# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012209
**Filing Date:** 2026-5
**Character Count:** 36314
**Document Hash:** b8973e99882c8a3dc438ddcd39ab5096
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012209.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012209

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**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:** 261024569

**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 Global Health Care Fund (Series ID: S000003874)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010843 | Class IA Shares |  |
| C000010844 | 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 Global Health Care Fund

- **b. EDGAR series identifier (if any):** S000003874

- **c. LEI of Series:** OGC9MX44J30WCPCACY55

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $141775478.68

**Total Liabilities:** $475750.57

**Net Assets:** $141299728.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010843 | 0.78%                | 3.49%                | -7.07%               |
| Class ID C000010844 | 0.77%                | 3.48%                | -7.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2413968.69              | $-1482977.91                               |
| Month 2  | $981343.12               | $4057112.04                                |
| Month 3  | $830998.99               | $-11976935.18                              |

**Designated Index Information**

- **Index Name:** MSCI World Health Care

- **Index Identifier:** BM1028

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $17529.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United Therapeutics Corp.         | United Therapeutics Corp.                  | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      1520 | NS      | $901329.60    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.          | Bristol-Myers Squibb Co.                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     50900 | NS      | $3087085.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1592.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                   | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     16520 | NS      | $15194600.40  | 10.75%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6075.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1479.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Boston Scientific Corp.           | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     62470 | NS      | $3919992.50   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed, Inc.                      | Insmed, Inc.                               | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      8600 | NS      | $1406272.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals, Inc.      | Rhythm Pharmaceuticals, Inc.               | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     11700 | NS      | $1017549.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-37118.50    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                  | Roche Holding AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      9330 | NS      | $3723517.57   | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                         | Sanofi SA                                  | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     52352 | NS      | $5055623.67   | 3.58%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                           | GSK plc                                    | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |     49074 | NS      | $1351766.80   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $501.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1233.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7296.98     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $14868.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                         | Argenx SE                                  | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | NL        |      1976 | NS      | $1434060.44   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Revolution Medicines, Inc.        | Revolution Medicines, Inc.                 | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |      6300 | NS      | $612675.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                 | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     53032 | NS      | $12963142.08  | 9.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                 | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     58046 | NS      | $6982353.34   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $135.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $940.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4321.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7387.22     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $73092.81     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $27470.48     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6390.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Xenon Pharmaceuticals, Inc.       | Xenon Pharmaceuticals, Inc.                | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     13000 | NS      | $755950.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                  | Novo Nordisk A/S, Class B                  | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     21247 | NS      | $777523.27    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5518.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Danish Krone                      | Danish Krone                               | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | DK        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $272.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-856.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-14653.76    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-31939.28    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6243.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp.                        | Hoya Corp.                                 | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     10600 | NS      | $1837620.60   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| McKesson Corp.                    | McKesson Corp.                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4060 | NS      | $3513361.60   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1901.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1489.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Medtronic plc                     | Medtronic plc                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     23600 | NS      | $2044940.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $652.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1448.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ascendis Pharma A/S               | Ascendis Pharma A/S                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      9264 | NS      | $2118954.72   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $241.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.             | Cardinal Health, Inc.                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     15100 | NS      | $3190781.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-321.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-257.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1418.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $9687.46      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $5221.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.      | Vertex Pharmaceuticals, Inc.               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      7080 | NS      | $3161503.20   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-13066.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-11829.36    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Australian Dollar                 | Australian Dollar                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |       250 | OU      | $172.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $12917.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1116.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co. Ltd.    | Chugai Pharmaceutical Co. Ltd.             | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |     23700 | NS      | $1307019.06   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Edwards Lifesciences Corp.        | Edwards Lifesciences Corp.                 | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     36200 | NS      | $2898896.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Boston Scientific Corp.                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   1632500 | NC      | $17378.45     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $117.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2574.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Precigen, Inc.                    | Precigen, Inc.                             | CUSIP: 74017N105<br>LEI: 549300XCWNQU35K64G19 | Long             | EC               | CORP              | US        |     87700 | NS      | $339399.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings, Inc.              | IQVIA Holdings, Inc.                       | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      4200 | NS      | $716268.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $7609.43      | 0.01%             |  |  |  | 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        |   4160789 | NS      | $4160788.87   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-14236.73    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $6502.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca plc                   | AstraZeneca plc                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     35532 | NS      | $6947927.17   | 4.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Amgen, Inc.                       | Amgen, Inc.                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5840 | NS      | $2054804.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-847.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-550.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-11937.51    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3125.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $9815.67      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America          | U.S. Treasury Bills                        | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $197892.71    | 0.14%             | 2026-07-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-8202.78     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1172.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-23943.70    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HCA Healthcare, Inc.              | HCA Healthcare, Inc.                       | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      4400 | NS      | $2082256.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical, Inc.          | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     12440 | NS      | $5734715.60   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                      | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     39100 | NS      | $8503859.00   | 6.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $9444.25      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2689.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.   | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1885 | NS      | $1456426.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.             | Gilead Sciences, Inc.                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     27600 | NS      | $3846612.00   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.          | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     25740 | NS      | $6964986.60   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.    | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     12960 | NS      | $6370228.80   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                       | Novartis AG                                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     48184 | NS      | $7395975.95   | 5.23%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $505.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp.                  | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     42400 | NS      | $3045168.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1940.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2412.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1012.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                            | UCB SA                                     | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |      5201 | NS      | $1567044.34   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| EURO                              | EURO                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |       305 | OU      | $353.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-16074.36    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4021.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4122.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-539.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Terns Pharmaceuticals, Inc.       | Terns Pharmaceuticals, Inc.                | CUSIP: 880881107<br>LEI: 254900S1ZDQMF4MYP709 | Long             | EC               | CORP              | US        |      7400 | NS      | $390128.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer