# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006458
**Filing Date:** 2025-11
**Character Count:** 31499
**Document Hash:** 667fc8c7df070bd3c79708766c198fa2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006458.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006458

**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:** 251511829

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CAPITAL MANAGER TRUST /MA/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Putnam VT Global Health Care Fund (Series ID: S000003874)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010843 | Class IA Shares |  |
| C000010844 | Class IB Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Variable Trust

- **b. Investment Company Act file number:** 811-05346

- **c. CIK number of Registrant:** 0000822671

- **d. LEI of Registrant:** 549300TBVD21LYBGBD46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam VT Global Health Care Fund

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

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

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

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

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

**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:** $138544279.33

**Total Liabilities:** $371581.25

**Net Assets:** $138172698.08

**Cash Not Reported:** $56254.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010843 | -3.39%               | 6.96%                | 1.58%                |
| Class ID C000010844 | -3.47%               | 6.97%                | 1.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2883371.76              | $-7343138.06                               |
| Month 2  | $641043.11               | $8133399.19                                |
| Month 3  | $-939607.71              | $2926966.55                                |

**Designated Index Information**

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

- **Index Identifier:** BM1028

### Schedule of Portfolio Investments

| Name                            | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Enliven Therapeutics, Inc.      | Enliven Therapeutics, Inc.                 | CUSIP: 29337E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32018 | NS      | $655408.46    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2469.78     | -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      | $2323.42      | 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      | $-844.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                 | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     18800 | NS      | $14344400.00  | 10.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp.                   | Danaher Corp.                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     10400 | NS      | $2061904.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.         | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     57270 | NS      | $5591270.10   | 4.05%             |  |  |  | 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      | $24.32        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rhythm Pharmaceuticals, Inc.    | Rhythm Pharmaceuticals, Inc.               | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     10200 | NS      | $1030098.00   | 0.75%             |  |  |  | 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      | $3683.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                       | Sanofi SA                                  | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     27445 | NS      | $2598874.21   | 1.88%             |  |  |  | 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      | $-347.93      | -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      | $-262.39      | -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      | $-4552.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA             | EssilorLuxottica SA                        | CUSIP: N/A<br>LEI: 549300M3VH1A3ER1TB49       | Long             | EC               | CORP              | FR        |      4870 | NS      | $1586421.04   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                       | Argenx SE                                  | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | NL        |      2936 | NS      | $2169262.47   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson               | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     53132 | NS      | $9851735.44   | 7.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.               | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     30946 | NS      | $2597297.78   | 1.88%             |  |  |  | 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      | $2652.65      | 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      | $-470.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Becton Dickinson & Co.          | Becton Dickinson & Co.                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     17900 | NS      | $3350343.00   | 2.42%             |  |  |  | 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      | $1070.59      | 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      | $201.83       | 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      | $-2763.60     | -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      | $-5746.73     | -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      | $-2761.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                | Novo Nordisk A/S, Class B                  | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     35688 | NS      | $1987167.34   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Natera, Inc.                    | Natera, Inc.                               | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $1046305.00   | 0.76%             |  |  |  | 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      | $-3282.10     | -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      | $-9.55        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Encompass Health Corp.          | Encompass Health Corp.                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     12300 | NS      | $1562346.00   | 1.13%             |  |  |  | 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      | $361.25       | 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      | $187.47       | 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      | $5543.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| McKesson Corp.                  | McKesson Corp.                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      5100 | NS      | $3939954.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $14515.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                             | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7019.95     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories             | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     37500 | NS      | $5022750.00   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                   | Medtronic plc                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     24100 | NS      | $2295284.00   | 1.66%             |  |  |  | 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      | $-40.13       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals, Inc.   | Alnylam Pharmaceuticals, Inc.              | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      3400 | NS      | $1550400.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | Becton Dickinson & Co.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -4361980 | NC      | $-34895.35    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Vaxcyte, Inc.                   | Vaxcyte, Inc.                              | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     21500 | NS      | $774430.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S             | Ascendis Pharma A/S                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     19764 | NS      | $3929280.84   | 2.84%             |  |  |  | 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      | $-1803.52     | -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      | $126.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.           | Cardinal Health, Inc.                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     16000 | NS      | $2511360.00   | 1.82%             |  |  |  | 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      | $-113.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                             | Becton Dickinson & Co.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   4094920 | NC      | $67659.37     | 0.05%             |  |  |  | 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      | $-749.18      | -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      | $-273.61      | -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      | $1.46         | 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      | $3893.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                | Roche Holding AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      7110 | NS      | $2367513.16   | 1.71%             |  |  |  | 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      | $-4279.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cigna Group (The)               | Cigna Group (The)                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      7300 | NS      | $2104225.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp.            | Legend Biotech Corp.                       | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |     21714 | NS      | $708093.54    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Chugai Pharmaceutical Co. Ltd.  | Chugai Pharmaceutical Co. Ltd.             | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |     12800 | NS      | $567481.72    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                             | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4.15         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.  | Takeda Pharmaceutical Co. Ltd.             | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |     53100 | NS      | $1559567.88   | 1.13%             |  |  |  | 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      | $-7999.68     | -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      | $3173.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Funds Trust              | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   2192545 | NS      | $2192544.54   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                 | AstraZeneca plc                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     46823 | NS      | $7173335.82   | 5.19%             |  |  |  | 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      | $-3393.33     | -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      | $25.80        | 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      | $-3013.64     | -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      | $-4401.45     | -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      | $8.68         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA Healthcare, Inc.            | HCA Healthcare, Inc.                       | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      5400 | NS      | $2301480.00   | 1.67%             |  |  |  | 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      | $-6501.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical, Inc.        | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      8000 | NS      | $3577840.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                    | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     46300 | NS      | $10720302.00  | 7.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva, Inc.                  | Innoviva, Inc.                             | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |    179688 | NS      | $3279306.00   | 2.37%             |  |  |  | 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      | $499.90       | 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      | $-70.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      3200 | NS      | $1799264.00   | 1.30%             |  |  |  | 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      | $1.78         | 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      | $17840.47     | 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      | $-2329.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.           | Gilead Sciences, Inc.                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     35400 | NS      | $3929400.00   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.        | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     29000 | NS      | $10013700.00  | 7.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.  | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     12700 | NS      | $6159754.00   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                     | Novartis AG                                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     47795 | NS      | $6145404.22   | 4.45%             |  |  |  | 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      | $-11353.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp.                | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     34600 | NS      | $2608494.00   | 1.89%             |  |  |  | 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      | $8198.22      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Centene Corp.                   | Centene Corp.                              | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      9200 | NS      | $328256.00    | 0.24%             |  |  |  | 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