# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006508
**Filing Date:** 2025-11
**Character Count:** 33312
**Document Hash:** 1b0e4e942e4b58be6bada6b60ea1bb8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006508.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006508

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251511895

**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 Value Fund (Series ID: S000003894)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010883 | Class IA Shares |  |
| C000010884 | 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 Value Fund

- **b. EDGAR series identifier (if any):** S000003894

- **c. LEI of Series:** ITNNCTEHDDEMTCLPNT59

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $2371887373.68

**Total Liabilities:** $40538035.77

**Net Assets:** $2331349337.91

**Cash Not Reported:** $526275.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010883 | 1.02%                | 3.19%                | 1.72%                |
| Class ID C000010884 | 1.04%                | 3.15%                | 1.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26349215.15             | $-7338011.06                               |
| Month 2  | $3313460.66              | $65433259.96                               |
| Month 3  | $4991917.36              | $31181469.10                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States of America                 | U.S. Treasury Bond                         | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    273000 | PA      | $273000.00    | 0.01%             | 2052-08-15      | Fixed         | 3.00%                 | 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      | $66.89        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                          | BlackRock, Inc.                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     23500 | NS      | $27397945.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                        | Exxon Mobil Corp.                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    500436 | NS      | $56424159.00  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class A                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    309380 | NS      | $75210278.00  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                            | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    537592 | NS      | $55404231.52  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                          | CME Group, Inc.                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    116001 | NS      | $31342310.19  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                      | Valero Energy Corp.                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    152314 | NS      | $25932981.64  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH plc                                  | CRH plc                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |    303123 | NS      | $36344447.70  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                        | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    400000 | PA      | $397231.73    | 0.02%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                         | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    255795 | NS      | $56164908.15  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.          | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    108032 | NS      | $28027822.08  | 1.20%             |  |  |  | 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      | $-2163.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp.                   | Northrop Grumman Corp.                     | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     56141 | NS      | $34207834.12  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings, Inc.       | BJ's Wholesale Club Holdings, Inc.         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    150205 | NS      | $14006616.25  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                | Shell plc                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    742722 | NS      | $26639538.66  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                | Sanofi SA                                  | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |    308225 | NS      | $29187028.83  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                     | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    560786 | NS      | $42333735.14  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                   | Southwest Airlines Co.                     | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |   1016878 | NS      | $32448576.98  | 1.39%             |  |  |  | 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      | $21374.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Allstate Corp. (The)                     | Allstate Corp. (The)                       | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    162774 | NS      | $34939439.10  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC          | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |  37446750 | NS      | $37446750.00  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Lululemon Athletica, Inc.                | Lululemon Athletica, Inc.                  | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     29976 | NS      | $5333629.68   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                   | Becton Dickinson & Co.                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    159879 | NS      | $29924552.43  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology, Inc.                 | Marvell Technology, Inc.                   | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    217094 | NS      | $18251092.58  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc       | Johnson Controls International plc         | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |    327199 | NS      | $35975530.05  | 1.54%             |  |  |  | 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      | $110859.37    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                        | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2600000 | PA      | $2589554.50   | 0.11%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The)   | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    167049 | NS      | $33565155.57  | 1.44%             |  |  |  | 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      | $-371.42      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                   | Freeport-McMoRan, Inc.                     | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    669340 | NS      | $26251514.80  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                          | Citigroup, Inc.                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    882313 | NS      | $89554769.50  | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva, Inc.                            | Corteva, Inc.                              | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    521582 | NS      | $35274590.66  | 1.51%             |  |  |  | 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      | $-329.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca plc                          | AstraZeneca plc                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    383557 | NS      | $29426493.04  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                     | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |    197953 | NS      | $18098842.79  | 0.78%             |  |  |  | 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      | $45101.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| McKesson Corp.                           | McKesson Corp.                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     63573 | NS      | $49112685.42  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.              | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    245689 | NS      | $52228567.62  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International, Inc.        | Philip Morris International, Inc.          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    349652 | NS      | $56713554.40  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                            | Comcast Corp., Class A                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    327858 | NS      | $10301298.36  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                | PPL Corp.                                  | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    651517 | NS      | $24210371.72  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                      | Cisco Systems, Inc.                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    760453 | NS      | $52030194.26  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     92564 | NS      | $29197462.52  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                     | PPG Industries, Inc.                       | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |    125241 | NS      | $13164081.51  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                        | T-Mobile US, Inc.                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    157214 | NS      | $37633887.32  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                        | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2000000 | PA      | $1999776.88   | 0.09%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.           | Apollo Global Management, Inc.             | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    197363 | NS      | $26302567.01  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp.                               | Ball Corp.                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    184247 | NS      | $9289733.74   | 0.40%             |  |  |  | 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      | $91766.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Seagate Technology Holdings plc          | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |    214304 | NS      | $50588602.24  | 2.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Target Corp.                             | Target Corp.                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |    136310 | NS      | $12227007.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                           | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    229531 | NS      | $21711337.29  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)               | Charles Schwab Corp. (The)                 | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    428877 | NS      | $40944887.19  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand, Inc.                     | Ingersoll Rand, Inc.                       | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    287979 | NS      | $23792824.98  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                      | Coca-Cola Co. (The)                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    786012 | NS      | $52128315.84  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours, Inc.                  | DuPont de Nemours, Inc.                    | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |    241087 | NS      | $18780677.30  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)               | Procter & Gamble Co. (The)                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    253076 | NS      | $38885127.40  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                       | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |  56162199 | NS      | $56162199.00  | 2.41%             |  |  |  | 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      | $-1013.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)          | Goldman Sachs Group, Inc. (The)            | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     40029 | NS      | $31877094.15  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                          | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    124281 | NS      | $64371343.95  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                    | Bank of America Corp.                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1059344 | NS      | $54651556.96  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                           | Prologis, Inc.                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    190307 | NS      | $21793957.64  | 0.93%             |  |  |  | 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      | $82376.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.            | Honeywell International, Inc.              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |    134112 | NS      | $28230576.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                | RTX Corp.                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    262876 | NS      | $43987041.08  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                       | State Street Corp.                         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    110229 | NS      | $12787666.29  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                             | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    102447 | NS      | $23720578.38  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                     | Vornado Realty Trust                       | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    453813 | NS      | $18393040.89  | 0.79%             |  |  |  | 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      | $-20.64       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.          | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     60256 | NS      | $33880141.12  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                     | United Rentals, Inc.                       | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     29864 | NS      | $28509966.24  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.       | American International Group, Inc.         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    319420 | NS      | $25087246.80  | 1.08%             |  |  |  | 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      | $19479.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                 | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    100169 | NS      | $34588355.70  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                       | General Motors Co.                         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    761985 | NS      | $46458225.45  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.           | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     90253 | NS      | $43774510.06  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                              | FedEx Corp.                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |    134048 | NS      | $31609858.88  | 1.36%             |  |  |  | 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      | $-13501.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Charter Communications, Inc.             | Charter Communications, Inc., Class A      | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     50213 | NS      | $13813847.37  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                            | Accenture plc, Class A                     | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |    108860 | NS      | $26844876.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup, Inc.                         | PulteGroup, Inc.                           | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    378096 | NS      | $49957824.48  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                           | QUALCOMM, Inc.                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    109054 | NS      | $18142223.44  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                         | NRG Energy, Inc.                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    185574 | NS      | $30053709.30  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                     | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     45887 | NS      | $8824987.84   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                         | Novo Nordisk A/S                           | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    414754 | NS      | $23014699.46  | 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      | $49707.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eastman Chemical Co.                     | Eastman Chemical Co.                       | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |    130361 | NS      | $8219261.05   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer