b)
regarding
joint
repurchase
agreement.
d
See
Note
1(b)
regarding
repurchase
agreement.
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
Putnam
VT
Government
Money
Market
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$53,199,131
Cost
-
Unaffiliated
repurchase
agreements
......................................................
24,109,302
Value
-
Unaffiliated
issuers
..................................................................
$53,199,131
Value
-
Unaffiliated
repurchase
agreements
......................................................
24,109,302
Receivables:
Capital
shares
sold
........................................................................
680,528
Dividends
and
interest
.....................................................................
85,162
Prepaid
expenses
..........................................................................
27,977
Total
assets
..........................................................................
78,102,100
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,476,288
Capital
shares
redeemed
...................................................................
374,874
Management
fees
.........................................................................
15,974
Administrative
fees
........................................................................
418
Distribution
fees
..........................................................................
7,364
Transfer
agent
fees
........................................................................
9,271
Trustees'
fees
and
expenses
.................................................................
45,905
Accrued
expenses
and
other
liabilities
...........................................................
4,357
Total
liabilities
.........................................................................
1,934,451
Net
assets,
at
value
.................................................................
$76,167,649
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$76,159,194
Total
distributable
earnings
(losses)
.............................................................
8,455
Net
assets,
at
value
.................................................................
$76,167,649
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
Putnam
VT
Government
Money
Market
Fund
Class
IA:
Net
assets,
at
value
.......................................................................
$39,672,614
Shares
outstanding
........................................................................
39,667,081
Net
asset
value
per
share
a
..................................................................
$1.00
Class
IB:
Net
assets,
at
value
.......................................................................
$36,495,035
Shares
outstanding
........................................................................
36,492,100
Net
asset
value
per
share
a
..................................................................
$1.00
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Variable
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
Putnam
VT
Government
Money
Market
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$1,442,728
Expenses:
Management
fees
(Note
3
a
)
...................................................................
99,949
Administrative
fees
(Note
3
b
)
..................................................................
598
Distribution
fees:
(Note
3c
)
Class
IB
................................................................................
45,771
Transfer
agent
fees:
(Note
3d
)
Class
IA
................................................................................
14,534
Class
IB
................................................................................
12,947
Custodian
fees
............................................................................
76
Reports
to
shareholders
fees
..................................................................
9,951
Professional
fees
...........................................................................
23,467
Trustees'
fees
and
expenses
(Note
3
e
)
...........................................................
1,523
Other
....................................................................................
4,197
Total
expenses
.........................................................................
213,013
Net
investment
income
................................................................
1,229,715
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
1,482
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$1,231,197
Putnam
Variable
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Putnam
VT
Government
Money
Market
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$1,229,715
$3,138,838
Net
realized
gain
(loss)
.................................................
1,482
6,972
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
1,231,197
3,145,810
Distributions
to
shareholders:
Class
IA
............................................................
(674,482)
(1,689,323)
Class
IB
............................................................
(555,233)
(1,454,581)
Total
distributions
to
shareholders
..........................................
(1,229,715)
(3,143,904)
Capital
share
transactions:
(Note
2
)
Class
IA
............................................................
(1,287,696)
(1,997,624)
Class
IB
............................................................
(1,863,384)
(4,492,682)
Total
capital
share
transactions
............................................
(3,151,080)
(6,490,306)
Net
increase
(decrease)
in
net
assets
...................................
(3,149,598)
(6,488,400)
Net
assets:
Beginning
of
period
.....................................................
79,317,247
85,805,647
End
of
period
..........................................................
$76,167,649
$79,317,247
Putnam
Variable
Trust
11
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Putnam
VT
Government
Money
Market
Fund
1.
Organization
and
Significant
Accounting
Policies
Putnam
Variable
Trust
(Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty separate
funds.
The Trust
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
VT
Government
Money
Market
Fund
(Fund)
is
included
in
this
report.
Shares
of
the
Fund
are
generally
sold
only
to
insurance
company
separate
accounts
to
fund
the
benefits
of
variable
life
insurance
policies
or
variable
annuity
contracts. The
Fund
offers two classes
of
shares:
Class
IA
and
Class
IB.
Each
class
of
shares
may
differ
by
its
distribution
fees,
voting
rights
on
matters
affecting
a
single
class
and
its
exchange
privilege.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
Securities
are
valued
at
amortized
cost,
which
approximates
fair
value.
Amortized
cost
is
an
income-based
approach
which
involves
valuing
an
instrument
at
its
cost
and
thereafter
assuming
a
constant
amortization
to
maturity
of
any
discount
or
premium.
Under
compliance
policies
and
procedures
approved
by
the
Trust's Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
b.
Repurchase
Agreements
The
Fund
enters
into
repurchase
agreements.
Repurchase
agreements
are
accounted
for
as
a
loan
by
the
Fund
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the
Fund's
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
be
at
least
102%
of
the
dollar
amount
invested
by
the
Fund,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
The
Fund
may
also
enter
into
joint
repurchase
agreements
whereby
its
uninvested
cash
balance
is
deposited
into
a
joint
cash
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager
and
is
used
to
invest
in
one
or
more
repurchase
agreements.
The
value
and
face
amount
of
the
joint
repurchase
agreement
are
allocated
to
the
funds
based
on
their
pro-rata
interest.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Fund,
certain
MRAs
may
permit
the
non-defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The
Fund
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the Fund
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
All
repurchase
agreements
held
by
the Fund
at
period
end,
as
indicated
in
the Schedule
of
Investments,
had
been
entered
into
on
June
30,
2026.
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund's
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
12
franklintempleton.com
Semiannual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Net
investment
income,
excluding
class
specific
expenses,
is
allocated
daily
to
each
class
of
shares
based
upon
the
relative
value
of
the
settled
shares
of
each
class.
Realized
gains
and
losses
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
f.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
June
30,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
at
$1.00
per
share
were
as
follows:
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
Class
IA
Shares:
Shares
sold
............................................................
$12,469,821
$20,720,522
Shares
issued
in
reinvestment
of
distributions
...................................
674,482
1,689,005
Shares
redeemed
........................................................
(14,431,999)
(24,407,151)
Net
increase
(decrease)
...................................................
$(1,287,696)
$(1,997,624)
Class
IB
Shares:
Shares
sold
............................................................
$2,194,915
$5,075,621
Shares
issued
in
reinvestment
of
distributions
...................................
555,233
1,453,789
Shares
redeemed
........................................................
(4,613,532)
(11,022,092)
Net
increase
(decrease)
...................................................
$(1,863,384)
$(4,492,682)
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
13
franklintempleton.com
Semiannual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund's
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
"double
counting"
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
June
30,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.257%
of
the
Fund's
average daily
net
assets.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.440%
of
the
first
$5
billion,
0.390%
of
the
next
$5
billion,
0.340%
of
the
next
$10
billion,
0.290%
of
the
next
$10
billion,
0.240%
of
the
next
$50
billion,
0.220%
of
the
next
$50
billion,
0.210%
of
the
next
$100
billion
and
0.205%
of
any
excess
thereafter.
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
14
franklintempleton.com
Semiannual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b-1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
d.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
was
paid
a
monthly
fee
for
investor
servicing
at
an
annual
rate
of
0.07%
of
the
Fund's
average
daily
net
assets.
e.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
f.
Waiver
and
Expense
Reimbursements
Advisers has
contractually
agreed,
through
April
30,
2028,
to
waive
fees
and/or
reimburse
the
Fund's
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund's
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund's
average
net
assets
over
such
fiscal
year-to-date
period.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Advisers
may
from
time
to
time
voluntarily
undertake
to
waive
fees
and/or
reimburse
certain
fund
expenses
in
order
to
enhance
the
annualized
net
yield
for
the
fund.
Any
such
waiver
or
reimbursement
would
be
voluntary
and
may
be
modified
or
discontinued
by
Advisers
at
any
time
without
notice.
For
the
reporting
period,
the
fund's
expenses
were
not
reduced
as
a
result
of
this
limit.
Maximum
%
Approved
%
Class
IB
..................................................................
0.35%
0.25%
3.
Transactions
with
Affiliates
(continued)
b.
Administrative
Fees
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
Semiannual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
4.
Expense
Offset
Arrangement
The Fund has entered
into an
arrangement
with PSERV
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees.
During
the
period
ended
June
30,
2026,
there
were
no
credits
earned.
5.
Income
Taxes
At
June
30,
2026,
the
cost
of
investments
for
book
and
income
tax
purposes
was
the
same.
6.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
June
30,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
7.
Fair
Value
Measurements
The
Portfolio follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Portfolio's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Portfolio's 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 Portfolio's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
Money
market
securities
may
be
valued
using
amortized
cost,
in
accordance
with
the
1940
Act.
Generally,
amortized
cost
reflects
the
current
fair
value
of
a
security,
but
since
the
value
is
not
obtained
from
a
quoted
price
in
an
active
market,
such
financial
instruments
were
valued
using
Level
2
inputs.
At
June
30,
2026,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 2
inputs.
Putnam
Variable
Trust
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
8.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund's
investment
manager serve
as
the
Chief
Operating
Decision
Maker
("CODM")
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
gains
or
losses.
Performance
metrics,
including
expense
ratios,
are
disclosed
in
the Financial
Highlights.
9.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Selected
Portfolio
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
SOFR
Secured
Overnight
Financing
Rate
Putnam
Variable
Trust
17
franklintempleton.com
Semiannual
Report
Putnam
VT
Government
Money
Market
Fund
Trustee
approval
of
management
contracts
(unaudited)
Consideration
of
your
fund's
management
and
sub-advisory
contracts
At
their
meeting
on
June
26,
2026,
the
Board
of
Trustees
("Board"
or
the
"Trustees")
of
your
fund,
including
all
of
the
Trustees
who
are
not
"interested
persons"
(as
this
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"))
of
the
Putnam
mutual
funds
and
exchange-traded
funds
(collectively,
the
"funds")
(the
"Independent
Trustees"),
approved
the
continuance
of
a
management
contract
with
Franklin
Advisers,
Inc.
(the
"Advisor"),
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Templeton
Investment
Management
Limited
("FTIML"),
and
a
subadvisory
agreement
between
the
Advisor
and
Putnam
Investment
Management,
LLC
("Putnam
Management"
and
together
with
FTIML,
the
"Subadvisors")
(collectively,
the
"Management
Contracts").
The
Advisor,
FTIML,
and
Putnam
Management
are
each
direct
or
indirect,
wholly-
owned
subsidiaries
of
Franklin
Templeton,
Inc.
(together
with
its
subsidiaries,
"Franklin
Templeton").
General
conclusions
The
Board
oversees
the
management
of
each
fund
and,
as
required
by
law,
determines
annually
whether
to
approve
the
continuance
of
your
fund's
management
contract
with
the
Advisor
and
the
sub-advisory
contract
with
respect
to
your
fund
between
the
Advisor
and
each
Subadvisor.
Because
the
Subadvisors
are
affiliates
of
the
Advisor
and
the
Advisor
remains
fully
responsible
for
all
services
provided
by
the
Subadvisors,
the
Trustees
did
not
attempt
to
evaluate
the
Subadvisors
as
separate
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Putnam
Variable
Trust
18
franklintempleton.com
Semiannual
Report
entities.
All
references
to
the
Advisor
in
the
descriptions
of
the
Board's
considerations
should
be
deemed
to
include
references
to
the
applicable
Subadvisor
as
necessary
or
appropriate
in
the
context.
The
Board,
with
the
assistance
of
its
Contract
Committee,
requests
and
evaluates
all
information
it
deems
reasonably
necessary
under
the
circumstances
in
connection
with
its
annual
contract
review.
The
Contract
Committee
consists
solely
of
Independent
Trustees.
At
the
outset
of
the
review
process,
the
Board's
independent
staff
and
independent
legal
counsel,
as
defined
in
Rule
0-1(a)(6)
under
the
1940
Act
(their
"independent
legal
counsel"),
considered
any
possible
changes
to
the
annual
contract
review
materials
furnished
to
the
Contract
Committee
in
prior
years
and,
as
applicable,
identified
those
changes
to
the
Advisor.
Following
these
discussions
and
in
consultation
with
the
Contract
Committee,
the
Independent
Trustees'
independent
legal
counsel
submitted
an
initial
request
that
the
Advisor
and
its
affiliates
furnish
specified
information,
together
with
any
additional
information
the
Advisor
considered
relevant,
to
the
Contract
Committee.
Over
the
course
of
several
months
ending
in
June
2026,
the
Contract
Committee
met
on
a
number
of
occasions
with
representatives
of
the
Advisor,
and
separately
in
executive
session,
to
consider
the
information
that
the
Advisor
provided,
including
information
provided
in
response
to
supplemental
requests
submitted
by
independent
legal
counsel.
Throughout
this
process,
the
Contract
Committee
was
assisted
by
the
Board's
independent
staff
and
by
independent
legal
counsel.
