NPORT-P false 0000822671 XXXXXXXX S000003874 C000010843 C000010844 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Putnam VT Global Health Care Fund S000003874 OGC9MX44J30WCPCACY55 2021-12-31 2021-09-30 N 179373523.84 13456912.17 165916611.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 708608.96 N IRONWOOD PHARMACEUTICALS INC 549300PC8MR6QHH6P296 46333X108 469212 NS USD 6127908.72 3.693366600439 Long EC CORP US N 1 N N N DEXCOM INC 549300YSK3QDSFR5EU59 252131107 3800 NS USD 2078068 1.252477361419 Long EC CORP US N 1 N N N ABBVIE INC FR5LCKFTG8054YNNRU85 00287Y109 69100 NS USD 7453817 4.492507968295 Long EC CORP US N 1 N N N ACCELERON PHARMA INC 529900TQRID2UY164805 00434H108 9455 NS USD 1627205.5 0.980736939853 Long EC CORP US N 1 N N N HCA HEALTHCARE INC 529900PH4ZGUH2MNEU89 40412C101 9500 NS USD 2305840 1.389758371263 Long EC CORP US N 1 N N N CIGNA CORP 549300VIWYMSIGT1U456 125523100 4500 NS USD 900720 0.542875117165 Long EC CORP US N 1 N N N MODERNA INC 549300EI6OKH5K5Q2G38 60770K107 3400 NS USD 1308524 0.788663646653 Long EC CORP US N 1 N N N TURNING POINT THERAPEUTICS INC N/A 90041T108 10400 NS USD 690872 0.416397124463 Long EC CORP US N 1 N N N 4FRONT VENTURES CORP N/A 35086B207 1820441 NS USD 1906183.77 1.148880603825 Long EC CORP US N 1 N N N HEALTH SCIENCES ACQUISITIONS CORP 2 N/A G4411D109 69005 NS USD 682459.45 0.411326776223 Long EC CORP US N 1 N N N GREEN THUMB INDUSTRIES INC 529900Q0L3K192QQY915 39342L108 12700 NS USD 352679 0.212564008179 Long EC CORP US N 1 N N N ALKERMES PLC 549300YHRMYLL071E243 G01767105 38900 NS USD 1199676 0.723059606826 Long EC CORP IE N 1 N N N BIOGEN INC W8J5WZB5IY3K0NDQT671 09062X103 3349 NS USD 947733.51 0.571210742831 Long EC CORP US N 1 N N N DANAHER CORP S4BKK9OTCEWQ3YHPFM11 235851102 25400 NS USD 7732776 4.660640017999 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 91324P102 31100 NS USD 12152014 7.324169579939 Long EC CORP US N 1 N N N MEDTRONIC PLC 549300GX3ZBSQWUXY261 G5960L103 17500 NS USD 2193625 1.322124998769 Long EC CORP IE N 1 N N N BIO-RAD LABORATORIES INC 549300ZC1GPV35XYDK53 090572207 3300 NS USD 2461635 1.483657950354 Long EC CORP US N 1 N N N THERMO FISHER SCIENTIFIC INC HCHV7422L5HDJZCRFL38 883556102 12800 NS USD 7313024 4.4076502807 Long EC CORP US N 1 N N N EDWARDS LIFESCIENCES CORP YA13X31F3V31L8TMPR58 28176E108 36200 NS USD 4098202 2.470037182384 Long EC CORP US N 1 N N N BOSTON SCIENTIFIC CORP Y6ZDD9FP4P8JSSJMW954 101137107 56799 NS USD 2464508.61 1.485389910747 Long EC CORP US N 1 N N N MERCK AND CO INC 4YV9Y5M8S0BRK1RP0397 58933Y105 51362 NS USD 3857799.82 2.32514380638 Long EC CORP US N 1 N N N REGENERON PHARMACEUTICALS INC 549300RCBFWIRX3HYQ56 75886F107 3944 NS USD 2386829.92 1.438572000703 Long EC CORP US N 1 N N N ELI LILLY AND CO FRDRIPF3EKNDJ2CQJL29 532457108 18300 NS USD 4228215 2.548397630256 Long EC CORP US N 1 N N N JOHNSON AND JOHNSON 549300G0CFPGEF6X2043 478160104 52226 NS USD 8434499 5.083577174765 Long EC CORP US N 1 N N N INTUITIVE SURGICAL INC 54930052SRG011710797 46120E602 1800 NS USD 1789470 1.078535766846 Long EC CORP US N 1 N N N UNITED THERAPEUTICS CORP 5299005C4HZL4UWROC14 91307C102 8300 NS USD 1532014 0.923363841981 Long EC CORP US N 1 N N N ABBOTT LABORATORIES HQD377W2YR662HK5JX27 002824100 47500 NS USD 5611175 3.381924777466 Long EC CORP US N 1 N N N PFIZER INC 765LHXWGK1KXCLTFYQ30 717081103 106703 NS USD 4589296.03 2.766025646141 Long EC CORP US N 1 N N N MCKESSON CORP 549300WZWOM80UCFSF54 58155Q103 11900 NS USD 2372622 1.430008711074 Long EC CORP US N 1 N N N HUMANA INC 529900YLDW34GJAO4J06 444859102 3000 NS USD 1167450 0.703636596872 Long EC CORP US N 1 N N N AMERISOURCEBERGEN CORP AI8GXW8LG5WK7E9UD086 03073E105 11400 NS USD 1361730 0.820731562858 Long EC CORP US N 1 N N N ANTHEM INC 8MYN82XMYQH89CTMTH67 036752103 11600 NS USD 4324480 2.606417739895 Long EC CORP US N 1 N N N INNOVIVA INC 549300ACOX4QTBES6535 45781M101 301673 NS USD 5040955.83 3.038246610307 Long EC CORP US N 1 N N N ASCENDIS PHARMA A/S 549300B66JN3W3J8GH73 04351P101 32950 NS USD 5251900.5 3.165385579622 Long EC CORP DK N 1 N N STATE STREET B AND T CO 571474TGEMMWANRLN572 N/A 1 NC N/A 942190.89 0.567870137002 N/A DFE CORP US N 2 STATE STREET B AND T CO 571474TGEMMWANRLN572 938307.47 ILS 942190.89 USD 2021-10-20 -3883.42 N N N STATE STREET B AND T CO 571474TGEMMWANRLN572 N/A 1 NC N/A 588092.49 0.354450638836 N/A DFE CORP US N 2 STATE STREET B AND T CO 571474TGEMMWANRLN572 594637.96 CAD 588092.49 USD 2021-10-20 6545.47 N N N GOLDMAN SACHS INTL FX W22LROWP2IHZNBB6K528 N/A 1 NC N/A 629540.81 0.379432055455 N/A DFE CORP US N 2 GOLDMAN SACHS INTL FX W22LROWP2IHZNBB6K528 631859.71 CAD 629540.81 USD 2021-10-20 2318.9 N N N NATWEST MARKETS PLC RR3QWICWWIPCS8A4S074 N/A 1 NC N/A 2617027.71 1.577315064272 N/A DFE CORP GB N 2 NATWEST MARKETS PLC RR3QWICWWIPCS8A4S074 2617027.71 USD 2705081.44 AUD 2021-10-20 -88053.73 N N N UBS AG BFM8T61CT2L1QCEMIK50 N/A 1 NC N/A 445194.46 0.268324223548 N/A DFE CORP US N 2 UBS AG BFM8T61CT2L1QCEMIK50 445194.46 USD 452468.36 CAD 2021-10-20 -7273.9 N N N HSBC BANK USA 1IE8VN30JCEQV1H4R804 N/A 1 NC N/A 692226.47 0.417213480334 N/A DFE CORP US N 2 HSBC BANK USA 1IE8VN30JCEQV1H4R804 699927.6 CAD 692226.47 USD 2021-10-20 7701.13 N N N JP MORGANCHASE BANK 7H6GLXDRUGQFU57RNE97 N/A 1 NC N/A 303452.12 0.182894356958 N/A DFE CORP US N 2 JP MORGANCHASE BANK 7H6GLXDRUGQFU57RNE97 303452.12 USD 305502.22 NZD 2021-10-20 -2050.1 N N N BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 N/A 1 NC N/A 426422.89 0.257010365453 N/A DFE CORP US N 2 BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 426422.89 USD 440886.06 AUD 2021-10-20 -14463.17 N N N STATE STREET B AND T CO 571474TGEMMWANRLN572 N/A 1 NC N/A 1325232.54 0.798734090976 N/A DFE CORP US N 2 STATE STREET B AND T CO 571474TGEMMWANRLN572 1325232.54 USD 1336289.31 JPY 2021-11-17 -11056.77 N N N GOLDMAN SACHS INTL FX W22LROWP2IHZNBB6K528 N/A 1 NC N/A 3736916.63 2.252286008246 N/A DFE CORP US N 2 GOLDMAN SACHS INTL FX W22LROWP2IHZNBB6K528 3736916.63 USD 3767210.46 JPY 2021-11-17 -30293.83 N N N CREDIT SUISSE INTERNATIONAL (FX) E58DKGMJYYYJLN8C3868 N/A 1 NC N/A 1066161.64 0.642588845848 N/A DFE CORP US N 2 CREDIT SUISSE INTERNATIONAL (FX) E58DKGMJYYYJLN8C3868 1066161.64 USD 1074935.14 JPY 2021-11-17 -8773.5 N N N BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 N/A 1 NC N/A 1443139.6 0.86979813864 N/A DFE CORP US N 2 BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 1454963.84 JPY 1443139.6 USD 2021-11-17 11824.24 N N N BARCLAYS BANK PLC WHOLESALE, LONDON G5GSEF7VJP5I7OUK5573 N/A 1 NC N/A 320906.8 0.193414509114 N/A DFE CORP GB N 2 BARCLAYS BANK PLC WHOLESALE, LONDON G5GSEF7VJP5I7OUK5573 320906.8 USD 323515.2 JPY 2021-11-17 -2608.4 N N N UBS AG BFM8T61CT2L1QCEMIK50 N/A 1 NC N/A 1268700.31 0.764661414689 N/A DFE CORP US N 2 UBS AG BFM8T61CT2L1QCEMIK50 1268700.31 USD 1283276.87 JPY 2021-11-17 -14576.56 N N N JP MORGANCHASE BANK 7H6GLXDRUGQFU57RNE97 N/A 1 NC N/A 1451981.77 0.875127424183 N/A DFE CORP US N 2 JP MORGANCHASE BANK 7H6GLXDRUGQFU57RNE97 1463958.06 JPY 1451981.77 USD 2021-11-17 11976.29 N N N CITIBANK N.A. E57ODZWZ7FF32TWEFA76 N/A 1 NC N/A 2089562.78 1.259405407914 N/A DFE CORP US N 2 CITIBANK N.A. E57ODZWZ7FF32TWEFA76 2136371.71 DKK 2089562.78 USD 2021-12-15 46808.93 N N N BARCLAYS BANK PLC WHOLESALE, LONDON G5GSEF7VJP5I7OUK5573 N/A 1 NC N/A 801604.44 0.483136939654 N/A DFE CORP GB N 2 BARCLAYS BANK PLC WHOLESALE, LONDON G5GSEF7VJP5I7OUK5573 801604.44 USD 821031.62 EUR 2021-12-15 -19427.18 N N N STATE STREET B AND T CO 571474TGEMMWANRLN572 N/A 1 NC N/A 9976.55 0.006012990441 N/A DFE CORP US N 2 STATE STREET B AND T CO 571474TGEMMWANRLN572 10217.89 EUR 9976.55 USD 2021-12-15 241.34 N N N CITIBANK N.A. E57ODZWZ7FF32TWEFA76 N/A 1 NC N/A 438272.3 0.264152151848 N/A DFE CORP US N 2 CITIBANK N.A. E57ODZWZ7FF32TWEFA76 448905.59 EUR 438272.3 USD 2021-12-15 10633.29 N N N TORONTO-DOMINION BANK/THE PT3QB789TSUIDF371261 N/A 1 NC N/A 406718.55 0.245134315308 N/A DFE CORP CA N 2 TORONTO-DOMINION BANK/THE PT3QB789TSUIDF371261 406718.55 USD 416526.82 EUR 2021-12-15 -9808.27 N N N GOLDMAN SACHS INTL FX W22LROWP2IHZNBB6K528 N/A 1 NC N/A 1485578.36 0.895376505732 N/A DFE CORP US N 2 GOLDMAN SACHS INTL FX W22LROWP2IHZNBB6K528 1521720.33 EUR 1485578.36 USD 2021-12-15 36141.97 N N N HSBC BANK USA 1IE8VN30JCEQV1H4R804 N/A 1 NC N/A 4127624.84 2.487770693033 N/A DFE CORP US N 2 HSBC BANK USA 1IE8VN30JCEQV1H4R804 4227222.05 EUR 4127624.84 USD 2021-12-15 99597.21 N N N UBS AG BFM8T61CT2L1QCEMIK50 N/A 1 NC N/A 441404.47 0.266039949561 N/A DFE CORP US N 2 UBS AG BFM8T61CT2L1QCEMIK50 441404.47 USD 452072.05 EUR 2021-12-15 -10667.58 N N N MORGAN STANLEY AND CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 N/A 1 NC N/A 3221150.58 1.941427411986 N/A DFE CORP US N 2 MORGAN STANLEY AND CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 3293036.14 EUR 3221150.58 USD 2021-12-15 71885.56 N N N BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 N/A 1 NC N/A 4761251.97 2.869665624241 N/A DFE CORP US N 2 BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 4761251.97 USD 4876559.75 EUR 2021-12-15 -115307.78 N N N WESTPAC BANKING CORPORATION EN5TNI6CI43VEPAMHL14 N/A 1 NC N/A 229460.72 0.138298822336 N/A DFE CORP US N 2 WESTPAC BANKING CORPORATION EN5TNI6CI43VEPAMHL14 229460.72 USD 235022.99 EUR 2021-12-15 -5562.27 N N N NATWEST MARKETS PLC RR3QWICWWIPCS8A4S074 N/A 1 NC N/A 1523048.44 0.917960187753 N/A DFE CORP GB N 2 NATWEST MARKETS PLC RR3QWICWWIPCS8A4S074 1523048.44 USD 1559922.14 EUR 2021-12-15 -36873.7 N N N BARCLAYS BANK PLC WHOLESALE, LONDON G5GSEF7VJP5I7OUK5573 N/A 1 NC N/A 425687.1 0.256566895693 N/A DFE CORP GB N 2 BARCLAYS BANK PLC WHOLESALE, LONDON G5GSEF7VJP5I7OUK5573 437076.93 GBP 425687.1 USD 2021-12-15 11389.83 N N N HSBC BANK USA 1IE8VN30JCEQV1H4R804 N/A 1 NC N/A 3058217.07 1.843225364367 N/A DFE CORP US N 2 HSBC BANK USA 1IE8VN30JCEQV1H4R804 3058217.07 USD 3117015.45 CHF 2021-12-15 -58798.38 N N N CREDIT SUISSE INTERNATIONAL (FX) E58DKGMJYYYJLN8C3868 N/A 1 NC N/A 1806374.04 1.088724041444 N/A DFE CORP US N 2 CREDIT SUISSE INTERNATIONAL (FX) E58DKGMJYYYJLN8C3868 1854524.11 GBP 1806374.04 USD 2021-12-15 48150.07 N N N BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 N/A 1 NC N/A 344026.33 0.207348936636 N/A DFE CORP US N 2 BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 353233.79 GBP 344026.33 USD 2021-12-15 9207.46 N N N HSBC BANK USA 1IE8VN30JCEQV1H4R804 N/A 1 NC N/A 742223.66 0.447347406947 N/A DFE CORP US N 2 HSBC BANK USA 1IE8VN30JCEQV1H4R804 742223.66 USD 762092.39 GBP 2021-12-15 -19868.73 N N N GOLDMAN SACHS INTL FX W22LROWP2IHZNBB6K528 N/A 1 NC N/A 1511128.57 0.910775934242 N/A DFE CORP US N 2 GOLDMAN SACHS INTL FX W22LROWP2IHZNBB6K528 1511128.57 USD 1551495.03 GBP 2021-12-15 -40366.46 N N N WESTPAC BANKING CORPORATION EN5TNI6CI43VEPAMHL14 N/A 1 NC N/A 3749523.14 2.259884108203 N/A DFE CORP US N 2 WESTPAC BANKING CORPORATION EN5TNI6CI43VEPAMHL14 3849296.59 GBP 3749523.14 USD 2021-12-15 99773.45 N N N STATE STREET B AND T CO 571474TGEMMWANRLN572 N/A 1 NC N/A 2089626.43 1.259443770559 N/A DFE CORP US N 2 STATE STREET B AND T CO 571474TGEMMWANRLN572 2145301.96 GBP 2089626.43 USD 2021-12-15 55675.53 N N N MORGAN STANLEY AND CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 N/A 1 NC N/A 1657875.41 0.999222075061 N/A DFE CORP US N 2 MORGAN STANLEY AND CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 1657875.41 USD 1701999.48 GBP 2021-12-15 -44124.07 N N N UBS AG BFM8T61CT2L1QCEMIK50 N/A 1 NC N/A 447407.62 0.269658122533 N/A DFE CORP US N 2 UBS AG BFM8T61CT2L1QCEMIK50 452108.74 CHF 447407.62 USD 2021-12-15 4701.12 N N N BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 N/A 1 NC N/A 653051.73 0.393602378585 N/A DFE CORP US N 2 BANK OF AMERICA N.A. B4TYDEB6GKMZO031MB27 653051.73 USD 665599.37 CHF 2021-12-15 -12547.64 N N N TAKEDA PHARMACEUTICAL CO LTD 549300ZLMVP4X0OGR454 J81281115 37800 NS 1252986.31 0.755190391962 Long EC CORP JP N 2 N N N LONZA GROUP AG 549300EFW4H2TCZ71055 N/A 3420 NS 2562232.9 1.544289552571 Long EC CORP CH N 2 N N N ROCHE HOLDING AG 549300U41AUUVOAAOB37 H69293217 12787 NS 4666023.7 2.812270364634 Long EC CORP CH N 2 N N N TERUMO CORPORATION 353800JX1R4582QVK932 N/A 14600 NS 686411.55 0.413708755917 Long EC CORP JP N 2 N N N SANOFI 549300E9PC51EN656011 N/A 50184 NS 4830941.74 2.911668513101 Long EC CORP FR N 2 N N N CHUGAI PHARMACEUTICAL CO LTD 529900T9LAII161DCN95 J06930101 16100 NS 589781.7 0.355468746658 Long EC CORP JP N 2 N N N INMODE LTD N/A M5425M103 5600 NS USD 892920 0.538173960408 Long EC CORP IL N 1 N N N TERRASCEND CORP 529900Z66HBZ5381EO49 88105E108 220673 NS USD 1553537.92 0.936336575562 Long EC CORP CA N 1 N N N NOVO NORDISK A/S 549300DAQ1CVT6CXN342 N/A 20052 NS 1928703.09 1.162453277334 Long EC CORP DK N 2 N N N EISAI CO LTD 353800HDEE0ZYEX4QV91 N/A 5900 NS 444301.83 0.267786224374 Long EC CORP JP N 2 N N N NOVARTIS AG 5493007HIVTX6SY6XD66 H5820Q150 33060 NS 2712249.35 1.634706327896 Long EC CORP CH N 2 N N N DAIICHI SANKYO CO LTD 353800XGIU2IHQGC9504 N/A 39200 NS 1045770.38 0.630298780498 Long EC CORP JP N 2 N N N ASTELLAS PHARMA INC 529900IB708DY2HBBB35 J03393105 47800 NS 788157.43 0.475032259921 Long EC CORP JP N 2 N N N MERCK KGAA 529900OAREIS0MOPTW25 N/A 8202 NS 1783598 1.074996639606 Long EC CORP DE N 2 N N N ICON PLC 6354008SRQGEMC4XFI67 G4705A100 15200 NS USD 3982704 2.400425105065 Long EC CORP IE N 1 N N N ASTRAZENECA PLC PY6ZZQWO2IZFZC3IOL08 N/A 85150 NS 10250748.51 6.17825328448 Long EC CORP GB N 2 N N N GLAXOSMITHKLINE PLC 5493000HZTVUYLO1D793 N/A 94759 NS 1788624.8 1.078026354322 Long EC CORP GB N 2 N N N PUTNAM SHORT TERM INVESTMENT FUND 5493003MK0Q7JP8CPP42 74676P664 9393026 NS USD 9393026 5.661293287909 Long STIV PF US N 2 N N N PUTNAM CASH COLLATERAL POOL LLC 5493005HRIV7IFMKD774 N/A 2355675 NS USD 2355675 1.419794543952 Long STIV PF US N 2 N N SARISSA CAPITAL ACQUISITION CORP 5493004KJWPWVA1PD410 G7823W128 174129 OU USD 1741290 1.049497083187 Long EC CORP US N 1 N N N UNITED STATES OF AMERICA 254900HROIFWPRGM1V77 912796D30 100000 PA USD 99979.72 0.060259017463 Long DBT UST US N 2 2022-02-24 Fixed 0 N N N N N N UNITED STATES OF AMERICA 254900HROIFWPRGM1V77 912796K99 200000 PA USD 199967.01 0.120522597459 Long DBT UST US N 2 2022-02-03 Fixed 0 N N N N N N PALISADE BIO INC 549300W6LIDX3I5XXT34 ACI0THRS6 2050 NS USD 0 0 Long DE CORP US Y 2 PALISADE BIO INC 549300W6LIDX3I5XXT34 Call Purchased PALISADE BIO INC COMMON STOCK 1 946.4 USD 2022-01-09 XXXX -0.03 N N N 2021-11-23 Putnam Investments Inc Janet C. Smith NPORT Principal Financial Officer XXXX