# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-004009
**Filing Date:** 2026-2
**Character Count:** 35442
**Document Hash:** a8b33cd85f9c06715e9d9574518d2a50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-004009.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-004009

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26675164

**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:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $149642228.20

**Total Liabilities:** $408797.60

**Net Assets:** $149233430.60

**Cash Not Reported:** $8715.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010843 | 3.42%                | 9.20%                | -1.49%               |
| Class ID C000010844 | 3.44%                | 9.14%                | -1.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1056091.30              | $3869864.05                                |
| Month 2  | $1776210.13              | $11007204.52                               |
| Month 3  | $532220.02               | $-2960515.32                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abbott Laboratories               | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     20400 | NS      | $2555916.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                      | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     45500 | NS      | $10396295.00  | 6.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals, Inc.     | Alnylam Pharmaceuticals, Inc.              | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      4120 | NS      | $1638318.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences, Inc.           | Arcus Biosciences, Inc.                    | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33900 | NS      | $807837.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S               | Ascendis Pharma A/S                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     10764 | NS      | $2295315.36   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.            | Becton Dickinson & Co.                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      8300 | NS      | $1610781.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                   | AstraZeneca plc                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     41476 | NS      | $7675521.53   | 5.14%             |  |  |  | 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      | $-5851.53     | -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      | $-10977.43    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Boston Scientific Corp.           | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     43370 | NS      | $4135329.50   | 2.77%             |  |  |  | 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      | $2531.86      | 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      | $-557.28      | -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      | $-392.87      | -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      | $-673.11      | -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      | $2761.12      | 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      | $724.42       | 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      | $-4100.45     | -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      | $-9814.78     | -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      | $1215.20      | 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      | $1441.23      | 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      | $662.66       | 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      | $1345.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4418.19      | 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      | $-1411.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $284.38       | 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      | $-544.20      | -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      | $404.74       | 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      | $-1399.01     | -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      | $-811.66      | -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      | $-158.88      | -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      | $4.06         | 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      | $28.62        | 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      | $31.29        | 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      | $1027.79      | 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      | $5043.82      | 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      | $2668.65      | 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      | $109.35       | 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      | $-3023.32     | -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      | $41.36        | 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      | $85.24        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $12.21        | 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      | $488.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $8908.60      | 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      | $-2661.92     | -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      | $-2178.18     | -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      | $-3834.43     | -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      | $-890.15      | -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      | $682.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp.                  | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     34600 | NS      | $2745856.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.             | Cardinal Health, Inc.                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     18200 | NS      | $3740100.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp.                     | Danaher Corp.                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      5200 | NS      | $1190384.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp.        | Edwards Lifesciences Corp.                 | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     28500 | NS      | $2429625.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.             | Gilead Sciences, Inc.                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     35400 | NS      | $4344996.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.              | HCA Healthcare, Inc.                       | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      6400 | NS      | $2987904.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva, Inc.                    | Innoviva, Inc.                             | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |    101187 | NS      | $2022728.13   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                        | Genmab A/S                                 | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |      3296 | NS      | $1021707.55   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical, Inc.          | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      9320 | NS      | $5278475.20   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings, Inc.              | IQVIA Holdings, Inc.                       | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      6600 | NS      | $1487706.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                 | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     56332 | NS      | $11657907.40  | 7.81%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Becton Dickinson & Co.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  -4361980 | NC      | $-20184.07    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Becton Dickinson & Co.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   4094920 | NC      | $46472.29     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                   | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     17200 | NS      | $18484496.00  | 12.39%            |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                            | UCB SA                                     | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |      5201 | NS      | $1449136.91   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| McKesson Corp.                    | McKesson Corp.                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4300 | NS      | $3527247.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                 | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     63646 | NS      | $6699377.96   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chugai Pharmaceutical Co. Ltd.    | Chugai Pharmaceutical Co. Ltd.             | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |     28100 | NS      | $1474170.10   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp.                        | Hoya Corp.                                 | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |      8500 | NS      | $1289191.59   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                       | Novartis AG                                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     51754 | NS      | $7131493.88   | 4.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                  | Roche Holding AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      5542 | NS      | $2288681.28   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Short Term Investment Fund | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   3390491 | NS      | $3390491.40   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.   | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      3085 | NS      | $2381218.95   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals, Inc.      | Rhythm Pharmaceuticals, Inc.               | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     10200 | NS      | $1091808.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp.             | GeneDx Holdings Corp., Class A             | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5100 | NS      | $663306.00    | 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      | $3271.88      | 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      | $-4224.32     | -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      | $8486.32      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific, Inc.    | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     10800 | NS      | $6258060.00   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4149.74      | 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      | $-3573.01     | -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      | $221.76       | 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      | $48006.29     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-437.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America          | U.S. Treasury Bills                        | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $199647.07    | 0.13%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.          | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     23300 | NS      | $7691563.00   | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte, Inc.                     | Vaxcyte, Inc.                              | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     21500 | NS      | $992010.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.      | Vertex Pharmaceuticals, Inc.               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      6600 | NS      | $2992176.00   | 2.01%             |  |  |  | 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      | $-9719.17     | -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      | $-17886.52    | -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      | $1868.22      | 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      | $-5161.67     | -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      | $-20096.42    | -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      | $5318.09      | 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      | $11974.82     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                           | GSK plc                                    | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |     76227 | NS      | $1868873.86   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                         | Argenx SE                                  | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | NL        |      1976 | NS      | $1666842.60   | 1.12%             |  |  |  | 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        |     29232 | NS      | $1482602.57   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                 | Galderma Group AG                          | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |      6935 | NS      | $1412193.89   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Danish Krone                      | Danish Krone                               | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | DK        |        -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                              | EURO                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |       305 | OU      | $358.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                     | Medtronic plc                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     47300 | NS      | $4543638.00   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer