# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-203503
**Filing Date:** 2025-8
**Character Count:** 27234
**Document Hash:** 5270ab42787fdaa448c6fe46dc7ed341
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203503.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203503

**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:** 251253193

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

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

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

## Series and Classes Contracts Data

### Putnam VT Emerging Markets Equity Fund (Series ID: S000003879)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010853 | Class IA Shares |  |
| C000010854 | Class IB Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

- **a. Name of Series:** Putnam VT Emerging Markets Equity Fund

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

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

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

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

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

**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:** $25435172.88

**Total Liabilities:** $499777.43

**Net Assets:** $24935395.45

**Cash Not Reported:** $648.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010854 | 1.11%                | 3.40%                | 6.72%                |
| Class ID C000010853 | 1.20%                | 3.36%                | 6.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $46974.58                | $157264.63                                 |
| Month 2  | $132932.46               | $619474.15                                 |
| Month 3  | $259937.40               | $1264085.44                                |

**Designated Index Information**

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

- **Index Identifier:** BM0119

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Indian Hotels Co. Ltd.(The)                            | Indian Hotels Co. Ltd. (The), Class A                  | CUSIP: N/A<br>LEI: 33580076CH5SBY5HWA22       | Long             | EC               | CORP              | IN        |     35990 | NS      | $319165.82    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                            | Abu Dhabi Islamic Bank PJSC                            | CUSIP: N/A<br>LEI: 5493006DOLY8O98XHD74       | Long             | EC               | CORP              | AE        |    101514 | NS      | $594341.69    | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Asset Management Co. Ltd.                         | HDFC Asset Management Co. Ltd.                         | CUSIP: N/A<br>LEI: 3358002FLK8AK8WSEP31       | Long             | EC               | CORP              | IN        |      4969 | NS      | $300950.37    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                               | Sea Ltd.                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1469 | NS      | $234951.86    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                             | National Bank of Greece SA                             | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     27131 | NS      | $345940.59    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services, Inc.        | International Container Terminal Services, Inc.        | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |     49900 | NS      | $363788.71    | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Etihad Etisalat Co.                                    | Etihad Etisalat Co.                                    | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |     19591 | NS      | $309757.71    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                             | Alibaba Group Holding Ltd.                             | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     53000 | NS      | $750265.33    | 3.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                                | Meituan Dianping, Class B                              | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | KY        |      3500 | NS      | $56301.14     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd.                                     | Bajaj Finance Ltd.                                     | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |     11940 | NS      | $130400.97    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co. Ltd.                                    | PetroChina Co. Ltd., Class H                           | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |    568000 | NS      | $489489.41    | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| JUMBO SA                                               | JUMBO SA                                               | CUSIP: N/A<br>LEI: 549300TGIVUUMY40MZ05       | Long             | EC               | CORP              | GR        |      5023 | NS      | $173363.50    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Heavy Industries Co. Ltd.                   | HD Hyundai Heavy Industries Co. Ltd.                   | CUSIP: N/A<br>LEI: 988400CAR8W9URQLGF30       | Long             | EC               | CORP              | KR        |       581 | NS      | $183383.98    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Far EasTone Telecommunications Co. Ltd.                | Far EasTone Telecommunications Co. Ltd.                | CUSIP: N/A<br>LEI: 529900L7W7BWDLVZL253       | Long             | EC               | CORP              | TW        |     62000 | NS      | $190058.73    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.            | Taiwan Semiconductor Manufacturing Co. Ltd.            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     81000 | NS      | $2962117.68   | 11.88%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of China Ltd.                                     | Bank of China Ltd., Class H                            | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               | CORP              | CN        |   1254000 | NS      | $730031.01    | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp.                                              | Kia Corp.                                              | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |      2523 | NS      | $180531.76    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                  | Emaar Properties PJSC                                  | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |     83991 | NS      | $311576.48    | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Cash Collateral Pool LLC                        | Putnam Cash Collateral Pool LLC                        | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |    223350 | NS      | $223350.00    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk. PT                              | Bank Central Asia Tbk. PT                              | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    655300 | NS      | $350289.09    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Coforge Ltd.                                           | Coforge Ltd.                                           | CUSIP: N/A<br>LEI: 3358004YL9JGBNP4KF72       | Long             | EC               | CORP              | IN        |      5805 | NS      | $130287.15    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Kolmar Korea Co. Ltd.                                  | Kolmar Korea Co. Ltd.                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      2120 | NS      | $156324.49    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                               | Itau Unibanco Holding SA                               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |     46600 | NS      | $316922.20    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                  | Tencent Holdings Ltd.                                  | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     31400 | NS      | $2023278.28   | 8.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co. Ltd.                        | CTBC Financial Holding Co. Ltd.                        | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               | CORP              | TW        |    195000 | NS      | $291843.14    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Shoprite Holdings Ltd.                                 | Shoprite Holdings Ltd.                                 | CUSIP: N/A<br>LEI: 529900Q4O1EYP6NH5150       | Long             | EC               | CORP              | ZA        |     18233 | NS      | $285229.36    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Rajhi Bank                                          | Al Rajhi Bank                                          | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |     23790 | NS      | $600051.71    | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co. Ltd.                                | Elite Material Co. Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      7000 | NS      | $211670.66    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek, Inc.                                         | MediaTek, Inc.                                         | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |      7000 | NS      | $299940.64    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property & Casualty Co. Ltd.                      | PICC Property & Casualty Co. Ltd., Class H             | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |    204000 | NS      | $396407.69    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Rotem Co. Ltd.                                 | Hyundai Rotem Co. Ltd.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       563 | NS      | $81700.16     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                       | Apollo Hospitals Enterprise Ltd.                       | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |      3846 | NS      | $324899.49    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                 | iShares Core MSCI Emerging Markets ETF                 | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |     10940 | NS      | $656728.20    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA                                                 | TIM SA                                                 | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |    138800 | NS      | $563313.76    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp.                                | Accton Technology Corp.                                | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               | CORP              | TW        |     11000 | NS      | $274931.37    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever Indonesia Tbk. PT                             | Unilever Indonesia Tbk. PT                             | CUSIP: N/A<br>LEI: 549300MUHUFNRRI19O72       | Long             | EC               | CORP              | ID        |    592100 | NS      | $52933.78     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                             | Alibaba Group Holding Ltd.                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |       800 | NS      | $90728.00     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd.                         | Tata Consultancy Services Ltd.                         | CUSIP: N/A<br>LEI: 335800ZJKU9GPQRE2U66       | Long             | EC               | CORP              | IN        |      8034 | NS      | $324416.81    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |     13900 | NS      | $304781.25    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co. Ltd.                         | Asia Vital Components Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      8000 | NS      | $204339.57    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group, Inc.                               | KB Financial Group, Inc.                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |      4114 | NS      | $338073.20    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd.                                  | UltraTech Cement Ltd.                                  | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |      2025 | NS      | $285626.61    | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| PRADA SpA                                              | PRADA SpA                                              | CUSIP: N/A<br>LEI: 8156000FE0A2DC5B7852       | Long             | EC               | CORP              | IT        |     19900 | NS      | $123629.75    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                     | Putnam Short Term Investment Fund, Class P             | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    498667 | NS      | $498666.54    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix, Inc.                                         | SK Hynix, Inc.                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      3266 | NS      | $703762.94    | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp.                                           | Xiaomi Corp., Class B                                  | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | KY        |     87200 | NS      | $671242.64    | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Benefit Systems SA                                     | Benefit Systems SA                                     | CUSIP: N/A<br>LEI: 2594007UY43JEUOLID52       | Long             | EC               | CORP              | PL        |       120 | NS      | $105553.93    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd.                           | Amber Enterprises India Ltd.                           | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |      2273 | NS      | $179503.40    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Mazagon Dock Shipbuilders Ltd.                         | Mazagon Dock Shipbuilders Ltd.                         | CUSIP: N/A<br>LEI: 335800UWDDBKMF92JF96       | Long             | EC               | CORP              | IN        |      1317 | NS      | $49825.49     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre, Inc.                                     | MercadoLibre, Inc.                                     | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        99 | NS      | $258749.37    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti plc                                  | Anglogold Ashanti plc                                  | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      2299 | NS      | $105021.74    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co. Ltd.                                           | BYD Co. Ltd., Class H                                  | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |     13000 | NS      | $202410.43    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd.                                        | ICICI Bank Ltd.                                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |     53525 | NS      | $904558.75    | 3.63%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co. Ltd.                        | NAURA Technology Group Co. Ltd., Class A               | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |      2500 | NS      | $154405.25    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd.                                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     24656 | NS      | $578036.98    | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Meritz Financial Group, Inc.                           | Meritz Financial Group, Inc.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      2963 | NS      | $246487.57    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Electric Power Corp.                             | Korea Electric Power Corp.                             | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               | CORP              | KR        |     10531 | NS      | $304316.60    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co. Ltd.                            | Zijin Mining Group Co. Ltd., Class H                   | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |    152000 | NS      | $390915.39    | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                     | Grupo Financiero Banorte SAB de CV, Class O            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     41434 | NS      | $378734.30    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd.                                        | MakeMyTrip Ltd.                                        | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | MU        |      1591 | NS      | $155949.82    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Gamuda Bhd.                                            | Gamuda Bhd.                                            | CUSIP: N/A<br>LEI: 254900RW4N94L9KA9137       | Long             | EC               | CORP              | MY        |    234700 | NS      | $267151.94    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Xtrackers Harvest CSI 300 China A-Shares ETF           | Xtrackers Harvest CSI 300 China A-Shares ETF, Class A  | CUSIP: 233051879<br>LEI: 549300KGVW9YY7MPVQ67 | Long             |  | RF                | US        |     11755 | NS      | $323732.70    | 1.30%             |  |  |  | No            |                  1 | On Loan: —       |
| NTPC Ltd.                                              | NTPC Ltd.                                              | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | EC               | CORP              | IN        |     98016 | NS      | $382746.01    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                           | Samsung Electronics Co. Ltd.                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |      9396 | NS      | $415506.36    | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd.                               | Mahindra & Mahindra Ltd.                               | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     13044 | NS      | $484157.23    | 1.94%             |  |  |  | No            |                  2 | 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