Putnam Variable Trust

02/26/2026 | Press release | Distributed by Public on 02/26/2026 05:37

Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05346

Putnam Variable Trust

(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Putnam VT Government Money Market Fund
Class IA
Annual Shareholder Report | December 31, 2025
This annual shareholder reportcontains important information about Putnam VT Government Money Market Fund for the period January 1, 2025, to December 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class IA1
$45
0.44%
1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
As of December 31, 2025, the seven-day current yield for Class IA shares of the Putnam VT Government Money Market Fund was 3.38% and the seven-day effective yield was 3.43%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.
The Fund has maintained its positions in repurchase agreements collateralized by U.S. Treasuries and agency mortgage-backed securities. These have been the largest allocations in the Fund, as they satisfy liquidity requirements and provide commensurate yields to alternative investment options. Short-term Treasury and government agency securities with both fixed and floating coupons comprise the rest of the portfolio. In anticipation of the U.S. Federal Reserve (Fed) rate cuts, the Fund looked to lock in fixed rate paper and increase its weighted average maturity at opportunistic times throughout the year. The Fund's yield fell during the period; a function of the current market environment as the Fed initiated a series of rate cuts in the second half of the year.
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Putnam VT Government Money Market Fund PAGE 1 38922-ATSIA-0226
KEY FUND STATISTICS (as of December 31, 2025)
Total Net Assets
$79,317,247
Total Number of Portfolio Holdings
44
Total Management Fee Paid
$219,272
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
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 2 38922-ATSIA-0226
Putnam VT Government Money Market Fund
Class IB
Annual Shareholder Report | December 31, 2025
This annual shareholder reportcontains important information about Putnam VT Government Money Market Fund for the period January 1, 2025, to December 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class IB1
$70
0.69%
1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
As of December 31, 2025, the seven-day current yield for Class IB shares of the Putnam VT Government Money Market Fund was 3.13% and the seven-day effective yield was 3.17%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.
The Fund has maintained its positions in repurchase agreements collateralized by U.S. Treasuries and agency mortgage-backed securities. These have been the largest allocations in the Fund, as they satisfy liquidity requirements and provide commensurate yields to alternative investment options. Short-term Treasury and government agency securities with both fixed and floating coupons comprise the rest of the portfolio. In anticipation of the U.S. Federal Reserve (Fed) rate cuts, the Fund looked to lock in fixed rate paper and increase its weighted average maturity at opportunistic times throughout the year. The Fund's yield fell during the period; a function of the current market environment as the Fed initiated a series of rate cuts in the second half of the year.
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Putnam VT Government Money Market Fund PAGE 1 38922-ATSIB-0226
KEY FUND STATISTICS (as of December 31, 2025)
Total Net Assets
$79,317,247
Total Number of Portfolio Holdings
44
Total Management Fee Paid
$219,272
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
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 2 38922-ATSIB-0226

(b) Not applicable

ITEM 2. CODE OF ETHICS.

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

(c) N/A

(d) N/A

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

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

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

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

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

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

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

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

(f) Not applicable.

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

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

(i) Not applicable.

(j) 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
Annual
|
December 31, 2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Annual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
6
Notes
to
Financial
Statements
10
Report
of
Independent
Registered
Public
Accounting
Firm
17
Tax
Information
18
Changes
In
and
Disagreements
with
Accountants
19
Results
of
Meeting(s)
of
Shareholders
19
Remuneration
Paid
to
Directors,
Officers
and
Others
19
Board
Approval
of
Management
and
Subadvisory
Agreements
19
Putnam
Variable
Trust
Financial
Highlights
Putnam
VT
Government
Money
Market
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
IA
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
a
.........................
0.039
0.048
0.046
0.013
-
b
Net
realized
gains
(losses)
.......................
-
b
-
-
-
b
-
b
Total
from
investment
operations
....................
0.039
0.048
0.046
0.013
-
b
Less
distributions
from:
Net
investment
income
..........................
(0.039)
(0.048)
(0.046)
(0.013)
(-)
b
Net
asset
value,
end
of
year
.......................
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
c
...................................
3.95%
4.93%
4.70%
1.29%
0.01%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.44%
0.44%
0.47%
0.48%
0.44%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.44%
0.44%
0.47%
0.35%
e
0.07%
e
Net
investment
income
...........................
3.87%
4.81%
4.60%
1.28%
0.01%
Supplemental
data
Net
assets,
end
of
year
(000's)
.....................
$40,960
$42,956
$41,775
$41,354
$40,968
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
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.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
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.
Annual
Report
3
a
Year
Ended
December
31,
2025
2024
2023
2022
2021
Class
IB
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
a
.........................
0.036
0.046
0.043
0.011
-
b
Net
realized
gains
(losses)
.......................
-
b
-
-
-
b
-
b
Total
from
investment
operations
....................
0.036
0.046
0.043
0.011
-
b
Less
distributions
from:
Net
investment
income
..........................
(0.036)
(0.046)
(0.044)
(0.011)
(-)
b
Net
asset
value,
end
of
year
.......................
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
c
...................................
3.69%
4.67%
4.44%
1.12%
0.01%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.69%
0.69%
0.72%
0.72%
0.69%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.69%
0.69%
0.72%
0.51%
e
0.07%
e
Net
investment
income
...........................
3.62%
4.56%
4.35%
1.08%
0.01%
Supplemental
data
Net
assets,
end
of
year
(000's)
.....................
$38,358
$42,850
$37,539
$31,492
$34,424
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
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.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
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,
December
31,
2025
Putnam
VT
Government
Money
Market
Fund
franklintempleton.com
Annual
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
42.9%
FFCB
,
a
3.748%,
1/22/26
...................................................
$
800,000
$
798,255
b
FRN,
3.8%,
(SOFR
+
0.09%),
2/12/26
..................................
950,000
950,053
b
FRN,
3.8%,
(SOFR
+
0.09%),
5/14/26
..................................
950,000
950,072
b
FRN,
3.75%,
(SOFR
+
0.04%),
6/12/26
.................................
950,000
950,000
b
FRN,
3.8%,
(SOFR
+
0.09%),
8/17/26
..................................
1,100,000
1,100,000
b
FRN,
3.795%,
(U.S.
Federal
Funds
+
0.155%),
9/16/26
.....................
265,000
265,116
b
FRN,
3.77%,
(SOFR
+
0.06%),
10/05/26
................................
1,050,000
1,050,000
b
FRN,
3.78%,
(SOFR
+
0.07%),
10/13/26
................................
935,000
935,000
b
FRN,
3.78%,
(SOFR
+
0.07%),
10/21/26
................................
1,000,000
1,000,000
b
FRN,
3.82%,
(SOFR
+
0.11%),
4/22/27
.................................
675,000
675,000
b
FRN,
3.805%,
(SOFR
+
0.095%),
4/29/27
...............................
635,000
635,000
9,308,496
FHLB
,
a
3.776%,
1/02/26
...................................................
800,000
799,916
a
3.85%,
1/14/26
...................................................
825,000
823,854
a
3.799%,
1/23/26
...................................................
1,200,000
1,197,221
a
3.77%,
1/28/26
...................................................
800,000
797,744
a
3.751%,
1/30/26
...................................................
400,000
398,795
a
3.616%,
2/13/26
...................................................
800,000
796,560
a
3.802%,
3/13/26
...................................................
815,000
808,932
a
3.608%,
3/20/26
...................................................
1,200,000
1,190,692
a
3.706%,
4/08/26
...................................................
1,165,000
1,153,480
a
3.575%,
4/24/26
...................................................
1,200,000
1,186,685
4%,
9/18/26
......................................................
940,000
939,479
b
FRN,
3.74%,
(SOFR
+
0.03%),
2/19/26
.................................
900,000
899,966
b
FRN,
3.785%,
(SOFR
+
0.075%),
11/27/26
...............................
935,000
935,000
b
FRN,
3.77%,
(SOFR
+
0.06%),
1/29/27
.................................
800,000
800,000
b
FRN,
3.81%,
(SOFR
+
0.1%),
3/16/27
..................................
900,000
900,000
13,628,324
FHLMC
,
a
3.8%,
1/13/26
....................................................
800,000
798,988
b
FRN,
3.85%,
(SOFR
+
0.14%),
10/16/26
................................
950,000
950,257
b
FRN,
3.79%,
(SOFR
+
0.08%),
1/08/27
.................................
900,000
900,017
b
FRN,
3.805%,
(SOFR
+
0.095%),
5/05/27
...............................
500,000
500,000
3,149,262
FNMA
,
a
3.863%,
1/07/26
...................................................
400,000
399,743
a
3.808%,
1/20/26
...................................................
800,000
798,395
b
FRN,
3.83%,
(SOFR
+
0.12%),
7/29/26
.................................
450,000
450,102
b
FRN,
3.85%,
(SOFR
+
0.14%),
12/11/26
.................................
900,000
900,459
2,548,699
a
U.S.
Treasury
Bills
,
3.625%,
1/29/26
...................................................
1,200,000
1,196,626
3.797%,
2/03/26
...................................................
695,000
692,589
3.739%,
2/10/26
...................................................
1,800,000
1,792,551
3.975%,
3/19/26
...................................................
950,000
941,984
3.981%,
5/14/26
...................................................
810,000
798,239
5,421,989
Total
U.S.
Government
and
Agency
Securities
(Cost
$34,056,770)
.................
34,056,770
Putnam
Variable
Trust
Schedule
of
Investments
Putnam
VT
Government
Money
Market
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
5
a
a
Principal
Amount
a
Value
Repurchase
Agreements
57.1%
c
Joint
tri-party
repurchase
agreement
with
BNP
Paribas
Securities
Corp.,
3.82%,
1/02/26
(Maturity
Value
$6,191,251)
Collateralized
by
Agency
Mortgage-Backed
Securities,
1.916%
-
7%,
1/1/29
-
11/1/55
and
U.S.
Treasury
Notes,
4.25%,
11/15/34
(valued
at
$6,315,076)
.............
$
6,189,937
$
6,189,937
c
Joint
tri-party
repurchase
agreement
with
BofA
Securities,
Inc.,
3.85%,
1/02/26
(Maturity
Value
$928,525)
Collateralized
by
Agency
Mortgage-Backed
Securities,
3%
-
6%,
2/1/29
-
12/20/55
(valued
at
$946,893)
...............................................
928,327
928,327
c
Joint
tri-party
repurchase
agreement
with
HSBC
Securities
(USA),
Inc.,
3.84%,
1/02/26
(Maturity
Value
$20,337,117)
Collateralized
by
Agency
Mortgage-Backed
Securities,
1.72%
-
7%,
11/1/31
-
5/1/58
(valued
at
$20,743,859)
.............................................
20,332,779
20,332,779
c
Joint
tri-party
repurchase
agreement
with
Royal
Bank
of
Canada,
3.77%,
1/02/26
(Maturity
Value
$2,746,517)
Collateralized
by
U.S.
Treasury
Notes,
3.75%,
04/30/27
(valued
at
$2,801,449)
...
2,745,942
2,745,942
d
Tri-party
repurchase
agreement
with
Goldman
Sachs
&
Co.
LLC,
3.82%,
1/02/26
(Maturity
Value
$15,101,204)
Collateralized
by
Agency
Mortgage-Backed
Securities,
2.5%
-
7.5%,
11/1/26
-
11/20/55
(valued
at
$15,399,960)
......................................
15,098,000
15,098,000
Total
Repurchase
Agreements
(Cost
$45,294,985)
...............................
45,294,985
Total
Short
Term
Investments
(Cost
$79,351,755)
................................
79,351,755
a
Total
Investments
(Cost
$79,351,755)
100.0%
...................................
$79,351,755
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(34,508)
Net
Assets
100.0%
...........................................................
$79,317,247
See
Abbreviations
on
page
16
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
rate
shown
represents
the
yield
at
period
end.
b
The
coupon
rate
shown
represents
the
rate
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
December
31,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Putnam
VT
Government
Money
Market
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$34,056,770
Cost
-
Unaffiliated
repurchase
agreements
......................................................
45,294,985
Value
-
Unaffiliated
issuers
..................................................................
$34,056,770
Value
-
Unaffiliated
repurchase
agreements
......................................................
45,294,985
Receivables:
Capital
shares
sold
........................................................................
133,989
Dividends
and
interest
.....................................................................
113,366
Prepaid
expenses
..........................................................................
34,457
Other
assets
..............................................................................
74
Total
assets
..........................................................................
79,633,641
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
176,145
Management
fees
.........................................................................
17,475
Administrative
fees
........................................................................
662
Distribution
fees
..........................................................................
8,187
Transfer
agent
fees
........................................................................
9,637
Reports
to
shareholders
fees
................................................................
17,742
Professional
fees
.........................................................................
31,757
Trustees'
fees
and
expenses
.................................................................
54,460
Accrued
expenses
and
other
liabilities
...........................................................
329
Total
liabilities
.........................................................................
316,394
Net
assets,
at
value
.................................................................
$79,317,247
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$79,310,274
Total
distributable
earnings
(losses)
.............................................................
6,973
Net
assets,
at
value
.................................................................
$79,317,247
Putnam
Variable
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
Putnam
VT
Government
Money
Market
Fund
Class
IA:
Net
assets,
at
value
.......................................................................
$40,959,535
Shares
outstanding
........................................................................
40,954,777
Net
asset
value
per
share
a
..................................................................
$1.00
Class
IB:
Net
assets,
at
value
.......................................................................
$38,357,712
Shares
outstanding
........................................................................
38,355,484
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
year
ended
December
31,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
Putnam
VT
Government
Money
Market
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$3,603,048
Expenses:
Management
fees
(Note
3
a
)
...................................................................
219,272
Administrative
fees
(Note
3
b
)
..................................................................
1,475
Distribution
fees:
(Note
3c
)
Class
IB
................................................................................
100,317
Transfer
agent
fees:
(Note
3d
)
Class
IA
................................................................................
30,774
Class
IB
................................................................................
28,102
Custodian
fees
(Note
4
)
......................................................................
3,012
Reports
to
shareholders
fees
..................................................................
25,675
Professional
fees
...........................................................................
42,762
Trustees'
fees
and
expenses
(Note
3
e
)
...........................................................
2,670
Other
....................................................................................
10,502
Total
expenses
.........................................................................
464,561
Expense
reductions
(Note
4
)
...............................................................
(351)
Net
expenses
.........................................................................
464,210
Net
investment
income
................................................................
3,138,838
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
6,972
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$3,145,810
Putnam
Variable
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
Putnam
VT
Government
Money
Market
Fund
Year
Ended
December
31,
2025
Year
Ended
December
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$3,138,838
$3,743,466
Net
realized
gain
(loss)
.................................................
6,972
-
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
3,145,810
3,743,466
Distributions
to
shareholders:
Class
IA
............................................................
(1,689,323)
(2,056,231)
Class
IB
............................................................
(1,454,581)
(1,683,838)
Total
distributions
to
shareholders
..........................................
(3,143,904)
(3,740,069)
Capital
share
transactions:
(Note
2
)
Class
IA
............................................................
(1,997,624)
1,179,168
Class
IB
............................................................
(4,492,682)
5,309,155
Total
capital
share
transactions
............................................
(6,490,306)
6,488,323
Net
increase
(decrease)
in
net
assets
...................................
(6,488,400)
6,491,720
Net
assets:
Beginning
of
year
.......................................................
85,805,647
79,313,927
End
of
year
...........................................................
$79,317,247
$85,805,647
Putnam
Variable
Trust
Notes
to
Financial
Statements
Putnam
VT
Government
Money
Market
Fund
10
franklintempleton.com
Annual
Report
1.
Organization
and
Significant
Accounting
Policies
Putnam
Variable
Trust
(Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty separate
funds.
The Trust
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
VT
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
year
end,
as
indicated
in
the Schedule
of
Investments,
had
been
entered
into
on
December
31,
2025.
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
December
31,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund's
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
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
11
franklintempleton.com
Annual
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.
Realized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
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
December
31,
2025,
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:
Year
Ended
December
31,
2025
Year
Ended
December
31,
2024
Class
IA
Shares:
Shares
sold
............................................................
$20,720,522
$24,098,021
Shares
issued
in
reinvestment
of
distributions
...................................
1,689,005
2,056,231
Shares
redeemed
........................................................
(24,407,151)
(24,975,084)
Net
increase
(decrease)
...................................................
$(1,997,624)
$1,179,168
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
12
franklintempleton.com
Annual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund's
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
"double
counting"
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
year
ended
December
31,
2025,
the
gross
effective
investment
management
fee
rate
was 0.262%
of
the
Fund's
average daily
net
assets.
Putnam
Management
retained
Advisers
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Advisers
provides
certain
advisory
and
related
services
to
the
Fund.
Putnam
Management
pays
a
monthly
fee
to
Advisers
based
on
the
costs
of
Advisers
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Year
Ended
December
31,
2025
Year
Ended
December
31,
2024
Class
IB
Shares:
Shares
sold
............................................................
$5,075,621
$14,642,690
Shares
issued
in
reinvestment
of
distributions
...................................
1,453,789
1,683,838
Shares
redeemed
........................................................
(11,022,092)
(11,017,373)
Net
increase
(decrease)
...................................................
$(4,492,682)
$5,309,155
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.
2.
Shares
of
Beneficial
Interest
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
13
franklintempleton.com
Annual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b-1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
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,
2027,
to
waive
fees
and/or
reimburse
the
Fund's
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund's
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund's
average
net
assets
over
such
fiscal
year-to-date
period.
Maximum
%
Approved
%
Class
IB
..................................................................
0.35%
0.25%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
14
franklintempleton.com
Annual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
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.
4.
Expense
Offset
Arrangement
The Fund has entered
into arrangements
with PSERV
and
its
custodian whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees
and
custodian
fees,
respectively.
During
the
year
ended
December
31,
2025,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations. Effective May
19, 2025,
earned
credits
on
custodian
fees,
if
any,
are
recognized
as
income.
5.
Income
Taxes
The
tax
character
of
distributions
paid
during
the
years
ended
December
31,
2025
and
2024,
was
as
follows:
At
December
31,
2025,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income for
income
tax
purposes
were
as
follows:
6.
Credit
Facility
Effective
January
31,
2025,
the
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers)
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matured
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
January
30,
2026,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
January
29,
2027,
for
a
total
of
$2.995
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
reporting
period,
the
Fund
did
not
use
the
Global
Credit
Facility.
Prior
to
January
31,
2025,
the
Fund
participated,
along
with
other
Putnam
funds,
in
a
$320
million
syndicated
unsecured
committed
line
of
credit,
provided
by
State
Street
($160
million)
and
JPMorgan
($160
million),
and
a
$235.5
million
unsecured
uncommitted
line
of
credit,
provided
by
State
Street.
Borrowings
may
have
been
made
for
temporary
or
emergency
purposes,
2025
2024
Distributions
paid
from:
Ordinary
income
..........................................................
$3,143,904
$3,740,069
Cost
of
investments
..........................................................................
$79,351,755
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$6,972
3.
Transactions
with
Affiliates
(continued)
f.
Waiver
and
Expense
Reimbursements
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
15
franklintempleton.com
Annual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
including
the
funding
of
shareholder
redemption
requests
and
trade
settlements.
Interest
was
charged
to
the
Fund
based
on
the
Fund's
borrowings.
A
closing
fee
equal
to
0.04%
of
the
committed
line
of
credit
and
0.04%
of
the
uncommitted
line
of
credit
was
paid
by
the
participating
funds
and
a
$75,000
fee
was
paid
by
the
participating
funds
to
State
Street
as
agent
of
the
syndicated
committed
line
of
credit.
In
addition,
a
commitment
fee
of
0.21%
per
annum
on
any
unutilized
portion
of
the
committed
line
of
credit
was
allocated
to
the
participating
funds
based
on
their
relative
net
assets
and
paid
quarterly.
During
the
reporting
period,
the
Fund
had
no
borrowings
against
these
arrangements.
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
December
31,
2025,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 2
inputs.
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.
6.
Credit
Facility
(continued)
Putnam
Variable
Trust
Notes
to
Financial
Statements
16
franklintempleton.com
Annual
Report
Putnam
VT
Government
Money
Market
Fund
(continued)
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
Report
of
Independent
Registered
Public
Accounting
Firm
17
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Putnam
Variable
Trust
and
Shareholders
of
Putnam
VT
Government
Money
Market
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Putnam
VT
Government
Money
Market
Fund
(one
of
the
funds
constituting
Putnam
Variable
Trust,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2025,
the
related
statement
of
operations
for
the
year
ended
December
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2025
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Boston,
Massachusetts
February
19,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Putnam
Funds
family
of
funds
since
at
least
1957.
We
have
not
been
able
to
determine
the
specific
year
we
began
serving
as
auditor.
Putnam
Variable
Trust
Tax
Information
(unaudited)
18
franklintempleton.com
Annual
Report
Putnam
VT
Government
Money
Market
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amount,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amount,
for
the
fiscal
year
ended
December
31,
2025:
Pursuant
to:
Amount
Reported
Section
163(j)
Interest
Earned
§163(j)
$2,998,098
Putnam
Variable
Trust
19
franklintempleton.com
Annual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
38922-AFSOI
02/26
©
2026
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.
(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(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) Code of Ethics attached hereto.

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: February 25, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: February 25, 2026
By: /s/ Jeffrey White
Jeffrey White
Principal Financial Officer
Date: February 25, 2026
Putnam Variable Trust published this content on February 26, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 26, 2026 at 11:38 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]