# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012274
**Filing Date:** 2026-5
**Character Count:** 20311
**Document Hash:** b07e5b3abacef1d4b9201a0f84a8b08f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012274.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012274

**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:** 261024685

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $1154699669.76

**Total Liabilities:** $13218608.08

**Net Assets:** $1141481061.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010842 | -1.14%               | -3.22%               | -5.66%               |
| Class ID C000010841 | -1.08%               | -3.22%               | -5.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15907754.84             | $-29933218.07                              |
| Month 2  | $11893073.29             | $-53342385.02                              |
| Month 3  | $11751497.34             | $-79937182.29                              |

### 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        |     68665 | NS      | $9301360.90   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                      | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     51790 | NS      | $7618826.90   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.      | Cadence Design Systems, Inc.               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     53463 | NS      | $14855763.81  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                | Lam Research Corp.                         | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    121305 | NS      | $25918026.30  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co.              | Vulcan Materials Co.                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     42118 | NS      | $11468731.40  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                      | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    906225 | NS      | $158045640.00 | 13.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                  | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    247841 | NS      | $51617845.07  | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.   | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     33490 | NS      | $10183639.20  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                   | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     42351 | NS      | $38953179.27  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                    | Alphabet, Inc., Class C                    | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    233328 | NS      | $66932470.08  | 5.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.           | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     92411 | NS      | $5798790.25   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake, Inc.                   | Snowflake, Inc., Class A                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     44122 | NS      | $6654480.04   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                  | GE Vernova, Inc.                           | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     27294 | NS      | $23824932.60  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                       | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    460672 | NS      | $116913946.88 | 10.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA             | Spotify Technology SA                      | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |     21055 | NS      | $10209780.05  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC   | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |  11313820 | NS      | $11313820.00  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard, Inc.                  | Mastercard, Inc., Class A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     68686 | NS      | $34319646.76  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                       | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    114801 | NS      | $42677271.75  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.             | Arista Networks, Inc.                      | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     87188 | NS      | $10704942.64  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc            | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1676 | NS      | $698456.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc            | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |     32853 | NS      | $13691159.22  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group, Inc.             | TransDigm Group, Inc.                      | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6220 | NS      | $7208731.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co. (The)        | Sherwin-Williams Co. (The)                 | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     25402 | NS      | $8142611.10   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Franc                       | Swiss Franc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CH        |         0 | OU      | $0.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq, Inc.                      | Nasdaq, Inc.                               | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     82870 | NS      | $7034834.30   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.   | Live Nation Entertainment, Inc.            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     65863 | NS      | $10044766.13  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                    | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    233370 | NS      | $72230348.70  | 6.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.              | Meta Platforms, Inc., Class A              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     90185 | NS      | $51597544.05  | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.       | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     43676 | NS      | $7967812.68   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.            | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     26542 | NS      | $26447245.06  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.       | Palantir Technologies, Inc., Class A       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     59779 | NS      | $8744472.12   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                     | Netflix, Inc.                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    104938 | NS      | $10089788.70  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                   | Starbucks Corp.                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     95683 | NS      | $8572239.97   | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |
| Galderma Group AG                 | Galderma Group AG                          | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |     39109 | NS      | $7686240.87   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro Devices, Inc.      | Advanced Micro Devices, Inc.               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     69554 | NS      | $14149370.22  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.        | Constellation Energy Corp.                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     30339 | NS      | $8472165.75   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                 | Australian Dollar                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |       371 | OU      | $255.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories, Inc.          | IDEXX Laboratories, Inc.                   | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     11253 | NS      | $6322948.17   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar, Inc.                 | Caterpillar, Inc.                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     19836 | NS      | $14053012.56  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                  | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     96437 | NS      | $10082488.35  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Short Term Investment Fund | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |  13854707 | NS      | $13854706.51  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                   | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    242685 | NS      | $89834706.45  | 7.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                    | Lonza Group AG                             | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     12633 | NS      | $8104304.50   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical, Inc.          | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     30539 | NS      | $14078173.61  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                      | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     86379 | NS      | $18786568.71  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                        | Visa, Inc., Class A                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     79422 | NS      | $24004505.28  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co.              | General Electric Co.                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     68183 | NS      | $19348289.91  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                              | EURO                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |        -0 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Boliviano                         | Boliviano                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | BO        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.              | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     47012 | NS      | $8113330.96   | 0.71%             |  |  |  | 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        |    100633 | NS      | $7915791.78   | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer