# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-203505
**Filing Date:** 2025-8
**Character Count:** 33572
**Document Hash:** b8df4fc5c2488951cefca6402a926bb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203505.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203505

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251253196

**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 Sustainable Leaders Fund (Series ID: S000003884)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010863 | Class IA Shares |  |
| C000010864 | 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 Sustainable Leaders Fund

- **b. EDGAR series identifier (if any):** S000003884

- **c. LEI of Series:** B8ZS316QP9AOFBYPRB36

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $912357281.13

**Total Liabilities:** $4020004.34

**Net Assets:** $908337276.79

**Cash Not Reported:** $188542.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010863 | -0.79%               | 5.56%                | 4.41%                |
| Class ID C000010864 | -0.81%               | 5.53%                | 4.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5081452.32             | $1300870.37                                |
| Month 2  | $-418970.94              | $46441649.69                               |
| Month 3  | $584869.77               | $39439747.35                               |

**Designated Index Information**

- **Index Name:** SS&P 500 Daily Index

- **Index Identifier:** BM0129

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cadence Design Systems, Inc.       | Cadence Design Systems, Inc.               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     30000 | NS      | $9244500.00   | 1.02%             |  |  |  | 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      | $-233918.43   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis Novozymes                | Novonesis Novozymes, Class B               | CUSIP: N/A<br>LEI: 529900T6WNZXD2R3JW38       | Long             | EC               | CORP              | DK        |    172129 | NS      | $12358325.60  | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Walmart, Inc.                      | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    203900 | NS      | $19937342.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH plc                            | CRH plc                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     85400 | NS      | $7839720.00   | 0.86%             |  |  |  | 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      | $-35056.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                       | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    350700 | NS      | $55407093.00  | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America           | U.S. Treasury Bills                        | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    100000 | PA      | $98222.25     | 0.01%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                   | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    250900 | NS      | $55044951.00  | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.    | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     55199 | NS      | $14701701.66  | 1.62%             |  |  |  | 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      | $-37190.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                    | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     22300 | NS      | $17383519.00  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.            | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    149100 | NS      | $16014831.00  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                          | Danone SA                                  | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    131425 | NS      | $10753631.91  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                          | Sanofi SA                                  | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     37172 | NS      | $3598759.37   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                            | GSK plc                                    | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    202866 | NS      | $3867938.41   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services, Inc.            | Republic Services, Inc., Class A           | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     53600 | NS      | $13218296.00  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International, Inc. | Mettler-Toledo International, Inc.         | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      7100 | NS      | $8340512.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                        | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    309088 | NS      | $63415584.96  | 6.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.               | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    206600 | NS      | $14342172.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co. (The)                   | Kroger Co. (The)                           | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    208900 | NS      | $14984397.00  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                   | Mastercard, Inc., Class A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     33900 | NS      | $19049766.00  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc    | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |     20200 | NS      | $2915466.00   | 0.32%             |  |  |  | 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      | $7436.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.           | Marvell Technology, Inc.                   | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    171300 | NS      | $13258620.00  | 1.46%             |  |  |  | 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      | $-40707.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co., Inc.                    | KKR & Co., Inc.                            | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     87100 | NS      | $11586913.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                    | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      9200 | NS      | $7372788.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)             | Home Depot, Inc. (The)                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     40000 | NS      | $14665600.00  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America           | U.S. Treasury Bills                        | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2500000 | PA      | $2463257.78   | 0.27%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill, Inc.       | Chipotle Mexican Grill, Inc., Class A      | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194800 | NS      | $10938020.00  | 1.20%             |  |  |  | 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      | $-54880.40    | -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      | $-345916.24   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| MSCI, Inc.                         | MSCI, Inc., Class A                        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     11800 | NS      | $6805532.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.               | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     52300 | NS      | $5178746.00   | 0.57%             |  |  |  | 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      | $-44807.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fortive Corp.                      | Fortive Corp.                              | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     76700 | NS      | $3998371.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                     | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    122700 | NS      | $33822255.00  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.           | Roper Technologies, Inc.                   | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     27900 | NS      | $15814836.00  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group plc    | London Stock Exchange Group plc            | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |     67144 | NS      | $9819623.21   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.        | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     65500 | NS      | $13935780.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.             | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      6300 | NS      | $6236622.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper, Inc.             | Keurig Dr Pepper, Inc.                     | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    285390 | NS      | $9434993.40   | 1.04%             |  |  |  | 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      | $12808.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever plc                       | Unilever plc                               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    261752 | NS      | $15976647.17  | 1.76%             |  |  |  | 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      | $42343.63     | 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      | $33848.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.               | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     91100 | NS      | $26410801.00  | 2.91%             |  |  |  | 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      | $-134209.54   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America           | U.S. Treasury Bills                        | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2300000 | PA      | $2274922.46   | 0.25%             | 2025-10-02      | 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      | $-149702.69   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Corp.         | Constellation Energy Corp.                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     57100 | NS      | $18429596.00  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp.                         | Ball Corp.                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    220200 | NS      | $12351018.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials, Inc.            | Applied Materials, Inc.                    | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     55000 | NS      | $10068850.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG, Inc.                          | TPG, Inc., Class A                         | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |    155758 | NS      | $8169507.10   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc    | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |     63500 | NS      | $9164955.00   | 1.01%             |  |  |  | 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      | $-82517.70    | -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      | $-71095.42    | -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      | $2779.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstService Corp.                 | FirstService Corp.                         | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     33100 | NS      | $5779922.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand, Inc.               | Ingersoll Rand, Inc.                       | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    159100 | NS      | $13233938.00  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                   | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      9100 | NS      | $9355528.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                 | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |  20640391 | NS      | $20640390.91  | 2.27%             |  |  |  | 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      | $-74250.99    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)              | Walt Disney Co. (The)                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    135600 | NS      | $16815756.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                    | AstraZeneca plc                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     56538 | NS      | $7868346.39   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Ralliant Corp.                     | Ralliant Corp.                             | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25567 | NS      | $1239727.67   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                    | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    167600 | NS      | $83365916.00  | 9.18%             |  |  |  | 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      | $-94829.12    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.              | Bank of America Corp.                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    342104 | NS      | $16188361.28  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                     | Prologis, Inc.                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    115000 | NS      | $12088800.00  | 1.33%             |  |  |  | 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      | $-7828.48     | -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      | $34757.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BXP, Inc.                          | BXP, Inc.                                  | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     91700 | NS      | $6186999.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical, Inc.           | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     18000 | NS      | $9781380.00   | 1.08%             |  |  |  | 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      | $-190835.11   | -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      | $-634.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.    | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      9000 | NS      | $4725000.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.     | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     21000 | NS      | $8514660.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.  | Canadian Pacific Kansas City Ltd.          | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     92000 | NS      | $7308654.31   | 0.80%             |  |  |  | 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      | $-122105.85   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| On Holding AG                      | On Holding AG, Class A                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |     76600 | NS      | $3987030.00   | 0.44%             |  |  |  | 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      | $-286080.08   | -0.03%            |  |  |  | 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      | $-85336.72    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Accenture plc                      | Accenture plc, Class A                     | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     32000 | NS      | $9564480.00   | 1.05%             |  |  |  | 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      | $-162567.95   | -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      | $-150932.13   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp.               | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     41900 | NS      | $9260738.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                   | Salesforce, Inc.                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     52700 | NS      | $14370763.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton, Inc.                    | DR Horton, Inc.                            | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     53000 | NS      | $6832760.00   | 0.75%             |  |  |  | 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      | $-137942.65   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Linde plc                          | Linde plc                                  | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |     28400 | NS      | $13324712.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer