# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012216
**Filing Date:** 2026-5
**Character Count:** 33423
**Document Hash:** d1762a2fff8b46f5e4d4ca4c5f5e6f4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012216.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012216

**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:** 261024580

**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:** 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:** $29712669.51

**Total Liabilities:** $192993.81

**Net Assets:** $29519675.70

**Cash Not Reported:** $64910.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010854 | 8.87%                | 6.17%                | -9.45%               |
| Class ID C000010853 | 8.87%                | 6.20%                | -9.45%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $317659.00               | $2142202.87                                |
| Month 2  | $694092.72               | $1196936.85                                |
| Month 3  | $167986.06               | $-3346759.14                               |

**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        |     27007 | NS      | $164531.41    | 0.56%             |  |  |  | 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        |     41891 | NS      | $241011.66    | 0.82%             |  |  |  | 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        |      9661 | NS      | $225755.64    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings plc                                      | HSBC Holdings plc                                      | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |      9200 | NS      | $150414.03    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Hengli Hydraulic Co. Ltd.                      | Jiangsu Hengli Hydraulic Co. Ltd., Class A             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      8400 | NS      | $118395.77    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                             | National Bank of Greece SA                             | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     14568 | NS      | $225044.78    | 0.76%             |  |  |  | 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        |     39010 | NS      | $442269.88    | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Etihad Etisalat Co.                                    | Etihad Etisalat Co.                                    | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |     17722 | NS      | $308623.54    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rand                                                   | Rand                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |       174 | OU      | $10.27        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                             | Alibaba Group Holding Ltd.                             | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     61700 | NS      | $967115.99    | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co. Ltd.                                    | PetroChina Co. Ltd., Class H                           | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |    440000 | NS      | $603619.05    | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| China Pacific Insurance Group Co. Ltd.                 | China Pacific Insurance Group Co. Ltd., Class H        | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |     88600 | NS      | $362870.17    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd.                                         | FirstRand Ltd.                                         | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |     64579 | NS      | $330600.01    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                       | Raia Drogasil SA                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     39700 | NS      | $180341.32    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Baht                                                   | Baht                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TH        |         0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Egyptian Pound                                         | Egyptian Pound                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | EG        |         0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rupiah                                                 | Rupiah                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | ID        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Far EasTone Telecommunications Co. Ltd.                | Far EasTone Telecommunications Co. Ltd.                | CUSIP: N/A<br>LEI: 529900L7W7BWDLVZL253       | Long             | EC               | CORP              | TW        |     77000 | NS      | $222405.43    | 0.75%             |  |  |  | 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        |     80000 | NS      | $4626761.99   | 15.67%            |  |  |  | No            |                  2 | On Loan: No      |
| GE Vernova T&D India Ltd.                              | GE Vernova T&D India Ltd.                              | CUSIP: N/A<br>LEI: 549300NMRD6VZDFLN355       | Long             | EC               | CORP              | IN        |      8974 | NS      | $347227.22    | 1.18%             |  |  |  | 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        |   1070000 | NS      | $683233.36    | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp.                                              | Kia Corp.                                              | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |      2222 | NS      | $219380.29    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd.                                   | Larsen & Toubro Ltd.                                   | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |      8733 | NS      | $324673.29    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                  | Emaar Properties PJSC                                  | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |     66145 | NS      | $216455.39    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd.                                       | NU Holdings Ltd., Class A                              | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | KY        |      3236 | NS      | $46501.32     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co. Ltd.                                   | WuXi AppTec Co. Ltd., Class H                          | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |     21180 | NS      | $324381.11    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA                       | Powszechny Zaklad Ubezpieczen SA                       | CUSIP: N/A<br>LEI: QLPCKOOKVX32FUELX240       | Long             | EC               | CORP              | PL        |     15574 | NS      | $271096.40    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| China Hongqiao Group Ltd.                              | China Hongqiao Group Ltd.                              | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | EC               | CORP              | KY        |     63000 | NS      | $284584.20    | 0.96%             |  |  |  | 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        |    450300 | NS      | $173942.34    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Bizlink Holding, Inc.                                  | Bizlink Holding, Inc.                                  | CUSIP: N/A<br>LEI: 213800YAKRFVU5XOX138       | Long             | EC               | CORP              | KY        |      5000 | NS      | $287107.67    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Wistron Corp.                                          | Wistron Corp.                                          | CUSIP: N/A<br>LEI: 254900DIEONKUALBFM06       | Long             | EC               | CORP              | TW        |     37000 | NS      | $147134.68    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                               | Itau Unibanco Holding SA                               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |     72974 | NS      | $612548.53    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                             | Embraer SA                                             | CUSIP: N/A<br>LEI: 549300EM51WYXFHUY333       | Long             | EC               | CORP              | BR        |      7400 | NS      | $109931.75    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Aerospace Co. Ltd.                              | Hanwha Aerospace Co. Ltd.                              | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |       224 | NS      | $191006.30    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Riyal                                            | Saudi Riyal                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | SA        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Investment Holdings Co. Ltd.                     | Korea Investment Holdings Co. Ltd.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       904 | NS      | $126119.53    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                  | Tencent Holdings Ltd.                                  | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     24500 | NS      | $1545273.34   | 5.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Sieyuan Electric Co. Ltd.                              | Sieyuan Electric Co. Ltd., Class A                     | CUSIP: N/A<br>LEI: 836800H6UQQUWN4PSZ32       | Long             | EC               | CORP              | CN        |      6900 | NS      | $204074.62    | 0.69%             |  |  |  | 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        |    236000 | NS      | $383527.97    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Heavy Industries Co. Ltd.                      | Samsung Heavy Industries Co. Ltd.                      | CUSIP: N/A<br>LEI: 988400OSK0T9LDTWNC20       | Long             | EC               | CORP              | KR        |     12623 | NS      | $211524.76    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Rasan Information Technology Co.                       | Rasan Information Technology Co.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |      7607 | NS      | $276040.30    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| APR Corp.                                              | APR Corp.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       956 | NS      | $218129.91    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                                          | Al Rajhi Bank                                          | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |     12566 | NS      | $358215.33    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sasol Ltd.                                             | Sasol Ltd.                                             | CUSIP: 803866102<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |      5043 | NS      | $66518.11     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co. Ltd.                                | Elite Material Co. Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      4000 | NS      | $341385.81    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                    | Hong Kong Exchanges & Clearing Ltd.                    | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |      6300 | NS      | $317822.39    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Dollar                                       | Hong Kong Dollar                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |       224 | OU      | $28.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New Taiwan Dollar                                      | New Taiwan Dollar                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |         9 | OU      | $0.27         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank                                               | OTP Bank Nyrt.                                         | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |      3232 | NS      | $346560.52    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                       | Apollo Hospitals Enterprise Ltd.                       | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |      4223 | NS      | $333625.29    | 1.13%             |  |  |  | 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        |     17585 | NS      | $1226553.75   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA                                                 | TIM SA                                                 | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |     72500 | NS      | $384345.11    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co. Ltd.               | Contemporary Amperex Technology Co. Ltd., Class A      | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |      3300 | NS      | $195248.01    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Won                                                    | Won                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |      1358 | OU      | $0.89         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever Indonesia Tbk. PT                             | Unilever Indonesia Tbk. PT                             | CUSIP: N/A<br>LEI: 549300MUHUFNRRI19O72       | Long             | EC               | CORP              | ID        |    527300 | NS      | $57105.61     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Australian Dollar                                      | Australian Dollar                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |      8913 | OU      | $6149.43      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Rupee                                           | Indian Rupee                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |      2627 | OU      | $27.70        | 0.00%             |  |  |  | No            |                  1 | 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        |     16515 | NS      | $504519.17    | 1.71%             |  |  |  | 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        |      4000 | NS      | $264198.03    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group, Inc.                               | KB Financial Group, Inc.                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |      5395 | NS      | $529629.64    | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd.                                  | UltraTech Cement Ltd.                                  | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |      2027 | NS      | $231521.82    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Brazilian Real                                         | Brazilian Real                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |         0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Forint                                                 | Forint                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HU        |         0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| King Yuan Electronics Co. Ltd.                         | King Yuan Electronics Co. Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     43000 | NS      | $367830.37    | 1.25%             |  |  |  | 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        |    431282 | NS      | $431281.81    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix, Inc.                                         | SK Hynix, Inc.                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |       827 | NS      | $469210.96    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti plc                                  | Anglogold Ashanti plc                                  | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      4054 | NS      | $404637.85    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd.                                        | ICICI Bank Ltd.                                        | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |     39677 | NS      | $509343.72    | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Harbin Electric Co. Ltd.                               | Harbin Electric Co. Ltd., Class H                      | CUSIP: N/A<br>LEI: 529900QH6Y4U07RU0U61       | Long             | EC               | CORP              | CN        |     70000 | NS      | $189055.38    | 0.64%             |  |  |  | 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        |      4575 | NS      | $300866.95    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aditya Birla Capital Ltd.                              | Aditya Birla Capital Ltd.                              | CUSIP: N/A<br>LEI: 5299009K0PUXVSIRL787       | Long             | EC               | CORP              | IN        |     92828 | NS      | $289027.50    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| TAL Education Group                                    | TAL Education Group                                    | CUSIP: 874080104<br>LEI: 5493003PJZS0EC085V72 | Long             | EC               | CORP              | KY        |     13572 | NS      | $154313.64    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd.                                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |     24787 | NS      | $471037.10    | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                                   | EURO                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |        -0 | OU      | $-0.03        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Korea Electric Power Corp.                             | Korea Electric Power Corp.                             | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               | CORP              | KR        |      6732 | NS      | $191393.08    | 0.65%             |  |  |  | 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        |     58000 | NS      | $260912.93    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Zloty                                                  | Zloty                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |        10 | OU      | $2.76         | 0.00%             |  |  |  | No            |                  1 | 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        |     26487 | NS      | $293761.42    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Philippine Peso                                        | Philippine Peso                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | PH        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN Group Ltd.                                         | MTN Group Ltd.                                         | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |     14584 | NS      | $170292.43    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| NTPC Ltd.                                              | NTPC Ltd.                                              | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | EC               | CORP              | IN        |    118282 | NS      | $465864.18    | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                           | Samsung Electronics Co. Ltd.                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     19793 | NS      | $2315016.82   | 7.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd.                               | Mahindra & Mahindra Ltd.                               | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     13982 | NS      | $438567.35    | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer