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 2025-12-31 2025-03-31 N 156338024.39 2272267.31 154065757.08 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 N MSCI AC World Index ex Usa BM4346 ALPHABET INC 5493006MHB84DD0ZWV18 COMMON STOCK 02079K107 23883 NS USD 3731241.09 2.421849709318 Long EC CORP US N 1 N N N INTERCONTINENTAL EXCHANGE INC 5493004R83R1LVX2IL36 Credit Default Swap Basket Index N/A 26000000 NC USD 251108 0.162987548148 N/A DCR CORP US N 2 INTERCONTINENTAL EXCHANGE INC 5493004R83R1LVX2IL36 Y 2030-06-20 0 USD 289080.94 USD 26000000 USD -6804.83 N N N ALIBABA GROUP HOLDING LTD 5493001NTNQJDH60PM02 ORDINARY SHARES N/A 375800 NS 6217974.44 4.035922425495 Long EC CORP CN N 2 N N N INTERNATIONAL PETROLEUM CORP 54930025D80LU0SMR645 ORDINARY SHARES 46016U108 336978 NS 4980837.94 3.232929908892 Long EC CORP CA N 2 N N N AIB GROUP PLC 635400AKJBGNS5WNQL34 ORDINARY SHARES N/A 932619 NS 6023984.56 3.910008735343 Long EC CORP IE N 2 N N N PROSUS NV 635400Z5LQ5F9OLVT688 ORDINARY SHARES N/A 47677 NS 2215032.73 1.437719044116 Long EC CORP NL N 2 N N N UNIVERSAL MUSIC GROUP NV 724500GJBUL3D9TW9Y18 ORDINARY SHARES N/A 224474 NS 6198401.48 4.023218135865 Long EC CORP NL N 2 N N SK SQUARE CO LTD N/A ORDINARY SHARES N/A 61765 NS 3956486.75 2.568050697953 Long EC CORP KR N 2 N N N LIBERTY GLOBAL LTD 213800HRMKKTYH7SKA24 ORDINARY SHARES G61188101 374536 NS USD 4310909.36 2.798097021496 Long EC CORP GB N 1 N N N CONSTELLATION SOFTWARE INC/CANADA 549300B6PYHMCTDWQV29 ORDINARY SHARES N/A 2418 NS 7657635.7 4.970368396673 Long EC CORP CA N 1 N N N BOLSA MEXICANA DE VALORES SAB DE CV 894500CS2D6RLGW61A19 ORDINARY SHARES N/A 1909744 NS 3171008.39 2.058217510562 Long EC CORP MX N 1 N N N JAPAN MATERIAL CO LTD N/A ORDINARY SHARES N/A 247300 NS 2028634.53 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Long EC CORP DE N 2 N N N ASTRAZENECA PLC PY6ZZQWO2IZFZC3IOL08 ORDINARY SHARES N/A 21199 NS 3112961.34 2.020540708721 Long EC CORP GB N 2 N N N UNILEVER PLC 549300MKFYEKVRWML317 ORDINARY SHARES N/A 47523 NS 2835557.11 1.840484974560 Long EC CORP GB N 2 N N N PERSIMMON PLC 213800XI72Y57UWN6F31 ORDINARY SHARES N/A 190559 NS 2947379.56 1.913065963431 Long EC CORP GB N 2 N N N SANOFI SA 549300E9PC51EN656011 ORDINARY SHARES N/A 32575 NS 3606764.71 2.341055389828 Long EC CORP FR N 2 N N N BERKELEY GROUP HOLDINGS PLC 2138009OQSSLVVHQAL78 ORDINARY SHARES N/A 55481 NS 2582200.09 1.676037647132 Long EC CORP GB N 2 N N N LONDON STOCK EXCHANGE GROUP PLC 213800QAUUUP6I445N30 ORDINARY SHARES N/A 31718 NS 4710986.04 3.057776191989 Long EC CORP GB N 2 N N N CANADIAN NATURAL RESOURCES LTD 549300T15RIMIKZC5Q38 ORDINARY SHARES N/A 130202 NS 4006354.58 2.600418584851 Long EC CORP CA N 1 N N N COGECO COMMUNICATIONS INC 549300XHH6LJM6IAXV57 ORDINARY SHARES N/A 119246 NS 5815422.87 3.774636869490 Long EC CORP CA N 1 N N N SONOVA HOLDING AG 5299004A0QNX7FBNHS61 ORDINARY SHARES H62042124 9639 NS 2814398.36 1.826751390667 Long EC CORP CH N 2 N N N RYANAIR HOLDINGS PLC 635400BR2ROC1FVEBQ56 ORDINARY SHARES N/A 389291 NS 7866733.16 5.106088016635 Long EC CORP IE N 2 N N N HDFC BANK LTD 335800ZQ6I4E2JXENC50 ORDINARY SHARES Y3119P174 329259 NS 7018552.25 4.555556265729 Long EC CORP IN N 2 N N N HIKARI TSUSHIN INC 3538001SOIIV8U3OXH94 ORDINARY SHARES N/A 21200 NS 5471598.9 3.551469842295 Long EC CORP JP N 2 N N N OTOKI CORP N/A ORDINARY SHARES N/A 10634 NS 2991052.91 1.941413177522 Long EC CORP KR N 2 N N N TATA CONSULTANCY SERVICES LTD 335800ZJKU9GPQRE2U66 ORDINARY SHARES Y85279100 75585 NS 3179600.31 2.063794298138 Long EC CORP IN N 2 N N N SAMSUNG ELECTRONICS CO LTD 9884007ER46L6N7EI764 PREFERRED N/A 88118 NS 2852147.46 1.851253331082 Long EP CORP KR N 2 N N N PUTNAM SHORT TERM INVESTMENT FUND 5493003MK0Q7JP8CPP42 SHORT TERM INV FUND 74676P664 3021464 NS USD 3021464 1.961152210112 Long STIV PF US N 2 N N N UNITED STATES OF AMERICA 254900HROIFWPRGM1V77 U.S. T BILLS 912797PA9 600000 PA USD 598514.14 0.388479666958 Long DBT UST US N 2 2025-04-22 Fixed 0 N N N N N N 2025-05-29 Putnam Variable Trust Kevin R Blatchford Kevin R Blatchford Assistant Treasurer XXXX