COMMON STOCK

NPORT-P false 0000822671 XXXXXXXX S000003879 C000010853 C000010854 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Putnam VT Emerging Markets Equity Fund S000003879 GOCT55GYSZZ8YF31Q617 2025-12-31 2025-03-31 N 24072686.18 766038.74 23306647.44 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 MSEMMF_AD - MSCI EM (EMERGING MARKETS) - Daily BM0119 GRUPO FINANCIERO GALICIA SA 5299008H3AXIXV5G3C23 COMMON STOCK - ADR 399909100 1667 NS USD 90801.49 0.389594815101 Long EC CORP AR N 1 N N N SEA LTD 529900OM6JLLW44YKI15 COMMON STOCK - ADR 81141R100 1700 NS USD 221833 0.951801414472 Long EC CORP SG N 1 N N N ALIBABA GROUP HOLDING LTD 5493001NTNQJDH60PM02 COMMON STOCK - ADR 01609W102 819 NS USD 108296.37 0.464658721418 Long EC CORP CN N 1 N N N JD.COM INC 549300HVTWB0GJZ16V92 COMMON STOCK - ADR 47215P106 7324 NS USD 301162.88 1.292175894346 Long EC CORP CN N 1 N N N ISHARES CORE MSCI EMERGING MARKETS ETF 5493007C24Z3ZDJ0VD06 EXCHANGE TRADED FUND 46434G103 7363 NS USD 397381.11 1.705011889947 Long EC RF US N 1 N N N XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF 549300KGVW9YY7MPVQ67 EXCHANGE TRADED FUND 233051879 20611 NS USD 547634.27 2.349691311931 Long EC RF US N 1 N N ALIBABA GROUP HOLDING LTD 5493001NTNQJDH60PM02 ORDINARY SHARES N/A 32100 NS 531125.54 2.278858601896 Long EC CORP CN N 2 N N N BENEFIT SYSTEMS SA 2594007UY43JEUOLID52 ORDINARY SHARES N/A 195 NS 145256.46 0.623240474092 Long EC CORP PL N 2 N N N XIAOMI CORP 2549001ACVFAZRNMKL32 ORDINARY SHARES N/A 99600 NS 630241.94 2.704129547686 Long EC CORP CN N 2 N N N MEITUAN 21380033K525E5JLIA77 ORDINARY SHARES N/A 10000 NS 201224.66 0.863378830087 Long EC CORP CN N 2 N N N AMBER ENTERPRISES INDIA LTD 3358009JZU4XT3666G06 ORDINARY SHARES N/A 2016 NS 168924.28 0.724790128803 Long EC CORP IN N 2 N N N HDFC ASSET MANAGEMENT CO LTD 3358002FLK8AK8WSEP31 ORDINARY SHARES N/A 7000 NS 327503.94 1.405195409778 Long EC CORP IN N 2 N N N TIM SA/BRAZIL 529900QI0CH1DN5ZCS77 ORDINARY SHARES N/A 138800 NS 437820.36 1.878521400931 Long EC CORP BR N 1 N N N ETERNAL LTD 335800T4VOF9ETHF8W59 ORDINARY SHARES N/A 71594 NS 168180.63 0.721599408207 Long EC CORP IN N 2 N N N HD HYUNDAI HEAVY INDUSTRIES CO LTD 988400CAR8W9URQLGF30 ORDINARY SHARES N/A 709 NS 135589.37 0.581762650974 Long EC CORP KR N 2 N N N TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 549300KB6NK5SBD14S87 ORDINARY SHARES N/A 79000 NS 2224875.6 9.546098836084 Long EC CORP TW N 2 N N N GAMUDA BHD 254900RW4N94L9KA9137 ORDINARY SHARES N/A 208600 NS 198592.46 0.852085056468 Long EC CORP MY N 2 N N N SHOPRITE HOLDINGS LTD 529900Q4O1EYP6NH5150 ORDINARY SHARES N/A 21143 NS 315317.94 1.352909897538 Long EC CORP ZA N 2 N N N SAMSUNG ELECTRONICS CO LTD 9884007ER46L6N7EI764 ORDINARY SHARES N/A 8490 NS 336589.9 1.444179824089 Long EC CORP KR N 2 N N N PETROCHINA CO LTD 529900RPY4YG47TRSV05 ORDINARY SHARES N/A 644000 NS 522127.92 2.240253221078 Long EC CORP CN N 2 N N N HYUNDAI ROTEM CO LTD N/A ORDINARY SHARES N/A 791 NS 56888.18 0.244085641860 Long EC CORP KR N 2 N N N PRADA SPA 8156000FE0A2DC5B7852 ORDINARY SHARES N/A 44500 NS 309592.35 1.328343558622 Long EC CORP IT N 2 N N N MERITZ FINANCIAL GROUP INC N/A ORDINARY SHARES N/A 4294 NS 358968.86 1.540199468517 Long EC CORP KR N 2 N N N MAKEMYTRIP LTD 529900DNT8HNJ7RYUO60 ORDINARY SHARES V5633W109 1514 NS USD 148356.86 0.636543116645 Long EC CORP IN N 1 N N N PHOENIX MILLS LTD/THE 33580037PCXCE5PNQU51 ORDINARY SHARES N/A 13087 NS 250768.63 1.075953247440 Long EC CORP IN N 2 N N N MERCADOLIBRE INC 549300DKPDN9M5S8GB14 ORDINARY SHARES 58733R102 113 NS USD 220448.31 0.945860233942 Long EC CORP UY N 1 N N N ETIHAD ETISALAT CO 2549007BA9ABDE3HVK79 ORDINARY SHARES N/A 19591 NS 318586.81 1.366935381076 Long EC CORP SA N 1 N N N SK HYNIX INC 988400XAIK6XISWQV045 ORDINARY SHARES N/A 2328 NS 310336.23 1.331535266061 Long EC CORP KR N 2 N N N BANCO DO BRASIL SA QE0Q0253K88YAGNPE356 ORDINARY SHARES N/A 78000 NS 385321.87 1.653270256874 Long EC CORP BR N 1 N N N CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP 254900UOXRZRS2TNWP19 ORDINARY SHARES P2R268136 12000 NS 214494.12 0.920313058977 Long EC CORP BR N 1 N N N GRUPO FINANCIERO BANORTE SAB DE CV N/A ORDINARY SHARES P49501201 40452 NS 280551.8 1.203741553659 Long EC CORP MX N 1 N N N NATIONAL BANK OF GREECE SA 5UMCZOEYKCVFAW8ZLO05 ORDINARY SHARES N/A 27131 NS 278851.61 1.196446682080 Long EC CORP GR N 2 N N N JUMBO SA 549300TGIVUUMY40MZ05 ORDINARY SHARES X4114P111 5023 NS 137707.4 0.590850315793 Long EC CORP GR N 2 N N N MAHINDRA AND MAHINDRA LTD 3358003B573EV4KB4Z02 ORDINARY SHARES N/A 11854 NS 367938.77 1.578685956216 Long EC CORP IN N 2 N N N ICICI BANK LTD R7RX8ER1V4666J8D1I38 ORDINARY SHARES Y38574110 58228 NS 915228.64 3.926899578140 Long EC CORP IN N 2 N N N INDIAN HOTELS CO LTD/THE 33580076CH5SBY5HWA22 ORDINARY SHARES Y3925F121 42568 NS 390067.87 1.673633545984 Long EC CORP IN N 2 N N N SUN PHARMACEUTICAL INDUSTRIES LTD 335800KJ7GE29LB4SS73 ORDINARY SHARES Y8523Y117 11423 NS 231484 0.993210201493 Long EC CORP IN N 2 N N N APOLLO HOSPITALS ENTERPRISE LTD 3358005YT7JQCWYLTG43 ORDINARY SHARES Y0187F112 3386 NS 261512.87 1.122052713387 Long EC CORP IN N 2 N N N UNILEVER INDONESIA TBK PT 549300MUHUFNRRI19O72 ORDINARY SHARES N/A 646200 NS 49362.11 0.211794124947 Long EC CORP ID N 1 N N N ELITE MATERIAL CO LTD N/A ORDINARY SHARES Y2290G102 5000 NS 83746.4 0.359324095049 Long EC CORP TW N 2 N N N BANK CENTRAL ASIA TBK PT 254900BR956G2OHVOM21 ORDINARY SHARES Y7123P104 622400 NS 319466.09 1.370708038650 Long EC CORP ID N 1 N N N MEDIATEK INC 254900UEGBK1I4DM4E14 ORDINARY SHARES Y5945U103 13000 NS 560305.79 2.404060006667 Long EC CORP TW N 2 N N N INTERNATIONAL CONTAINER TERMINAL SERVICES INC 254900FU1MWK0I0Q4J61 ORDINARY SHARES N/A 53320 NS 330775.01 1.419230332683 Long EC CORP PH N 1 N N N KIA CORP 988400V8MJK9N7OI5X76 ORDINARY SHARES N/A 4343 NS 274688.88 1.178585983708 Long EC CORP KR N 2 N N N FAR EASTONE TELECOMMUNICATIONS 529900L7W7BWDLVZL253 ORDINARY SHARES N/A 69000 NS 192221.89 0.824751352569 Long EC CORP TW N 2 N N N BHARTI AIRTEL LTD 335800KQ1FPKOQ84OR26 ORDINARY SHARES Y0885K108 23904 NS 483250.03 2.073442914705 Long EC CORP IN N 2 N N N CTBC FINANCIAL HOLDING CO LTD 549300IWDYIFW6JXM387 ORDINARY SHARES Y15093100 127000 NS 152695.91 0.655160337381 Long EC CORP TW N 2 N N N BYD CO LTD 5299005557VL7ULJ7A69 ORDINARY SHARES Y1023R104 11000 NS 557001.7 2.389883407444 Long EC CORP CN N 2 N N N NAVER CORP 988400ULUQYDB2HQYJ61 ORDINARY SHARES Y6347M103 1704 NS 222684.96 0.955456852270 Long EC CORP KR N 2 N N N ZIJIN MINING GROUP CO LTD 836800JRNL2393Z2I561 ORDINARY SHARES Y2655E106 200000 NS 456378.91 1.958149112501 Long EC CORP CN N 2 N N N TENCENT HOLDINGS LTD 254900N4SLUMW4XUYY11 ORDINARY SHARES G87572163 32300 NS 2063837.67 8.855146049268 Long EC CORP CN N 2 N N N TATA CONSULTANCY SERVICES LTD 335800ZJKU9GPQRE2U66 ORDINARY SHARES Y85279100 10832 NS 455664.89 1.955085523017 Long EC CORP IN N 2 N N N ULTRATECH CEMENT LTD 335800PC9O9B4BQHG814 ORDINARY SHARES N/A 1810 NS 242777.37 1.041665776363 Long EC CORP IN N 2 N N N NTPC LTD 335800Q4TRGJXNLVMB81 ORDINARY SHARES N/A 91977 NS 382398.43 1.640726882682 Long EC CORP IN N 2 N N N EMAAR PROPERTIES PJSC 254900YWYEXYXK1BMP81 ORDINARY SHARES N/A 83991 NS 304175.78 1.305103107528 Long EC CORP AE N 2 N N N ABU DHABI ISLAMIC BANK PJSC 5493006DOLY8O98XHD74 ORDINARY SHARES N/A 126737 NS 553460.79 2.374690703263 Long EC CORP AE N 1 N N N AL RAJHI BANK 558600BQZS4Y1DTU8589 ORDINARY SHARES N/A 23790 NS 645786.22 2.770824167922 Long EC CORP SA N 2 N N N BAJAJ FINANCE LTD 335800YTEXC3DO4Z6F68 ORDINARY SHARES N/A 2041 NS 212649.24 0.912397377390 Long EC CORP IN N 2 N N N BANK OF CHINA LTD 54930053HGCFWVHYZX42 ORDINARY SHARES N/A 1416000 NS 855197.17 3.669327268976 Long EC CORP CN N 2 N N N PUTNAM SHORT TERM INVESTMENT FUND 5493003MK0Q7JP8CPP42 SHORT TERM INV FUND 74676P664 451147 NS USD 451147 1.935700967552 Long STIV PF US N 2 N N N 2025-05-29 Putnam Variable Trust Kevin R Blatchford Kevin R Blatchford Assistant Treasurer XXXX