# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-203517
**Filing Date:** 2025-8
**Character Count:** 29994
**Document Hash:** 2782fb65288a35e466111ac00d6b7e34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203517.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203517

**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:** 251253209

**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 Global Health Care Fund (Series ID: S000003874)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010843 | Class IA Shares |  |
| C000010844 | 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 Global Health Care Fund

- **b. EDGAR series identifier (if any):** S000003874

- **c. LEI of Series:** OGC9MX44J30WCPCACY55

**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:** $138694432.80

**Total Liabilities:** $1286958.59

**Net Assets:** $137407474.21

**Cash Not Reported:** $2642924.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010843 | -1.84%               | -6.25%               | 2.20%                |
| Class ID C000010844 | -1.89%               | -6.25%               | 2.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7090039.79             | $3505577.17                                |
| Month 2  | $-37257.52               | $-9074513.72                               |
| Month 3  | $2284437.77              | $539424.29                                 |

**Designated Index Information**

- **Index Name:** MSCI World Health Care

- **Index Identifier:** BM1028

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Enliven Therapeutics, Inc.      | Enliven Therapeutics, Inc.                 | CUSIP: 29337E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32018 | NS      | $642281.08    | 0.47%             |  |  |  | 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      | $4370.49      | 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      | $6498.04      | 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      | $53071.83     | 0.04%             |  |  |  | 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      | $-12506.14    | -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      | $-3120.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                 | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     18900 | NS      | $14733117.00  | 10.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp.                   | Danaher Corp.                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     12400 | NS      | $2449496.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.         | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     54570 | NS      | $5861363.70   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals, Inc.    | Rhythm Pharmaceuticals, Inc.               | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     10700 | NS      | $676133.00    | 0.49%             |  |  |  | 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      | $16543.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                       | Sanofi SA                                  | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     31583 | NS      | $3057667.52   | 2.23%             |  |  |  | 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      | $-13497.77    | -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      | $-4048.91     | -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      | $15272.62     | 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      | $17502.49     | 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      | $22190.37     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                       | Argenx SE                                  | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | NL        |      3602 | NS      | $1994005.69   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson               | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     33632 | NS      | $5137288.00   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.               | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     65646 | NS      | $5196537.36   | 3.78%             |  |  |  | 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      | $17377.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Becton Dickinson & Co.          | Becton Dickinson & Co.                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     17500 | NS      | $3014375.00   | 2.19%             |  |  |  | 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      | $13436.08     | 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      | $-8666.70     | -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      | $-8784.76     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                        | Bayer AG                                   | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     18692 | NS      | $563139.31    | 0.41%             |  |  |  | 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      | $-37813.71    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co. Ltd.         | Daiichi Sankyo Co. Ltd.                    | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |     34800 | NS      | $806250.10    | 0.59%             |  |  |  | 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      | $-1080.55     | -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      | $-5578.24     | -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      | $-4522.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Janux Therapeutics, Inc.        | Janux Therapeutics, Inc.                   | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18973 | NS      | $438276.30    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                | Novo Nordisk A/S, Class B                  | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     63488 | NS      | $4399340.64   | 3.20%             |  |  |  | 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      | $9476.02      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Encompass Health Corp.          | Encompass Health Corp.                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      5600 | NS      | $686728.00    | 0.50%             |  |  |  | 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      | $34993.31     | 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      | $2417.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| McKesson Corp.                  | McKesson Corp.                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      6200 | NS      | $4543236.00   | 3.31%             |  |  |  | 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      | $-24850.22    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories             | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     43500 | NS      | $5916435.00   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                   | Medtronic plc                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      8700 | NS      | $758379.00    | 0.55%             |  |  |  | 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      | $12842.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals, Inc.   | Alnylam Pharmaceuticals, Inc.              | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      4600 | NS      | $1500014.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S             | Ascendis Pharma A/S                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     23864 | NS      | $4118926.40   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma plc               | Verona Pharma plc                          | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |     11719 | NS      | $1108383.02   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.           | Cardinal Health, Inc.                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     12900 | NS      | $2167200.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom, Inc.                    | Dexcom, Inc.                               | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     15600 | NS      | $1361724.00   | 0.99%             |  |  |  | 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      | $6648.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                | Roche Holding AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     11513 | NS      | $3758072.17   | 2.73%             |  |  |  | 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      | $-9843.11     | -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      | $18688.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cigna Group (The)               | Cigna Group (The)                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      7300 | NS      | $2413234.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp.            | Legend Biotech Corp.                       | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |     21714 | NS      | $770629.86    | 0.56%             |  |  |  | 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      | $13093.01     | 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      | $-55989.44    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co. Ltd.  | Chugai Pharmaceutical Co. Ltd.             | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |     13200 | NS      | $689275.29    | 0.50%             |  |  |  | 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      | $91618.37     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp.                    | Terumo Corp.                               | CUSIP: N/A<br>LEI: 353800JX1R4582QVK932       | Long             | EC               | CORP              | JP        |     28000 | NS      | $513852.66    | 0.37%             |  |  |  | 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      | $13622.69     | 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      | $-11960.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Funds Trust              | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   4292730 | NS      | $4292730.37   | 3.12%             |  |  |  | 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      | $-7119.79     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca plc                 | AstraZeneca plc                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     44431 | NS      | $6183425.28   | 4.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Quest Diagnostics, Inc.         | Quest Diagnostics, Inc.                    | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      6500 | NS      | $1167595.00   | 0.85%             |  |  |  | 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      | $11338.85     | 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      | $996.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA Healthcare, Inc.            | HCA Healthcare, Inc.                       | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      5400 | NS      | $2068740.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical, Inc.        | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      9500 | NS      | $5162395.00   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                    | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     44900 | NS      | $8334338.00   | 6.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva, Inc.                  | Innoviva, Inc.                             | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |    200264 | NS      | $4023303.76   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      5900 | NS      | $3097500.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.        | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     22100 | NS      | $6894537.00   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.  | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     12200 | NS      | $4946612.00   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                     | Novartis AG                                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     47795 | NS      | $5801218.93   | 4.22%             |  |  |  | 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      | $6347.07      | 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      | $-1960.43     | -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      | $3032.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp.                | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     44200 | NS      | $3048916.00   | 2.22%             |  |  |  | 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      | $22490.54     | 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      | $-4882.56     | -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      | $13661.58     | 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      | $12667.77     | 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      | $-21789.63    | -0.02%            |  |  |  | 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