NPORT-P false 0000822671 XXXXXXXX S000003879 C000010854 C000010853 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 Federal Street Boston 02110 617-292-1000 Putnam VT Emerging Markets Equity Fund S000003879 GOCT55GYSZZ8YF31Q617 2026-12-31 2026-06-30 N 36223626.58 311273.10 35912353.48 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 43629.27000000 0.00000000 0.00000000 17827.68000000 N MSEMMF_AD - MSCI EM (EMERGING MARKETS) - Daily BM0119 N/A N/A N/A 10.00000000 NC USD -6242.39000000 -0.01738229159 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Long MSCI Emerging Markets Index GB00BP5FTD07 2026-09-18 878650.00000000 USD -6242.39000000 N N N HDFC Asset Management Co. Ltd. 3358002FLK8AK8WSEP31 N/A 6151.00000000 NS 172686.41000000 0.480855174518 Long EC CORP IN N 2 N N N HSBC Holdings plc MLU0ZO3ML4LN2LL2TL39 N/A 13600.00000000 NS 258420.25000000 0.719585950121 Long EC CORP GB N 2 N N N National Bank of Greece SA 5UMCZOEYKCVFAW8ZLO05 N/A 16402.00000000 NS 283369.86000000 0.789059564580 Long EC CORP GR N 2 N N N International Container Terminal Services, Inc. 254900FU1MWK0I0Q4J61 N/A 36180.00000000 NS 526462.09000000 1.465963767295 Long EC CORP PH N 2 N N N Etihad Etisalat Co. 2549007BA9ABDE3HVK79 N/A 17722.00000000 NS 285131.19000000 0.793964088593 Long EC CORP SA N 1 N N N Rand N/A N/A 171.74000000 OU Currencies 10.48000000 0.000029182158 Long STIV ZA N 1 N N N Alibaba Group Holding Ltd. 5493001NTNQJDH60PM02 N/A 58000.00000000 NS 695330.23000000 1.936186750855 Long EC CORP KY N 2 N N N PetroChina Co. Ltd. 529900RPY4YG47TRSV05 N/A 318000.00000000 NS 343205.15000000 0.955674348079 Long EC CORP CN N 2 N N N China Pacific Insurance Group Co. Ltd. 529900BA5ILEL308WX03 N/A 120800.00000000 NS 415441.68000000 1.156821092862 Long EC CORP CN N 2 N N N Hon Hai Precision Industry Co. Ltd. 30030004CM3GSZXX7O56 N/A 27000.00000000 NS 215451.67000000 0.599937484241 Long EC CORP TW N 2 N N N FirstRand Ltd. 529900XYOP8CUZU7R671 N/A 71406.00000000 NS 424429.96000000 1.181849472038 Long EC CORP ZA N 2 N N N Raia Drogasil SA N/A N/A 30500.00000000 NS 99317.16000000 0.276554306181 Long EC CORP BR N 1 N N N Baht N/A N/A 0.40000000 OU Currencies 0.01000000 0.000000027845 Long STIV TH N 1 N N N Egyptian Pound N/A N/A 0.11000000 OU Currencies 0.00000000 0.000000 Long STIV EG N 1 N N N Rupiah N/A N/A -0.13000000 OU Currencies 0.00000000 0.000000 Short STIV ID N 1 N N N Far EasTone Telecommunications Co. Ltd. 529900L7W7BWDLVZL253 N/A 76000.00000000 NS 250643.79000000 0.697931952968 Long EC CORP TW N 2 N N N Taiwan Semiconductor Manufacturing Co. Ltd. 549300KB6NK5SBD14S87 N/A 76000.00000000 NS 5995661.37000000 16.69526162728 Long EC CORP TW N 2 N N N GE Vernova T&D India Ltd. 549300NMRD6VZDFLN355 N/A 8339.00000000 NS 437423.35000000 1.218030308828 Long EC CORP IN N 2 N N N Bank of China Ltd. 54930053HGCFWVHYZX42 N/A 859000.00000000 NS 547804.17000000 1.525392008365 Long EC CORP CN N 2 N N N Kia Corp. 988400V8MJK9N7OI5X76 N/A 2697.00000000 NS 243586.84000000 0.678281472517 Long EC CORP KR N 2 N N N Hyosung Heavy Industries Corp. 988400IDLF9EQ95M0928 N/A 82.00000000 NS 186352.70000000 0.518909739802 Long EC CORP KR N 2 N N N Larsen & Toubro Ltd. 3358003FR3JIC5FRXA90 N/A 7626.00000000 NS 334378.99000000 0.931097401305 Long EC CORP IN N 2 N N N WuXi AppTec Co. Ltd. 254900OEPQLZSPLN9175 N/A 21980.00000000 NS 432688.06000000 1.204844623288 Long EC CORP CN N 2 N N N Powszechny Zaklad Ubezpieczen SA QLPCKOOKVX32FUELX240 N/A 17457.00000000 NS 305053.30000000 0.849438342073 Long EC CORP PL N 2 N N N China Hongqiao Group Ltd. 3003009Q4IBFSDE24571 N/A 36000.00000000 NS 92834.78000000 0.258503748721 Long EC CORP KY N 2 N N N Itau Unibanco Holding SA 5493002W2IVG62O3ZJ94 N/A 72974.00000000 NS 596254.25000000 1.660304024162 Long EP CORP BR N 1 N N N Embraer SA 549300EM51WYXFHUY333 N/A 20400.00000000 NS 323448.85000000 0.900661802017 Long EC CORP BR N 1 N N N Saudi Riyal N/A N/A -0.01000000 OU Currencies 0.00000000 0.000000 Short STIV SA N 1 N N N Nanya Technology Corp. 254900STKVKJBRRO0835 N/A 16000.00000000 NS 234168.37000000 0.652055204709 Long EC CORP TW N 2 N N N Korea Investment Holdings Co. Ltd. N/A N/A 1694.00000000 NS 245385.40000000 0.683289665592 Long EC CORP KR N 2 N N N Tencent Holdings Ltd. 254900N4SLUMW4XUYY11 N/A 26000.00000000 NS 1434746.52000000 3.995133654493 Long EC CORP KY N 2 N N N Sieyuan Electric Co. Ltd. 836800H6UQQUWN4PSZ32 N/A 6900.00000000 NS 176614.79000000 0.491793973063 Long EC CORP CN N 2 N N N CTBC Financial Holding Co. Ltd. 549300IWDYIFW6JXM387 N/A 258000.00000000 NS 578309.61000000 1.610336148874 Long EC CORP TW N 2 N N N Lenovo Group Ltd. 254900VUZRGD5U73RE46 N/A 86000.00000000 NS 255188.11000000 0.710585871633 Long EC CORP HK N 2 N N N Rasan Information Technology Co. N/A N/A 7607.00000000 NS 313010.27000000 0.871594979633 Long EC CORP SA N 1 N N N APR Corp. N/A N/A 1015.00000000 NS 254671.34000000 0.709146896044 Long EC CORP KR N 2 N N N Al Rajhi Bank 558600BQZS4Y1DTU8589 N/A 27844.00000000 NS 488440.44000000 1.360090310628 Long EC CORP SA N 2 N N N ASE Technology Holding Co. Ltd. 300300GO8QHPMV87NZ73 N/A 29000.00000000 NS 647180.17000000 1.802110157888 Long EC CORP TW N 2 N N N Elite Material Co. Ltd. N/A N/A 2000.00000000 NS 345761.04000000 0.962791369806 Long EC CORP TW N 2 N N N MediaTek, Inc. 254900UEGBK1I4DM4E14 N/A 4000.00000000 NS 545058.88000000 1.517747591517 Long EC CORP TW N 2 N N N Hong Kong Exchanges & Clearing Ltd. 213800YTVSXYQN17BW16 N/A 7500.00000000 NS 348952.20000000 0.971677337143 Long EC CORP HK N 2 N N N Hong Kong Dollar N/A N/A 223.76000000 OU Currencies 28.53000000 0.000079443414 Long STIV HK N 1 N N N New Taiwan Dollar N/A N/A 1932447.01000000 OU Currencies 60661.00000000 0.168914020167 Long STIV TW N 1 N N N Samsung Electro-Mechanics Co. Ltd. N/A N/A 360.00000000 NS 521366.28000000 1.451774193218 Long EC CORP KR N 2 N N N OTP Bank 529900W3MOO00A18X956 N/A 3232.00000000 NS 477385.89000000 1.329308284587 Long EC CORP HU N 2 N N N Apollo Hospitals Enterprise Ltd. 3358005YT7JQCWYLTG43 N/A 3673.00000000 NS 337137.47000000 0.938778546462 Long EC CORP IN N 2 N N N Chroma ATE, Inc. N/A N/A 4000.00000000 NS 277973.86000000 0.774034094297 Long EC CORP TW N 2 N N N TIM SA 529900QI0CH1DN5ZCS77 N/A 49900.00000000 NS 211400.54000000 0.588656881308 Long EC CORP BR N 1 N N N Contemporary Amperex Technology Co. Ltd. 300300KINDY1K0E9I032 N/A 5500.00000000 NS 319712.63000000 0.890258083971 Long EC CORP CN N 2 N N N Accton Technology Corp. 529900M1YRZ0GWMDF920 N/A 5000.00000000 NS 398810.83000000 1.110511540888 Long EC CORP TW N 2 N N N Won N/A N/A 1323.34000000 OU Currencies 0.85000000 0.000002366873 Long STIV KR N 1 N N N SK Square Co. Ltd. 988400SX6QGRCASSFD87 N/A 414.00000000 NS 468176.25000000 1.303663515844 Long EC CORP KR N 2 N N N Australian Dollar N/A N/A 8912.86000000 OU Currencies 6170.82000000 0.017183000839 Long STIV AU N 1 N N N Indian Rupee N/A N/A 342034.04000000 OU Currencies 3613.34000000 0.010061551666 Long STIV IN N 1 N N N Cia de Saneamento Basico do Estado de Sao Paulo SABESP 254900UOXRZRS2TNWP19 N/A 82577.00000000 NS 474126.32000000 1.320231825697 Long EC CORP BR N 1 N N N Asia Vital Components Co. Ltd. N/A N/A 3000.00000000 NS 242670.69000000 0.675730400501 Long EC CORP TW N 2 N N N KB Financial Group, Inc. 529900TKE4MXG3Q6GW86 N/A 5395.00000000 NS 558206.04000000 1.554356609657 Long EC CORP KR N 2 N N N Brazilian Real N/A N/A 12760.59000000 OU Currencies 2471.88000000 0.006883091082 Long STIV BR N 1 N N N Forint N/A N/A 0.90000000 OU Currencies 0.00000000 0.000000 Long STIV HU N 1 N N N Putnam Short Term Investment Fund 549300S9JYWEMKQCLW53 74676P664 1337650.94000000 NS USD 1337650.94000000 3.724765464744 Long RF US N 1 N N N Delta Electronics, Inc. 529900UVZWNWGDLJSM52 N/A 1000.00000000 NS 62803.79000000 0.174880741344 Long EC CORP TW N 2 N N N SK Hynix, Inc. 988400XAIK6XISWQV045 N/A 1434.00000000 NS 2530411.36000000 7.046074998702 Long EC CORP KR N 2 N N N United States of America 254900HROIFWPRGM1V77 912797TN7 300000.00000000 PA USD 299550.75000000 0.834116177228 Long STIV UST US N 2 2026-07-16 None 0.00000000 N N N N N N Anglogold Ashanti plc 2138005YDSA7A82RNU96 N/A 5172.00000000 NS 416906.19000000 1.160899104627 Long EC CORP GB N 2 N N N ICICI Bank Ltd. R7RX8ER1V4666J8D1I38 N/A 40746.00000000 NS 594778.81000000 1.656195577188 Long EC CORP IN N 2 N N N Harbin Electric Co. Ltd. 529900QH6Y4U07RU0U61 N/A 74000.00000000 NS 145873.96000000 0.406194375651 Long EC CORP CN N 2 N N N NAURA Technology Group Co. Ltd. 300300JI5I0B95GO5C39 N/A 3575.00000000 NS 468866.94000000 1.305586781610 Long EC CORP CN N 2 N N N Aditya Birla Capital Ltd. 5299009K0PUXVSIRL787 N/A 84217.00000000 NS 349351.05000000 0.972787957755 Long EC CORP IN N 2 N N N Bharti Airtel Ltd. 335800KQ1FPKOQ84OR26 N/A 24787.00000000 NS 485558.63000000 1.352065746040 Long EC CORP IN N 2 N N N EURO N/A N/A -0.04000000 OU Currencies -0.05000000 -0.00000013922 Short STIV XX N 1 N N N Zijin Mining Group Co. Ltd. 836800JRNL2393Z2I561 N/A 90000.00000000 NS 318239.85000000 0.886157043918 Long EC CORP CN N 2 N N N Zloty N/A N/A 10.24000000 OU Currencies 2.72000000 0.000007573995 Long STIV PL N 1 N N N Weichai Power Co. Ltd. 529900OKTPKBG85F9502 N/A 54700.00000000 NS 221792.53000000 0.617593971176 Long EC CORP CN N 2 N N N Grupo Financiero Banorte SAB de CV N/A N/A 30869.00000000 NS 325803.65000000 0.907218877151 Long EC CORP MX N 1 N N N Philippine Peso N/A N/A -0.01000000 OU Currencies 0.00000000 0.000000 Short STIV PH N 1 N N N MTN Group Ltd. 2549009JD6Q6XHZS5E05 N/A 18643.00000000 NS 259645.30000000 0.722997171835 Long EC CORP ZA N 2 N N N NTPC Ltd. 335800Q4TRGJXNLVMB81 N/A 124398.00000000 NS 469000.48000000 1.305958631369 Long EC CORP IN N 2 N N N Samsung Electronics Co. Ltd. 9884007ER46L6N7EI764 N/A 15895.00000000 NS 3527056.68000000 9.821290832315 Long EC CORP KR N 2 N N N Mahindra & Mahindra Ltd. 3358003B573EV4KB4Z02 N/A 15763.00000000 NS 512688.44000000 1.427610251958 Long EC CORP IN N 2 N N N 2026-07-30 Putnam Variable Trust Monica Krogh Monica Krogh Assistant Treasurer