At
the
Board's
June
2026
meeting,
the
Contract
Committee
met
in
executive
session
to
discuss
and
consider
its
recommendations
with
respect
to
the
continuance
of
the
Management
Contracts.
At
that
meeting,
the
Contract
Committee
also
met
in
executive
session
with
the
other
Independent
Trustees
to
review
a
summary
of
the
process
undertaken
by
the
Contract
Committee
and
key
information
that
the
Contract
Committee
considered
in
the
course
of
its
review.
The
Contract
Committee
then
presented
its
written
report,
which
summarized
the
key
factors
that
the
Committee
had
considered
and
set
forth
its
recommendations.
The
Contract
Committee
recommended,
and
the
Independent
Trustees
approved,
the
continuance
of
your
fund's
Management
Contracts,
effective
July
1,
2026.
In
considering
the
continuance
of
the
Management
Contracts,
the
Board
took
into
account
a
number
of
factors,
including:
1.
That
the
fee
schedule
in
effect
for
your
fund
represented
reasonable
compensation
in
light
of
the
nature
and
quality
of
the
services
being
provided
to
the
fund,
the
fees
paid
by
competitive
funds,
the
costs
incurred
by
the
Advisor
in
providing
services
to
the
fund
and
the
application
of
certain
reductions
and
waivers
noted
below;
2.
That
the
fee
schedule
in
effect
for
your
fund
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
that
may
exist
in
the
management
of
the
fund
at
current
asset
levels;
3.
That
the
funds
benefited,
and
were
expected
to
continue
to
benefit,
from
Franklin
Templeton's
large
retail
and
institutional
global
distribution
capabilities
and
significant
network
of
intermediary
relationships,
which
may
provide
additional
opportunities
for
the
funds
to
increase
assets
and
reduce
the
impact
of
expenses
by
spreading
them
over
a
larger
asset
base;
and
4.
The
financial
strength,
reputation,
experience
and
resources
of
Franklin
Templeton
and
its
investment
advisory
subsidiaries.
These
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
provided
to
the
Trustees
and
were
not
the
result
of
any
single
factor.
Some
of
the
factors
that
figured
particularly
in
the
Trustees'
deliberations
and
how
the
Trustees
considered
these
factors
are
described
below,
although
individual
Trustees
may
have
evaluated
the
information
presented
differently,
giving
different
weights
to
various
factors.
It
is
also
important
to
recognize
that
the
management
arrangements
for
your
fund
and
most
of
the
other
funds
are
the
result
of
many
years
of
review
and
discussion
between
the
Independent
Trustees
and
management,
occurring
both
in
connection
with
formal
contract
reviews
as
well
as
throughout
the
year
and
that
the
Trustees'
conclusions
may
be
based,
in
part,
on
their
consideration
of
fee
arrangements
in
previous
years.
For
example,
with
certain
exceptions
primarily
involving
newer
funds
or
repositioned
funds,
the
current
fee
arrangements
under
the
majority
of
the
funds'
management
contracts
were
first
implemented
at
the
beginning
of
2010
following
extensive
review
by
the
Contract
Committee
and
discussions
with
management,
as
well
as
approval
by
shareholders.
Putnam
Variable
Trust
19
franklintempleton.com
Semiannual
Report
Management
fee
schedules
and
total
expenses
The
Trustees
reviewed
the
management
fee
schedules
in
effect
for
all
funds,
including
fee
levels
and
any
breakpoints.
Under
its
management
contract,
your
fund
has
the
benefit
of
breakpoints
in
its
management
fee
schedule
that
provide
shareholders
with
reduced
fee
levels
as
aggregate
assets
under
management
of
the
fund
and
other
mutual
funds
sponsored
by
the
Advisor
(or
that
have
been
deemed
to
be
sponsored
by
the
Advisor
for
the
purpose
of
the
management
fee
calculation)
increase.
The
Trustees
also
reviewed
the
total
expenses
of
each
fund,
recognizing
that
in
most
cases
management
fees
represented
the
major,
but
not
the
sole,
determinant
of
total
costs
to
fund
shareholders.
(Two
mutual
funds
and
each
of
the
exchange-traded
funds
have
implemented
so-called
"all-in"
or
unitary
management
fees
covering
substantially
all
routine
fund
operating
costs.)
In
reviewing
fees
and
expenses,
the
Trustees
generally
focus
their
attention
on
material
changes
in
circumstances
-
for
example,
changes
in
assets
under
management,
changes
in
a
fund's
investment
strategy,
changes
in
the
Advisor's
operating
costs
or
profitability,
or
changes
in
competitive
practices
in
the
fund
industry
-
that
suggest
that
consideration
of
fee
changes
might
be
warranted.
The
Trustees
concluded
that
the
circumstances
did
not
indicate
that
changes
to
the
management
fee
schedule
for
your
fund
would
be
appropriate
at
this
time.
As
in
the
past,
the
Trustees
also
focused
on
the
competitiveness
of
each
fund's
total
expense
ratio.
The
Trustees,
the
Advisor
and
the
funds'
investor
servicing
agent,
Putnam
Investor
Services,
Inc.
("PSERV"),
have
implemented
expense
limitations
that
were
in
effect
during
your
fund's
fiscal
year
ending
in
2025.
These
expense
limitations
were:
(i)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
25
basis
points
on
investor
servicing
fees
and
expenses
and
(ii)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
20
basis
points
on
so-called
"other
expenses"
(i.e.,
all
expenses
exclusive
of
management
fees,
distribution
fees,
investor
servicing
fees,
investment-related
expenses,
interest,
taxes,
brokerage
commissions,
acquired
fund
fees
and
expenses
and
extraordinary
expenses).
These
expense
limitations
attempt
to
maintain
competitive
expense
levels
for
the
funds.
Most
funds
(including
your
fund)
had
sufficiently
low
expenses
that
these
expense
limitations
were
not
operative
during
their
fiscal
years
ending
in
2025.
The
Advisor
and
PSERV
have
agreed
to
maintain
these
expense
limitations
until
at
least
April
30,
2028.
The
Advisor
and
PSERV's
commitment
to
these
expense
limitation
arrangements,
which
were
intended
to
support
an
effort
to
have
the
mutual
fund
expenses
meet
competitive
standards,
was
an
important
factor
in
the
Trustees'
decision
to
approve
the
continuance
of
your
fund's
Management
Contracts.
At
the
Board's
June
2025
meeting,
the
Board
considered
that
Talcott
Resolution
Life
Insurance
Company
and
Talcott
Resolution
Life
and
Annuity
Insurance
Company
(collectively,
"Talcott")
received
an
exemptive
order
(the
"Order")
from
the
Securities
and
Exchange
Commission
("SEC")
that
allows
Talcott's
separate
accounts
to
substitute
their
current
non-Putnam
variable
insurance
product
underlying
funds
with
specified
funds
(the
"Replacement
Funds")
of
Putnam
Variable
Trust
("PVT")
(each,
a
"Substitution")
1
.
The
Trustees
considered
that,
subject
to
successful
completion
of
Talcott's
Substitution
process,
the
Advisor
has
agreed
to
a
new
fund-specific
expense
limitation
arrangement
for
your
fund,
pursuant
to
which
the
Advisor
will
waive
fees
and/or
reimburse
expenses
for
your
fund
to
the
extent
necessary
to
limit
total
annual
fund
operating
expenses
of
your
fund
to
not
exceed
an
annual
rate
of
0.36%
of
your
fund's
average
net
assets.
This
expense
limitation
arrangement
includes
investor
servicing
fees.
This
expense
limitation
will
be
in
addition
to
the
other
existing
expense
limitation
arrangements
and
will
continue
to
remain
in
place
indefinitely
for
the
life
of
the
affected
variable
annuity
contracts
funded
through
Talcott's
separate
accounts
following
the
Substitution.
1
The
Trustees
approved
PVT's
participation
as
an
applicant
in
Talcott's
SEC
application
for
an
exemptive
order,
primarily
to
obtain
relief
under
Section
17(a)
of
the
Investment
Company
Act
of
1940
to
permit
in
-
kind
transactions
in
connection
with
the
planned
Substitution
of
certain
unaffiliated
underlying
funds
with
Replacement
Funds
of
PVT
and
other
funds
among
the
Franklin
Templeton
complex
.
Putnam
Variable
Trust
20
franklintempleton.com
Semiannual
Report
The
Trustees
reviewed
comparative
fee
and
expense
information
for
a
custom
group
of
competitive
funds
selected
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge").
This
comparative
information
included
your
fund's
percentile
ranking
for
effective
management
fees
and
total
expenses
(excluding
any
applicable
12b-1
fees),
which
provides
a
general
indication
of
your
fund's
relative
standing.
In
the
custom
peer
group,
your
fund
ranked
in
the
first
quintile
in
effective
management
fees
(determined
for
your
fund
and
the
other
funds
in
the
custom
peer
group
assuming
the
same
fund
asset
size
for
your
fund
and
the
other
funds
in
the
custom
peer
group
and
the
applicable
contractual
management
fee
schedule)
and
in
the
fourth
quintile
in
total
expenses
(excluding
any
applicable
12b-1
fees)
as
of
December
31,
2025.
(Total
expenses
reflect
the
fees
and
expenses
borne
directly
by
the
fund
and
the
competitive
funds
included
in
the
custom
Lipper
peer
groups,
as
well
as
any
underlying
funds'
net
fees
and
expenses.)
The
first
quintile
represents
the
least
expensive
funds
and
the
fifth
quintile
the
most
expensive
funds.
The
fee
and
expense
data
reported
by
Broadridge
as
of
December
31,
2025
reflected
the
most
recent
fiscal
year-end
data
available
in
Broadridge's
database
at
that
time.
In
connection
with
their
review
of
fund
management
fees
and
total
expenses,
the
Trustees
also
reviewed
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Advisor
and
its
affiliates
from
their
contractual
relationships
with
the
funds.
This
information
included
trends
in
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates
relating
to
the
investment
management,
investor
servicing
and
distribution
services
provided
to
the
funds,
as
applicable.
In
this
regard,
the
Trustees
also
reviewed
an
analysis
of
the
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates,
allocated
on
a
fund-by-fund
basis,
with
respect
to
(as
applicable)
the
funds'
management,
distribution
and
investor
servicing
contracts.
For
each
fund,
the
analysis
presented
information
about
revenues,
expenses
and
profitability
in
2025
for
each
of
the
applicable
agreements
separately
and
for
the
agreements
taken
together
on
a
combined
basis.
The
Trustees
concluded
that,
at
current
asset
levels,
the
fee
schedules
in
place
for
each
of
the
funds,
including
the
fee
schedule
for
your
fund,
represented
reasonable
compensation
for
the
services
being
provided
and
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
as
may
exist
in
the
management
of
the
funds
at
that
time.
The
information
examined
by
the
Trustees
in
connection
with
their
annual
contract
review
for
the
funds
included
information
regarding
services
provided
and
fees
charged
by
the
Advisor
and
certain
affiliates
to
other
products
that
are
managed
by
a
portfolio
team
that
also
manages
one
or
more
U.S.
registered
mutual
funds
in
a
category
of
similar
strategies
offered
by
the
funds
(including
exchange
traded
funds,
sub-advised
U.S.
mutual
funds,
other
U.S.
products
(such
as
collective
investment
trusts,
private
funds,
and
separately
managed
and
institutional
accounts),
non-U.S.
funds,
and
other
non-U.S.
products).
This
information
included
comparisons
of
the
fees
charged
to
other
clients,
by
category,
with
fees
charged
to
the
funds,
as
well
as
a
detailed
assessment
of
the
differences
in
the
services
provided
to
these
clients
as
compared
to
the
services
provided
to
the
funds.
The
Trustees
observed
that
the
differences
in
fee
rates
between
these
clients
and
the
funds
are
by
no
means
uniform
when
examined
by
individual
asset
classes,
suggesting
that
differences
in
the
pricing
of
investment
management
services
to
these
types
of
clients
may
reflect,
among
other
things,
historical
competitive
forces
operating
in
separate
marketplaces,
the
characteristics
of
different
clients,
the
particulars
of
different
fee
structures,
factors
unique
to
specific
market
segments,
and
the
distinct
risks
and
costs
associated
with
providing
services
to
different
clients.
The
Trustees
considered
the
fact
that
in
many
cases
fee
rates
across
different
asset
classes
are
higher
on
average
for
1940
Act-registered
funds
than
for
other
clients,
and
the
Trustees
also
considered
the
differences
between
the
services
that
the
Advisor
provides
to
the
funds
and
those
that
it
provides
to
its
other
clients.
The
Trustees
did
not
rely
on
these
fee
comparisons
to
any
significant
extent
in
concluding
that
the
management
fees
paid
by
your
fund
are
reasonable.
Investment
performance
The
quality
of
the
investment
process
provided
by
the
Advisor
represented
a
major
factor
in
the
Trustees'
evaluation
of
the
quality
of
services
provided
by
the
Advisor
under
your
fund's
Management
Contracts.
The
Trustees
were
assisted
in
their
review
of
the
Advisor's
investment
process
and
performance
by
the
work
of
the
investment
oversight
committees
of
the
Trustees
and
the
full
Board,
which
meet
on
a
regular
basis
with
individual
portfolio
managers
and
with
investment
leadership
of
the
Advisor
throughout
the
year.
The
Trustees
noted
that
the
Advisor
had
made
portfolio
management
assignment
changes
in
2025
to
strengthen
its
investment
teams
providing
services
to
the
funds.
The
Trustees
concluded
that
the
Advisor
generally
Putnam
Variable
Trust
21
franklintempleton.com
Semiannual
Report
provides
a
high-quality
investment
process
-
as
measured
by
the
experience
and
skills
of
the
individuals
assigned
to
the
management
of
fund
portfolios,
the
resources
made
available
to
them
and
in
general
the
Advisor's
ability
to
attract
and
retain
high-quality
personnel
-
but
also
recognized
that
this
does
not
guarantee
favorable
investment
results
for
every
fund
in
every
time
period.
The
Trustees
considered
that,
in
the
aggregate,
peer-relative
and
benchmark-relative
fund
performance
was
strong
in
2025
against
what
the
Advisor
characterized
as
a
complex
investing
environment.
The
Trustees
considered
the
Advisor's
discussion
of
the
markets,
the
economy,
and
geopolitical
conditions
in
2025.
The
S&P
500
was
up
18%
in
2025
but
with
significant
periods
of
volatility,
and
the
Bloomberg
Aggregate
fixed
income
index
was
up
7%
during
the
year,
with
the
Federal
Reserve
cutting
the
Effective
Federal
Funds
rate
from
4.25%
at
year-end
2024
to
3.5%
at
year-end
2025.
Ten-year
Treasury
yields
ended
2025
at
4.2%,
down
from
4.6%
at
year-end
2024.
In
2025,
geopolitical
and
economic
conditions,
as
well
as
financial
markets,
provided
a
complex
investing
environment:
a
new
U.S.
presidential
administration
with
significant
policy
actions,
including
tariffs;
complex
inflation;
rates
and
Federal
Reserve
developments;
artificial
intelligence-related
impacts;
and
political
and
military
actions
across
the
globe.
Even
with
this
backdrop,
generally
strong
economic,
corporate
and
labor
market
conditions
continued
in
2025,
although
with
some
signs
of
concern.
For
the
one-year
period
ended
December
31,
2025,
the
Trustees
noted
that
the
funds,
on
an
asset-weighted
basis,
ranked
in
the
37
th
percentile
of
their
peers
as
determined
by
LSEG
Lipper
("Lipper")
and,
on
an
asset-weighted
basis,
outperformed
their
benchmarks
by
1.6%
gross
of
fees
over
the
one-year
period.
The
Contract
Committee
also
noted
that
the
funds'
aggregate
performance
over
longer-term
periods
continued
to
be
strong,
with
the
funds,
on
an
asset-weighted
basis,
ranking
in
the
26
th
,
22
nd
and
16
th
percentiles
of
their
Lipper
peers
over
the
three-year,
five-year
and
ten-year
periods
ended
December
31,
2025,
respectively.
The
Trustees
further
noted
that
the
funds,
in
the
aggregate,
solidly
outperformed
their
benchmarks
on
a
gross
basis
for
each
of
the
three-year,
five-year
and
ten-year
periods.
The
Trustees
also
considered
the
Morningstar
Inc.
ratings
assigned
to
the
funds
and
that
41
funds
were
rated
four
or
five
stars
at
the
end
of
2025,
which
was
a
year-over-year
decrease
of
11
funds.
The
Trustees
also
considered
that
18
funds
were
five-star
rated
at
the
end
of
2025,
which
was
a
year-over-year
decrease
of
seven
funds.
The
Board
noted,
however,
the
disappointing
investment
performance
of
some
funds
for
periods
ended
December
31,
2025
and
considered
information
provided
by
the
Advisor
regarding
the
factors
contributing
to
the
underperformance
and,
where
relevant,
actions
being
taken
to
improve
the
performance
of
these
particular
funds.
The
Trustees
indicated
their
intention
to
continue
to
monitor
the
performance
of
those
funds.
For
purposes
of
the
Trustees'
evaluation
of
the
funds'
investment
performance,
the
Trustees
generally
focus
on
a
competitive
industry
ranking
of
each
fund's
total
net
return
over
a
one-year,
three-year
and
five-year
period.
For
a
number
of
funds
with
relatively
unique
investment
mandates
for
which
the
Advisor
informed
the
Trustees
that
meaningful
competitive
performance
rankings
are
not
considered
to
be
available,
the
Trustees
evaluated
performance
based
on
their
total
gross
and
net
returns
and
comparisons
of
those
returns
to
the
returns
of
selected
investment
benchmarks.
In
the
case
of
your
fund,
the
Trustees
considered
that
its
class
IA
share
cumulative
total
return
performance
at
net
asset
value
was
in
the
following
quartiles
of
its
Lipper
peer
group
(Lipper
Variable
Insurance
Products
(Underlying
Funds)
-
U.S.
Government
Money
Market
Funds)
for
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2025
(the
first
quartile
representing
the
best-performing
funds
and
the
fourth
quartile
the
worst-performing
funds):
Over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2025,
there
were
57
funds
in
your
fund's
Lipper
peer
group.
(When
considering
performance
information,
shareholders
should
be
mindful
that
past
performance
is
not
a
guarantee
of
future
results.)
One-year
period
Three-year
period
Five-year
period
2nd
2nd
2nd
Putnam
Variable
Trust
22
franklintempleton.com
Semiannual
Report
Brokerage
and
soft-dollar
allocations;
distribution
and
investor
servicing
The
Trustees
considered
various
potential
benefits
that
the
Advisor
may
receive
in
connection
with
the
services
it
provides
under
the
management
contract
with
your
fund.
These
include
benefits
related
to
brokerage
allocation
and
the
use
of
soft
dollars,
whereby
a
portion
of
the
commissions
paid
by
a
fund
for
brokerage
may
be
used
to
acquire
research
services
that
are
expected
to
be
useful
to
the
Advisor
in
managing
the
assets
of
the
fund
and
of
other
clients.
Subject
to
policies
approved
by
the
Trustees,
soft
dollars
generated
by
these
means
may
be
used
to
acquire
brokerage
and
research
services
(including
proprietary
executing
broker
research,
third-party
research
and
market
data)
that
enhance
the
Advisor's
investment
capabilities
and
supplement
the
Advisor's
internal
research
efforts.
The
Trustees
indicated
their
continued
intent
to
monitor
regulatory
and
industry
developments
in
this
area
with
the
assistance
of
their
Contract
Committee.
In
addition,
with
the
assistance
of
their
Contract
Committee,
the
Trustees
indicated
their
continued
intent
to
monitor
the
allocation
of
the
funds'
brokerage
in
order
to
ensure
that
the
principle
of
seeking
best
price
and
execution
remains
paramount
in
the
portfolio
trading
process.
Your
fund
is
not
expected
to
generate
a
significant
amount
of
soft-dollar
credits.
The
Advisor
may
also
receive
benefits
from
payments
that
funds
make
to
the
Advisor
for
distribution
services
and
investor
services.
In
conjunction
with
the
review
of
your
fund's
Management
Contracts,
the
Trustees
reviewed
your
fund's
investor
servicing
agreement
with
PSERV
and
its
distributor's
contract
and
distribution
plans
with
Franklin
Distributors,
LLC
("Franklin
Distributors"),
both
of
which
are
affiliates
of
the
Advisor.
The
Trustees
concluded
that
the
fees
payable
by
the
mutual
funds
to
PSERV
and
Franklin
Distributors
for
such
services
were
fair
and
reasonable
in
relation
to
the
nature
and
quality
of
such
services,
the
fees
paid
by
competitive
funds
and
the
costs
incurred
by
PSERV
and
Franklin
Distributors
in
providing
such
services.
Furthermore,
the
Trustees
were
of
the
view
that
the
investor
services
provided
by
PSERV
were
required
for
the
operation
of
the
mutual
funds,
and
that
they
were
of
a
quality
at
least
equal
to
those
provided
by
other
providers.
38922-SFSOI
08/26
©
2026
Franklin
Templeton.
All
rights
reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "Principal Executive Officer" and "Principal Financial Officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation. |
| (b) | During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's oversight. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.
Putnam Variable Trust
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | August 27, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | August 27, 2026 | |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Principal Financial Officer | ||
| Date: | August 27, 2026 |
Putnam Variable Trust published this content on August 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT) on August 27, 2026 at 19:40 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]