# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012273
**Filing Date:** 2026-5
**Character Count:** 45268
**Document Hash:** 70b531a8d3460acbcd5b56555fd0c7ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012273.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012273

**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:** 261024679

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

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

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

## Series and Classes Contracts Data

### Putnam VT Sustainable Future Fund (Series ID: S000003881)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010857 | Class IA Shares |  |
| C000010858 | Class IB Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

- **a. Name of Series:** Putnam VT Sustainable Future Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $26227238.01

**Total Liabilities:** $89191.82

**Net Assets:** $26138046.19

**Cash Not Reported:** $3532.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010857 | -2.47%               | 0.48%                | -6.14%               |
| Class ID C000010858 | -2.45%               | 0.35%                | -6.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $349800.63               | $-1011841.48                               |
| Month 2  | $-48134.48               | $145046.55                                 |
| Month 3  | $417517.33               | $-2190357.65                               |

**Designated Index Information**

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

- **Index Identifier:** BM0824

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $41.26        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ServiceTitan, Inc.                          | ServiceTitan, Inc., Class A                 | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2979 | NS      | $189047.34    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                | Cadence Design Systems, Inc.                | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       895 | NS      | $248693.65    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings, Inc.                  | Crowdstrike Holdings, Inc., Class A         | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       282 | NS      | $110095.62    | 0.42%             |  |  |  | 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      | $-841.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Xylem, Inc.                                 | Xylem, Inc.                                 | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      4329 | NS      | $517315.50    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.             | Hilton Worldwide Holdings, Inc.             | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      2153 | NS      | $654684.24    | 2.50%             |  |  |  | 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      | $-1086.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Planet Labs PBC                             | Planet Labs PBC                             | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               | CORP              | US        |      7696 | NS      | $215103.20    | 0.82%             |  |  |  | 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      | $491.94       | 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      | $-1144.78     | -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      | $-951.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Snowflake, Inc.                             | Snowflake, Inc., Class A                    | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      1209 | NS      | $182341.38    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                            | GE Vernova, Inc.                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       593 | NS      | $517629.70    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $871.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mettler-Toledo International, Inc.          | Mettler-Toledo International, Inc.          | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       224 | NS      | $282508.80    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-157.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                        | NextEra Energy, Inc.                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      1876 | NS      | $174242.88    | 0.67%             |  |  |  | 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      | $447.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Danish Krone                                | Danish Krone                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | DK        |         3 | OU      | $0.43         | 0.00%             |  |  |  | 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      | $-1006.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                   | Argenx SE                                   | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       295 | NS      | $215423.75    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble, Inc.                               | Trimble, Inc.                               | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      5571 | NS      | $363396.33    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $113.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard, Inc.                            | Mastercard, Inc., Class A                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       877 | NS      | $438201.82    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions, Inc.      | Bright Horizons Family Solutions, Inc.      | CUSIP: 109194100<br>LEI: 2549009BKSVTM7UEYT38 | Long             | EC               | CORP              | US        |      6076 | NS      | $499021.88    | 1.91%             |  |  |  | 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      | $1418.35      | 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      | $-2078.51     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                    | Marvell Technology, Inc.                    | CUSIP: 573874104<br>LEI: 254900WVU0BM7ZCJ9E93 | Long             | EC               | CORP              | US        |      2468 | NS      | $244455.40    | 0.94%             |  |  |  | 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      | $1259.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co., Inc.                             | KKR & Co., Inc.                             | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      3323 | NS      | $307377.50    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                             | ASML Holding NV                             | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       345 | NS      | $455686.35    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.                 | Casella Waste Systems, Inc., Class A        | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      5221 | NS      | $414234.14    | 1.58%             |  |  |  | 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      | $-418.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-534.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies plc                      | Trane Technologies plc                      | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |       910 | NS      | $379233.40    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1007.68     | -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      | $-226.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WW Grainger, Inc.                           | WW Grainger, Inc.                           | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       487 | NS      | $531224.47    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd.                        | Viking Holdings Ltd.                        | CUSIP: N/A<br>LEI: 52990032GOPN7BVQMN13       | Long             | EC               | CORP              | BM        |      8421 | NS      | $618775.08    | 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      | $672.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Veeva Systems, Inc.                         | Veeva Systems, Inc., Class A                | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      1120 | NS      | $196739.20    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co.                         | Vertiv Holdings Co., Class A                | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      5402 | NS      | $1353633.16   | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Dollar                             | Canadian Dollar                             | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | CA        |        -0 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp.                                | ROBLOX Corp., Class A                       | CUSIP: 771049103<br>LEI: 529900ANZDBDFU91SO19 | Long             | EC               | CORP              | US        |      2540 | NS      | $143662.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                | Royal Caribbean Cruises Ltd.                | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | LR        |      2907 | NS      | $799948.26    | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding plc                     | Birkenstock Holding plc                     | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | JE        |     11676 | NS      | $418351.08    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja, Inc.                            | SharkNinja, Inc.                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      3026 | NS      | $320453.40    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co., Inc.             | Simpson Manufacturing Co., Inc.             | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      1594 | NS      | $273562.28    | 1.05%             |  |  |  | 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      | $1353.31      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Signal Corp.                        | Federal Signal Corp.                        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      4534 | NS      | $490306.76    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                              | Broadcom, Inc.                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1051 | NS      | $325295.01    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog, Inc.                               | Datadog, Inc., Class A                      | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      5369 | NS      | $633810.45    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.                    | Roper Technologies, Inc.                    | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       599 | NS      | $211962.14    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                 | Capital One Financial Corp.                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1444 | NS      | $263428.92    | 1.01%             |  |  |  | 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      | $54.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HubSpot, Inc.                               | HubSpot, Inc.                               | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       709 | NS      | $173066.90    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group, Inc.                            | Cava Group, Inc.                            | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4424 | NS      | $357901.60    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon plc                                     | Aon plc, Class A                            | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | IE        |       628 | NS      | $202705.84    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings, Inc.              | Life Time Group Holdings, Inc.              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12446 | NS      | $335295.24    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals, Inc.               | Alnylam Pharmaceuticals, Inc.               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      1534 | NS      | $507554.58    | 1.94%             |  |  |  | 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      | $7.74         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keurig Dr. Pepper, Inc.                     | Keurig Dr. Pepper, Inc.                     | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     19362 | NS      | $509801.46    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                         | Ascendis Pharma A/S                         | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1375 | NS      | $314503.75    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-460.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1062.37     | -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      | $971.60       | 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      | $-759.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ulta Beauty, Inc.                           | Ulta Beauty, Inc.                           | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       694 | NS      | $362760.74    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-922.68      | -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      | $-1763.08     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| API Group Corp.                             | API Group Corp.                             | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |      6781 | NS      | $274766.12    | 1.05%             |  |  |  | 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      | $-787.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dexcom, Inc.                                | Dexcom, Inc.                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      8988 | NS      | $564446.40    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $264.78       | 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      | $-178.88      | -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      | $110.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                       | Quanta Services, Inc.                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      1471 | NS      | $807608.42    | 3.09%             |  |  |  | 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      | $321.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Corp.                  | Constellation Energy Corp.                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1089 | NS      | $304103.25    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-787.67      | -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      | $32.99        | 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      | $-170.90      | -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      | $-1223.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Penumbra, Inc.                              | Penumbra, Inc.                              | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |       842 | NS      | $276487.54    | 1.06%             |  |  |  | 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      | $-93.34       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TPG, Inc.                                   | TPG, Inc., Class A                          | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |      6605 | NS      | $267568.55    | 1.02%             |  |  |  | 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      | $1284.45      | 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      | $-265.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Everpure, Inc.                              | Everpure, Inc., Class A                     | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      5994 | NS      | $353885.76    | 1.35%             |  |  |  | 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      | $1009.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Edwards Lifesciences Corp.                  | Edwards Lifesciences Corp.                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      4201 | NS      | $336416.08    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                                | Vistra Corp.                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      4083 | NS      | $613797.39    | 2.35%             |  |  |  | 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      | $-950.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Allegion plc                                | Allegion plc                                | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |      3152 | NS      | $457954.08    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories, Inc.                    | IDEXX Laboratories, Inc.                    | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       767 | NS      | $430969.63    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc.                           | Amer Sports, Inc.                           | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | KY        |      5365 | NS      | $176615.80    | 0.68%             |  |  |  | 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        |    552747 | NS      | $552746.57    | 2.11%             |  |  |  | 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      | $289.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Coinbase Global, Inc.                       | Coinbase Global, Inc., Class A              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       794 | NS      | $138640.34    | 0.53%             |  |  |  | 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      | $2439.62      | 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      | $-6.46        | -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      | $11.72        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| First Watch Restaurant Group, Inc.          | First Watch Restaurant Group, Inc.          | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26712 | NS      | $279941.76    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                            | Baker Hughes Co., Class A                   | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3724 | NS      | $227350.20    | 0.87%             |  |  |  | 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      | $2936.96      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United Rentals, Inc.                        | United Rentals, Inc.                        | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       460 | NS      | $335137.60    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies, Inc.                    | Tyler Technologies, Inc.                    | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1109 | NS      | $379699.42    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp.                  | Carpenter Technology Corp.                  | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |       960 | NS      | $378384.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.              | Thermo Fisher Scientific, Inc.              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       749 | NS      | $368155.97    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2400.51      | 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      | $-602.68      | -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      | $175.56       | 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      | $-305.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| On Holding AG                               | On Holding AG, Class A                      | CUSIP: N/A<br>LEI: 506700FB3467B9W95526       | Long             | EC               | CORP              | CH        |      9893 | NS      | $336559.86    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market, Inc.                | Sprouts Farmers Market, Inc.                | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      4768 | NS      | $367755.84    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Forward Foreign Currency Contract           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-722.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                            | NRG Energy, Inc.                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      2891 | NS      | $422490.74    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast, Inc.                                 | Toast, Inc., Class A                        | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     10095 | NS      | $267618.45    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                               | Cencora, Inc.                               | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1310 | NS      | $411523.40    | 1.57%             |  |  |  | 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      | $-596.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DR Horton, Inc.                             | DR Horton, Inc.                             | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      1952 | NS      | $267853.44    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Rock Coffee Bar, Inc.                 | Black Rock Coffee Bar, Inc., Class A        | CUSIP: 092244102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18339 | NS      | $236939.88    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     10349 | NS      | $380325.75    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.           | Canadian Pacific Kansas City Ltd.           | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2559 | NS      | $201290.94    | 0.77%             |  |  |  | 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      | $-1539.20     | -0.01%            |  |  |  | No            |                  2 | 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