# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012271
**Filing Date:** 2026-5
**Character Count:** 33228
**Document Hash:** aa6051299c0151ed2dca6c772838ba9c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012271.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012271

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671

**ORGANIZATION NAME:**
- **EIN:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 261024674

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

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

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

## Series and Classes Contracts Data

### Putnam VT Large Cap Value Fund (Series ID: S000003894)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

- **a. Name of Series:** Putnam VT Large Cap Value Fund

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2491355514.86

**Total Liabilities:** $3780905.83

**Net Assets:** $2487574609.03

**Cash Not Reported:** $302556.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010883 | 3.50%                | 1.97%                | -4.35%               |
| Class ID C000010884 | 3.47%                | 1.98%                | -4.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22695607.60             | $63971475.34                               |
| Month 2  | $26532874.49             | $19079136.42                               |
| Month 3  | $-3179336.00             | $-116721691.55                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-10006.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                          | BlackRock, Inc.                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     23500 | NS      | $22600185.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                        | Exxon Mobil Corp.                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    500436 | NS      | $84903971.76  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class A                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    309380 | NS      | $88965312.80  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                            | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    320467 | NS      | $39827638.76  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                          | CME Group, Inc.                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    116001 | NS      | $34260895.35  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                      | Valero Energy Corp.                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    152314 | NS      | $37633743.12  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH plc                                  | CRH plc                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |    303123 | NS      | $31864289.76  | 1.28%             |  |  |  | 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      | $62112.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                         | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    255795 | NS      | $53274424.65  | 2.14%             |  |  |  | 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      | $-21320.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.          | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    108032 | NS      | $32850370.56  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                   | Northrop Grumman Corp.                     | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     56141 | NS      | $38301635.84  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings, Inc.       | BJ's Wholesale Club Holdings, Inc.         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    150205 | NS      | $14783176.10  | 0.59%             |  |  |  | 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      | $-71213.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Waters Corp.                             | Waters Corp.                               | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |     21638 | NS      | $6443796.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                | Shell plc                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    742722 | NS      | $34730511.84  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Boston Scientific Corp.                  | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    311680 | NS      | $19557920.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $44836.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                | Sanofi SA                                  | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |    308225 | NS      | $29765235.42  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                     | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    660545 | NS      | $61351419.60  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                   | Southwest Airlines Co.                     | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |   1016878 | NS      | $38204106.46  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co. (The)                         | Kroger Co. (The)                           | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    347876 | NS      | $25172307.36  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp. (The)                     | Allstate Corp. (The)                       | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    162774 | NS      | $33749561.16  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-13721.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                        | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    189014 | PA      | $189014.27    | 0.01%             | 2026-07-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson & Co.                   | Becton Dickinson & Co.                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    159879 | NS      | $25137775.17  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology, Inc.                 | Marvell Technology, Inc.                   | CUSIP: 573874104<br>LEI: 254900WVU0BM7ZCJ9E93 | Long             | EC               | CORP              | US        |    283179 | NS      | $28048879.95  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc       | Johnson Controls International plc         | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |    135669 | NS      | $17765855.55  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                        | CUSIP: 912797SM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $199556.99    | 0.01%             | 2026-04-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The)   | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    167049 | NS      | $34761226.41  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-53987.58    | -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      | $5939.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                   | Freeport-McMoRan, Inc.                     | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    669340 | NS      | $39343805.20  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                          | Citigroup, Inc.                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    882313 | NS      | $100063117.33 | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva, Inc.                            | Corteva, Inc.                              | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    521582 | NS      | $43661629.22  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                     | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |    333669 | NS      | $25719206.52  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                           | McKesson Corp.                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     63573 | NS      | $55013531.28  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.              | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    245689 | NS      | $44821044.27  | 1.80%             |  |  |  | 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      | $993.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.        | Philip Morris International, Inc.          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    349652 | NS      | $57811461.68  | 2.32%             |  |  |  | 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      | $27556.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp.                            | Comcast Corp., Class A                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    327858 | NS      | $9412803.18   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | S&P 500 E-Mini Index                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        33 | NC      | $-39201.30    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                | PPL Corp.                                  | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    651517 | NS      | $24887949.40  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                      | Cisco Systems, Inc.                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    972245 | NS      | $75436489.55  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     92564 | NS      | $27228626.24  | 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      | $32222.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                     | PPG Industries, Inc.                       | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |    125241 | NS      | $13385758.08  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                        | T-Mobile US, Inc.                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    157214 | NS      | $33019656.42  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.           | Apollo Global Management, Inc.             | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    197363 | NS      | $21990185.46  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp.                               | Ball Corp.                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    184247 | NS      | $10890840.17  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc          | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |     80389 | NS      | $31493194.64  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                        | Australian Dollar                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |       500 | OU      | $344.97       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                           | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    229531 | NS      | $30298092.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)               | Charles Schwab Corp. (The)                 | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    428877 | NS      | $40305860.46  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand, Inc.                     | Ingersoll Rand, Inc.                       | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    287979 | NS      | $23072877.48  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                      | Coca-Cola Co. (The)                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    786012 | NS      | $59776212.60  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-70884.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)               | Procter & Gamble Co. (The)                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    253076 | NS      | $36554297.44  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Short Term Investment Fund        | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |  78860658 | NS      | $78860658.39  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)          | Goldman Sachs Group, Inc. (The)            | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     40029 | NS      | $33864133.71  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                          | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    138050 | NS      | $51101968.50  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                          | AstraZeneca plc                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |    191778 | NS      | $37822457.16  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                    | Bank of America Corp.                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1059344 | NS      | $51643020.00  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                           | Prologis, Inc.                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    190307 | NS      | $25154779.26  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International, Inc.            | Honeywell International, Inc.              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |    224258 | NS      | $50689035.74  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                        | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2200000 | PA      | $2176819.81   | 0.09%             | 2026-07-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                | RTX Corp.                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    208278 | NS      | $40176826.20  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                       | State Street Corp.                         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    110229 | NS      | $13950582.24  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                             | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    102447 | NS      | $22281198.03  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                     | Vornado Realty Trust                       | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    453813 | NS      | $11794599.87  | 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      | $3917.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.          | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     60256 | NS      | $46556195.84  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                     | United Rentals, Inc.                       | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     29864 | NS      | $21757715.84  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.       | American International Group, Inc.         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    319420 | NS      | $24036355.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                 | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    100169 | NS      | $27104729.71  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                       | General Motors Co.                         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    761985 | NS      | $56767882.50  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.           | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     90253 | NS      | $44362057.09  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                              | FedEx Corp.                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |    134048 | NS      | $47745216.64  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.             | Charter Communications, Inc., Class A      | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     50213 | NS      | $10839982.44  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                            | Accenture plc, Class A                     | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |    162321 | NS      | $32186631.09  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup, Inc.                         | PulteGroup, Inc.                           | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    378096 | NS      | $44467870.56  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                           | QUALCOMM, Inc.                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    109054 | NS      | $14043974.12  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                         | NRG Energy, Inc.                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    141696 | NS      | $20707453.44  | 0.83%             |  |  |  | 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      | $67504.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp.                     | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     45887 | NS      | $7919178.46   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                         | Novo Nordisk A/S                           | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    414754 | NS      | $15242209.50  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co.                     | Eastman Chemical Co.                       | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |    130361 | NS      | $9949151.52   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer