COMMON STOCK

NPORT-P false 0000822671 XXXXXXXX S000003897 C000010890 C000010889 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Putnam VT Focused International Equity Fund S000003897 PK9XS95JYYM8HJ2EFT97 2022-12-31 2021-12-31 N 211392154.39 640598.10 210751556.28 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 14208.76 N LIBERTY GLOBAL PLC 549300BSGXG3QLIQYT84 COMMON STOCK G5480U120 329379 NS USD 9252256.11 4.390124691515 Long EC CORP GB N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 COMMON STOCK 02079K107 2873 NS USD 8313284.07 3.944589647042 Long EC CORP US N 1 N N N RYANAIR HOLDINGS PLC 635400BR2ROC1FVEBQ56 COMMON STOCK - ADR 783513203 57220 NS USD 5855322.6 2.778305746991 Long EC CORP IE N 1 N N N ICE FUTURES U.S., INC. 5493004R83R1LVX2IL36 EQUITY INDEX FUTURE N/A 27 NC USD 3134430 1.487263038682 N/A DE CORP US N 1 ICE FUTURES U.S., INC. 5493004R83R1LVX2IL36 Long MSCI EAFE INDEX MXEA 2022-01-18 3079820.36 USD 54609.64 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5876654.11 2.788427385178 Long EC CORP JP N 2 N N N CONSTELLATION SOFTWARE INC/CANADA 549300B6PYHMCTDWQV29 ORDINARY SHARES N/A 4744 NS 8801836.72 4.176404139244 Long EC CORP CA N 1 N N N ICON PLC 6354008SRQGEMC4XFI67 ORDINARY SHARES G4705A100 19379 NS USD 6001676.3 2.847749457198 Long EC CORP IE N 1 N N N BAYER AG 549300J4U55H3WP1XT59 ORDINARY SHARES N/A 108400 NS 5800427.85 2.752258608375 Long EC CORP DE N 1 N N N ASTRAZENECA PLC PY6ZZQWO2IZFZC3IOL08 ORDINARY SHARES N/A 74225 NS 8718547.56 4.136884070463 Long EC CORP GB N 1 N N N SAMSUNG ELECTRONICS CO LTD 9884007ER46L6N7EI764 ORDINARY SHARES N/A 81383 NS 5342805.76 2.535120430096 Long EC CORP KR N 2 N N N UNILEVER PLC 549300MKFYEKVRWML317 ORDINARY SHARES N/A 119586 NS 6386408.23 3.030301812583 Long EC CORP GB N 1 N N N SK TELECOM CO LTD 9884003WEA1PHW006037 ORDINARY SHARES N/A 66311 NS 3228357.42 1.53183088039 Long EC CORP KR N 2 N N N BERKELEY GROUP HOLDINGS PLC 2138009OQSSLVVHQAL78 ORDINARY SHARES N/A 96965 NS 6267042.89 2.973663872581 Long EC CORP GB N 1 N N N LONDON STOCK EXCHANGE GROUP PLC 213800QAUUUP6I445N30 ORDINARY SHARES N/A 53902 NS 5056062.14 2.399062777635 Long EC CORP GB N 1 N N N CI FINANCIAL CORP 549300M9W7JJQSVCEM78 ORDINARY SHARES N/A 396032 NS 8277865.59 3.927783849436 Long EC CORP CA N 1 N N N CANADIAN NATURAL RESOURCES LTD 549300T15RIMIKZC5Q38 ORDINARY SHARES N/A 137547 NS 5811998.22 2.75774866036 Long EC CORP CA N 1 N N N COGECO COMMUNICATIONS INC 549300XHH6LJM6IAXV57 ORDINARY SHARES N/A 71083 NS 5660453.45 2.68584182718 Long EC CORP CA N 1 N N N HOME CAPITAL GROUP INC 529900BYMJZJJLBC8L85 ORDINARY SHARES N/A 151240 NS 4671288.83 2.216490787757 Long EC CORP CA N 1 N N N THALES SA 529900FNDVTQJOVVPZ19 ORDINARY SHARES N/A 57099 NS 4862537.78 2.307236950383 Long EC CORP FR N 1 N N N JERONIMO MARTINS SGPS SA 259400A8SZP10GB5IB19 ORDINARY SHARES N/A 147934 NS 3385298.33 1.60629814069 Long EC CORP PT N 1 N N N HDFC BANK LTD 335800ZQ6I4E2JXENC50 ORDINARY SHARES Y3119P174 297852 NS 5904518.94 2.801649033688 Long EC CORP IN N 2 N N N KYUDENKO CORP N/A ORDINARY SHARES N/A 85500 NS 2638928.62 1.252151427292 Long EC CORP JP N 2 N N N PUTNAM SHORT TERM INVESTMENT FUND 5493003MK0Q7JP8CPP42 SHORT TERM INV FUND 74676P664 3863766 NS USD 3863766 1.83332738709 Long STIV PF US N 2 N N N UNITED STATES OF AMERICA 254900HROIFWPRGM1V77 U.S. T BILLS 912796G45 200000 PA USD 199955.75 0.09487747257 Long DBT UST US N 2 2022-04-21 Fixed 0 N N N N N N UNITED STATES OF AMERICA 254900HROIFWPRGM1V77 U.S. T BILLS 912796P29 100000 PA USD 99978.96 0.047439251109 Long DBT UST US N 2 2022-04-14 Fixed 0 N N N N N N 2022-02-24 Putnam Investments Inc Janet C. Smith NPORT Principal Financial Officer XXXX