# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006451
**Filing Date:** 2025-11
**Character Count:** 33261
**Document Hash:** 9540623075cd1fa6d1142bcefd4fc78d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006451.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006451

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 251511822

**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 Leaders Fund (Series ID: S000003884)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010863 | Class IA Shares |  |
| C000010864 | 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 Leaders Fund

- **b. EDGAR series identifier (if any):** S000003884

- **c. LEI of Series:** B8ZS316QP9AOFBYPRB36

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $936239488.05

**Total Liabilities:** $1374672.96

**Net Assets:** $934864815.09

**Cash Not Reported:** $194951.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010863 | 1.92%                | 0.69%                | 3.19%                |
| Class ID C000010864 | 1.88%                | 0.68%                | 3.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8563858.99              | $6063896.93                                |
| Month 2  | $3238843.14              | $4035944.51                                |
| Month 3  | $13590189.17             | $14871731.54                               |

**Designated Index Information**

- **Index Name:** S&P 500 Daily Index

- **Index Identifier:** BM0129

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cadence Design Systems, Inc.       | Cadence Design Systems, Inc.               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     24500 | NS      | $8605870.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                     | Alphabet, Inc., Class A                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    186000 | NS      | $45216600.00  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis Novozymes                | Novonesis Novozymes, Class B               | CUSIP: N/A<br>LEI: 529900T6WNZXD2R3JW38       | Long             | EC               | CORP              | DK        |    172129 | NS      | $10593513.13  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Walmart, Inc.                      | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    146300 | NS      | $15077678.00  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH plc                            | CRH plc                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     85400 | NS      | $10239460.00  | 1.10%             |  |  |  | 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      | $-9968.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                       | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    350700 | NS      | $65433606.00  | 7.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America           | U.S. Treasury Bills                        | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    100000 | PA      | $99307.93     | 0.01%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                   | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    239800 | NS      | $52652886.00  | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.    | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     55199 | NS      | $14320828.56  | 1.53%             |  |  |  | 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      | $-23167.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                    | Eli Lilly & Co.                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     31400 | NS      | $23958200.00  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.            | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    113000 | NS      | $11032190.00  | 1.18%             |  |  |  | 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      | $24511.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                          | Danone SA                                  | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    131425 | NS      | $11451489.56  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                            | GSK plc                                    | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    323683 | NS      | $6950114.52   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services, Inc.            | Republic Services, Inc., Class A           | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     44900 | NS      | $10303652.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International, Inc. | Mettler-Toledo International, Inc.         | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      7100 | NS      | $8716031.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                        | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    296488 | NS      | $75494739.44  | 8.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.               | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    160100 | NS      | $12085949.00  | 1.29%             |  |  |  | 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      | $595.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard, Inc.                   | Mastercard, Inc., Class A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     31300 | NS      | $17803753.00  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc    | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |     20200 | NS      | $4768412.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                        | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     16600 | NS      | $7382352.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America           | U.S. Treasury Note                         | CUSIP: 91282CCB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    186000 | PA      | $186000.00    | 0.02%             | 2031-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson & Co.             | Becton Dickinson & Co.                     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     25100 | NS      | $4697967.00   | 0.50%             |  |  |  | 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      | $-176.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.           | Marvell Technology, Inc.                   | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    146400 | NS      | $12307848.00  | 1.32%             |  |  |  | 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      | $77643.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co., Inc.                    | KKR & Co., Inc.                            | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    110200 | NS      | $14320490.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                    | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     13700 | NS      | $13262833.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)             | Home Depot, Inc. (The)                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     40000 | NS      | $16207600.00  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America           | U.S. Treasury Bills                        | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2500000 | PA      | $2489956.25   | 0.27%             | 2025-11-06      | None          | 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      | $-1051.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill, Inc.       | Chipotle Mexican Grill, Inc., Class A      | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194800 | NS      | $7634212.00   | 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      | $4465.99      | 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      | $18141.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4.08         | 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      | $-28.65       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-361.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp.               | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     94000 | NS      | $8594420.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp.                      | Fortive Corp.                              | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    171800 | NS      | $8416482.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                     | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    132000 | NS      | $43548120.00  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.           | Roper Technologies, Inc.                   | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     31100 | NS      | $15509259.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $17780.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.        | Capital One Financial Corp.                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     80400 | NS      | $17091432.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.             | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      8200 | NS      | $7590166.00   | 0.81%             |  |  |  | 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      | $302.00       | 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      | $84.10        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $22.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.             | Keurig Dr Pepper, Inc.                     | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    361690 | NS      | $9226711.90   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever plc                       | Unilever plc                               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    223265 | NS      | $13261145.90  | 1.42%             |  |  |  | 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      | $-468.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.               | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     91100 | NS      | $28735673.00  | 3.07%             |  |  |  | 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      | $10902.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America           | U.S. Treasury Bills                        | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2300000 | PA      | $2299743.41   | 0.25%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Corp.         | Constellation Energy Corp.                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     41200 | NS      | $13557684.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp.                         | Ball Corp.                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    184700 | NS      | $9312574.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG, Inc.                          | TPG, Inc., Class A                         | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |    197458 | NS      | $11343962.10  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc    | Seagate Technology Holdings plc            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |     31000 | NS      | $7317860.00   | 0.78%             |  |  |  | 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      | $-17.56       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vistra Corp.                       | Vistra Corp.                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     30600 | NS      | $5995152.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp.                 | FirstService Corp.                         | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     33100 | NS      | $6305219.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand, Inc.               | Ingersoll Rand, Inc.                       | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    159100 | NS      | $13144842.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                   | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     13000 | NS      | $11963640.00  | 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      | $96654.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                 | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |   3053551 | NS      | $3053551.46   | 0.33%             |  |  |  | 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      | $13738.40     | 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      | $3053.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)              | Walt Disney Co. (The)                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    105300 | NS      | $12056850.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                    | AstraZeneca plc                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     56538 | NS      | $8661684.66   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp.                    | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    161000 | NS      | $83389950.00  | 8.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.              | Bank of America Corp.                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    263904 | NS      | $13614807.36  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                     | Prologis, Inc.                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     61100 | NS      | $6997172.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-20006.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BXP, Inc.                          | BXP, Inc.                                  | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     91700 | NS      | $6816978.00   | 0.73%             |  |  |  | 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      | $-1760.68     | -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      | $108219.41    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                       | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     65100 | NS      | $15073254.00  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.    | Regeneron Pharmaceuticals, Inc.            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     12700 | NS      | $7140829.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $164587.82    | 0.02%             |  |  |  | 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      | $-23321.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific, Inc.     | Thermo Fisher Scientific, Inc.             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     28700 | NS      | $13920074.00  | 1.49%             |  |  |  | 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        |    122100 | NS      | $9093673.21   | 0.97%             |  |  |  | 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      | $63932.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| On Holding AG                      | On Holding AG, Class A                     | CUSIP: N/A<br>LEI: 506700FB3467B9W95526       | Long             | EC               | CORP              | CH        |    126100 | NS      | $5340335.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                      | Accenture plc, Class A                     | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     32000 | NS      | $7891200.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                | Forward Foreign Currency Contract          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $20079.49     | 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      | $61.99        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DR Horton, Inc.                    | DR Horton, Inc.                            | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     63500 | NS      | $10761345.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                          | Linde plc                                  | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |     28400 | NS      | $13490000.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer