# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012261
**Filing Date:** 2026-5
**Character Count:** 50282
**Document Hash:** 6691c20e92c4b3b5976061b83e9d78fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012261.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012261

**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:** 261024645

**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 Core Equity Fund (Series ID: S000003880)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010855 | Class IA Shares |  |
| C000010856 | 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 Core Equity Fund

- **b. EDGAR series identifier (if any):** S000003880

- **c. LEI of Series:** 4G7DKLYVENKNDL7R6F33

**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:** $165034138.46

**Total Liabilities:** $2258882.58

**Net Assets:** $162775255.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010855 | 1.23%                | -1.17%               | -5.17%               |
| Class ID C000010856 | 1.23%                | -1.21%               | -5.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $440698.93               | $1957072.36                                |
| Month 2  | $1223692.66              | $-3423671.06                               |
| Month 3  | $363382.77               | $-9605202.22                               |

### 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        |     11150 | NS      | $1510379.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                   | Oracle Corp.                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      6919 | NS      | $1017854.09   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                             | Lam Research Corp.                             | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     14148 | NS      | $3022861.68   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                                | BlackRock, Inc.                                | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1014 | NS      | $975173.94    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corp.                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     15400 | NS      | $2612764.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                  | Walmart, Inc.                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     16353 | NS      | $2032350.84   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp.                        | Permian Resources Corp., Class A               | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     34716 | NS      | $740145.12    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group, Inc.                             | CoStar Group, Inc.                             | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |      4944 | NS      | $199440.96    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                   | NVIDIA Corp.                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     66646 | NS      | $11623062.40  | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp.                                     | PG&E Corp.                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     85907 | NS      | $1509385.99   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                               | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     29320 | NS      | $6106476.40   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.                | Hilton Worldwide Holdings, Inc.                | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      3868 | NS      | $1176181.44   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                         | Northrop Grumman Corp.                         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1159 | NS      | $790716.16    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                | Eli Lilly & Co.                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2629 | NS      | $2418075.33   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                 | Alphabet, Inc., Class C                        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     30582 | NS      | $8772752.52   | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Medline, Inc.                                  | Medline, Inc., Class A                         | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |      2041 | NS      | $90824.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp.                                    | Intel Corp.                                    | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      7227 | NS      | $318927.51    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                        | Boston Scientific Corp.                        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      3560 | NS      | $223390.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                  | Owens Corning                                  | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      1675 | NS      | $181268.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.          | International Business Machines Corp.          | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3095 | NS      | $750197.05    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                               | GE Vernova, Inc.                               | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       305 | NS      | $266234.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                    | Apple, Inc.                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     40322 | NS      | $10233320.38  | 6.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                           | NextEra Energy, Inc.                           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     10084 | NS      | $936601.92    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties, Inc.            | Gaming and Leisure Properties, Inc.            | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     22229 | NS      | $986300.73    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                         | Southwest Airlines Co.                         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     36379 | NS      | $1366759.03   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co. (The)                               | Boeing Co. (The)                               | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      4997 | NS      | $994552.91    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner, Inc.                                  | Gartner, Inc.                                  | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1151 | NS      | $182249.34    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                  | Starwood Property Trust, Inc.                  | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |     28363 | NS      | $488410.86    | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Snap-on, Inc.                                  | Snap-on, Inc.                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       726 | NS      | $263697.72    | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Kroger Co. (The)                               | Kroger Co. (The)                               | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      4548 | NS      | $329093.28    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC                | Putnam Cash Collateral Pool LLC                | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   1805715 | NS      | $1805715.00   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      7364 | NS      | $1800056.16   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                              | Merck & Co., Inc.                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     11173 | NS      | $1344000.17   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                               | Mastercard, Inc., Class A                      | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5744 | NS      | $2870047.04   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                                     | AT&T, Inc.                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     47869 | NS      | $1387722.31   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | McKesson Corp.                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   -471380 | NC      | $-3203.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tesla, Inc.                                    | Tesla, Inc.                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      8346 | NS      | $3102625.50   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Industrial Select Sector SPDR ETF | State Street Industrial Select Sector SPDR ETF | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Long             |  | RF                | US        |      8881 | NS      | $1436324.13   | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Assured Guaranty Ltd.                          | Assured Guaranty Ltd.                          | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |      4387 | NS      | $357452.76    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                         | Becton Dickinson & Co.                         | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      1982 | NS      | $311629.86    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp.                                    | Nucor Corp.                                    | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      5323 | NS      | $900119.30    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial, Inc.                  | Raymond James Financial, Inc.                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     10842 | NS      | $1569813.18   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co., Inc.                                | KKR & Co., Inc.                                | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      5736 | NS      | $530580.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                            | CUSIP: 912797SM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    100000 | PA      | $99778.49     | 0.06%             | 2026-04-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                         | Home Depot, Inc. (The)                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1734 | NS      | $570295.26    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos., Inc. (The)                      | Williams Cos., Inc. (The)                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      5977 | NS      | $435006.06    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd.                           | Viking Holdings Ltd.                           | CUSIP: N/A<br>LEI: 52990032GOPN7BVQMN13       | Long             | EC               | CORP              | BM        |     15275 | NS      | $1122407.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                                    | Adobe, Inc.                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1106 | NS      | $268846.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Permian Resources Corp.                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   -612396 | NC      | $-132154.77   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Deere & Co.                                    | Deere & Co.                                    | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1081 | NS      | $608927.30    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories, Inc.                     | Bio-Rad Laboratories, Inc., Class A            | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      1321 | NS      | $368228.75    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                            | UMB Financial Corp.                            | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      6564 | NS      | $740353.56    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                         | Freeport-McMoRan, Inc.                         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     18774 | NS      | $1103535.72   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                                | Citigroup, Inc.                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     22423 | NS      | $2542992.43   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb, Inc.                                   | Airbnb, Inc., Class A                          | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      1340 | NS      | $169215.20    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                           | Otis Worldwide Corp.                           | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     17286 | NS      | $1332404.88   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                                 | Broadcom, Inc.                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     13557 | NS      | $4196027.07   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                                 | McKesson Corp.                                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1847 | NS      | $1598319.92   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT, Inc.                                      | ADT, Inc.                                      | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40128 | NS      | $263640.96    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                           | Meta Platforms, Inc., Class A                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7429 | NS      | $4250353.77   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                  | Medtronic plc                                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      3220 | NS      | $279013.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.                    | Palantir Technologies, Inc., Class A           | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      3302 | NS      | $483016.56    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr. Pepper, Inc.                        | Keurig Dr. Pepper, Inc.                        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     17725 | NS      | $466699.25    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                        | Arch Capital Group Ltd.                        | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |     11382 | NS      | $1092558.18   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Hershey Co. (The)                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   -219420 | NC      | $-4795.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Antero Resources Corp.                         | Antero Resources Corp.                         | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     16773 | NS      | $711846.12    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                  | Netflix, Inc.                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      6792 | NS      | $653050.80    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp.                         | Tenet Healthcare Corp.                         | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      4377 | NS      | $825983.67    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                              | Five Star Bancorp                              | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |      8584 | NS      | $323788.48    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                            | Cisco Systems, Inc.                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     26988 | NS      | $2093998.92   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services, Inc.               | Guardian Pharmacy Services, Inc., Class A      | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15255 | NS      | $574503.30    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                            | Fifth Third Bancorp                            | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     10188 | NS      | $473334.48    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores, Inc.                   | Casey's General Stores, Inc.                   | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       828 | NS      | $602668.08    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Co.                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9280 | NS      | $2729804.80   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                       | Berkshire Hathaway, Inc., Class B              | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      6054 | NS      | $2901076.80   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      3586 | NS      | $590148.02    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                   | Advanced Micro Devices, Inc.                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      1831 | NS      | $372480.33    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.                 | Apollo Global Management, Inc.                 | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     11697 | NS      | $1303279.74   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                     | Constellation Energy Corp.                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1585 | NS      | $442611.25    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                   | Vertex Pharmaceuticals, Inc.                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       594 | NS      | $265244.76    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                              | Lowe's Cos., Inc.                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      6348 | NS      | $1499905.44   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                        | Mohawk Industries, Inc.                        | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      2447 | NS      | $240931.62    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                   | Target Corp.                                   | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      4831 | NS      | $585517.20    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      9531 | NS      | $1258092.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology, Inc.                        | Micron Technology, Inc.                        | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      1257 | NS      | $424664.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                            | Coca-Cola Co. (The)                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     26032 | NS      | $1979733.60   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours, Inc.                        | DuPont de Nemours, Inc.                        | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      6833 | NS      | $312951.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                               | ServiceNow, Inc.                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1529 | NS      | $159856.95    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                     | Ameriprise Financial, Inc.                     | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2298 | NS      | $1021231.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp, Inc.                                   | Intapp, Inc.                                   | CUSIP: 45827U109<br>LEI: 529900NMU89HO9PL5020 | Long             | EC               | CORP              | US        |      4474 | NS      | $114937.06    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                     | Procter & Gamble Co. (The)                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      8100 | NS      | $1169964.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV                       | Universal Music Group NV                       | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |     13297 | NS      | $258105.69    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                | Goldman Sachs Group, Inc. (The)                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      3628 | NS      | $3069251.72   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                          | Walt Disney Co. (The)                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     11693 | NS      | $1126971.34   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                                    | Amgen, Inc.                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1693 | NS      | $595682.05    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                | Microsoft Corp.                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     21894 | NS      | $8104501.98   | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co.                      | Molson Coors Beverage Co., Class B             | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      7118 | NS      | $306501.08    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                                | AstraZeneca plc                                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      2750 | NS      | $542355.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                          | Bank of America Corp.                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     47181 | NS      | $2300073.75   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp.                           | Kimberly-Clark Corp.                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      3506 | NS      | $338223.82    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                                     | NIKE, Inc., Class B                            | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      5329 | NS      | $281477.78    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp. (The)            | Bank of New York Mellon Corp. (The)            | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     15684 | NS      | $1860592.92   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Qnity Electronics, Inc.                        | Qnity Electronics, Inc.                        | CUSIP: 74743L100<br>LEI: 254900RSUG4J9TFFZX53 | Long             | EC               | CORP              | US        |      3231 | NS      | $372792.78    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PicS NV                                        | PicS NV, Class A                               | CUSIP: N/A<br>LEI: 2549003HUMNZFNKGCE37       | Long             | EC               | CORP              | NL        |      4106 | NS      | $42907.70     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Honeywell International, Inc.                  | Honeywell International, Inc.                  | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      3841 | NS      | $868181.23    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                            | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    300000 | PA      | $296839.07    | 0.18%             | 2026-07-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                      | RTX Corp.                                      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      4485 | NS      | $865156.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                           | HCA Healthcare, Inc.                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       797 | NS      | $377172.28    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                   | AbbVie, Inc.                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      7264 | NS      | $1579847.36   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                            | Union Pacific Corp.                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      7114 | NS      | $1725998.68   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AH Realty Trust, Inc.                          | AH Realty Trust, Inc.                          | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |     52121 | NS      | $286665.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                | Regeneron Pharmaceuticals, Inc.                | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       851 | NS      | $657516.64    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                           | United Rentals, Inc.                           | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1080 | NS      | $786844.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                              | Hershey Co. (The)                              | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      1907 | NS      | $396446.23    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies, Inc.                       | Tyler Technologies, Inc.                       | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1100 | NS      | $376618.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                       | UnitedHealth Group, Inc.                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3926 | NS      | $1062336.34   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                             | General Motors Co.                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      9063 | NS      | $675193.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                 | Thermo Fisher Scientific, Inc.                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1413 | NS      | $694531.89    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                                    | FedEx Corp.                                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1950 | NS      | $694551.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                     | Highwoods Properties, Inc.                     | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      6961 | NS      | $149035.01    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                               | McDonald's Corp.                               | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3422 | NS      | $1063523.38   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                   | Charter Communications, Inc., Class A          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      1389 | NS      | $299857.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup, Inc.                               | PulteGroup, Inc.                               | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10143 | NS      | $1192918.23   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                               | CVS Health Corp.                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      8521 | NS      | $611978.22    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co. (The)                       | New York Times Co. (The), Class A              | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      6328 | NS      | $529843.44    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                                 | QUALCOMM, Inc.                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      5505 | NS      | $708933.90    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                               | NRG Energy, Inc.                               | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      9883 | NS      | $1444301.62   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                             | Vail Resorts, Inc.                             | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      2267 | NS      | $290901.44    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Eastman Chemical Co.                           | Eastman Chemical Co.                           | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      2598 | NS      | $198279.36    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                               | Salesforce, Inc.                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      4615 | NS      | $861482.05    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co.                            | Graham Holdings Co., Class B                   | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |       228 | NS      | $241055.28    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group, Inc.                | Jefferies Financial Group, Inc.                | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |      2998 | NS      | $123727.46    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                     | eBay, Inc.                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      3864 | NS      | $351701.28    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                                   | Cintas Corp.                                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1617 | NS      | $273499.38    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                             | Best Buy Co., Inc.                             | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      7283 | NS      | $467568.60    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor plc                                      | Amcor plc                                      | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | JE        |      9694 | NS      | $385336.50    | 0.24%             |  |  |  | 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