Purpose: To evaluate the latent variance (LV) of Varian TrueBeam photon phase-space files (PSF) for open 10x10 cm 2 and small stereotactic fields and estimate the number of phase spaces required to be summed up in order to maintain sub-percent latent variance in Monte Carlo (MC) dose calculations. Method: BEAMnrc/DOSXYZnrc software was used to transport particles from Varian phase-space files (PSFA) through the secondary collimators. Transported particles were scored into another phase-space located under the jaws (PSFB), or transported further through the cone collimators and scored straight below, forming PSFC. Phase-space files (PFSB) were scored for 6MV-FFF, 6MV, 10MV-FFF, 10MV and 15MV beams with 10x10 cm 2 field size, and PSFC were scored for 6MV beam under circular cones of 0.13, 0.25, 0.35, 1.0, 1.2, 1.5 and 4 cm diameter. Both PSFB and PSFC were transported into a water phantom with particle recycling number ranging from 10 to 1000. For 10x10 cm 2 fields 0.5x0.5x0.5cm 3 voxels were used to score the dose, whereas the dose was scored in 0.1x0.1x0.5cm 3 voxels for beams collimated with small cones. In addition, for small 0.25 cm diameter cone-collimated 6MV beam, phantom voxel size varied as 0.02x0.02x0.5cm 3 , 0.05x0.05x0.5cm 3 and 0.1x0.1x0.5cm 3. Dose variances were scored in all cases and latent variance evaluated as per Sempau et al. Results: For the 10x10 cm 2 fields calculated LVs were greatest at the phantom surface and decreased with depth until reached a plateau at 5 cm depth. LVs were found to be 0.54%, 0.96%, 0.35%, 0.69% and 0.57% for the 6MV-FFF, 6MV, 10MV-FFF, 10MV and 15MV energies, respectively at the depth of 10cm. For the 6 MV phase-space collimated with cones of 0.13, 0.25, 0.35, 1.0 cm diameter, the LVs calculated at 1.5 cm depth were 75.6%, 25.4%, 17.6% and 8.0% respectively. Calculated latent variances for the 0.25 cm cone-collimated 6MV beam were 61.2%, 40.7%, 22.5% in 0.02x0.02x0.5cm 3 , 0.05x0.05x0.5cm 3 and 0.1x0.1x0.5cm 3 voxels respectively. Conclusions: In order to achieve sub-percent latent variance in open 10x10 cm 2 field MC simulations single PSF can be used, whereas for small SRS fields more PSFs would have to be summed.