# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0000869392-23-000425
**Filing Date:** 2023-2
**Character Count:** 23434
**Document Hash:** 898f6bfc6441b14be1d194513f491301
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000425.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000869392-23-000425

**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:** 23667992

**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 Growth Opportunities Fund (Series ID: S000003873)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010841 | Class IA Shares |  |
| C000010842 | 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 Growth Opportunities Fund

- **b. EDGAR series identifier (if any):** S000003873

- **c. LEI of Series:** ZREV7S924QLJLC41VU70

**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:** $775370806.95

**Total Liabilities:** $3943721.57

**Net Assets:** $771427085.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010841 | -7.61%               | 4.52%                | 5.17%                |
| Class ID C000010842 | -7.61%               | 4.49%                | 5.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2908042.14              | $-66224972.09                              |
| Month 2  | $704009.87               | $35334240.10                               |
| Month 3  | $-8314311.35             | $48148569.49                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| T-MOBILE US INC                                                             | COMMON STOCK        | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     62759 | NS      | $8786260.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                                                              | COMMON STOCK        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     67334 | NS      | $23414051.82  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC                                          | COMMON STOCK        | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |    123720 | NS      | $7918080.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM GROUP INC                                                         | COMMON STOCK        | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11333 | NS      | $7135823.45   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL INC                                                  | COMMON STOCK        | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6070 | NS      | $8422064.30   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMENT INC                                               | COMMON STOCK        | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    102310 | NS      | $7135099.40   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM INC                                                                  | COMMON STOCK        | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     72482 | NS      | $8207861.68   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                                                                 | COMMON STOCK        | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     17794 | NS      | $5247094.72   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                                                                 | COMMON STOCK        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    162968 | NS      | $23816143.52  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC                                                                  | COMMON STOCK        | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     24897 | NS      | $12751994.43  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC/THE                                                          | COMMON STOCK        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     17946 | NS      | $5668423.56   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC                                                                    | COMMON STOCK        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     21234 | NS      | $9877419.78   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                                                                    | COMMON STOCK        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    105968 | NS      | $22015911.68  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                                                       | COMMON STOCK        | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |     50586 | NS      | $6705680.16   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                                                                   | COMMON STOCK        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     85063 | NS      | $10478060.34  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE INC                                                          | COMMON STOCK        | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     41201 | NS      | $9886591.96   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS INC                                                      | COMMON STOCK        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    100267 | NS      | $13991257.18  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA HOLDINGS INC                                                          | COMMON STOCK        | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     27410 | NS      | $5616034.90   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                                                                | COMMON STOCK        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    426566 | NS      | $37849201.18  | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                                | COMMON STOCK        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     16368 | NS      | $9151839.84   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                                                                  | COMMON STOCK        | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     25553 | NS      | $9945738.66   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ESTEE LAUDER COS INC/THE                                                    | COMMON STOCK        | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     25222 | NS      | $6257830.42   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP/THE                                                     | COMMON STOCK        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    137815 | NS      | $11474476.90  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                                                                | COMMON STOCK        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     51113 | NS      | $13566412.46  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                                                   | COMMON STOCK        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    615858 | NS      | $80018429.94  | 10.37%            |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER INC                                                                 | COMMON STOCK        | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     22375 | NS      | $7521132.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                      | COMMON STOCK        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     56487 | NS      | $29948277.66  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HERSHEY CO/THE                                                              | COMMON STOCK        | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     53377 | NS      | $12360511.89  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                                                                 | COMMON STOCK        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     59048 | NS      | $8372415.92   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC                                                                    | COMMON STOCK        | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    123728 | NS      | $14477413.28  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES INC                                                      | COMMON STOCK        | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     11225 | NS      | $4579351.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS INC                                                  | COMMON STOCK        | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     94356 | NS      | $15157347.84  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN-WILLIAMS CO/THE                                                     | COMMON STOCK        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     42589 | NS      | $10107647.37  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORP                                                       | COMMON STOCK        | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     39838 | NS      | $18186047.00  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                                         | COMMON STOCK        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     74353 | NS      | $15752426.58  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                                                 | COMMON STOCK        | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    116287 | NS      | $9505299.38   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                                              | COMMON STOCK        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    349582 | NS      | $83836755.24  | 10.87%            |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                                                              | COMMON STOCK        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    373579 | NS      | $31380636.00  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                                                                   | COMMON STOCK        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      5861 | NS      | $1972402.33   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP                                                      | COMMON STOCK        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    149148 | NS      | $6901077.96   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                                                     | COMMON STOCK        | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      6660 | NS      | $5621239.80   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                                                        | COMMON STOCK        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      4574 | NS      | $9217890.72   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY  AND  CO                                                          | COMMON STOCK        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     45423 | NS      | $16617550.32  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE  AND  CO                                                              | COMMON STOCK        | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     24012 | NS      | $10295385.12  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC                                                      | COMMON STOCK        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      8355 | NS      | $2216999.25   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                                                          | COMMON STOCK        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     50517 | NS      | $10460555.19  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP INC                                                            | COMMON STOCK        | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76726 | NS      | $5929385.28   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC                                                       | COMMON STOCK        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     72570 | NS      | $7066866.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL MUSIC GROUP NV                                                    | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |    390962 | NS      | $9420549.23   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC                                                               | ORDINARY SHARES     | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     45674 | NS      | $12187650.16  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| LONZA GROUP AG                                                              | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |      8135 | NS      | $3986339.16   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                                                             | ORDINARY SHARES     | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     82948 | NS      | $11249409.60  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC                                                     | ORDINARY SHARES     | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |     37165 | NS      | $11906922.70  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK N.A.                                                               | OTC EQUITY OPTION   | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DE               | CORP              | US        |    120202 | NC      | $709774.66    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK N.A.                                                               | OTC EQUITY OPTION   | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DE               | CORP              | US        |    120202 | NC      | $1003767.24   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                           | SHORT TERM INV FUND | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |  19387831 | NS      | $19387831.00  | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | SHORT TERM INV FUND | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    310000 | NS      | $310000.00    | 0.04%             |  |  |  | No            |                  1 | 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