# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-003954
**Filing Date:** 2026-2
**Character Count:** 30953
**Document Hash:** 1fe4d2e4c56e4611d1204e41a7597975
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-003954.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-003954

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26675081

**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 Emerging Markets Equity Fund (Series ID: S000003879)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010853 | Class IA Shares |  |
| C000010854 | 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 Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000003879

- **c. LEI of Series:** GOCT55GYSZZ8YF31Q617

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $28912536.14

**Total Liabilities:** $1030028.76

**Net Assets:** $27882507.38

**Delayed Delivery Securities:** $262006.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010853 | 3.76%                | -1.13%               | 2.05%                |
| Class ID C000010854 | 3.76%                | -1.14%               | 1.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $706758.22               | $320228.38                                 |
| Month 2  | $232574.57               | $-590532.27                                |
| Month 3  | $279541.48               | $182282.45                                 |

**Designated Index Information**

- **Index Name:** MSEMMF_AD - MSCI EM (EMERGING MARKETS) - Daily

- **Index Identifier:** BM0119

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Putnam Cash Collateral Pool LLC                        | Putnam Cash Collateral Pool LLC                        | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |    246375 | NS      | $246375.00    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Xtrackers Harvest CSI 300 China A-Shares ETF           | Xtrackers Harvest CSI 300 China A-Shares ETF, Class A  | CUSIP: 233051879<br>LEI: 549300KGVW9YY7MPVQ67 | Long             |  | RF                | US        |      8153 | NS      | $267826.05    | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Grupo Financiero Banorte SAB de CV                     | Grupo Financiero Banorte SAB de CV, Class O            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     21714 | NS      | $201301.41    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                 | iShares Core MSCI Emerging Markets ETF                 | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |      5999 | NS      | $403252.78    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                            | Abu Dhabi Islamic Bank PJSC                            | CUSIP: N/A<br>LEI: 5493006DOLY8O98XHD74       | Long             | EC               | CORP              | AE        |     79779 | NS      | $450564.89    | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd.                               | Mahindra & Mahindra Ltd.                               | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     14035 | NS      | $579632.43    | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| GE Vernova T&D India Ltd.                              | GE Vernova T&D India Ltd.                              | CUSIP: N/A<br>LEI: 549300NMRD6VZDFLN355       | Long             | EC               | CORP              | IN        |      6811 | NS      | $237378.73    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co. Ltd.                                    | PetroChina Co. Ltd., Class H                           | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |    568000 | NS      | $612246.72    | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                       | Apollo Hospitals Enterprise Ltd.                       | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |      3846 | NS      | $301598.19    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co. Ltd.                                | Elite Material Co. Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      4000 | NS      | $209567.76    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| King Yuan Electronics Co. Ltd.                         | King Yuan Electronics Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     43000 | NS      | $338490.84    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Gamuda Bhd.                                            | Gamuda Bhd.                                            | CUSIP: N/A<br>LEI: 254900RW4N94L9KA9137       | Long             | EC               | CORP              | MY        |    150036 | NS      | $183743.98    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Far EasTone Telecommunications Co. Ltd.                | Far EasTone Telecommunications Co. Ltd.                | CUSIP: N/A<br>LEI: 529900L7W7BWDLVZL253       | Long             | EC               | CORP              | TW        |     77000 | NS      | $216222.07    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Harbin Electric Co. Ltd.                               | Harbin Electric Co. Ltd., Class H                      | CUSIP: N/A<br>LEI: 529900QH6Y4U07RU0U61       | Long             | EC               | CORP              | CN        |    114000 | NS      | $244339.30    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd.                                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     27002 | NS      | $633776.96    | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix, Inc.                                         | SK Hynix, Inc.                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |       995 | NS      | $450613.79    | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services, Inc.        | International Container Terminal Services, Inc.        | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |     44110 | NS      | $423291.26    | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Electric Power Corp.                             | Korea Electric Power Corp.                             | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               | CORP              | KR        |     10531 | NS      | $345624.08    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co. Ltd.                        | CTBC Financial Holding Co. Ltd.                        | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               | CORP              | TW        |    236000 | NS      | $377078.54    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Asia Vital Components Co. Ltd.                         | Asia Vital Components Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      4000 | NS      | $191978.63    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN Group Ltd.                                         | MTN Group Ltd.                                         | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |     21024 | NS      | $215237.38    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd.                                         | FirstRand Ltd.                                         | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |     49354 | NS      | $270459.60    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever Indonesia Tbk. PT                             | Unilever Indonesia Tbk. PT                             | CUSIP: N/A<br>LEI: 549300MUHUFNRRI19O72       | Long             | EC               | CORP              | ID        |    674300 | NS      | $105138.23    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property & Casualty Co. Ltd.                      | PICC Property & Casualty Co. Ltd., Class H             | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |     70000 | NS      | $147168.55    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co. Ltd.                            | Zijin Mining Group Co. Ltd., Class H                   | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |     98000 | NS      | $448686.84    | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                           | Samsung Electronics Co. Ltd.                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     19108 | NS      | $1601535.08   | 5.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Heavy Industries Co. Ltd.                      | Samsung Heavy Industries Co. Ltd.                      | CUSIP: N/A<br>LEI: 988400OSK0T9LDTWNC20       | Long             | EC               | CORP              | KR        |     10611 | NS      | $177440.18    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co. Ltd.                              | Hanwha Aerospace Co. Ltd.                              | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |       296 | NS      | $193302.69    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.            | Taiwan Semiconductor Manufacturing Co. Ltd.            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     79000 | NS      | $3883425.53   | 13.93%            |  |  |  | No            |                  2 | On Loan: No      |
| JUMBO SA                                               | JUMBO SA                                               | CUSIP: N/A<br>LEI: 549300TGIVUUMY40MZ05       | Long             | EC               | CORP              | GR        |      1664 | NS      | $54559.37     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank                                               | OTP Bank Nyrt.                                         | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |      3264 | NS      | $349979.73    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Short Term Investment Fund                      | Putnam Short Term Investment Fund, Class P             | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   1020616 | NS      | $1020615.54   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd.                                               | Sea Ltd.                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1639 | NS      | $209087.23    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Larsen & Toubro Ltd.                                   | Larsen & Toubro Ltd.                                   | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |      7321 | NS      | $332725.84    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk. PT                              | Bank Central Asia Tbk. PT                              | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    610100 | NS      | $294615.29    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd.                                  | UltraTech Cement Ltd.                                  | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |      2403 | NS      | $315311.74    | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                  | Emaar Properties PJSC                                  | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |     83991 | NS      | $320555.34    | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| NTPC Ltd.                                              | NTPC Ltd.                                              | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | EC               | CORP              | IN        |    126685 | NS      | $465027.70    | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                               | Itau Unibanco Holding SA                               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |     67774 | NS      | $484371.98    | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Etihad Etisalat Co.                                    | Etihad Etisalat Co.                                    | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |     16724 | NS      | $293846.03    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                                          | Al Rajhi Bank                                          | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |     20400 | NS      | $529892.44    | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of China Ltd.                                     | Bank of China Ltd., Class H                            | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               | CORP              | CN        |   1368000 | NS      | $784312.11    | 2.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Hotels Co. Ltd. (The)                           | Indian Hotels Co. Ltd. (The), Class A                  | CUSIP: N/A<br>LEI: 33580076CH5SBY5HWA22       | Long             | EC               | CORP              | IN        |     38851 | NS      | $319777.28    | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |     16989 | NS      | $408976.74    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| China Pacific Insurance Group Co. Ltd.                 | China Pacific Insurance Group Co. Ltd., Class H        | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |     57600 | NS      | $261215.32    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group, Inc.                               | KB Financial Group, Inc.                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |      5354 | NS      | $460897.43    | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA                       | Powszechny Zaklad Ubezpieczen SA                       | CUSIP: N/A<br>LEI: QLPCKOOKVX32FUELX240       | Long             | EC               | CORP              | PL        |     15574 | NS      | $288266.21    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sieyuan Electric Co. Ltd.                              | Sieyuan Electric Co. Ltd., Class A                     | CUSIP: N/A<br>LEI: 836800H6UQQUWN4PSZ32       | Long             | EC               | CORP              | CN        |     11100 | NS      | $245378.19    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co. Ltd.                        | NAURA Technology Group Co. Ltd., Class A               | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |      4575 | NS      | $300512.34    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                             | National Bank of Greece SA                             | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     18188 | NS      | $277411.61    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Asset Management Co. Ltd.                         | HDFC Asset Management Co. Ltd.                         | CUSIP: N/A<br>LEI: 3358002FLK8AK8WSEP31       | Long             | EC               | CORP              | IN        |      6640 | NS      | $197507.11    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| WuXi AppTec Co. Ltd.                                   | WuXi AppTec Co. Ltd., Class H                          | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |     13180 | NS      | $167129.90    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                             | Alibaba Group Holding Ltd.                             | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     57700 | NS      | $1059427.52   | 3.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Eternal Ltd.                                           | Eternal Ltd.                                           | CUSIP: N/A<br>LEI: 335800T4VOF9ETHF8W59       | Long             | EC               | CORP              | IN        |     51027 | NS      | $158131.82    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Rasan Information Technology Co.                       | Rasan Information Technology Co.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |      7607 | NS      | $234932.71    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                  | Tencent Holdings Ltd.                                  | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     31400 | NS      | $2409747.14   | 8.64%             |  |  |  | No            |                  2 | On Loan: No      |
| TIM SA                                                 | TIM SA                                                 | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |     85400 | NS      | $331434.55    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| APR Corp.                                              | APR Corp.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       895 | NS      | $143506.15    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti plc                                  | Anglogold Ashanti plc                                  | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      3732 | NS      | $321399.13    | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Brazilian Real                                         | Brazilian Real                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |         0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corp.                                      | Samsung C&T Corp.                                      | CUSIP: N/A<br>LEI: 988400GFRE4IDFPE9E64       | Long             | EC               | CORP              | KR        |      2083 | NS      | $345972.20    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd.                                        | ICICI Bank Ltd.                                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |     42629 | NS      | $638010.40    | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Aditya Birla Capital Ltd.                              | Aditya Birla Capital Ltd.                              | CUSIP: N/A<br>LEI: 5299009K0PUXVSIRL787       | Long             | EC               | CORP              | IN        |     76453 | NS      | $304573.93    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Egyptian Pound                                         | Egyptian Pound                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | EG        |         0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                   | EURO                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |        -0 | OU      | $-0.04        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd.                                       | NU Holdings Ltd., Class A                              | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | KY        |     19675 | NS      | $329359.50    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Dollar                                       | Hong Kong Dollar                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |       224 | OU      | $28.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Forint                                                 | Forint                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HU        |         0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rupiah                                                 | Rupiah                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | ID        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Rupee                                           | Indian Rupee                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |  15148101 | OU      | $168538.08    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Won                                                    | Won                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |    351438 | OU      | $243.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexican Peso                                           | Mexican Peso                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | MX        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Riyal                                            | Saudi Riyal                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | SA        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Baht                                                   | Baht                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TH        |         0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New Taiwan Dollar                                      | New Taiwan Dollar                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |         8 | OU      | $0.26         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rand                                                   | Rand                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |       146 | OU      | $8.81         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer