# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006490
**Filing Date:** 2025-11
**Character Count:** 43882
**Document Hash:** b473df04a446f066dd979d41b4733056
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006490.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006490

**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:** 251511871

**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 Sustainable Future Fund (Series ID: S000003881)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010857 | Class IA Shares |  |
| C000010858 | 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 Sustainable Future Fund

- **b. EDGAR series identifier (if any):** S000003881

- **c. LEI of Series:** JYIPQPR6E8NLCIAKNR15

**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:** $31502102.02

**Total Liabilities:** $68231.71

**Net Assets:** $31433870.31

**Cash Not Reported:** $3763.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010857 | 2.56%                | -1.45%               | 1.60%                |
| Class ID C000010858 | 2.54%                | -1.47%               | 1.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $376979.21               | $333843.37                                 |
| Month 2  | $382294.14               | $-785160.33                                |
| Month 3  | $249710.03               | $230134.41                                 |

**Designated Index Information**

- **Index Name:** RUSSELL MIDCAP GROWTH INDEX

- **Index Identifier:** BM0824

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ServiceTitan, Inc.                          | ServiceTitan, Inc., Class A                 | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1759 | NS      | $177359.97    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                | Cadence Design Systems, Inc.                | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       874 | NS      | $307001.24    | 0.98%             |  |  |  | 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      | $1.87         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis Novozymes                         | Novonesis Novozymes, Class B                | CUSIP: N/A<br>LEI: 529900T6WNZXD2R3JW38       | Long             | EC               | CORP              | DK        |      6604 | NS      | $406436.81    | 1.29%             |  |  |  | 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      | $1301.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Crowdstrike Holdings, Inc.                  | Crowdstrike Holdings, Inc., Class A         | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       282 | NS      | $138287.16    | 0.44%             |  |  |  | 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      | $-196.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vita Coco Co., Inc. (The)                   | Vita Coco Co., Inc. (The)                   | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |      4800 | NS      | $203856.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                 | Xylem, Inc.                                 | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      3805 | NS      | $561237.50    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.             | Hilton Worldwide Holdings, Inc.             | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      3056 | NS      | $792848.64    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                    | Merus NV                                    | CUSIP: N/A<br>LEI: 549300W8GPUWU8QNU293       | Long             | EC               | CORP              | NL        |      1751 | NS      | $164856.65    | 0.52%             |  |  |  | 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      | $-1556.43     | -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      | $-875.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Planet Labs PBC                             | Planet Labs PBC                             | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               | CORP              | US        |     26037 | NS      | $337960.26    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                            | GE Vernova, Inc.                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       648 | NS      | $398455.20    | 1.27%             |  |  |  | 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      | $1.19         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                     | Republic Services, Inc., Class A            | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      1627 | NS      | $373363.96    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International, Inc.          | Mettler-Toledo International, Inc.          | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       281 | NS      | $344958.41    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed, Inc.                                | ResMed, Inc.                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      1401 | NS      | $383495.73    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON plc                                    | ICON plc                                    | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |       851 | NS      | $148925.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest, Inc.                             | Pinterest, Inc., Class A                    | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13874 | NS      | $446326.58    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                        | NextEra Energy, Inc.                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      1849 | NS      | $139581.01    | 0.44%             |  |  |  | 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      | $1229.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                   | Argenx SE                                   | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       293 | NS      | $216105.08    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble, Inc.                               | Trimble, Inc.                               | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      5434 | NS      | $443686.10    | 1.41%             |  |  |  | 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      | $-905.48      | -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      | $6171.52      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard, Inc.                            | Mastercard, Inc., Class A                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       701 | NS      | $398735.81    | 1.27%             |  |  |  | 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      | $0.76         | 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        |       391 | NS      | $92299.46     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions, Inc.      | Bright Horizons Family Solutions, Inc.      | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3954 | NS      | $429285.78    | 1.37%             |  |  |  | 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      | $1765.73      | 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      | $-10.91       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                    | Marvell Technology, Inc.                    | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4917 | NS      | $413372.19    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab, Inc.                                | Gitlab, Inc., Class A                       | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |      6811 | NS      | $307039.88    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co., Inc.                             | KKR & Co., Inc.                             | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      3265 | NS      | $424286.75    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                             | ASML Holding NV                             | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       516 | NS      | $499534.44    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk, Inc. (The)                      | Trade Desk, Inc. (The), Class A             | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |      3892 | NS      | $190746.92    | 0.61%             |  |  |  | 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      | $-0.19        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Casella Waste Systems, Inc.                 | Casella Waste Systems, Inc., Class A        | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      1383 | NS      | $131219.04    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar, Inc.                           | First Solar, Inc.                           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       973 | NS      | $214575.69    | 0.68%             |  |  |  | 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      | $-50.16       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Viking Holdings Ltd.                        | Viking Holdings Ltd.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |      8269 | NS      | $514001.04    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill, Inc.                | Chipotle Mexican Grill, Inc., Class A       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7289 | NS      | $285655.91    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems, Inc.                         | Veeva Systems, Inc., Class A                | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      1361 | NS      | $405455.51    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co.                         | Vertiv Holdings Co., Class A                | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      5940 | NS      | $896108.40    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp.                                | ROBLOX Corp., Class A                       | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4411 | NS      | $611011.72    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding plc                     | Birkenstock Holding plc                     | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | JE        |      8489 | NS      | $384127.25    | 1.22%             |  |  |  | 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      | $4699.09      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Signal Corp.                        | Federal Signal Corp.                        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      3828 | NS      | $455493.72    | 1.45%             |  |  |  | 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      | $78.31        | 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      | $-43.08       | -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      | $293.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                              | Broadcom, Inc.                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1773 | NS      | $584930.43    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog, Inc.                               | Datadog, Inc., Class A                      | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      5267 | NS      | $750020.80    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.                    | Roper Technologies, Inc.                    | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       589 | NS      | $293728.41    | 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      | $2321.43      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| International Paper Co.                     | International Paper Co.                     | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      4493 | NS      | $208475.20    | 0.66%             |  |  |  | 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      | $274.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                 | Capital One Financial Corp.                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1871 | NS      | $397737.18    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot, Inc.                               | HubSpot, Inc.                               | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      1298 | NS      | $607204.40    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group, Inc.                            | Cava Group, Inc.                            | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6016 | NS      | $363426.56    | 1.16%             |  |  |  | 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      | $-18.83       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Life Time Group Holdings, Inc.              | Life Time Group Holdings, Inc.              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12200 | NS      | $336720.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals, Inc.               | Alnylam Pharmaceuticals, Inc.               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      1616 | NS      | $736896.00    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure, Inc.                          | Clear Secure, Inc., Class A                 | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4176 | NS      | $139394.88    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper, Inc.                      | Keurig Dr Pepper, Inc.                      | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     13089 | NS      | $333900.39    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                         | Ascendis Pharma A/S                         | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1534 | NS      | $304974.54    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty, Inc.                           | Ulta Beauty, Inc.                           | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       781 | NS      | $427011.75    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom, Inc.                                | Dexcom, Inc.                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      7872 | NS      | $529706.88    | 1.69%             |  |  |  | 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      | $-21.40       | -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      | $782.51       | 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      | $-20.69       | -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      | $562.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                       | Quanta Services, Inc.                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      1763 | NS      | $730622.46    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                               | Accenture plc, Class A                      | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |        13 | NS      | $3205.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                  | Constellation Energy Corp.                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1276 | NS      | $419893.32    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra, Inc.                              | Penumbra, Inc.                              | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      1550 | NS      | $392646.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG, Inc.                                   | TPG, Inc., Class A                          | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |      9437 | NS      | $542155.65    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc             | Seagate Technology Holdings plc             | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |      1682 | NS      | $397052.92    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage, Inc.                          | Pure Storage, Inc., Class A                 | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      3640 | NS      | $305068.40    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp.                  | Edwards Lifesciences Corp.                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      4123 | NS      | $320645.71    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                                | Vistra Corp.                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      4019 | NS      | $787402.48    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp.                          | FirstService Corp.                          | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      1764 | NS      | $336024.36    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                      | Verisk Analytics, Inc., Class A             | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      2712 | NS      | $682095.12    | 2.17%             |  |  |  | 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      | $18.82        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Duolingo, Inc.                              | Duolingo, Inc., Class A                     | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       731 | NS      | $235265.04    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories, Inc.                    | IDEXX Laboratories, Inc.                    | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       917 | NS      | $585862.13    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software, Inc.                    | Guidewire Software, Inc.                    | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      1574 | NS      | $361799.64    | 1.15%             |  |  |  | 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      | $-0.14        | -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      | $770.87       | 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      | $36.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AppLovin Corp.                              | AppLovin Corp., Class A                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       384 | NS      | $275919.36    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                            | ServiceNow, Inc.                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       493 | NS      | $453698.04    | 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      | $296.06       | 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      | $4111.11      | 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        |    602601 | NS      | $602600.66    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global, Inc.                       | Coinbase Global, Inc., Class A              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       786 | NS      | $265267.14    | 0.84%             |  |  |  | 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      | $166.51       | 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      | $3300.52      | 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      | $45.62        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Badger Infrastructure Solutions Ltd.        | Badger Infrastructure Solutions Ltd.        | CUSIP: 056533102<br>LEI: 254900BS2WTIBXVDKM03 | Long             | EC               | CORP              | CA        |      6821 | NS      | $300835.65    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group, Inc.          | First Watch Restaurant Group, Inc.          | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22810 | NS      | $356748.40    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro, Inc.                                | Hasbro, Inc.                                | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      4512 | NS      | $342235.20    | 1.09%             |  |  |  | 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      | $0.29         | 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      | $2.09         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.             | Regeneron Pharmaceuticals, Inc.             | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       412 | NS      | $231655.24    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON plc                                    | ICON plc                                    | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |       880 | NS      | $154000.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.              | Thermo Fisher Scientific, Inc.              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       839 | NS      | $406931.78    | 1.29%             |  |  |  | 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      | $242.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aritzia, Inc.                               | Aritzia, Inc.                               | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |      8963 | NS      | $542146.54    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                               | On Holding AG, Class A                      | CUSIP: N/A<br>LEI: 506700FB3467B9W95526       | Long             | EC               | CORP              | CH        |      6729 | NS      | $284973.15    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                               | Accenture plc, Class A                      | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      1001 | NS      | $246846.60    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market, Inc.                | Sprouts Farmers Market, Inc.                | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      2894 | NS      | $314867.20    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                            | NRG Energy, Inc.                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      2820 | NS      | $456699.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast, Inc.                                 | Toast, Inc., Class A                        | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |      8246 | NS      | $301061.46    | 0.96%             |  |  |  | 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      | $270.82       | 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      | $1213.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DR Horton, Inc.                             | DR Horton, Inc.                             | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      1810 | NS      | $306740.70    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Rock Coffee Bar, Inc.                 | Black Rock Coffee Bar, Inc., Class A        | CUSIP: 092244102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22364 | NS      | $533605.04    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     10160 | NS      | $311912.00    | 0.99%             |  |  |  | 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