NPORT-P
        false
        
            
            
                
                    0000822671
                    XXXXXXXX
                
            
            
            
            
                S000003881
                C000010858
                C000010857
            
            
            
        
    
    
        
            Putnam Variable Trust
            811-05346
            0000822671
            549300TBVD21LYBGBD46
            100 FEDERAL STREET
            BOSTON
            
            02110
            1-800-225-1581
            Putnam VT Sustainable Future Fund
            S000003881
            JYIPQPR6E8NLCIAKNR15
            2022-12-31
            2022-03-31
            N
        
        
            39598552.18
            3736293.58
            35862258.59
            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
            0
            
                
                
                
                
            
            N
            
                
                    
                    
                
                
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                
                
                
                
            
            
            
            
            
            
        
        
            
                MSCI INC
                549300HTIN2PD78UB763
                COMMON STOCK
                55354G100
                
                    
                
                1880
                NS
                USD
                945414.4
                2.636237752922
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                MASTERCARD INC
                AR5L2ODV9HN37376R084
                COMMON STOCK
                57636Q104
                
                    
                
                920
                NS
                USD
                328789.6
                0.916812306104
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                PALO ALTO NETWORKS INC
                549300QXR2YVZV231H43
                COMMON STOCK
                697435105
                
                    
                
                1280
                NS
                USD
                796812.8
                2.221870097781
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ZOETIS INC
                549300HD9Q1LOC9KLJ48
                COMMON STOCK
                98978V103
                
                    
                
                3620
                NS
                USD
                682695.8
                1.903660914961
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL INC
                N/A
                COMMON STOCK
                41068X100
                
                    
                
                15265
                NS
                USD
                724018.95
                2.018888320107
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                SPROUTS FARMERS MARKET INC
                529900P8F4G77Q52XE24
                COMMON STOCK
                85208M102
                
                    
                
                10510
                NS
                USD
                336109.8
                0.937224294327
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CHEGG INC
                549300AKX7O8JG0O3G77
                COMMON STOCK
                163092109
                
                    
                
                13905
                NS
                USD
                504473.4
                1.406697235017
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                HEALTHEQUITY INC
                529900LRJU1RAFQHM467
                COMMON STOCK
                42226A107
                
                    
                
                12570
                NS
                USD
                847720.8
                2.363824347183
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ADVANCED DRAINAGE SYSTEMS INC
                6QQTOZ5MF5DHM7K92I60
                COMMON STOCK
                00790R104
                
                    
                
                4520
                NS
                USD
                537021.2
                1.497455043587
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ETSY INC
                54930089Q7XT501AEA40
                COMMON STOCK
                29786A106
                
                    
                
                2230
                NS
                USD
                277144.4
                0.772802413725
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                TELADOC HEALTH INC
                549300I2PVFBC9MFAC61
                COMMON STOCK
                87918A105
                
                    
                
                3635
                NS
                USD
                262192.55
                0.731109975525
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                SUNRUN INC
                54930007SJ77CI66U531
                COMMON STOCK
                86771W105
                
                    
                
                15908
                NS
                USD
                483125.96
                1.347171034383
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    
                
            
            
                INGEVITY CORP
                5493009UTFC4B5IMGF87
                COMMON STOCK
                45688C107
                
                    
                
                8350
                NS
                USD
                534984.5
                1.491775814001
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CERIDIAN HCM HOLDING INC
                549300T64GVCHFJ8L449
                COMMON STOCK
                15677J108
                
                    
                
                4160
                NS
                USD
                284377.6
                0.792971807078
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                VERRA MOBILITY CORP
                549300XX5EKGLR0M4152
                COMMON STOCK
                92511U102
                
                    
                
                22450
                NS
                USD
                365486
                1.019138265045
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                TWIST BIOSCIENCE CORP
                549300T23BL59LCOH584
                COMMON STOCK
                90184D100
                
                    
                
                2770
                NS
                USD
                136782.6
                0.381411002480
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                LEVI STRAUSS  AND  CO
                MB0UERO0RDFKU8258G77
                COMMON STOCK
                52736R102
                
                    
                
                9510
                NS
                USD
                187917.6
                0.523998229304
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                LYFT INC
                549300H7I5VN334XVZ52
                COMMON STOCK
                55087P104
                
                    
                
                12030
                NS
                USD
                461952
                1.288128573499
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CROWDSTRIKE HOLDINGS INC
                549300YBY08K9KM4HX32
                COMMON STOCK
                22788C105
                
                    
                
                3905
                NS
                USD
                886747.4
                2.472647944843
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                DYNATRACE INC
                N/A
                COMMON STOCK
                268150109
                
                    
                
                13446
                NS
                USD
                633306.6
                1.765941758550
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                BILL.COM HOLDINGS INC
                549300IBF9VZZIGOZW63
                COMMON STOCK
                N/A
                
                    
                
                2360
                NS
                USD
                535224.4
                1.492444762387
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    
                
            
            
                AZEK CO INC/THE
                5493002LDDDU1RX46815
                COMMON STOCK
                05478C105
                
                    
                
                13098
                NS
                USD
                325354.32
                0.907233210601
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                UNITY SOFTWARE INC
                549300D1ESJMGNQNG432
                COMMON STOCK
                91332U101
                
                    
                
                3260
                NS
                USD
                323424.6
                0.901852289053
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                FIRST REPUBLIC BANK/CA
                YWC0TIKBQM2JV8L4IV08
                COMMON STOCK
                33616C100
                
                    
                
                2102
                NS
                USD
                340734.2
                0.950119187683
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CHIPOTLE MEXICAN GRILL INC
                N/A
                COMMON STOCK
                169656105
                
                    
                
                685
                NS
                USD
                1083690.55
                3.021813440111
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                THREDUP INC
                N/A
                COMMON STOCK
                N/A
                
                    
                
                19483
                NS
                USD
                150019.1
                0.418320278472
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                GINKGO BIOWORKS HOLDINGS INC
                N/A
                COMMON STOCK
                37611X100
                
                    
                
                11620
                NS
                USD
                46828.6
                0.130579059549
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                GINKGO BIOWORKS HOLDINGS INC
                N/A
                COMMON STOCK
                N/A
                
                    
                
                42063
                NS
                USD
                169513.89
                0.472680463152
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                GREENLIGHT CAPITAL RE LTD
                549300Q9HRIFA2BGHJ51
                COMMON STOCK
                N/A
                
                    
                
                28000
                NS
                USD
                269640
                0.751876793603
                Long
                EC
                CORP
                KY
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CORE  AND  MAIN INC
                N/A
                COMMON STOCK
                21874C102
                
                    
                
                14950
                NS
                USD
                361640.5
                1.008415292897
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    
                
            
            
                FLUENCE ENERGY INC
                N/A
                COMMON STOCK
                N/A
                
                    
                
                12547
                NS
                USD
                164491.17
                0.458674875670
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    
                
            
            
                PLANET LABS PBC
                N/A
                COMMON STOCK
                72703X106
                
                    
                
                50560
                NS
                USD
                256844.8
                0.716198059181
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                WOLFSPEED INC
                549300OGU88P3AW3TO93
                COMMON STOCK
                977852102
                
                    
                
                3740
                NS
                USD
                425836.4
                1.187422144457
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    
                
            
            
                RESMED INC
                529900T3QE5253CCXF22
                COMMON STOCK
                761152107
                
                    
                
                1755
                NS
                USD
                425605.05
                1.186777037291
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                COOPER COS INC/THE
                QJKMVPIGLH7530PCUE20
                COMMON STOCK
                216648402
                
                    
                
                2065
                NS
                USD
                862323.35
                2.404542780918
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                DANAHER CORP
                S4BKK9OTCEWQ3YHPFM11
                COMMON STOCK
                235851102
                
                    
                
                4349
                NS
                USD
                1275692.17
                3.557199741892
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ROPER TECHNOLOGIES INC
                54930003T4SXCIWVXY35
                COMMON STOCK
                776696106
                
                    
                
                1200
                NS
                USD
                566676
                1.580145875581
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CINTAS CORP
                N/A
                COMMON STOCK
                172908105
                
                    
                
                860
                NS
                USD
                365835.4
                1.020112548355
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                MCCORMICK  AND  CO INC/MD
                549300JQQA6MQ4OJP259
                COMMON STOCK
                579780206
                
                    
                
                9105
                NS
                USD
                908679
                2.533803044556
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ECOLAB INC
                82DYEISM090VG8LTLS26
                COMMON STOCK
                278865100
                
                    
                
                2035
                NS
                USD
                359299.6
                1.001887817797
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                BALL CORP
                0BGI85ALH27ZJP15DY16
                COMMON STOCK
                058498106
                
                    
                
                5605
                NS
                USD
                504450
                1.406631985362
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                KORN FERRY
                549300FOD20OM0GT5G40
                COMMON STOCK
                500643200
                
                    
                
                9470
                NS
                USD
                614981.8
                1.714844028735
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                BIO-RAD LABORATORIES INC
                549300ZC1GPV35XYDK53
                COMMON STOCK
                090572207
                
                    
                
                770
                NS
                USD
                433687.1
                1.209313403704
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                THERMO FISHER SCIENTIFIC INC
                HCHV7422L5HDJZCRFL38
                COMMON STOCK
                883556102
                
                    
                
                1505
                NS
                USD
                888928.25
                2.478729129034
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                EDWARDS LIFESCIENCES CORP
                YA13X31F3V31L8TMPR58
                COMMON STOCK
                28176E108
                
                    
                
                7990
                NS
                USD
                940582.8
                2.622765093391
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ADOBE INC
                FU4LY2G4933NH2E1CP29
                COMMON STOCK
                00724F101
                
                    
                
                1976
                NS
                USD
                900305.12
                2.510452925715
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                NEXTERA ENERGY INC
                N/A
                COMMON STOCK
                65339F101
                
                    
                
                7665
                NS
                USD
                649302.15
                1.810544498670
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ON SEMICONDUCTOR CORP
                ZV20P4CNJVT8V1ZGJ064
                COMMON STOCK
                682189105
                
                    
                
                6520
                NS
                USD
                408217.2
                1.138291942699
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                REGENERON PHARMACEUTICALS INC
                549300RCBFWIRX3HYQ56
                COMMON STOCK
                75886F107
                
                    
                
                1050
                NS
                USD
                733341
                2.044882360545
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                TRIMBLE INC
                549300E2MI7NSZFQWS19
                COMMON STOCK
                896239100
                
                    
                
                9285
                NS
                USD
                669819.9
                1.867757152883
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ZEBRA TECHNOLOGIES CORP
                PO0I32GKZ3HZMMDPZZ08
                COMMON STOCK
                989207105
                
                    
                
                1345
                NS
                USD
                556426.5
                1.551565690163
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                VAIL RESORTS INC
                529900PSZHRNU9HKH870
                COMMON STOCK
                91879Q109
                
                    
                
                1560
                NS
                USD
                406021.2
                1.132168513539
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                APPLIED MATERIALS INC
                41BNNE1AFPNAZELZ6K07
                COMMON STOCK
                038222105
                
                    
                
                5820
                NS
                USD
                767076
                2.138950613149
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CASELLA WASTE SYSTEMS INC
                8EU0XUFVJ48U37IIDH51
                COMMON STOCK
                147448104
                
                    
                
                4810
                NS
                USD
                421596.5
                1.175599408894
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                EXACT SCIENCES CORP
                549300VM3X1FYD4N9Z14
                COMMON STOCK
                30063P105
                
                    
                
                7555
                NS
                USD
                528245.6
                1.472984749899
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                MESA LABORATORIES INC
                549300ZCG738WLX8ZW79
                COMMON STOCK
                59064R109
                
                    
                
                1894
                NS
                USD
                482742.72
                1.346102390034
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    
                
            
            
                SIGNATURE BANK NY
                VLP5AP0XK2GM6GKD1007
                COMMON STOCK
                82669G104
                
                    
                
                920
                NS
                USD
                270010.8
                0.752910749674
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                DEXCOM INC
                549300YSK3QDSFR5EU59
                COMMON STOCK
                252131107
                
                    
                
                1850
                NS
                USD
                946460
                2.639153352890
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                LIBERTY GLOBAL PLC
                549300BSGXG3QLIQYT84
                COMMON STOCK
                G5480U120
                
                    
                
                19870
                NS
                USD
                514831.7
                1.435580803445
                Long
                EC
                CORP
                GB
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ASML HOLDING NV
                724500Y6DUVHQD6OXN27
                COMMON STOCK - ADR
                N07059210
                
                    
                
                715
                NS
                USD
                477569.95
                1.331678396110
                Long
                EC
                CORP
                NL
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                COMPASS PATHWAYS PLC
                213800N7CUZIC6QSTZ31
                COMMON STOCK - ADR
                20451W101
                
                    
                
                5770
                NS
                USD
                74375.3
                0.207391566857
                Long
                EC
                CORP
                GB
                N
                
                1
                
                    N
                    N
                    
                
            
            
                BANK OF AMERICA N.A.
                B4TYDEB6GKMZO031MB27
                CURRENCY FORWARDS
                N/A
                
                    
                
                1
                NC
                N/A
                337430.13
                0.940905964283
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            BANK OF AMERICA N.A.
                            B4TYDEB6GKMZO031MB27
                        
                        338614.15
                        EUR
                        337430.13
                        USD
                        2022-06-15
                        1184.02
                    
                
                
                    N
                    N
                    N
                
            
            
                STATE STREET B AND T CO
                571474TGEMMWANRLN572
                CURRENCY FORWARDS
                N/A
                
                    
                
                1
                NC
                N/A
                76537.41
                0.213420495555
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            STATE STREET B AND T CO
                            571474TGEMMWANRLN572
                        
                        76809.08
                        EUR
                        76537.41
                        USD
                        2022-06-15
                        271.67
                    
                
                
                    N
                    N
                    N
                
            
            
                JP MORGANCHASE BANK
                7H6GLXDRUGQFU57RNE97
                CURRENCY FORWARDS
                N/A
                
                    
                
                1
                NC
                N/A
                74208.01
                0.206925087592
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            JP MORGANCHASE BANK
                            7H6GLXDRUGQFU57RNE97
                        
                        74468
                        EUR
                        74208.01
                        USD
                        2022-06-15
                        259.99
                    
                
                
                    N
                    N
                    N
                
            
            
                UBS AG
                BFM8T61CT2L1QCEMIK50
                CURRENCY FORWARDS
                N/A
                
                    
                
                1
                NC
                N/A
                45700.6
                0.127433691565
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            UBS AG
                            BFM8T61CT2L1QCEMIK50
                        
                        45787.21
                        EUR
                        45700.6
                        USD
                        2022-06-15
                        86.61
                    
                
                
                    N
                    N
                    N
                
            
            
                BARCLAYS BANK PLC WHOLESALE, LONDON 
                G5GSEF7VJP5I7OUK5573
                CURRENCY FORWARDS
                N/A
                
                    
                
                1
                NC
                N/A
                177422.63
                0.494733563852
                N/A
                DFE
                CORP
                GB
                N
                
                2
                
                    
                        
                            BARCLAYS BANK PLC WHOLESALE, LONDON 
                            G5GSEF7VJP5I7OUK5573
                        
                        180779.61
                        GBP
                        177422.63
                        USD
                        2022-06-15
                        3356.98
                    
                
                
                    N
                    N
                    N
                
            
            
                HSBC BANK USA
                1IE8VN30JCEQV1H4R804
                CURRENCY FORWARDS
                N/A
                
                    
                
                1
                NC
                N/A
                85625.13
                0.238761119256
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            HSBC BANK USA
                            1IE8VN30JCEQV1H4R804
                        
                        87246.53
                        GBP
                        85625.13
                        USD
                        2022-06-15
                        1621.4
                    
                
                
                    N
                    N
                    N
                
            
            
                KONINKLIJKE DSM NV
                724500SNT1MK246AHP04
                ORDINARY SHARES
                N/A
                
                    
                
                3637
                NS
                
                650002.28
                1.812496773924
                Long
                EC
                CORP
                NL
                N
                
                2
                
                    N
                    N
                    N
                
            
            
                BUREAU VERITAS SA
                969500TPU5T3HA5D1F11
                ORDINARY SHARES
                N/A
                
                    
                
                13440
                NS
                
                383890.54
                1.070458345608
                Long
                EC
                CORP
                FR
                N
                
                2
                
                    N
                    N
                    N
                
            
            
                LULULEMON ATHLETICA INC
                549300D9GZ4BMLDW5T40
                ORDINARY SHARES
                550021109
                
                    
                
                2515
                NS
                USD
                918553.45
                2.561337423004
                Long
                EC
                CORP
                CA
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                EURAZEO SE
                969500C656AA39O94N60
                ORDINARY SHARES
                N/A
                
                    
                
                8161
                NS
                
                685868.71
                1.912508405679
                Long
                EC
                CORP
                FR
                N
                
                2
                
                    N
                    N
                    N
                
            
            
                SHOPIFY INC
                549300HGQ43STJLLP808
                ORDINARY SHARES
                82509L107
                
                    
                
                330
                NS
                USD
                223066.8
                0.622009903365
                Long
                EC
                CORP
                CA
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                NOVOZYMES A/S - B SHARES
                529900T6WNZXD2R3JW38
                ORDINARY SHARES
                N/A
                
                    
                
                6660
                NS
                
                455821
                1.271032606204
                Long
                EC
                CORP
                DK
                N
                
                2
                
                    N
                    N
                    N
                
            
            
                PUTNAM CASH COLLATERAL POOL LLC
                5493005HRIV7IFMKD774
                SHORT TERM INV FUND
                N/A
                
                    
                
                2165025
                NS
                USD
                2165025
                6.037057020730
                Long
                STIV
                PF
                US
                N
                
                2
                
                    
                    N
                    N
                
            
            
                PUTNAM SHORT TERM INVESTMENT FUND
                5493003MK0Q7JP8CPP42
                SHORT TERM INV FUND
                74676P664
                
                    
                
                2395213
                NS
                USD
                2395213
                6.678924011406
                Long
                STIV
                PF
                US
                N
                
                2
                
                    N
                    N
                    N
                
            
        
        
            
            
            
            
            
        
        
            2022-05-25
            Putnam Investments Inc
            Janet C. Smith
            NPORT
            Principal Financial Officer
        
    
    XXXX
Putnam VT Sustainable Future Fund
The fund's portfolio
3/31/22 (Unaudited)


COMMON STOCKS (97.6%)(a)
        Shares Value
Banks (1.8%)
First Republic Bank/CA 2,102 $340,734
Signature Bank/NY 920 270,011
610,745
Biotechnology (4.1%)
Compass Pathways PLC ADR (United Kingdom)(NON)(S) 5,770 74,375
Exact Sciences Corp.(NON) 7,555 528,246
Regeneron Pharmaceuticals, Inc.(NON) 1,050 733,341
Twist Bioscience Corp.(NON) 2,770 136,783
1,472,745
Building products (2.4%)
Advanced Drainage Systems, Inc. 4,520 537,021
AZEK Co., Inc. (The)(NON) 13,098 325,354
862,375
Capital markets (2.6%)
MSCI, Inc. 1,880 945,414
945,414
Chemicals (6.2%)
Ecolab, Inc. 2,035 359,300
Ginkgo Bioworks Holdings, Inc.(NON) 42,063 169,514
Ginkgo Bioworks Holdings, Inc.(NON) 11,620 46,829
Ingevity Corp.(NON) 8,350 534,985
Koninklijke DSM NV (Netherlands) 3,637 650,002
Novozymes A/S Class B (Denmark) 6,950 475,669
2,236,299
Commercial services and supplies (2.2%)
Casella Waste Systems, Inc. Class A(NON) 4,810 421,597
Cintas Corp. 860 365,835
787,432
Containers and packaging (1.4%)
Ball Corp. 5,605 504,450
504,450
Diversified consumer services (1.4%)
Chegg, Inc.(NON) 13,905 504,473
504,473
Diversified financial services (1.9%)
Eurazeo SE (France) 8,161 685,869
685,869
Diversified telecommunication services (1.4%)
Liberty Global PLC Class C (United Kingdom)(NON) 19,870 514,832
514,832
Electric utilities (1.8%)
NextEra Energy, Inc. 7,665 649,302
649,302
Electrical equipment (1.8%)
Fluence Energy, Inc.(NON)(S) 12,547 164,491
Sunrun, Inc.(NON)(S) 15,908 483,126
647,617
Electronic equipment, instruments, and components (3.4%)
Trimble Inc.(NON) 9,285 669,820
Zebra Technologies Corp. Class A(NON) 1,345 556,427
1,226,247
Food and staples retail (1.0%)
Sprouts Farmers Market, Inc.(NON) 10,510 336,110
336,110
Food products (2.5%)
McCormick & Co., Inc. (non-voting shares) 9,105 908,679
908,679
Health-care equipment and supplies (10.2%)
Cooper Cos., Inc. (The) 2,065 862,323
DexCom, Inc.(NON) 1,850 946,460
Edwards Lifesciences Corp.(NON) 7,990 940,583
Mesa Laboratories, Inc.(S) 1,894 482,743
ResMed, Inc. 1,755 425,605
3,657,714
Health-care providers and services (2.4%)
HealthEquity, Inc.(NON) 12,570 847,721
847,721
Health-care technology (0.7%)
Teladoc Health, Inc.(NON) 3,635 262,193
262,193
Hotels, restaurants, and leisure (4.2%)
Chipotle Mexican Grill, Inc.(NON) 685 1,083,691
Vail Resorts, Inc. 1,560 406,021
1,489,712
Industrial conglomerates (1.6%)
Roper Technologies, Inc. 1,200 566,676
566,676
Insurance (0.8%)
Greenlight Capital RE, Ltd. (Cayman Islands) 28,000 269,640
269,640
Internet and direct marketing retail (1.2%)
Etsy, Inc.(NON) 2,230 277,144
thredUp, Inc. Class A(NON) 19,483 150,019
427,163
IT Services (1.5%)
Mastercard, Inc. Class A 920 328,790
Shopify, Inc. Class A (Canada)(NON) 330 223,067
551,857
Life sciences tools and services (7.3%)
Bio-Rad Laboratories, Inc. Class A(NON) 770 433,687
Danaher Corp. 4,349 1,275,692
Thermo Fisher Scientific, Inc. 1,505 888,928
2,598,307
Mortgage real estate investment trusts (REITs) (2.0%)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(R) 15,265 724,019
724,019
Pharmaceuticals (1.9%)
Zoetis, Inc. 3,620 682,696
682,696
Professional services (3.5%)
Bureau Veritas SA (France) 13,440 383,891
Korn Ferry 9,470 614,982
Planet Labs PBC(NON) 50,560 256,845
1,255,718
Road and rail (1.3%)
Lyft, Inc. Class A(NON) 12,030 461,952
461,952
Semiconductors and semiconductor equipment (5.8%)
Applied Materials, Inc. 5,820 767,076
ASML Holding NV (NY Reg Shares) (Netherlands) 715 477,570
ON Semiconductor Corp.(NON) 6,520 408,217
Wolfspeed, Inc.(NON)(S) 3,740 425,836
2,078,699
Software (13.2%)
Adobe, Inc.(NON) 1,976 900,301
Bill.com Holdings, Inc.(NON)(S) 2,360 535,224
Ceridian HCM Holding, Inc.(NON) 4,160 284,378
Crowdstrike Holdings, Inc. Class A(NON) 3,905 886,747
Dynatrace, Inc.(NON) 13,446 633,307
Palo Alto Networks, Inc.(NON) 1,280 796,813
Unity Software, Inc.(NON) 3,260 323,425
Verra Mobility Corp.(NON) 22,450 365,486
4,725,681
Textiles, apparel, and luxury goods (3.1%)
Levi Strauss & Co. Class A 9,510 187,918
Lululemon Athletica, Inc. (Canada)(NON) 2,515 918,553
1,106,471
Trading companies and distributors (1.0%)
Core & Main, Inc. Class A(NON)(S) 14,950 361,641
361,641
Total common stocks (cost $27,313,204) $34,960,449








SHORT-TERM INVESTMENTS (12.7%)(a)
        Shares Value
Putnam Cash Collateral Pool, LLC 0.37%(AFF) 2,165,025 $2,165,025
Putnam Short Term Investment Fund Class P 0.39%(AFF) 2,395,213 2,395,213
Total short-term investments (cost $4,560,238) $4,560,238
TOTAL INVESTMENTS
Total investments (cost $31,873,442) $39,520,687








FORWARD CURRENCY CONTRACTS at 3/31/22 (aggregate face value $803,705) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation
Bank of America N.A.
Euro Sell 6/15/22 $337,430 $338,614 $1,184
Barclays Bank PLC
British Pound Sell 6/15/22 177,423 180,780 3,357
HSBC Bank USA, National Association
British Pound Sell 6/15/22 85,626 87,247 1,621
JPMorgan Chase Bank N.A.
Euro Sell 6/15/22 74,208 74,468 260
State Street Bank and Trust Co.
Euro Sell 6/15/22 76,537 76,809 272
UBS AG
Euro Sell 6/15/22 45,700 45,787 87
Unrealized appreciation 6,781
Unrealized (depreciation) —
Total $6,781
* The exchange currency for all contracts listed is the United States Dollar.












Key to holding's abbreviations
ADR American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.
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, 2022 through March 31, 2022 (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 Putnam Investments, LLC, 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 $35,823,923.
(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
12/31/21		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
3/31/22
Short-term investments
Putnam Cash Collateral Pool, LLC*# $2,909,090 $4,287,160 $5,031,225 $718 $2,165,025
Putnam Short Term Investment Fund** 1,205,155 3,039,255 1,849,197 282 2,395,213
Total Short-term investments $4,114,245 $7,326,415 $6,880,422 $1,000 $4,560,238
* 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 $2,165,025 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 $2,087,859.
** 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.
At the close of the reporting period, the fund maintained liquid assets totaling $1,284 to cover certain derivative contracts.
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 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 to hedge 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 did not have a net liability position on open derivative contracts subject to the Master 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 $514,832 $— $—
Consumer discretionary 3,527,819 — —
Consumer staples 1,244,789 — —
Financials 2,280,178 955,509 —
Health care 9,521,376 — —
Industrials 4,559,520 383,891 —
Information technology 8,582,484 — —
Materials 1,615,078 1,125,671 —
Utilities 649,302 — —
Total common stocks 32,495,378 2,465,071 —
Short-term investments — 4,560,238 —
Totals by level $32,495,378 $7,025,309 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $6,781 $—
Totals by level $— $6,781 $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
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) $800,000
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.putnaminvestments.com