# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012229
**Filing Date:** 2026-5
**Character Count:** 18656
**Document Hash:** 688f34879bfb66f22878e47fb7ce79e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012229.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012229

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**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:** 261024595

**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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $176815768.94

**Total Liabilities:** $1803161.00

**Net Assets:** $175012607.94

**Cash Not Reported:** $102601.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010889 | 4.99%                | 3.28%                | -8.87%               |
| Class ID C000010890 | 4.98%                | 3.30%                | -8.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-192071.97              | $9667474.47                                |
| Month 2  | $3754925.92              | $2503155.00                                |
| Month 3  | $121199.27               | $-18042525.77                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MonotaRO Co. Ltd.                           | MonotaRO Co. Ltd.                           | CUSIP: N/A<br>LEI: 5299005JUER5ANXWTC33       | Long             | EC               | CORP              | JP        |    401000 | NS      | $4346647.48   | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Eventim AG & Co. KGaA                   | CTS Eventim AG & Co. KGaA                   | CUSIP: N/A<br>LEI: 529900FDHSN08UBJII80       | Long             | EC               | CORP              | DE        |     78778 | NS      | $4614083.68   | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd.             | Canadian Natural Resources Ltd.             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    201647 | NS      | $9836651.15   | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever plc                                | Unilever plc                                | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     39269 | NS      | $2155844.17   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| International Petroleum Corp.               | International Petroleum Corp.               | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               | CORP              | CA        |    146462 | NS      | $3996800.94   | 2.28%             |  |  |  | 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        |    285701 | NS      | $4413475.94   | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings plc                        | Ryanair Holdings plc                        | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |    275858 | NS      | $7765913.00   | 4.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                  | Alibaba Group Holding Ltd.                  | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |    292600 | NS      | $4586355.58   | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                              | Alphabet, Inc., Class C                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13818 | NS      | $3963831.48   | 2.26%             |  |  |  | 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        |   2238835 | NS      | $4736741.80   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | CDI                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  33000000 | PA      | $10891.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ United                                  | FDJ United                                  | CUSIP: N/A<br>LEI: 969500R4CLSQFTYYI535       | Long             | EC               | CORP              | FR        |    137957 | NS      | $4059926.03   | 2.32%             |  |  |  | No            |                  2 | On Loan: —       |
| Putnam Cash Collateral Pool LLC             | Putnam Cash Collateral Pool LLC             | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   1391526 | NS      | $1391526.00   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Otoki Corp.                                 | Otoki Corp.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      9859 | NS      | $2362773.47   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                           | Sonova Holding AG                           | CUSIP: N/A<br>LEI: 5299004A0QNX7FBNHS61       | Long             | EC               | CORP              | CH        |     18809 | NS      | $4288704.99   | 2.45%             |  |  |  | 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        |    213000 | NS      | $12318753.80  | 7.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Cogeco Communications, Inc.                 | Cogeco Communications, Inc.                 | CUSIP: 19239C106<br>LEI: 549300XHH6LJM6IAXV57 | Long             | EC               | CORP              | CA        |     88572 | NS      | $4495135.65   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexican Peso                                | Mexican Peso                                | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | MX        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rightmove plc                               | Rightmove plc                               | CUSIP: N/A<br>LEI: 2138001JXGCFKBXYB828       | Long             | EC               | CORP              | GB        |    844968 | NS      | $4834328.13   | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                    | Bayer AG                                    | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |    108631 | NS      | $5027250.52   | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                         | Tokyo Electron Ltd.                         | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     23800 | NS      | $5913132.67   | 3.38%             |  |  |  | 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        |     50605 | NS      | $5975831.33   | 3.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                             | ASML Holding NV                             | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      5601 | NS      | $7447966.99   | 4.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                                | ITOCHU Corp.                                | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    600300 | NS      | $7636111.07   | 4.36%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                    | M3, Inc.                                    | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |    365200 | NS      | $3748547.01   | 2.14%             |  |  |  | No            |                  2 | On Loan: —       |
| New Taiwan Dollar                           | New Taiwan Dollar                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |         2 | OU      | $0.07         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Edenred SE                                  | Edenred SE                                  | CUSIP: N/A<br>LEI: 9695006LOD5B2D7Y0N70       | Long             | EC               | CORP              | FR        |    213769 | NS      | $4258047.03   | 2.43%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Square Co. Ltd.                          | SK Square Co. Ltd.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     12944 | NS      | $4261844.50   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Rupee                                | Indian Rupee                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |         2 | OU      | $0.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkeley Group Holdings plc                 | Berkeley Group Holdings plc                 | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |     47596 | NS      | $2180322.79   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group plc                               | AIB Group plc                               | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |    616880 | NS      | $6585264.23   | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Short Term Investment Fund           | Putnam Short Term Investment Fund, Class P  | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   5161884 | NS      | $5161883.84   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Persimmon plc                               | Persimmon plc                               | CUSIP: N/A<br>LEI: 213800XI72Y57UWN6F31       | Long             | EC               | CORP              | GB        |    155227 | NS      | $2215928.04   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                    | Universal Music Group NV                    | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |    209155 | NS      | $4059870.21   | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Material Co. Ltd.                     | Japan Material Co. Ltd.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    398700 | NS      | $4149192.62   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca plc                             | AstraZeneca plc                             | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     19707 | NS      | $3853506.73   | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group plc                           | Admiral Group plc                           | CUSIP: N/A<br>LEI: 213800FGVM7Z9EJB2685       | Long             | EC               | CORP              | GB        |     81491 | NS      | $3408423.34   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Global Ltd.                         | Liberty Global Ltd., Class A                | CUSIP: N/A<br>LEI: 213800HRMKKTYH7SKA24       | Long             | EC               | CORP              | BM        |    305167 | NS      | $3689469.03   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Won                                         | Won                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | KR        |        -7 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                   | Prosus NV                                   | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     44387 | NS      | $2054921.44   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                | Samsung Electronics Co. Ltd.                | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EP               | CORP              | KR        |     32557 | NS      | $2628117.88   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software, Inc.                | Constellation Software, Inc.                | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      3780 | NS      | $6635556.18   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Rand                                        | Rand                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | ZA        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                        | EURO                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |        72 | OU      | $83.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer