# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-003971
**Filing Date:** 2026-2
**Character Count:** 20361
**Document Hash:** cac06223ba2aa75b545aa954a8dd2fdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-003971.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-003971

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26675119

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $1318431441.41

**Total Liabilities:** $4123977.60

**Net Assets:** $1314307463.81

**Cash Not Reported:** $178712.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010841 | 3.43%                | -1.89%               | -0.75%               |
| Class ID C000010842 | 3.38%                | -1.88%               | -0.73%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24051700.20             | $21940079.36                               |
| Month 2  | $17356605.38             | $-44082738.99                              |
| Month 3  | $7567386.39              | $-16654406.38                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie, Inc.                      | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    108102 | NS      | $24700225.98  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.      | Advanced Micro Devices, Inc.               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    100075 | NS      | $21432062.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                    | Alphabet, Inc., Class C                    | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    209142 | NS      | $65628759.60  | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                  | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    286685 | NS      | $66172631.70  | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.              | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     55687 | NS      | $9776966.59   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                       | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    494620 | NS      | $134467393.20 | 10.23%            |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp.                    | AppLovin Corp., Class A                    | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     10365 | NS      | $6984144.30   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.             | Arista Networks, Inc.                      | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    109041 | NS      | $14287642.23  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.           | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     93793 | NS      | $8943162.55   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                    | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    240496 | NS      | $83235665.60  | 6.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC   | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   2405100 | NS      | $2405100.00   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group, Inc.                  | CBRE Group, Inc., Class A                  | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     92145 | NS      | $14815994.55  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.      | Cadence Design Systems, Inc.               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     58611 | NS      | $18320626.38  | 1.39%             |  |  |  | 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        |    101943 | NS      | $7506063.09   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.       | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     50998 | NS      | $12359875.28  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar, Inc.                 | Caterpillar, Inc.                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     17867 | NS      | $10235468.29  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.        | Constellation Energy Corp.                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     30778 | NS      | $10872944.06  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.              | Meta Platforms, Inc., Class A              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     70980 | NS      | $46853188.20  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                  | GE Vernova, Inc.                           | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     29362 | NS      | $19190122.34  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                      | GE Aerospace                               | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     69171 | NS      | $21306743.13  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.   | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     42136 | NS      | $12103566.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories, Inc.          | IDEXX Laboratories, Inc.                   | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      9972 | NS      | $6746357.16   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical, Inc.          | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     29201 | NS      | $16538278.36  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                | Lam Research Corp.                         | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    131057 | NS      | $22434337.26  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                   | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     46064 | NS      | $49504059.52  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.   | Live Nation Entertainment, Inc.            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     45920 | NS      | $6543600.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Mastercard, Inc.                  | Mastercard, Inc., Class A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     67282 | NS      | $38409948.16  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                   | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    296774 | NS      | $143525841.88 | 10.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq, Inc.                      | Nasdaq, Inc.                               | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    121923 | NS      | $11842380.99  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                     | Netflix, Inc.                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    167602 | NS      | $15714363.52  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                      | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    928949 | NS      | $173248988.50 | 13.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                      | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     23920 | NS      | $4662247.20   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.       | Palantir Technologies, Inc., Class A       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     50824 | NS      | $9033966.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                    | Lonza Group AG                             | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     12907 | NS      | $8702156.50   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Short Term Investment Fund | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |  19258702 | NS      | $19258702.13  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                  | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     94997 | NS      | $14552590.43  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co. (The)        | Sherwin-Williams Co. (The)                 | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     25770 | NS      | $8350253.10   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake, Inc.                   | Snowflake, Inc., Class A                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     38151 | NS      | $8368803.36   | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Starbucks Corp.                   | Starbucks Corp.                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    106992 | NS      | $9009796.32   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                       | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    121250 | NS      | $54528550.00  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group, Inc.             | TransDigm Group, Inc.                      | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5684 | NS      | $7558867.40   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                        | Visa, Inc., Class A                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     80602 | NS      | $28267927.42  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co.              | Vulcan Materials Co.                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     42729 | NS      | $12187165.38  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections, Inc.           | Waste Connections, Inc.                    | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     37632 | NS      | $6599147.52   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc            | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1676 | NS      | $652299.20    | 0.05%             |  |  |  | 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      |
| Galderma Group AG                 | Galderma Group AG                          | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |     44357 | NS      | $9032542.80   | 0.69%             |  |  |  | No            |                  2 | 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      |
| EURO                              | EURO                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |        -0 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc            | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |     33512 | NS      | $13042870.40  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA             | Spotify Technology SA                      | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |     13318 | NS      | $7733895.78   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer