# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0000869392-23-000373
**Filing Date:** 2023-2
**Character Count:** 14892
**Document Hash:** 46514260ce3b9ba00796dbe0654e069c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000373.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000869392-23-000373

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671
- **IRS NUMBER:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 23666420

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CAPITAL MANAGER TRUST /MA/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Putnam VT Focused International Equity Fund (Series ID: S000003897)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010889 | Class IA Shares |  |
| C000010890 | Class IB Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Variable Trust

- **b. Investment Company Act file number:** 811-05346

- **c. CIK number of Registrant:** 0000822671

- **d. LEI of Registrant:** 549300TBVD21LYBGBD46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam VT Focused International Equity Fund

- **b. EDGAR series identifier (if any):** S000003897

- **c. LEI of Series:** PK9XS95JYYM8HJ2EFT97

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $156149280.57

**Total Liabilities:** $607178.27

**Net Assets:** $155542102.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010890 | -3.37%               | 17.11%               | 3.50%                |
| Class ID C000010889 | -3.39%               | 17.19%               | 3.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-210265.30              | $-5397051.03                               |
| Month 2  | $205184.66               | $23249493.32                               |
| Month 3  | $-1890857.05             | $6316894.04                                |

**Designated Index Information**

- **Index Name:** MSCI AC World Index ex Usa

- **Index Identifier:** IDX00080

### Schedule of Portfolio Investments

| Name                                      | Title               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALPHABET INC                              | COMMON STOCK        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     49387 | NS      | $4382108.51   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY GLOBAL PLC                        | COMMON STOCK        | CUSIP: G5480U120<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |    251149 | NS      | $4879825.07   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RYANAIR HOLDINGS PLC                      | COMMON STOCK - ADR  | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     84328 | NS      | $6304361.28   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                    | EQUITY INDEX FUTURE | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | N/A              | DE               | CORP              | US        |        43 | NC      | $4191210.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PETROLEUM CORP              | ORDINARY SHARES     | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               | CORP              | CA        |    346654 | NS      | $3883510.79   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     74773 | NS      | $5158624.40   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL MUSIC GROUP NV                  | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |    231967 | NS      | $5589434.63   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SK SQUARE CO LTD                          | ORDINARY SHARES     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    171636 | NS      | $4553885.17   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | CN        |    457600 | NS      | $5056466.96   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.COM INC                                | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | CN        |     89350 | NS      | $2520658.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC/CANADA         | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300B6PYHMCTDWQV29       | Long             | EC               | CORP              | CA        |      4372 | NS      | $6825873.80   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPUGROUP MEDICAL SE  AND  CO KGAA       | ORDINARY SHARES     | CUSIP: D193ZN100<br>LEI: 529900CUXZGOCJZR7O57 | Long             | EC               | CORP              | DE        |    123955 | NS      | $4774098.65   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN MATERIAL CO LTD                     | ORDINARY SHARES     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    176000 | NS      | $2865833.59   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| HANA FINANCIAL GROUP INC                  | ORDINARY SHARES     | CUSIP: Y29975102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    129229 | NS      | $4297413.56   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMIRAL GROUP PLC                         | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 213800FGVM7Z9EJB2685       | Long             | EC               | CORP              | GB        |    153425 | NS      | $3963775.32   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYERISCHE MOTOREN WERKE AG               | ORDINARY SHARES     | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               | CORP              | DE        |     21845 | NS      | $1949755.35   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    590000 | NS      | $8609425.58   | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY GROUP CORP                           | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |     67000 | NS      | $5123018.90   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU CORP                               | ORDINARY SHARES     | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    172400 | NS      | $5446284.67   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| THOMSON REUTERS CORP                      | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300561UZND4C7B569       | Long             | EC               | CORP              | CA        |     46353 | NS      | $5287802.35   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MINEBEA MITSUMI INC                       | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 353800CCB0CZ75YZ4010       | Long             | EC               | CORP              | JP        |    148500 | NS      | $2230215.64   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                  | ORDINARY SHARES     | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     19379 | NS      | $3764370.75   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYER AG                                  | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     85151 | NS      | $4404816.25   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                           | ORDINARY SHARES     | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     55410 | NS      | $7514705.43   | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO LTD                | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    107242 | NS      | $4689982.29   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                              | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    120645 | NS      | $6099605.28   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKELEY GROUP HOLDINGS PLC               | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |    127404 | NS      | $5811366.21   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| LONDON STOCK EXCHANGE GROUP PLC           | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |     32638 | NS      | $2815702.42   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CI FINANCIAL CORP                         | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300M9W7JJQSVCEM78       | Long             | EC               | CORP              | CA        |    414167 | NS      | $4132493.48   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD            | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300T15RIMIKZC5Q38       | Long             | EC               | CORP              | CA        |     66939 | NS      | $3717240.33   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| COGECO COMMUNICATIONS INC                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300XHH6LJM6IAXV57       | Long             | EC               | CORP              | CA        |     85012 | NS      | $4821323.10   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                             | ORDINARY SHARES     | CUSIP: Y3119P174<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    296003 | NS      | $5825423.48   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND         | SHORT TERM INV FUND | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |   7845636 | NS      | $7845636.00   | 5.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                  | U.S. T BILLS        | CUSIP: 912796ZJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199859.31    | 0.13%             | 2023-01-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                  | U.S. T BILLS        | CUSIP: 912796ZL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99775.96     | 0.06%             | 2023-01-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer