# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006509
**Filing Date:** 2025-11
**Character Count:** 17084
**Document Hash:** 4330c0a49b475c19006ad2332a4b91fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006509.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006509

**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:** 251511896

**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:** 617-292-1000

**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:** 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:** $181158298.43

**Total Liabilities:** $1924270.70

**Net Assets:** $179234027.73

**Cash Not Reported:** $1878804.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010889 | -3.48%               | 2.84%                | 5.75%                |
| Class ID C000010890 | -3.54%               | 2.83%                | 5.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $587979.26               | $-6555297.66                               |
| Month 2  | $933867.01               | $3649020.85                                |
| Month 3  | $5070415.37              | $4120541.47                                |

**Designated Index Information**

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

- **Index Identifier:** BM4346

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CTS Eventim AG & Co. KGaA                   | CTS Eventim AG & Co. KGaA                   | CUSIP: N/A<br>LEI: 529900FDHSN08UBJII80       | Long             | EC               | CORP              | DE        |     36504 | NS      | $3583761.33   | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd.             | Canadian Natural Resources Ltd.             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    215960 | NS      | $6905381.91   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| International Petroleum Corp.               | International Petroleum Corp.               | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               | CORP              | CA        |    193567 | NS      | $3236102.53   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                  | National Bank of Greece SA                  | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |    310241 | NS      | $4517556.26   | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings plc                        | Ryanair Holdings plc                        | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |    319824 | NS      | $9346030.45   | 5.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                            | Sony Group Corp.                            | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    199000 | NS      | $5720593.70   | 3.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                  | Alibaba Group Holding Ltd.                  | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |    375800 | NS      | $8404434.96   | 4.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                              | Alphabet, Inc., Class C                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     28649 | NS      | $6977463.95   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bolsa Mexicana de Valores SAB de CV         | Bolsa Mexicana de Valores SAB de CV         | CUSIP: N/A<br>LEI: 894500CS2D6RLGW61A19       | Long             | EC               | CORP              | MX        |   1909744 | NS      | $3990821.14   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Otoki Corp.                                 | Otoki Corp.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     10634 | NS      | $3111262.61   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonova Holding AG                           | Sonova Holding AG                           | CUSIP: N/A<br>LEI: 5299004A0QNX7FBNHS61       | Long             | EC               | CORP              | CH        |     11786 | NS      | $3232974.88   | 1.80%             |  |  |  | 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        |    244000 | NS      | $10598829.83  | 5.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Cogeco Communications, Inc.                 | Cogeco Communications, Inc.                 | CUSIP: 19239C106<br>LEI: 549300XHH6LJM6IAXV57 | Long             | EC               | CORP              | CA        |    119246 | NS      | $5480329.21   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Rightmove plc                               | Rightmove plc                               | CUSIP: N/A<br>LEI: 2138001JXGCFKBXYB828       | Long             | EC               | CORP              | GB        |    448181 | NS      | $4280061.08   | 2.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                    | Bayer AG                                    | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |    116474 | NS      | $3877553.61   | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                         | Tokyo Electron Ltd.                         | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     29100 | NS      | $5158468.74   | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                              | HDFC Bank Ltd.                              | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |    381702 | NS      | $4090588.22   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group plc             | London Stock Exchange Group plc             | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |     31718 | NS      | $3637519.13   | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                             | ASML Holding NV                             | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      6682 | NS      | $6516199.98   | 3.64%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                                | ITOCHU Corp.                                | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    148000 | NS      | $8420962.62   | 4.70%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                    | M3, Inc.                                    | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |    204200 | NS      | $3305653.10   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever plc                                | Unilever plc                                | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     47523 | NS      | $2809020.32   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SE                                  | Edenred SE                                  | CUSIP: N/A<br>LEI: 9695006LOD5B2D7Y0N70       | Long             | EC               | CORP              | FR        |    147883 | NS      | $3521791.06   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Square Co. Ltd.                          | SK Square Co. Ltd.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     28602 | NS      | $4119824.88   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings plc                 | Berkeley Group Holdings plc                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |     55481 | NS      | $2867535.85   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group plc                               | AIB Group plc                               | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |    932619 | NS      | $8502447.71   | 4.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.              | Tata Consultancy Services Ltd.              | CUSIP: N/A<br>LEI: 335800ZJKU9GPQRE2U66       | Long             | EC               | CORP              | IN        |     75585 | NS      | $2460240.86   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CDI                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  26000000 | PA      | $-162370.26   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                          | Putnam Short Term Investment Fund, Class P  | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   2600158 | NS      | $2600158.02   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Persimmon plc                               | Persimmon plc                               | CUSIP: N/A<br>LEI: 213800XI72Y57UWN6F31       | Long             | EC               | CORP              | GB        |    190559 | NS      | $2977019.58   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                    | Universal Music Group NV                    | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |    224474 | NS      | $6486728.72   | 3.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Material Co. Ltd.                     | Japan Material Co. Ltd.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    361800 | NS      | $4460420.88   | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca plc                             | AstraZeneca plc                             | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     21199 | NS      | $3247710.44   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group plc                           | Admiral Group plc                           | CUSIP: N/A<br>LEI: 213800FGVM7Z9EJB2685       | Long             | EC               | CORP              | GB        |     87275 | NS      | $3939001.41   | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Financial Group, Inc.                  | Sony Financial Group, Inc.                  | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |    199000 | NS      | $220684.99    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd.                         | Liberty Global Ltd., Class A                | CUSIP: N/A<br>LEI: 213800HRMKKTYH7SKA24       | Long             | EC               | CORP              | BM        |    374536 | NS      | $4292182.56   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                   | Prosus NV                                   | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     47677 | NS      | $3371481.59   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                | Samsung Electronics Co. Ltd.                | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EP               | CORP              | KR        |     64989 | NS      | $3084443.86   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software, Inc.                | Constellation Software, Inc.                | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      1686 | NS      | $4576901.83   | 2.55%             |  |  |  | No            |                  1 | 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