# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006455
**Filing Date:** 2025-11
**Character Count:** 20414
**Document Hash:** 22e019bedc98391bca193a2d6644d8af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006455.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006455

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671

**ORGANIZATION NAME:**
- **EIN:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 251511826

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CAPITAL MANAGER TRUST /MA/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Putnam VT Large Cap Growth Fund (Series ID: S000003873)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010841 | Class IA Shares |  |
| C000010842 | Class IB Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Variable Trust

- **b. Investment Company Act file number:** 811-05346

- **c. CIK number of Registrant:** 0000822671

- **d. LEI of Registrant:** 549300TBVD21LYBGBD46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam VT Large Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000003873

- **c. LEI of Series:** ZREV7S924QLJLC41VU70

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1363536579.85

**Total Liabilities:** $12245980.09

**Net Assets:** $1351290599.76

**Cash Not Reported:** $242474.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010842 | 3.48%                | 0.66%                | 4.24%                |
| Class ID C000010841 | 3.49%                | 0.69%                | 4.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18478602.61             | $25921541.36                               |
| Month 2  | $5728585.36              | $2834371.05                                |
| Month 3  | $22163502.86             | $32965904.24                               |

### Schedule of Portfolio Investments

| Name                              | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBRE Group, Inc.                  | CBRE Group, Inc., Class A                  | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     94423 | NS      | $14877287.88  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                      | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     56576 | NS      | $15911434.24  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.      | Cadence Design Systems, Inc.               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     64038 | NS      | $22493987.88  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co.              | Vulcan Materials Co.                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     43555 | NS      | $13398389.10  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group, Inc.                | CoStar Group, Inc.                         | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    107397 | NS      | $9061084.89   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                      | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1024965 | NS      | $191237969.70 | 14.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                  | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    336829 | NS      | $73957543.53  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.   | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     42951 | NS      | $11143207.44  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                   | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     58081 | NS      | $44315803.00  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                    | Alphabet, Inc., Class C                    | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    182897 | NS      | $44544564.35  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.           | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     83583 | NS      | $8160208.29   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                  | GE Vernova, Inc.                           | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     26673 | NS      | $16401227.70  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                       | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    487428 | NS      | $124113791.64 | 9.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash, Inc.                    | DoorDash, Inc., Class A                    | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     42445 | NS      | $11544615.55  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA             | Spotify Technology SA                      | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |     16621 | NS      | $11601458.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC   | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |  10022730 | NS      | $10022730.00  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard, Inc.                  | Mastercard, Inc., Class A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     66632 | NS      | $37900947.92  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                       | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    126415 | NS      | $56219278.80  | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.             | Arista Networks, Inc.                      | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     55526 | NS      | $8090693.46   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc            | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1676 | NS      | $707204.96    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc            | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |     24164 | NS      | $10196241.44  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group, Inc.             | TransDigm Group, Inc.                      | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6419 | NS      | $8460370.38   | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Sherwin-Williams Co. (The)        | Sherwin-Williams Co. (The)                 | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     26268 | NS      | $9095557.68   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global, Inc.                  | S&P Global, Inc.                           | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     15222 | NS      | $7408699.62   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq, Inc.                      | Nasdaq, Inc.                               | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    124282 | NS      | $10992742.90  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.   | Live Nation Entertainment, Inc.            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     47260 | NS      | $7722284.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Broadcom, Inc.                    | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    256411 | NS      | $84592553.01  | 6.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.              | Meta Platforms, Inc., Class A              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     72477 | NS      | $53225659.26  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.       | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     39430 | NS      | $8382029.40   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot, Inc.                     | HubSpot, Inc.                              | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     16368 | NS      | $7656950.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.       | Palantir Technologies, Inc., Class A       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     53627 | NS      | $9782637.34   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                     | Netflix, Inc.                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     26123 | NS      | $31319387.16  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                   | Starbucks Corp.                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    106170 | NS      | $8981982.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group AG                 | Galderma Group AG                          | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |     36523 | NS      | $6457277.42   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Corp.        | Constellation Energy Corp.                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     24195 | NS      | $7961848.65   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories, Inc.          | IDEXX Laboratories, Inc.                   | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     10415 | NS      | $6654039.35   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar, Inc.                 | Caterpillar, Inc.                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      5802 | NS      | $2768424.30   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp.                    | AppLovin Corp., Class A                    | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     29914 | NS      | $21494405.56  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                  | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     18224 | NS      | $16771182.72  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   9792407 | NS      | $9792407.29   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                   | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    337085 | NS      | $174593175.75 | 12.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections, Inc.           | Waste Connections, Inc.                    | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     47418 | NS      | $8336084.40   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                    | Lonza Group AG                             | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     14514 | NS      | $9704616.95   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical, Inc.          | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     29820 | NS      | $13336398.60  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                      | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     58558 | NS      | $13558519.32  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify, Inc.                     | Shopify, Inc., Class A                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     55292 | NS      | $8216944.12   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart, Inc.                      | Copart, Inc.                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    182154 | NS      | $8191465.38   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                        | Visa, Inc., Class A                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     79074 | NS      | $26994282.12  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                      | GE Aerospace                               | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     70808 | NS      | $21300462.56  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.              | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     60929 | NS      | $11717865.28  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd. | Canadian Pacific Kansas City Ltd.          | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    153563 | NS      | $11438907.87  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer