# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006474
**Filing Date:** 2025-11
**Character Count:** 25808
**Document Hash:** 4ae2d7d66b3d03b30cba7d297e169fbd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006474.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006474

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671

**ORGANIZATION NAME:**
- **EIN:** 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:** 251511848

**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 Emerging Markets Equity Fund (Series ID: S000003879)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010853 | Class IA Shares |  |
| C000010854 | 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:** 617-292-1000

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

- **a. Name of Series:** Putnam VT Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000003879

- **c. LEI of Series:** GOCT55GYSZZ8YF31Q617

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $27544827.41

**Total Liabilities:** $473210.04

**Net Assets:** $27071617.37

**Cash Not Reported:** $60408.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010854 | 1.72%                | 2.23%                | 6.62%                |
| Class ID C000010853 | 1.75%                | 2.25%                | 6.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $308178.54               | $101494.77                                 |
| Month 2  | $336608.67               | $216157.92                                 |
| Month 3  | $77537.79                | $1589141.86                                |

**Designated Index Information**

- **Index Name:** MSEMMF_AD - MSCI EM (EMERGING MARKETS) - Daily

- **Index Identifier:** BM0119

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Indian Hotels Co. Ltd.(The)                            | Indian Hotels Co. Ltd. (The), Class A                  | CUSIP: N/A<br>LEI: 33580076CH5SBY5HWA22       | Long             | EC               | CORP              | IN        |     35990 | NS      | $292151.20    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                            | Abu Dhabi Islamic Bank PJSC                            | CUSIP: N/A<br>LEI: 5493006DOLY8O98XHD74       | Long             | EC               | CORP              | AE        |    101514 | NS      | $602611.28    | 2.23%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Asset Management Co. Ltd.                         | HDFC Asset Management Co. Ltd.                         | CUSIP: N/A<br>LEI: 3358002FLK8AK8WSEP31       | Long             | EC               | CORP              | IN        |      5249 | NS      | $327011.71    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                               | Sea Ltd.                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1737 | NS      | $310454.01    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                             | National Bank of Greece SA                             | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     21629 | NS      | $314949.42    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services, Inc.        | International Container Terminal Services, Inc.        | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |     44110 | NS      | $357728.16    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Etihad Etisalat Co.                                    | Etihad Etisalat Co.                                    | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |     19591 | NS      | $352880.39    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                             | Alibaba Group Holding Ltd.                             | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     59700 | NS      | $1335137.75   | 4.93%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co. Ltd.                                    | PetroChina Co. Ltd., Class H                           | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |    568000 | NS      | $514929.43    | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology                                    | Kuaishou Technology                                    | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | KY        |     18800 | NS      | $203338.17    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| JUMBO SA                                               | JUMBO SA                                               | CUSIP: N/A<br>LEI: 549300TGIVUUMY40MZ05       | Long             | EC               | CORP              | GR        |      3794 | NS      | $130155.98    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC                        | Putnam Cash Collateral Pool LLC                        | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |    244550 | NS      | $244550.00    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Far EasTone Telecommunications Co. Ltd.                | Far EasTone Telecommunications Co. Ltd.                | CUSIP: N/A<br>LEI: 529900L7W7BWDLVZL253       | Long             | EC               | CORP              | TW        |     61000 | NS      | $177166.81    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.            | Taiwan Semiconductor Manufacturing Co. Ltd.            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     81000 | NS      | $3518464.00   | 13.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of China Ltd.                                     | Bank of China Ltd., Class H                            | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               | CORP              | CN        |   1254000 | NS      | $685445.18    | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                  | Emaar Properties PJSC                                  | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |     83991 | NS      | $298412.10    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co. Ltd.                                   | WuXi AppTec Co. Ltd., Class H                          | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |     13680 | NS      | $209306.03    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk. PT                              | Bank Central Asia Tbk. PT                              | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    376700 | NS      | $172513.71    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Coforge Ltd.                                           | Coforge Ltd.                                           | CUSIP: N/A<br>LEI: 3358004YL9JGBNP4KF72       | Long             | EC               | CORP              | IN        |      4315 | NS      | $77399.51     | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                               | Itau Unibanco Holding SA                               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |     63000 | NS      | $462475.46    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kakao Corp.                                            | Kakao Corp.                                            | CUSIP: N/A<br>LEI: 988400FTKUBQXKVZP434       | Long             | EC               | CORP              | KR        |      4359 | NS      | $185601.49    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                  | Tencent Holdings Ltd.                                  | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     31400 | NS      | $2675581.51   | 9.88%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co. Ltd.                        | CTBC Financial Holding Co. Ltd.                        | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               | CORP              | TW        |    217000 | NS      | $306039.34    | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Heavy Industries Co. Ltd.                      | Samsung Heavy Industries Co. Ltd.                      | CUSIP: N/A<br>LEI: 988400OSK0T9LDTWNC20       | Long             | EC               | CORP              | KR        |     10611 | NS      | $165718.26    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| APR Corp.                                              | APR Corp.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       819 | NS      | $146317.86    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                                          | Al Rajhi Bank                                          | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |     23790 | NS      | $679804.35    | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co. Ltd.                                | Elite Material Co. Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      4000 | NS      | $161884.92    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek, Inc.                                         | MediaTek, Inc.                                         | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |      7000 | NS      | $303588.26    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property & Casualty Co. Ltd.                      | PICC Property & Casualty Co. Ltd., Class H             | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |    226000 | NS      | $509822.94    | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank                                               | OTP Bank Nyrt.                                         | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |      1337 | NS      | $115654.98    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                       | Apollo Hospitals Enterprise Ltd.                       | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |      3846 | NS      | $321163.03    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                 | iShares Core MSCI Emerging Markets ETF                 | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |     10940 | NS      | $721164.80    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA                                                 | TIM SA                                                 | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |    123800 | NS      | $546629.71    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp.                                | Accton Technology Corp.                                | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               | CORP              | TW        |      6000 | NS      | $207487.26    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever Indonesia Tbk. PT                             | Unilever Indonesia Tbk. PT                             | CUSIP: N/A<br>LEI: 549300MUHUFNRRI19O72       | Long             | EC               | CORP              | ID        |    592100 | NS      | $63242.60     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |     13700 | NS      | $340218.70    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co. Ltd.                         | Asia Vital Components Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      6000 | NS      | $195159.99    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Eternal Ltd.                                           | Eternal Ltd.                                           | CUSIP: N/A<br>LEI: 335800T4VOF9ETHF8W59       | Long             | EC               | CORP              | IN        |     51027 | NS      | $187327.05    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group, Inc.                               | KB Financial Group, Inc.                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |      4365 | NS      | $360269.18    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd.                                  | UltraTech Cement Ltd.                                  | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |      2025 | NS      | $278829.72    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                     | Putnam Short Term Investment Fund, Class P             | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   1052971 | NS      | $1052970.88   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix, Inc.                                         | SK Hynix, Inc.                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      1333 | NS      | $330448.02    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp.                                           | Xiaomi Corp., Class B                                  | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | KY        |     88600 | NS      | $615765.34    | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd.                           | Amber Enterprises India Ltd.                           | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |      2582 | NS      | $235557.22    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre, Inc.                                     | MercadoLibre, Inc.                                     | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        81 | NS      | $189292.14    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti plc                                  | Anglogold Ashanti plc                                  | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      3732 | NS      | $260583.12    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd.                                        | ICICI Bank Ltd.                                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |     53525 | NS      | $811184.65    | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co. Ltd.                        | NAURA Technology Group Co. Ltd., Class A               | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |      2675 | NS      | $170439.23    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd.                                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     25758 | NS      | $544768.59    | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Meritz Financial Group, Inc.                           | Meritz Financial Group, Inc.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      1899 | NS      | $154041.29    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Electric Power Corp.                             | Korea Electric Power Corp.                             | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               | CORP              | KR        |     10531 | NS      | $271707.90    | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co. Ltd.                            | Zijin Mining Group Co. Ltd., Class H                   | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |    116000 | NS      | $484998.52    | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                     | Grupo Financiero Banorte SAB de CV, Class O            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     31442 | NS      | $316729.20    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corp.                                      | Samsung C&T Corp.                                      | CUSIP: N/A<br>LEI: 988400GFRE4IDFPE9E64       | Long             | EC               | CORP              | KR        |      1676 | NS      | $220707.63    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd.                                        | MakeMyTrip Ltd.                                        | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | MU        |      1165 | NS      | $109044.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Gamuda Bhd.                                            | Gamuda Bhd.                                            | CUSIP: N/A<br>LEI: 254900RW4N94L9KA9137       | Long             | EC               | CORP              | MY        |    173036 | NS      | $227907.86    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Xtrackers Harvest CSI 300 China A-Shares ETF           | Xtrackers Harvest CSI 300 China A-Shares ETF, Class A  | CUSIP: 233051879<br>LEI: 549300KGVW9YY7MPVQ67 | Long             |  | RF                | US        |      8153 | NS      | $268885.94    | 0.99%             |  |  |  | No            |                  1 | On Loan: —       |
| MTN Group                                              | MTN Group Ltd.                                         | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |     21024 | NS      | $176917.50    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| NTPC Ltd.                                              | NTPC Ltd.                                              | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | EC               | CORP              | IN        |    109639 | NS      | $420431.42    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                           | Samsung Electronics Co. Ltd.                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     15505 | NS      | $929529.83    | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd.                               | Mahindra & Mahindra Ltd.                               | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     12801 | NS      | $494049.87    | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer