NPORT-EX 2 b_2dnnport033124.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam VT International Value Fund
The fund's portfolio
3/31/24 (Unaudited)


COMMON STOCKS (95.3%)(a)
        Shares Value
Aerospace and defense (1.3%)
BAE Systems PLC (United Kingdom) 92,173 $1,569,956
1,569,956
Air freight and logistics (1.1%)
Deutsche Post AG (Germany) 30,182 1,299,706
1,299,706
Automobile components (0.8%)
Magna International, Inc. (Canada) 17,454 950,818
950,818
Automobiles (1.2%)
Yamaha Motor Co., Ltd. (Japan) 155,400 1,461,302
1,461,302
Banks (18.2%)
AIB Group PLC (Ireland) 571,873 2,902,204
ANZ Group Holdings, Ltd. (Australia) 131,450 2,518,386
BNP Paribas SA (France) 31,949 2,270,074
CaixaBank SA (Spain)(S) 273,143 1,323,999
DNB Bank ASA (Norway) 50,648 1,003,490
HSBC Holdings PLC (United Kingdom) 383,914 2,999,408
ING Groep NV (Netherlands) 248,686 4,090,416
Mizuho Financial Group, Inc. (Japan) 38,780 780,314
Sumitomo Mitsui Financial Group, Inc. (Japan)(S) 64,500 3,795,947
21,684,238
Beverages (2.1%)
Asahi Group Holdings, Ltd. (Japan) 18,700 689,546
Coca-Cola Europacific Partners PLC (Spain) 25,862 1,809,047
2,498,593
Broadline retail (1.0%)
Pan Pacific International Holdings Corp. (Japan) 45,400 1,212,526
1,212,526
Building products (1.3%)
Cie de Saint-Gobain SA (France) 20,148 1,563,519
1,563,519
Capital markets (4.8%)
Partners Group Holding AG (Switzerland) 1,128 1,610,982
Quilter PLC (United Kingdom) 390,374 527,693
UBS Group AG (Switzerland) 117,439 3,612,306
5,750,981
Chemicals (0.6%)
LANXESS AG (Germany) 24,362 652,080
652,080
Construction and engineering (2.4%)
Vinci SA (France) 22,370 2,866,139
2,866,139
Construction materials (2.2%)
CRH PLC (London Exchange) (Ireland) 30,227 2,604,950
2,604,950
Consumer staples distribution and retail (1.7%)
Seven & i Holdings Co., Ltd. (Japan) 51,000 743,203
Tesco PLC (United Kingdom) 334,025 1,250,435
1,993,638
Diversified REITs (0.9%)
Mirvac Group (Australia)(R) 708,887 1,090,193
1,090,193
Diversified telecommunication services (3.8%)
Deutsche Telekom AG (Germany) 71,708 1,740,649
Nippon Telegraph & Telephone Corp. (Japan) 1,959,500 2,327,375
Telstra Group, Ltd. (Australia) 177,206 445,739
4,513,763
Electric utilities (1.5%)
Fortum OYJ (Finland)(S) 31,011 382,906
SSE PLC (United Kingdom) 66,507 1,385,040
1,767,946
Financial services (1.2%)
ORIX Corp. (Japan) 65,700 1,431,790
1,431,790
Food products (1.3%)
Ajinomoto Co., Inc. (Japan) 30,100 1,125,419
Kerry Group PLC Class A (Ireland) 5,565 476,942
1,602,361
Health care equipment and supplies (1.2%)
Hoya Corp. (Japan) 11,800 1,460,774
1,460,774
Hotels, restaurants, and leisure (0.8%)
Compass Group PLC (United Kingdom) 31,662 928,322
928,322
Household durables (2.4%)
Cairn Homes PLC (Ireland) 539,765 929,391
Panasonic Holdings Corp. (Japan) 74,900 715,206
Sony Group Corp. (Japan) 13,500 1,157,996
2,802,593
Industrial conglomerates (2.7%)
Siemens AG (Germany) 16,592 3,167,633
3,167,633
Insurance (8.5%)
ASR Nederland NV (Netherlands) 39,747 1,946,371
AXA SA (France) 70,550 2,649,869
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) 3,535 1,724,952
Prudential PLC (United Kingdom) 139,554 1,308,706
QBE Insurance Group, Ltd. (Australia) 213,160 2,518,361
10,148,259
Machinery (1.6%)
Alstom SA (France) 35,636 543,241
MinebeaMitsumi, Inc. (Japan) 68,200 1,329,490
1,872,731
Metals and mining (2.3%)
Anglo American PLC (London Exchange) (United Kingdom) 50,695 1,248,853
Glencore PLC (United Kingdom) 274,622 1,508,811
2,757,664
Multi-utilities (1.9%)
Veolia Environnement SA (France) 68,447 2,224,921
2,224,921
Oil, gas, and consumable fuels (8.0%)
BP PLC (United Kingdom) 361,646 2,262,630
Shell PLC (United Kingdom) 96,961 3,212,457
Suncor Energy, Inc. (Canada) 64,834 2,392,715
TotalEnergies SE (France) 24,437 1,673,314
9,541,116
Passenger airlines (1.0%)
Qantas Airways, Ltd. (voting rights) (Australia)(NON) 329,436 1,169,990
1,169,990
Personal care products (0.9%)
Unilever PLC (United Kingdom) 21,552 1,081,654
1,081,654
Pharmaceuticals (4.6%)
AstraZeneca PLC (United Kingdom) 13,482 1,817,001
Sanofi SA (France) 36,953 3,626,279
5,443,280
Semiconductors and semiconductor equipment (1.5%)
Renesas Electronics Corp. (Japan) 100,200 1,767,632
1,767,632
Specialty retail (0.9%)
JD Sports Fashion PLC (United Kingdom) 638,125 1,083,276
1,083,276
Textiles, apparel, and luxury goods (0.6%)
Asics Corp. (Japan) 15,900 766,851
766,851
Tobacco (0.8%)
Imperial Brands PLC (United Kingdom) 42,851 957,294
957,294
Trading companies and distributors (6.9%)
Ashtead Group PLC (United Kingdom) 13,219 940,998
Ferguson PLC (United Kingdom) 6,920 1,513,179
ITOCHU Corp. (Japan) 37,000 1,580,407
Mitsubishi Corp. (Japan) 180,600 4,160,075
8,194,659
Wireless telecommunication services (1.3%)
KDDI Corp. (Japan) 20,200 598,074
Vodafone Group PLC (United Kingdom) 1,080,361 960,777
1,558,851
Total common stocks (cost $88,635,694) $113,441,999








SHORT-TERM INVESTMENTS (7.9%)(a)
        Shares Value
Putnam Cash Collateral Pool, LLC 5.57%(AFF) 4,631,950 $4,631,950
Putnam Short Term Investment Fund Class P 5.50%(AFF) 4,778,879 4,778,879
Total short-term investments (cost $9,410,829) $9,410,829
TOTAL INVESTMENTS
Total investments (cost $98,046,523) $122,852,828








FORWARD CURRENCY CONTRACTS at 3/31/24 (aggregate face value $29,900,107) (Unaudited)
  Counterparty Currency Contract type* Delivery date Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Buy 4/17/24 $310,765 $320,714 $(9,949)
British Pound Sell 6/20/24 2,431,525 2,444,984 13,459
Canadian Dollar Sell 4/17/24 309,548 314,295 4,747
Danish Krone Buy 6/20/24 155,638 157,358 (1,720)
Euro Buy 6/20/24 360,175 363,840 (3,665)
Israeli Shekel Buy 4/17/24 162,484 164,068 (1,584)
Japanese Yen Buy 5/16/24 456,317 468,899 (12,582)
Singapore Dollar Buy 5/16/24 35,992 36,265 (273)
Swedish Krona Buy 6/20/24 659,795 683,342 (23,547)
Barclays Bank PLC
Hong Kong Dollar Buy 5/16/24 36,629 36,702 (73)
Israeli Shekel Buy 4/17/24 113,883 114,985 (1,102)
Singapore Dollar Buy 5/16/24 122,224 123,140 (916)
Citibank, N.A.
Australian Dollar Buy 4/17/24 385,799 398,126 (12,327)
British Pound Sell 6/20/24 2,324,829 2,336,428 11,599
Canadian Dollar Sell 4/17/24 800,527 812,747 12,220
Danish Krone Buy 6/20/24 527,844 533,688 (5,844)
Swiss Franc Buy 6/20/24 793,659 809,569 (15,910)
Goldman Sachs International
Australian Dollar Buy 4/17/24 194,920 201,141 (6,221)
Singapore Dollar Buy 5/16/24 1,359,078 1,369,204 (10,126)
HSBC Bank USA, National Association
British Pound Sell 6/20/24 1,095,493 1,101,497 6,004
Canadian Dollar Sell 4/17/24 340,783 345,965 5,182
Hong Kong Dollar Buy 5/16/24 169,584 169,916 (332)
Japanese Yen Buy 5/16/24 400,821 410,745 (9,924)
Norwegian Krone Buy 6/20/24 170,676 175,718 (5,042)
Swedish Krona Buy 6/20/24 238,464 246,894 (8,430)
Swiss Franc Buy 6/20/24 63,976 65,257 (1,281)
JPMorgan Chase Bank N.A.
Euro Sell 6/20/24 720,025 724,886 4,861
Hong Kong Dollar Buy 5/16/24 980,808 982,691 (1,883)
New Zealand Dollar Buy 4/17/24 152,890 159,513 (6,623)
Swiss Franc Buy 6/20/24 141,821 144,679 (2,858)
Morgan Stanley & Co. International PLC
Australian Dollar Sell 4/17/24 189,314 185,898 (3,416)
British Pound Buy 6/20/24 38,132 43,646 (5,514)
Canadian Dollar Sell 4/17/24 303,567 303,054 (513)
Czech Koruna Buy 6/20/24 135,050 135,415 (365)
Japanese Yen Buy 5/16/24 435,382 443,173 (7,791)
Norwegian Krone Buy 6/20/24 225,335 232,068 (6,733)
Swedish Krona Buy 6/20/24 1,127,051 1,169,676 (42,625)
Swiss Franc Buy 6/20/24 514,939 525,670 (10,731)
NatWest Markets PLC
Australian Dollar Buy 4/17/24 212,652 219,441 (6,789)
Swedish Krona Buy 6/20/24 474,079 491,064 (16,985)
Swiss Franc Buy 6/20/24 1,415,746 1,444,384 (28,638)
State Street Bank and Trust Co.
Australian Dollar Buy 4/17/24 2,868 2,960 (92)
British Pound Sell 6/20/24 479,815 482,520 2,705
Canadian Dollar Sell 4/17/24 288,577 293,033 4,456
Hong Kong Dollar Buy 5/16/24 921,291 923,122 (1,831)
Israeli Shekel Buy 4/17/24 445,791 449,820 (4,029)
Japanese Yen Buy 5/16/24 255,583 262,642 (7,059)
Norwegian Krone Buy 6/20/24 9,385 9,661 (276)
Swedish Krona Buy 6/20/24 25,249 26,147 (898)
Swiss Franc Buy 6/20/24 292,589 298,502 (5,913)
Toronto-Dominion Bank
British Pound Sell 6/20/24 412,262 414,570 2,308
Canadian Dollar Sell 4/17/24 265,685 269,736 4,051
Swedish Krona Buy 6/20/24 324,635 336,268 (11,633)
Swiss Franc Buy 6/20/24 352,315 359,377 (7,062)
UBS AG
Canadian Dollar Sell 4/17/24 608,241 617,525 9,284
Hong Kong Dollar Buy 5/16/24 319,452 320,110 (658)
WestPac Banking Corp.
British Pound Sell 6/20/24 642,447 646,025 3,578
Canadian Dollar Sell 4/17/24 294,558 298,997 4,439
Euro Sell 6/20/24 825,112 830,745 5,633
Swiss Franc Buy 6/20/24 1,615,055 1,647,602 (32,547)
Unrealized appreciation 94,526
Unrealized (depreciation) (344,310)
Total $(249,784)
* The exchange currency for all contracts listed is the United States Dollar.












Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from January 1, 2024 through March 31, 2024 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $119,041,153.
(NON) This security is non-income-producing.
(AFF) Affiliated company. For investments in Putnam Cash Collateral Pool, LLC, and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
Name of affiliate Fair value
as of
12/31/23		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
3/31/24
Short-term investments
Putnam Cash Collateral Pool, LLC*# $— $4,732,700 $100,750 $— $4,631,950
Putnam Short Term Investment Fund Class P† 4,985,615 7,682,113 7,888,849 53,768 4,778,879
Total Short-term investments $4,985,615 $12,414,813 $7,989,599 $53,768 $9,410,829
* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period.
# At the close of the reporting period, the fund received cash collateral of $4,377,843 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $4,631,950.
‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
(R) Real Estate Investment Trust.
(S) This security is on loan, in part or in entirety, at the close of the reporting period.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The dates shown on debt obligations are the original maturity dates.
DIVERSIFICATION BY COUNTRY
Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):
Japan 22.9
United Kingdom 22.5
France 14.7
Germany 7.3
Australia 6.6
Ireland 5.9
Netherlands 5.1
Switzerland 4.4
United States 4.0
Canada 2.8
Spain 2.7
Norway 0.8
Finland 0.3
Total 100.0%
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used for hedging foreign exchange risk.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio.
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund had a net liability position of $258,410 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements.








ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
  Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
Communication services $6,072,614 $— $—
Consumer discretionary 9,205,688 — —
Consumer staples 8,133,540 — —
Energy 9,541,116 — —
Financials 39,015,268 — —
Health care 6,904,054 — —
Industrials 21,704,333 — —
Information technology 1,767,632 — —
Materials 6,014,694 — —
Real estate 1,090,193 — —
Utilities 3,992,867 — —
Total common stocks 113,441,999 — —
Short-term investments — 9,410,829 —
Totals by level $113,441,999 $9,410,829 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(249,784) $—
Totals by level $— $(249,784) $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount) $32,600,000
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com