# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-203446
**Filing Date:** 2025-8
**Character Count:** 21082
**Document Hash:** 00ccad436dbe42f752cb96ee55ab8622
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203446.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203446

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251253141

**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 Growth Fund (Series ID: S000003873)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010841 | Class IA Shares |  |
| C000010842 | 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 Growth Fund

- **b. EDGAR series identifier (if any):** S000003873

- **c. LEI of Series:** ZREV7S924QLJLC41VU70

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1287221594.81

**Total Liabilities:** $20790055.74

**Net Assets:** $1266431539.07

**Cash Not Reported:** $181434.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010842 | 1.97%                | 8.15%                | 6.28%                |
| Class ID C000010841 | 2.01%                | 8.09%                | 6.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2863096.15              | $19222670.02                               |
| Month 2  | $2499881.18              | $87391838.24                               |
| Month 3  | $11062307.31             | $64886661.28                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBRE Group, Inc.                  | CBRE Group, Inc., Class A                  | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      88623 | NS      | $12417854.76  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                      | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      72593 | NS      | $15871007.59  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.      | Cadence Design Systems, Inc.               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      71267 | NS      | $21960926.05  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co.              | Vulcan Materials Co.                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      31319 | NS      | $8168621.58   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group, Inc.                | CoStar Group, Inc.                         | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     106623 | NS      | $8572489.20   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                      | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     998752 | NS      | $157792828.48 | 12.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                  | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     440339 | NS      | $96605973.21  | 7.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.   | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      42951 | NS      | $11439569.34  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                   | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      45100 | NS      | $35156803.00  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                    | Alphabet, Inc., Class C                    | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     249392 | NS      | $44239646.88  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | SPDR S&P 500 ETF Trust                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |  177015685 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Boston Scientific Corp.           | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      92411 | NS      | $9925865.51   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                       | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     507317 | NS      | $104086228.89 | 8.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash, Inc.                    | DoorDash, Inc., Class A                    | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      46626 | NS      | $11493775.26  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA             | Spotify Technology SA                      | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |      19195 | NS      | $14729091.30  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                  | Mastercard, Inc., Class A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      73799 | NS      | $41470610.06  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                       | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     100450 | NS      | $31908947.00  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc            | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |       1676 | NS      | $733099.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings, Inc.                  | DraftKings, Inc., Class A                  | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     213746 | NS      | $9167565.94   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)           | Progressive Corp. (The)                    | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      46267 | NS      | $12346811.62  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC   | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   18612360 | NS      | $18612360.00  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies plc            | Trane Technologies plc                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      34053 | NS      | $14895122.73  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill, Inc.      | Chipotle Mexican Grill, Inc., Class A      | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     231283 | NS      | $12986540.45  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group, Inc.             | TransDigm Group, Inc.                      | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       8439 | NS      | $12832680.96  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co. (The)        | Sherwin-Williams Co. (The)                 | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      26268 | NS      | $9019380.48   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global, Inc.                  | S&P Global, Inc.                           | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      14057 | NS      | $7412115.53   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq, Inc.                      | Nasdaq, Inc.                               | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     124282 | NS      | $11113296.44  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.   | Live Nation Entertainment, Inc.            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      57062 | NS      | $8632339.36   | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| Broadcom, Inc.                    | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     263987 | NS      | $72768016.55  | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.              | Meta Platforms, Inc., Class A              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      76361 | NS      | $56361290.49  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.            | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       3888 | NS      | $3848886.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot, Inc.                     | HubSpot, Inc.                              | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      16368 | NS      | $9110919.84   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | SPDR S&P 500 ETF Trust                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        | -179677575 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologies, Inc.       | Palantir Technologies, Inc., Class A       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      30523 | NS      | $4160895.36   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                     | Netflix, Inc.                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      28010 | NS      | $37509031.30  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                   | Starbucks Corp.                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     106170 | NS      | $9728357.10   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group AG                 | Galderma Group AG                          | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |      10024 | NS      | $1457045.48   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| IDEXX Laboratories, Inc.          | IDEXX Laboratories, Inc.                   | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      12694 | NS      | $6808299.96   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp.                    | AppLovin Corp., Class A                    | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       6848 | NS      | $2397347.84   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                  | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      16253 | NS      | $16709384.24  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   12018987 | NS      | $12018986.52  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                   | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     327275 | NS      | $162789857.75 | 12.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections, Inc.           | Waste Connections, Inc.                    | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      54013 | NS      | $10085307.36  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                    | Lonza Group AG                             | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |      13807 | NS      | $9874261.94   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical, Inc.          | Intuitive Surgical, Inc.                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      32878 | NS      | $17866233.98  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify, Inc.                     | Shopify, Inc., Class A                     | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      65461 | NS      | $7550926.35   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart, Inc.                      | Copart, Inc.                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     196243 | NS      | $9629644.01   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                        | Visa, Inc., Class A                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      90166 | NS      | $32013438.30  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                      | GE Aerospace                               | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      41319 | NS      | $10635097.41  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                     | Accenture plc, Class A                     | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      19500 | NS      | $5828355.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.              | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      55651 | NS      | $12299984.02  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                  | Salesforce, Inc.                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      70415 | NS      | $19201466.35  | 1.52%             |  |  |  | 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        |     153563 | NS      | $12172939.01  | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer